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A B O U T TH E S C H O OL
D EP A R TM E N TS
C EN TE R S & IN IT IA TI VE S
N EW S A N D E VE N TS
A LU M N I
Real Estate Intern Program
This Program is sponsored by: University of Connecticut Center for Real Estate and Urban Economic Studies School of Business 2100 Hillside Road, Unit 1041RE Storrs, CT 06269-1041 (860) 486-3227
Since 1972, the Center for Real Estate and Urban Economic Studies (the Center) at the University of Connec sponsored the Real Estate Intern Program. It is an integral part of the academic program offered to students c Intern Program offers a distinct learning experience that supplements real estate and finance courses. As interest by both students and the real estate industry has increased, so has the demand for
real estate and finance. The Program evolved in response to students’ interest in brokerage and brokerage a
Credit and appreciation for growth of the Program are due, in part, to the assistance of the Connecticut Real E Commission and the Connecticut Association of Realtors.
The Program includes a wide range of sponsoring firms involved in real estate related activities. In addition to the Program is directed toward savings and loans, mutual savings, or commercial lending institutions; insuran appraisal firms; property management firms; and government agencies.
Goals of the Intern Program
The Intern Program is based on the assumption that more college graduates would choose the real estate pro professionals, interns learn that the real estate profession is dynamic and challenging.
career if they were given the opportunity to participate in on-the-job experience. Under the guidance of real es
In addition to providing interns with summer employment to help pay tuition, the Program creates an opportun
to apply the fundamentals and theory they have acquired in the classroom. While actively participating in a re firm, students gain valuable knowledge of practical facets of the field. Therefore, interns are provided a sound
supplement their academic studies. Allowing interns to gain experience in the industry subsequent to complet the following year.
undergraduate education encourages students to pinpoint weaknesses in their academic backgrounds that th
As well as allowing students to gain practical knowledge to go along with their academic instruction, the intern
act as a means by which students can clarify career alternatives. One of the direct benefits includes obtaining advantage in terms of personal contacts within the industry. Real estate students who have been interns are
The business community looks upon an internship during a student’s academic career as good preparation fo
Some of the larger real estate firms use the internship experience as a screening process for prospective em
students are required to attend the spring and student intern. Some of the best and most effective publici is letting other people know it is concerned with and actively involved in its community and with upgrading the Program Requirements Potential Interns Background . the Program is available to Business Administration at the University of Connecticut who have earned a "C" or better in Real Estate Princ 230) and who have expressed an interest in the real estate profession. interes expect from the Program. it professionals in the industry to the changing academic side of the profession. The School of Business Administration listing for the Intern Program is Fina Study Internship). The Center staff interviews each prospective intern. Longer hours are permitted when agreed to by the firm an Working hours are arranged between the intern and the sponsoring firm.All intern candidates must attend a seminar during the spring semester prior to beginning In addition. the Intern Program can be an exchange of experience and new viewpoin An immediate benefit a firm can expect from an intern is assistance from an individual who is knowledgeable field and capable of handling many responsibilities. In certain instances (because of timing (Finance 233).The careful placement of students is vital to the success of the Program.Each intern situation is unique with regard to the stu and the person from the firm who will deal most directly with the student. a major portion of the responsibility for locating the sponsor is the and the firm are then brought together for a personal interview to explore further the possibilities Program. The staff will assist students in within location constraints. experiences. A mandatory seminar is also scheduled during the fall semester following the Intern students will have had additional courses in either or both Real Estate Investments (Finance 232) and Real E Academic Credit . Helping young people has a great impact on the public. Bringing about the right combination placement and maintaining the best learning experience for students during the internship requires considera http://www. (The Center does not recommend compensation on a fee or commission basis as it would shi from learning to selling. students must feel firms are right for them and the students as interns.business. To improve the chance placement. and submit an in-depth written report on their internship. Acting as a bridge between aca professionals in the real estate field.It is possible for students to earn three (3) academic credits for the internship in the semes completion of the Intern Program. candidates are assigned a limited title search in order to become familiar with market Town Hall.Real Estate Intern Program : University of Connecticut School of Business Page 2 of 4 direct benefits are derived through interactions with firm members on the subject of careers.While there may be some exceptions to the general rule. receive recognition from the industry and the Real Estate Commission for the community service apparent in Program. the Firm. and which are also helpful in clarifying occupational goals. and the Center . It becomes a process of mutual selection. Firms not only benefit from having a well-directed trainee.edu/cms/p304 7/6/2011 . the Center requires that interested students prepare a resume including their background. Also arranged between the intern an compensation.uconn. Longer periods The intern should work at least 35 hours per week. In addition to the ten-week work experience. Structure of the Intern Program estate firms that appear appropriate to the students’ needs (in terms of the kinds of activities undertaken by th The internship will last for a minimum period of ten weeks during the summer. Seminars . An intern sponsor participates in evaluating the perfo Placement . Benefits for the Firm Just as the Intern Program allows the student to see the real estate field from a practitioner’s point of view. However. Each student who participates in the Program must have an academic standing of Average.) Communication: The Student.
