CAREER IN REAL ESTATE SECTOR
Career in Real Estate Sector
Introduction
Real estate refers to land and building the ownership of which is the dream of every human on this earth. That is why; a career in real estate sector is highly rewarding, and it offers a variety of career opportunities such as residential real estate broker, commercial real estate broker, real estate investment consultant, and project development expert.
The two types of real estate properties are Commercial Properties including an office building, industrial complexes, and office complexes; and Residential Properties encompassing bungalows, houses, duplex houses or the same where people reside. The real estate sector is not all about land and buildings but involves investment banking and research to management, project management, valuations, quantity surveying, facilities management, corporate real estate, and sales and marketing. Thus, the real estate industry offers a plethora of job roles. However, it requires some specific qualities in the person striving to pursue a career in real estate, and that include his being an extrovert having the knack to make contacts and develop relationships. He should be acquainted with technical aspects of construction and building, and should keep himself updated with fluctuating market prices of land and building, stocks and shares status, and various selling, pricing and marketing strategies emerging to attract customers (Albuquerque & Prasad, 2015). In this report, I would choose property appraiser, property manager, and commercial real estate broker for me as career options for discussion.
Career Options
Property Appraiser
A property appraiser is supposed to estimate the value of property for the purposes of financing, development, tax, sales, and insurance. He might be a government employee, doing his job in a business enterprise, or be self-employed. However, he must conform to the guidelines of the Appraisal Qualifications Board (AQB) and the state government. These requirements may vary significantly from one state to another depending on the type of property being focused. An appraiser must have an associate's degree or bachelor's degree in some states and in many of the states, State licensure and certification is required. Thus, a property appraiser may be certified residential, a licensed residential, or a certified general appraiser; and he must fulfill the requirements under the state laws in terms of specific education and work experience ("Property Appraiser: Job Description, Duties, and Requirements," 2016).
A property appraiser examines and researches to deduce the value of property, and the method adopted depends on the type of the property being appraised such as commercial or residential. It could further be a hotel, restaurant, condominium, bungalow, duplexes or flats. He may specialize in appraising for a certain specific purposes such as for tax, financing, or new construction. For this purpose, he prepares a detailed report regarding the property being appraised; the method applied to appraise the value of the particular property, and the reasons for assigning a certain value. He takes into account the location of the property, architectural features, condition of the structure, environmental factors, and other specialties, if any, to determine the value of the property. He takes photographs of the property, take notes, prepare reports, and researches online. ("Property Appraiser: Job Description, Duties, and Requirements", 2016). Those who want to become property appraiser must be associated with a company or enterprise to lend credence to his appraisal. He should also need to be well acquainted with the area of his operation with excellent communication skill.
Property Manager
A property manager has the responsibility of operating for a fee a property belonging to another person who is unable to, or does not want to, manage himself the property. The property in question may be individually owned, owned under the sectional title, owned by share block company, or may be a registered commercial office, residential structure, a retail or an industrial edifice and so forth ("Property manager", 2016). The usual duties of a property manager include finding and evicting tenants and comply with the wishes of the owner of the property. He may also be entrusted with the collection of rents, payment of taxes on the property, and submission of periodic reports to the owner. Where a property or a dwelling such as vacation home or second home which is occupied only periodically, a property manager may arrange to utilize the same for other utilities such as house sitting, security monitoring, storage, and shipping of goods during the vacated period. However, he has to see that the dwelling is available for use by tenant or owner when so required. Management of commercial properties may also include the operation of the business by the property manager. The property is responsible to the landlord primarily, and to the tenant or occupant secondarily. A property manager’s relations with the landlord and the tenant determine the role likely to be played by him ("Property manager," 2016). A property manager is also responsible for physical management of the property, and carrying out necessary maintenance and repairs for which he must maintain a large network of carpenters, plumbers, electricians, and other contractors. Thus, a property manager must be a resourceful man (Eberlin, 2014).As per The Building Owners and Managers Association (BOMA) International, the property managers are differently designated as per their assignments such as Real Property Administrator, Facilities Management Administrator, or the likes ("Property manager", 2016).
Commercial Real Estate Broker
A commercial real estate broker assists his client/owner in leasing and selling commercial properties including market complexes, commercial plots, industrial complexes, and office complexes to name a few. A person desirous of pursuing a career in commercial real estate broker must fulfill some basic educational and professional requirements such as high school diploma, state-mandated coursework in real estate, and post-secondary training in this area. Many states require commercial property brokers to have a 4-year college degree in real estate, and such courses as finance, statistics, business administration, economics, and law are very much relevant and preferred. Also, like other real estate agents, commercial property brokers are required to be properly licensed to pursue the profession. Requirements vary from state to state, and an individual can get the requirements and information about approved schools of a particular state by contacting State Department of Real Estate or State Real Estate Commission ("Commercial Real Estate Agent: Job Description and Requirements", 2016).
