With a masters in real estate, you'll learn all about the finances, development, management and marketing of properties.
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If you have a bachelors in real estate, taking your education to a new level may open up different potential career paths. Real estate used to be a field that placed emphasis primarily on independent qualifications and on-the-job experience. However, as the industry continues to develop, there's a greater focus on providing high-level education for all aspects of real estate, be it sales or management.
It's more than just buying and selling property - managing real estate and property transactions encompasses many areas, from basic finance to tenant relations. Whether students wish to explore the world of real estate sales or want to explore the business and administration side of the field, a degree in real estate and property management can help set them on the right path.
Generally speaking, those interested in property management can approach the field from two sides - real estate sales or, more commonly, managing a piece of property post-transaction. However, both of these branches require the same foundation in basic business, finance, accounting and real estate theory.
Many programs also place a strong emphasis on economics, marketing, communication, and HR and personnel management.
In many instances, especially in commercial and industrial capacities, property managers also need a background in basic facility management. While traditionally this has been a maintenance-focused field, it's recently been developing into a more management-centric profession encompassing aspects of management, design and accounting.
One career path graduates of a real estate and property management program can pursue is that of real estate sales itself. The U.S. Bureau of Labor Statistics reported that real estate brokers earned a 2012 median hourly wage of $28.05, with jobs expected to grow 11 percent through 2022.
There also may be many career opportunities on the operational side of the fence. For example, many offices, factories or other commercial facilities employ their own property managers to handle things like repair issues, maintenance spending and inventory control from an administrative standpoint. The BLS reported that property managers earned a 2012 median annual salary of $52,610, with an expected 12 percent growth in jobs through 2022.
Those who want to work strictly in a business capacity can seek a profession as an administrative services manager. These professionals earned a BLS-reported 2012 median annual salary of $81,080, with jobs expected to grow by 12 percent through 2022.
Property managers can be an important part of the overall performance of the tenant corporation. As commercial and industrial facilities become larger and more complex, additional equipment and infrastructure may be introduced that could require the expertise of educated and trained property managers to maximize the efficiency of the building's operation.
Massachusetts Institute of Technology
MIT's MSRED program is a one-year course of study designed to educate men and women in the full range of skills demanded of real estate professionals.