sketches. loan general data gathering.Real Estate Intern Program : University of Connecticut School of Business Page 3 of 4 During the summer Program. The student must have s The program should center on information and learning as opposed to an apprentice-type training program. FHA.The firm and the student must have a detail of real estate in order to derive the most benefit from the Program and to be of the most value to the firm. underwriting verifications. developing layouts. • Preparing advertising copy and news releases. Activities and Responsibilities of Participating Firms and Interns . (First time intern sponsors are asked to provide a listing of job assignments for the student to the C The intern should attend various activities as an observer. and so forth. CHFA. • Preparing portfolios (property briefs) of prospective properties to be provided to a sales agent after th qualified the client. including credit ratings. • Participating in the mortgage loan process. • Inspecting properties (single-family residential or income-producing) with appraiser or supervisor to g recognizing desirable and undesirable features. both on ex and those under construction.business. Accompanying the appraiser through all facets of an • Performing "in-house" appraisal functions such as obtaining comparable sales data. Also. truth closing documents. performing door-to-door and telephone assisting in calculations and quantitative analysis. plans. and to make sure that the relationship continues to be com the purpose of the Program is being carried out properly. packaging loans for the secondary mortgage market. The purpose of this meeting is to additional analysis of both the student and the firm. a member of the Center staff will visit the intern and their supervisor from the em an informal discussion relating to the intern’s work experience and progress. T give the student an opportunity to become acquainted with the various phases of the real estate business bei the firm. The following list is a sample of respons performed by students serving as real estate interns: • Participating in market analyses. The student should be assigned to a specific staff member to whom the intern is directly responsible relationship should remain flexible so that the student will have the opportunity to get to know and work with o members. Contacting lending institutions concerning loan availability. (In writing advertisements. VA) concerning opportunities..g. and should become involved in productive learning activities productive to both the intern and the firm. and researching necessary records and • Applying computer skills to solve real estate problems and assisting employees in using personal • Surveying financing terms available. cost and income assembling reports for the appraisals.edu/cms/p304 7/6/2011 . and photog media. a member from the Center staff conducts seminars with the the summer’s activities and the potential for improving the Program. contacting public agencies (e. • Performing appraisals (after observation and under guidance) on single-family residences. During the fall semester following the internship. • Developing and maintaining lists of "for sale by owner" properties for follow-up mailings and contact staff. Developing questionnaires. Suggested Intern Responsibilities Assigned duties and responsibilities for interns vary from firm to firm. Also. understanding of how the Program operates and a real commitment for its success.uconn. the intern will learn the strategies and policies of the participating f http://www.
posting listings.Real Estate Intern Program : University of Connecticut School of Business Page 4 of 4 • Performing functions such as maintenance and update of records. or handling direct mail. sales. telephone answering assignments. maintaining records a on listings. • Performing functions relating to property management. bringing comparable files up-to-date.business. (These might include. and trades MLS data for absorption rates. for example. assisting associates at open houses.uconn. assisting in the preparation of escrow papers and placing entries accounts.) SCHOOL OF BUSINESS UCONN HOME TEXT-ONLY Outlook Web Access | Husky CT | Vaya | Faculty Resources Student Public Files | Library Business Databases | Privacy http://www.edu/cms/p304 7/6/2011 . etc. Also. showing rental.
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