Commercial real estate brokers could be of two types; one who represents the buyer, and the other who represent the seller. Those representing seller source, new deals, determine the realistic value by underwriting properties, create marketing packages, market the property, and negotiate the final sale price. Commercial real estate brokers representing buyers of commercial properties strive to find deals as per the buyers' requirements, determine the value of the property, and negotiate terms of sale on behalf of buyers. Those on the leasing side of the business representing landlords carry out in-depth market analysis, market the properties for lease, find prospective tenants, negotiate terms of the lease in the interest of landlords, and initiate steps to maximize occupancy (Schmidt, 2013). As per the U S Bureau of Labor Statistics (BLS), the prospect of commercial real estate broker was average in 2012, and the employment growth for real estate agents was expected to rise 11% during 2012-22. While it is easy to enter as a commercial real estate broker, the new entrants are likely to face stiff competition from those more experienced and well entrenched in the profession. BLS reported median wage of $39800 in 2013 for the real estate agents ("Commercial Real Estate Agent: Job Description and Requirements," 2016). A commercial estate broker must operate in an area having commercial prospects, and should possess sound knowledge of property related matter of the area or the state. He should establish large connections, develop a relationship, and maintain a large cliental base.
Compare and contrast as well as Personal Option
All the three career options provide excellent opportunities for a comfortable life based on economic benefits. However, one must take into account his potentials in terms of one's personal qualities. All these three career options are equally rewarding in terms of money and are related to real estate sector. They all require excellent communication skill; both verbal and non-verbal, the knack to develop an interpersonal relationship, and a large network of acquaintances.
However, the personal traits required in each of these three career options are different. A property appraiser must possess thorough knowledge about taxes, insurance, and sales as he is supposed to estimate the value of the property. On the other hand, a property manager must know to manage real estate property which may be residential or commercial. Thus, he is an intermediary between the landlord and the tenant or end users and has to protect the interests of both. However, he is bound to act according to the directions and instruction of the owner. Thirdly, a commercial real estate broker assists his client/owner in leasing and selling commercial properties including market complexes, commercial plots, industrial complexes, and office complexes. There are important differences between a property manager and a commercial property broker in terms of the role played by them. While the former manages the real estate property that may be commercial, residential, land or plot of a third party, the latter deals in only commercial real estate property in terms of leasing, and sale. Also, a property manager usually gets a fixed amount as remuneration while a commercial real estate broker's remuneration is called brokerage, and is dependent on the volume of deals regarding money.
As for me, I would like to be a property manager as I have the necessary inclination, motivation, and personal traits to be a successful property manager. The profession requires only a high school diploma, but as many owners prefer a degree in finance, business or real estate; my having a degree encompassing finance would stand in good stead for me. My knowledge of accounting and my being a certified from the Institute of Real Estate Management, the national organization offering certification and accreditation programs would make me more acceptable as a property manager (Dunn, 2016).
Besides my educational and professional qualifications, I get along well with people. I think, I possess the necessary skills to assuage the feelings of angry tenants, and to persuade the owner to make necessary improvements in terms of its maintenance and upkeep of the property. I have the ability to establish relationships, communicate effectively and concisely; both verbally and non-verbally, and possess positive and friendly attitude (Dunn, 2016).
I am aware that working with multiple tenants and properties requires outstanding organizational skills, and in my estimation, I possess those skills. I have a craze for maintaining contact details, and it would be helpful for me in contacting tenants as well as owners. Managing property may sometimes lead to legal complications. Hence, it is imperative and am aware, that a property manager gives proper attention to minutest details while dealing with tenants or owners. A property manager has to be constantly on the move, and should take immediate action such as necessary repairs or improvements in the property to forestall future complications (Dunn, 2016).
Conclusion
The real estate industry offers versatile, and a huge number of jobs as well as provide excellent opportunities for a comfortable life. Each type of job requires some specific qualities in the person striving to pursue a career in real estate. My career options include property appraiser, property manager, and commercial real estate broker, but I would like to be a property manager because of my inclination, motivation, and personal traits to be a successful property manager. Hence, I feel as if the profession of a property manager is highly suited to me, and God willing, I should come out with flying colors in this profession of the property manager.
References
Albuquerque, U., & Prasad, N. (2015). Careers in Real Estate. Retrieved from http://employmentnews.gov.in/CAREER%20IN%20REAL%20ESTATE.pdf
Commercial Real Estate Agent: Job Description and Requirements. (2016). Study.com. Retrieved 1 April 2016, from http://study.com/articles/Commercial_Real_Estate_Agent_Job_Description_and_Requirements.html
Dunn, K. (2016). What Qualities Should a Property Manager Possess?. Work.chron.com. Retrieved 1 April 2016, from http://work.chron.com/qualities-should-property-manager-possess-7815.html
Eberlin, E. (2014). Top 7 Responsibilities of a Property Manager. About.com Money. Retrieved 1 April 2016, from http://landlords.about.com/od/BasicsOfPropertyInvesting/a/What-Is-A-Property-Manager.htm
Property Appraiser: Job Description, Duties and Requirements. (2016). Study.com. Retrieved 1 April 2016, from http://study.com/articles/Property_Appraiser_Job_Description_Duties_and_Requirements.html
Property manager. (2016). Wikipedia. Retrieved 1 April 2016, from https://en.wikipedia.org/wiki/Property_manager
Schmidt, R. (2013). Commercial Real Estate Careers. Propertymetrics.com. Retrieved 1 April 2016, from http://www.propertymetrics.com/blog/2013/02/22/commercial-real-estate-careers/
