A Brief History of the Real Estate Major
A real estate major is not one that offers students a great deal of core education. Rather from the start, the information you will be studying is meant to prepare for well for the challenging field you will enter after graduating. While it may just be one subject matter, real estate is a deep and complex industry, and with each course you will learn more about the various angles of attack the business offers.
In an always fluctuating real estate market, home buyers and sellers are looking for talented, honest and hardworking real estate agents to help them facilitate one of the most important decisions of their life. There is a lot of responsibility placed on real estate agents, which is why the degree is not only complex, but extensive. Schools that offer the major want to produce individuals that are going to succeed in the industry, not merely scrape by with an average skillset.
A degree in real estate is one of the most practical and productive degrees one can earn as numerous agents need to have both a business sense and the ability to work directly with people. As the market advances, so does the major. The duties of today’s real estate agents differ from that of past generations, as there is more property to be dealt with, on a grander stage.
Delving Into the Real Estate Major
As the industry demands agents to possess more than one strength or tool, students need to build a strong foundation before entering the working world. An education in business would be wise as there is a lot of behind-the-scenes work that agents are required to tackle, and understanding those basic principles will only be beneficial to you.
In addition to a background in business, students will typically take classes in finance, economics, communications, advertising and marketing. All of these subjects are chosen because of how they can better prepare a student to fully comprehend the rules and regulations that apply to the world of real estate sales. A typical real estate program would offer classes such as business ethics, management and real estate law. In the case that a degree seeker is looking to start their own real estate office, they may seek out additional training in order to develop their entrepreneurial skills.
Dealing with all of the numbers as well as technical aspects of the future professions associated with the degree is addressed through mathematics and computer courses. Learning to deal with the arguments and negotiations that take place can be an uneasy transition for some students, which is why training is offered in negotiation and dispute resolution. A solid real estate program will also train students to be able to appraise properties.
If they have the desire to pursue it, an advanced education can allow students to become real estate attorneys, real estate managers and real estate developers.
Degree Levels:
Associate
An associate degree is the first step for those looking to take their talents and personality and make their presence felt in the real estate industry. This degree prepares students well for taking the licensing exam that is required of all real estate agents.
Depending on your interest, you may inevitably specialize in a number of areas – such as mortgage finance, escrow services, as well as appraisals. Students will need to be ready for all the legalities and finances a real estate agent would handle. As a result, student can expect to acquire tools that will assist them in promoting within the industry.
Bachelor’s
As a real estate agent or a broker, you are going to be communicating with residential and/or commercial property sales on a regular basis, to go along with appraisals and management. With this being the case, you are going to need a strong formal training to prepare yourself well for the road ahead.
With a bachelor’s degree students get familiarized with the details of real estate law. From the various types of property – private, rental, commercial – to understanding how to put together strong marketing strategies, students learn how to introduce their calculated ideas and their product to those who are hesitant to invest.
Master’s
Real estate can be a very lucrative business, and to capitalize on such a strong industry, it is important to have a well-rounded education on the business. A master’s degree can be a great choice for those who are looking for a career as investors rather than brokers.
The curriculum puts a focus on finance, property development, and investment. There is a strong combination of theory and practice, with examples and case studies of issues you may be faced with as a real estate agent. Moving past the general education of the subject, an MBA looks at specialized areas within the industry for you to study and explore.
Doctorate
Pursuing a doctorate in real estate should be educational accomplishment of those who are ready to possess a deeper more solidified comprehension of real estate fundamentals. You will learn some beneficial research skills that will be a strong attribute for you as an industry leader, advancing your further in your career.
Being the highest level of education available, you will not walk away with any remaining question or uncertainties. You will have the confidence as you graduate that you are fully prepared to take on one of the more competitive industries in the business world. If you are looking for that edge to separate yourself, this is it.
Supplementing Your Real Estate Major
When you choose to be a real estate major, you give yourself multiple different career paths to choose to go down. You can work for a consulting firm, an insurance company, or even a bank. Some of the relevant minors or concentrations you may benefit from include accounting and advertising. A concentration is a great way to sharpen your skills, and improving your marketability and number crunching skills could serve you well in the long run.
Perhaps you have always had the vision of working for yourself and starting your own establishment, entrepreneurship could serve an innovative student well. Part of the real estate business is understanding the product your handling. There are many forms of real estate in this world, but knowing what a property can look like as oppose to what its current state may project are two different things.
Interior design is a fun and creative subject that teaches individuals how to maximize the comfort and prestige of a room or building. With this type of education, you show your consumer that you do not only know about the current process they are dealing with, but what lies ahead – remodeling. Landscape architecture and finance are just some of the other topics that are related subject matters that spark an interest in some real estate majors.
Minors give you the chance to open doors to new careers you may have never considered, but they also give you a chance to experiment and test a subject that you could be on the fence on. A minor is not major commitment and does not bind you to pursuing the subject matter once you graduate. It is seemingly a window to another opportunity once you are prepared and ready for life after college. Keep your mind open, and you may find that your current major could lead you to another.
Learn More About the Real Estate Major
- Institute of Real Estate Management
- The Wall Street Journal’s Real Estate News
- Open Courseware from MIT: “Real Estate Economics”
- Open Courseware from MIT: “Real Estate Capital Markets”
The Real Estate Major in the Job Market
Real estate agents have the luxury of choosing between multiple organizations in terms of who they want to work for. There are those who work independently, and there are others who choose to work directly for a real estate firm.
The opportunity to work for yourself is often very attractive to real estate degree holders and can also be quite lucrative, with real estate agents earning approximately $40,150 annually, according to the U.S. Bureau of Labor Statistics. With complete control over your income, work schedule, relationships with clients, etc., real estate agents are able to grab the reigns and mold their own ideal life style together.
Obviously, housing markets vary dramatically across the country, altering the amount of activity you may see in a given season. As a result, it is hard to accurately predict a concrete income a real estate major can anticipate on bringing in. Typical job titles include becoming a real estate agent, real estate appraiser, real estate manager or a broker. As is the case with other fields, the more experience you possess, the larger your income will generally become. This occurs in this instance as you build up a strong clientele and list of associates.
There are other real estate majors who become exclusive buyer agents, further stretching the list of career possibilities. For those who aspire to become real estate brokers, they will take on the role of mediator amongst buyers and sellers of real estate, according to the Bureau. The objective of their profession is to find sellers who are looking to unload some property and then discover buyers that want to buy it. The simple description of this occupation is helping an individual who is looking to sell property, while also trying to help them receive the largest sum of money they can for it.
In the case of real estate agents, these men and women are trained and ready to help you get through the stressful experience of selling a piece of property. Any agent is more of a sales person who is looking to sell their services. They can assist those looking to buy, sell or manage a piece of property. Agents find listings and then look for buyers who are able to make such a large investment. Agents are involved with go beyond just residential developments, but also commercial real estate. The flexibility of the job, gives any real estate agent the chance to earn a higher income by assisting a seller in setting the asking price for a house – agents are very familiar with properties and what the maximum property margin could be.
Careers I Can Get with This Degree:
