Property

words by > Stan Ross and James Carberry

REAL STATE - The overlooked career

If you’re not aware of real estate, you’re not living on earth. Real estate may be the most visible industry on the planet. Its products— homes, apartments, offices, shopping centers and hotels—are hard to miss. But as a career choice, real estate has a low profile compared with law, medicine or computer technology. Many people are not aware of all the opportunities in real estate.

What are the opportunities?
Th ere are many. Work for a real estate developer or owner; a home builder; the lenders and investors who provide capital to finance real estate; or for businesses that provide real estate services. Th ese include architects, brokers, construction contractors, property managers, or law or accounting firms specializing in real estate.

Why real estate?
People choose real estate careers for many reasons. But the top reason is that they have a passion for developing or owning a physical asset, one that they can see and touch. Or smell—some real estate people swear that a new building has a certain scent, like a new car smell.

How do people get into real estate?
They arrive from many places. People go into real estate right out of school, or they come from other professions, such as teaching or computer technology.

Work for a large public real estate company or a small entrepreneurial organization; for a company that develops a single product like office buildings or multiple products such as office, retail and industrial; for a group that operates in a single geographic market or all over the world; or for a company that specializes in converting historic office buildings to new uses, such as apartments. (Some people start their own business straight out of school, but more often they first work for another company.) Real estate also off ers many part-time positions in such areas as sales, brokerage and leasing.

How do people learn about opportunities in real estate? Talk with brokers, developers, property owners and others who can provide valuable insights into the industry; how it works and where the job openings are. Attend meetings of professional organizations like the Urban Land Institute (www.uli.org). Take a real estate course at a local college. Read industry trade publications such as Commercial Property News (www.commercialpropertynews.com). Visit online real estate news sites like Globe Street (www.globest.com).

What does it take to succeed in real estate?
Real estate requires many of the same core skills as other professions.

These include analytical proficiency, communication skills, interpersonal skills and leadership ability. A strong background in finance is also essential for many positions. But what diff erentiates the really successful people in real estate from those who are merely competent are the intangibles: drive, integrity, focus, adaptability, resourcefulness and, most importantly, enthusiasm— that is, a genuine passion for real estate.

What education is required?
Increasingly, jobs in real estate require not only an undergraduate but also a graduate degree. A number of colleges and universities in the US off er real estate courses, although only a few off er undergraduate degrees in real estate. Some schools offer undergraduate degrees in business administration, finance or other disciplines with an emphasis on real estate. A growing number of schools off er graduate degrees in real estate, or dual degrees such as business and real estate. For additional information, see the Commercial Real Estate Education and Resource Guide, published by the National Association of Industrial and Office Properties (www.naiop.org), or the Directory of Real Estate Development and Related Educational Programs, from the Urban Land Institute.

How do people get started in real estate?
There are numerous entry-level jobs available. You could work as an analyst with a development company, providing support to other professionals by doing research and conducting various types of financial analysis. Or be a laborer on a construction site, which would give you a first-hand education in the construction process. Or start as an assistant loan officer with a bank or other financial institution, where you would get a perspective on how to analyze and evaluate loans.

Or work as an analyst for a home-building company, helping senior managers to decide on potential land acquisitions and estimate building costs. Or become an apprentice in a brokerage firm. To learn more about entry-level positions, check out the real estate sections of online job sites such as www.hotjobs.com, or specialist real estate sites such as www.selectleaders.com.

Is real estate for you?
To answer that question, research careers that interest you. Do a realistic appraisal of your talents and skills, and see how they match up with the skills required in real estate. Consider why you might want to go into the industry and what your career path might be. Finally, are you truly passionate about it? If you are, you could have an exciting and rewarding career in real estate—a dynamic, challenging and fascinating field.

Stan Ross is chair of the board of directors of the University of Southern California’s Lusk Center for Real Estate. James Carberry is the principal of Carberry Communications in San Francisco. Th eir book, Careers in Real Estate (Urban Land Institute, $19.95) is out now.