Daily we hear reports of the current unemployment rates and the anticipated unemployment trends in the coming months. This week I heard of a different statistic that peaked my interest. In a survey conducted by a reputable organization, it was determined that 85% of people who have lost their jobs in this economic crisis did not even like the jobs they held. With the amount of hours we spend at work during our lifetime, what a disservice to ourselves if we hate our jobs! Are you looking for a change? Why not consider a career in real estate management?
A career in real estate management offers a host of exciting prospects. Real estate professionals work in a fast-paced, ever-changing, environment that rewards effort and ambition. The future demands the ability to analyze clients' needs, maintain critical attention to detail, effectively communicate with a variety of people, and be technologically savvy. A career in the management of real estate assets is for the person who enjoys working with people and realizes that hard work and a positive approach will reap great rewards. So how do you go about pursuing a career in real estate management: Get informed, get prepared, get a job and get rewarded!
Get Informed: Real estate management is the administration, operation, marketing, and maintenance of real property in order to achieve the objectives of the property's owner. Real estate managers are in a service business, and they work closely with both the owners of the properties they manage and the tenants and residents who reside and work within these properties. Real estate management offers job opportunities at many levels - as front-line site managers, mid-level managers, and as real estate company executives. In addition, there are a variety of staff positions - accounting, marketing, maintenance, and human resources within the industry that support overall real estate management responsibilities.
Get Prepared: So now that you know the opportunities that are available, how do you get the training you need to begin your new career path? While college education is not a requirement for beginning a career in real estate management, it is highly recommended. Many colleges offer real estate and property management courses. Likewise, a business administration course of study would also be a means to progress in this field. Another way to enter the field is to gain first-hand experience, and an internship is an excellent way to gain experience. Internships offer you an opportunity to gain experience and try a job before committing to it as your next career. Joining an industry association is another option on how to begin your career in real estate management. So how will joining a professional association affect your career? Professional associations are made up of industry professionals who demonstrate the industry's code of ethics, associations provide you with opportunities for continuing education, and offer networking opportunities in the field. Also, investigate and seek credentials in the real estate management field. Professional certification is a highly prized mark of distinguished achievement among practicing real estate professionals.
Get a Job: Job growth among real estate manager is expected to accompany the projected expansion of the real estate, rental, and leasing industry. An increase in the nation's stock of apartments and offices will require more management. In a survey conducted by CNN and Careerbuilder.com in 2007, property and real estate management was listed in the top 40 careers in America. A year earlier, a survey was conducted by Money magazine and Salary.com of the top 50 careers in America, the position of property manager was ranked number 23. The U.S. Department of Labor projects that jobs in the field of real estate management will experience growth of approximately 15% between 2006 - 2016 adding over 50,000 jobs to the industry. So where do you find these jobs? The number one way most people find employment is through networking. The reality is that a great percentage of jobs are hidden and are never advertised or posted. By the time most employers' formally post a job for public viewing, they often already are close to making an offer to a candidate. So how do you network? The best ways to network are joining industry associations, talking to people and taking part in career days.
Get Rewarded: The ever-changing nature of the real estate industry has and continues to create employment and career possibilities for those committed to continuous improvement, performance excellence, and the highest quality and level of service to customers. Individuals entering or advancing within the real estate industry have more and a wider range of job prospects than ever before. Cash compensation for those entering the business is contingent upon several factors including location, experience, education, and credentials.
Are you excited and ready to start a career in real estate management? Visit these IREM websites today and get started on your exciting real estate management career: www.getrealgetready.org; www.iremjobs.org; www.irem.org; and www.iremfoundation.org for more detailed information.
The Institute of Real Estate Management has been the source for education, resources, information and membership for real estate management professionals for 75 years. An affiliate of the National Association of Realtors, IREM is the only professional real estate management association serving both the multi-family and commercial real estate sectors. With 80 chapters in the Untied States, 10 international chapters, and other partnerships around the globe. IREM is an international organization that serves as an advocate on issues affecting the real estate management industry.
Information for this article was gathered from the Institute of Real Estate Management, CNN, Careerbuilder.com, Money.com and Salary.com.
Kathleen Franco is the 2009 president of the Boston Chapter of IREM, Boston, Mass.