The Bureau of Labor Statistics 2014–2024 forecast indicates that real estate job opportunities will be best for those with a college degree in real estate or business administration, and for those who obtain professional credentials. Industry job growth is expected to continue at a strong pace in the next decade, with an estimated 50,000 new jobs on the horizon.
Real Estate Manager Job Descriptions
Property management is like being the owner of a small business, involving daily operations at the individual property level and includes marketing and promotion, tenant screening and selection, collecting rent, coordination of maintenance and repair functions, optimizing building efficiency and acting as liaison between owners, investors, vendors, the local community and tenants, all with a focus on both customer service and the bottom line. Property Management involves a thorough understanding of assets in a real estate portfolio, and the responsibility to lease and manage the assets to maximize returns and insure the real estate's long-term value. There are many types of real estate that require Property Management expertise for day-to-day operations.
Multifamily Real Estate
Multifamily real estate is a residential building or group of buildings which houses multiple persons or families in separate units. Multifamily property sizes range from two units to more than five hundred. Multifamily real estate serves to many different demographics and lifestyles, including apartments, townhomes, cooperatives, student housing, affordable housing, and luxury residential condominiums. In multifamily real estate, residents lease their unit and pay rent to a landlord who owns the property, or are a condominium resident who owns their unit and pays condominium association fees for maintaining the common areas of the building.
Mixed-Use Real Estate
Mixed-use real estate is a development with one or more buildings combining office, retail, dining, entertainment and housing within walking distance of each other, eliminating dependence on cars for residents. Mixed-Use real estate is a hot trend in commercial development, originating from the New Urbanist movement and the drive for sustainability. Mixed use revives the feel of a downtown in a small America town, with a main street populated by offices and retail on the ground floors and housing units on upper floors.
Office Real Estate
The office real estate sector has a wide variety of tenants and building types. In the central business district of major metropolitan areas, office buildings are leased to high quality, often national and international businesses. Larger corporations will own their own buildings and occupy the entire space, but generally, office space is leased on long term leases to multiple tenants.
Retail Real Estate
Retail real estate can be a small, single tenant building, or a shopping mall. Property managers must have strong skills in leasing, financial analysis, and advisory services. Tenants range from grocery stores and home improvement centers, to small electronics stores and dry cleaners. Small retailers lease space in a retail center to sell to the public and some major national retailers either buy their own building or develop a site themselves.
Leisure and Entertainment Real Estate
Leisure and entertainment real estate is a very niche segment with owners and operators specializing in properties such as golf courses, amusement parks, sports complexes or resorts, often with a hotel component that is either managed by the owner or a third party property manager. In addition to property management, opportunities can also include portfolio managers, acquisitions, dispositions, financing, and development. Any job in leisure and entertainment real estate will require a specialized knowledge of business and real estate operations of the very unique assets within this segment.
Senior Housing and Communities
Senior Housing is a complex industry where property types are distinguished by the level of resident services provided. Senior housing is comprised of Independent Living, Congregate Care, Assisted Living Facilities, as well as Nursing and Memory Care facilities. Services provided can range from community activities only, to personal care, shared meals, assistance with daily activities and minimal medical services. Most properties lease rooms by the month and costs vary depending on which services the resident elects to receive.
Property Investing and Related Fields
Property managers are frequently involved in more than managing operations for a building. There are a variety of concentrations in related real estate fields.
Real Estate Brokerage, Sales and Leasing
Real estate agents and brokers facilitate the sale or leasing of real estate. Brokers and agents usually specialize in retail, office, residential, industrial, or land, but their responsibilities are the same across any property type. Sales agents work underneath a managing broker. Brokers manage the firm, recruit new agents, determine the marketing budget for the office, the listings carried by the firm, and the activities of the sales agents. Sales agents often are independent contractors working for straight commission. Depending on the industry, brokers and agents' responsibilities can range from obtaining the property listing, marketing the property, showing the property, negotiating with buyers or sellers, helping to arrange financing for the client, preparing contracts, and organizing the closing.
Real Estate Development
Real Estate Development is a dynamic business, requiring the knowledge and ability to execute nearly all of the development process. The role of the real estate developer is to envision the entire development from start to finish, and execute the processes to get the project built - site selection, market analysis, finance, construction, leasing, and sales. It is extremely beneficial to also have legal and transactional skills to handle the contracts and liability concerns present in development projects. Real estate developers have a two-fold economic development role in a community - they create jobs through the construction process and provide the physical space for businesses that provide jobs.
Entrepreneurial/Small Business Real Estate Investor
Entrepreneurs with access to capital pursue ownership, transformation and/or operation of their own real estate properties, both individually and with partners. Numerous opportunities are available for a profitable career owning property for the long term. Alternately, some investors choose to flip properties, buying affordable properties to remodel and resell at a profit. A career in real estate can help you significantly improve your wealth by buying and owning real estate.
Corporate Real Estate
Corporate Real estate is a profession focused on the operation of buildings that support the business that owns them. This career represents a company's interests in real estate matters, ranging from strategy, acquisitions, leasing, subleasing, property management, tax issues, and disposition. Responsible for maximizing building space and operating efficiency, a corporate real estate professional will be the liaison between brokers, buyers, and often assists the corporation in searching for new sites to acquire or lease.
Real Estate Asset and Portfolio Managers
Asset and Portfolio managers are responsible for maximizing the performance and value of a company's portfolio of real estate assets. Managers are responsible for formulating and implementing long-range real estate asset management and/or fund management strategy. Asset Managers typically focus on a single property type, such as office properties, within a company's real estate investment portfolio.