JOBS IN REAL ESTATE
Being a real estate agent is just one of the many jobs available in the real estate industry. This article explains the career prospects in real estate and the qualifications needed.
Real estate is broadly defined as land and the buildings on it, including structures, crops, livestock, and water and mineral deposits. The real estate market deals with the buying and selling of four types of real estate, namely residential (houses and condominiums), commercial (shopping malls and office buildings), industrial (factories and farms) and bare land.
Studying Real Estate
A degree in real estate teaches students how to value, manage, invest and transact real estate as assets. They will also gain a deep understanding of subjects such as investment, finance, business management and law. The duration of a real estate degree is three years. Examples of modules within the degree are Economics for Business and Finance, Property Law, Appraisal and Real Estate Asset Management. After completing a real estate degree, graduates can start looking for jobs in the industry. Those looking to advance their career in real estate can obtain qualifications from recognised real estate boards such as Royal Institution of Surveyors Malaysia (RISM).
Careers in Real Estate as a Physical Asset
Jobs in this area of real estate are directly related to appraising, managing and the buying and selling of property. Graduates may find employment in real estate appraisal, where they are tasked with estimating a property’s value or quality. Another area of employment is property management, where responsibilities include negotiating leases, taking care of their tenants and making sure rent is paid on time. Furthermore, those who hold a degree in real estate can become real estate advisors who help investors take care of property and advise them on the best property to invest in.
Careers in Real Estate as a Financial Asset
Graduates who are interested in property and investment may find jobs in real estate finance. Investment banks and commercial banks need individuals who have knowledge on capital markets and are able to manage commercial real estate loans or mortgages. Asset management firms will also hire individuals to manage real estate funds for their investors. Individuals can also find employment in private equity firms where they work with companies and entrepreneurs to negotiate real estate deals. In addition, graduates can work for real estate consultancy firms to lend their expertise to banks, fund managers and property companies on funding strategies and finding the right investors.
Those who are interested in working in real estate need to have a good grasp of the real estate industry in Malaysia and other countries. It is important to have a global outlook because real estate is a regional industry. Individuals with the right qualifications can work anywhere in the world. To work in real estate, a person must have good application skills and people skills. Studying real estate has little theory so individuals must know how to apply their skills and knowledge constantly throughout their career. They also need to be analytical and skilled in managing, reporting and presenting.
Some of the most well-known employers who hire real estate graduates are Frost & Sullivan Malaysia, Henry Butcher Malaysia, Sunway Property and EcoWorld. The real estate industry will continue to thrive and be relevant due to urbanisation, the rise of the middle class and interest from foreign investors.