Choosing a career in real estate management

Three principle questions that keep entering your mind about the careers
you are considering:

1. What would I do in the job?

2. How would I get started in the field?

3. How much could I expect to earn?

 What would I do in the job?
Specific jobs within the broader field of real
estate management generally fall into three
categories:
1. Resident or site management
2. Property management
3. Real estate asset management
 How would I get started in the field?
To know how you would get started, you have to know two things: who hires
real estate managers, and how you can get your foot in the door of firms that
do.

 One way to get started is to have family members already in real estate
management. For the majority of you evaluating career options, however, you
need to search further for sources of information.

We provide here basic information about the kinds of firms that hire real
estate managers and some ideas on getting started.
T H E O R G A N I Z A T I O N S T H A T E M P L O Y RE A L E S T
ATE MANAGERS:
Property management firms. These are companies that specialize in providing real
estate management services to individual and institutional owners of real estate in
exchange for a fee. For this reason, these managers often are referred to as “fee
managers.”
Full-service real estate companies. These companies provide a full range of
professional real estate services with real estate management being one of them.
Their management departments function in the same way as fee managers.
Development companies. Real estate managers on staff at development companies
are managing company owned properties. These property managers are involved in
many aspects of property development, including renovation and marketing
properties to prospective investors.
THE ORGANIZATIONS THATEMPL
O Y RE A L E S T A T E M A N A G E R S
(Cont.....)
Commercial banks. Banks have moved beyond their traditional role of
providing clients with a source of mortgage money for investment
properties and may act as equity participants in properties. Property and
asset managers are on staff to manage the banks’ portfolios of

investment properties as well as properties held in trust by the bank.

They also are on staff to take over management of properties that have
been turned over to the banks as a result of foreclosures.
T H E O R G A N I Z A T I O N S T H A T E M P L O Y RE
A L E S T A T E M A N A G E R S (Cont.....)
Real estate investment trusts. Real estate managers provide expertise managing
investment properties for groups of investors who pool their funds together to purchase a
portfolio of properties. Asset managers use their financial skills to assist owners in evaluating
the profitability of the properties in the portfolio.

Corporations. Many large corporations have property and asset managers working in their
in-house real estate divisions. They are responsible for managing the companies’ owned
properties which are used for conducting their business. A corporate real estate manager will
be involved in determining the best uses for corporate property and the terms for buying,
selling, and leasing real estate occupied or owned by the corporation.
THE ORGANIZATIONS THATEMPLO
Y RE A L E S T A T E M A N A G E R S (Cont.....)
Government agencies. Real estate managers are on staff managing government
housing programs and development programs through municipal, state, and
federal housing authorities and nonprofit sponsors.

Insurance companies. Property and asset managers get involved managing

investment property owned directly by insurance companies or in portfolio
management of investment properties for large institutional investors and
pension funds.
THE ORGANIZATIONS THATEMPLO
Y RE A L E S T A T E M A N A G E R S (Cont.....)
Mortgage brokerage firms. Real estate management services are provided in
connection with financial lenders as well as marketing properties to potential
investors.
Other users. Property managers may work for the military services, the federal,
state, and local government, as well as colleges and universities, and religious or
charitable organizations.
T H E O R G A N I Z A T I O N S T H A T E M P L O Y RE A L E S T A T E M
A N A G E R S (Cont.....)
So now you know some of the firms that hire real estate managers.
How do you get your foot in the door?
Types of properties need the services of a real
estate manager
There are a wide variety of property types, each with its own peculiarities and demands on the
manager of that real estate.

Nevertheless, all types of properties need the services of a real estate manager to at least some
degree:

• Apartments

• Condominiums and cooperatives

• Community and homeowners’ associations

• Rental single-family homes

• Office buildings
Types of properties need the services of a real
estate manager (Cont…..)
• Retail stores

• Shopping centers of all sizes

• Malls and outlet centers

• Industrial properties

• Mobile home parks

• Public housing
Types of properties need the services of a real
estate manager (Cont…..)
• Federally-assisted housing

• Facility or corporately owned properties

• University facilities
The most common starting point in this field is working in
various capacities in the real estate management office or on
site as maintenance workers or leasing agents and/or site
managers.
As these people learned more about the field and what it has
to offer, they obtained additional training or coursework in the
concerns of real estate management. Subsequently, they were
able to begin moving into management positions.
Others began working in some other aspect of real estate,
such as residential home sales, banking, or development. As
they came into professional contact with real estate
management,
Subjects or courses you might want to take at the college level in
preparation for a career in real estate management include:
• Finance and business courses — develop analytical and computer
skills; gain knowledge of basic financial and accounting principles
• Management courses — develop strong interpersonal skills and
business management skills
• Real estate law or business law — acquire understanding of related
legal issues
• Communication — develop strong written and oral communication
skills
• Problem-solving skills — develop critical thinking and solid
organizational skills
 2.2.2 Property Management
Real estate management is the administration, operation, marketing, and
maintenance of real estate in order to achieve the objectives of the owner of
that real estate.

Property management refers to where a professional property manager acts on

behalf of the property owner to preserve the value of the property and
maximises the returns from it.

Difference between Facility manager and Property manager

 Property Managers Vs Facility Managers
Property Managers care for a building for the sake of the building and its owner. They
collect rent, they keep the building maintained to ensure it retains its value, they answer to
the landlord or investors. Property Managers may be qualified as Certified Property
Managers through an organization called the Institute of Real Estate Management.

Facility Managers care for a building for the sake of the people in the building. They are
usually employed by the company that occupies the space. They’re responsible for many
aspects of office design, they manage the furnishings and assets (copy machines, printers,
air condition etc), and they often oversee contracted services like cafeteria, recycling
programs and waste management. Facility Managers become Certified Facilities Managers
through the International Facilities Management Association (IFMA for those in the know).
Similarity of Property Managers & Facility
Managers
 2.2.2 Property Management (cont’)
The roles of a professional Property Manager:
Identify and select good rent paying tenants
Run a background check on all prospective new tenants
Preparation of a lease agreement document for both
tenant and landlord.
Market and advertise client’s landed property to
prospective tenants
 2.2.2 Property Management (cont’)
Carry out a schedule of property condition on client’s property prior to tenants
moving in

Carry out a schedule of property dilapidation prior to the tenant moving out

 Advise property owner on the current/actual rental value of their property

Supervision of all minor and major remedial works on the client’s property been
managed

Act as property manager/management surveyor for the property owner Represent

the beneficial interests of the property owner