This article from realestateexpress.com takes us through the ultimate guide to real management careers.
Real estate management careers are attractive to people wanting to pursue work in the real estate industry but uncomfortable being an agent or working in corporate real estate. Within real estate management, you can still make a difference in others’ lives, which is part of what draws people to the industry. You also still have the opportunity to work in a field where you can often advance largely on the merit of your work. If you’re considering a career in real estate management, here’s what you need to know to decide if it’s right for you.
What is real estate management?
Real estate management refers to the job of running a real estate entity — usually either a commercial or residential building but sometimes it could also include a commercial shopping center or a building project. As a real estate manager, you could be the person who collects rent, schedules maintenance or even leases space in the building. Real estate managers wear many hats so often you’ll have involvement in marketing, balancing budgets, hiring a team to help you, managing employees, coordinating with vendors and, of course, interfacing with tenants.
What skills do you need for a real estate management career?
In order to excel at a real estate management career, you’ll need to be a “Swiss Army Knife” of sorts. Meaning, you’ll have to be proficient at tasks in several different categories.
1. Basic accounting skills
You’ll have to know how to create and follow a business budget. You might be in charge of spending money on marketing, so in this case, you’d have to be able to show your return on investment. If you’re helping a corporation or individual with asset management you’ll also have to know about financing options and how to prove a return on any real estate investments your clients make.
2. Managing a property
As a real estate manager, you might be responsible for ensuring the actual property is maintained, well-staffed and insured. You’ll need the people skills necessary to hire employees and oversee a team. You’ll also need the administrative skills to stay organized, file paperwork and pay bills on time.
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