Employment Scope for Graduates in Real Estate Sector
The owners of residential and commercial space lack expertise and time to manage their properties. A well managed property looks nice, operate well and preserve its resale value. These factors created the need to appoint property managers. Another crucial reason behind the increasing demand for skilled property managers is that investors and real estate owners appoint these managers in expectation to earn greater returns. The managers are hired directly by owners or they enter into a contract with a property management firm.
Opportunities for graduate in real estate management
Each commercial property firm has different selection criteria, but most of these management companies search for graduates while recruiting for the position of property managers. Therefore, graduates have an excellent opportunity in retail property jobs. Although there is no restriction on the educational stream you are from, those with degrees in finance, marketing or real estate management will find it easier to achieve this position. Experience in this sector is valuable to achieve the desired managerial position.
The graduates may begin their career in real estate sector with some other roles. Duties such as fund management, development and regeneration will offer opportunities for graduates to be a part of larger projects. These roles will allow graduates an opportunity to learn about various types of jobs. With a few years of experience in these core sectors, you can apply for a property manager’s job.
The real estate sector offers a lucrative career opportunity for graduates, so, competition is fierce for vacancies. In order to stand out in the competition try to accumulate internship experience or part-time job experience. Firms will prefer candidates possessing commercial awareness, client-management skills and thorough knowledge of real estate legal matters.
Qualities required for this job
Commercial property managers have to spend lots of time outside office inspecting commercial and retail properties. The jobs involve speaking with clients, property professionals, maintenance staffs and a lot of other people. Such communication can be face-to-face, over phone or through e-mails. Therefore, excellent oral and written communication skill is necessary for this job.
A real estate manager has to take care of the financial matters related to properties. They ensure that the rent is collected on time and taxes, insurance premiums, mortgages, maintenance bills and payrolls are submitted on time. The property manager has to deal with various tasks at the same time; therefore, they must have multi-tasking ability.
The real estate managers have to keep up-to-date records of income and expenditure from different types of property operations. Accounting skills will help them to prepare financial statements that they have to submit periodically to the owners and property holders.
Certain other jobs like taking care of occupancy rates, calculation of rents and expiration dates of leases require property managers to study in details the lease contracts and record important details. They have to keep track of the property market in order to support property owners to affix rent and calculate the value of properties.
Often property managers have to negotiate with maintenance staffs and various other contractors. They have to investigate and resolve complaints of tenants. These activities demand for strong negotiation skills and patience.
Another major role of the property manager is to supervise that the property complies with pertinent legislation. In the UK, there are specific laws for retail properties and these managers have to learn these real estate laws and ensure that any practices related to a property does not discriminate building codes.
While those in charge of multiple properties may have to take care of long term business strategies, those with the single property responsibility have to focus more on daily operations. If property managers take responsibility of a single property, they have to supervise the cleanliness, security and facilities routinely. They determine when the repairing works have to be initiated.