Real Estate Industry Profile

By, Ms. Bentivegna

Centereach High School

Real Estate Industry Overview

The industry involves the:• Buying and Selling, • Renting and Leasing, • Management of

Commercial, Residential,

Agricultural, and other kinds of property

• Including all the functions that support such activity, such as appraising and financing.

Job Outlook

The real estate industry has been doing quite well, with many leading firms chalking up double-digit top-line growth in 2003.

Residential side of real estate is doing the best.

Who does well?

You should have aspects of the following:• Good people skills - build relationships • Project management skills • Entrepreneurial skills• Leadership skills• Should be ambitious and work

independently• Know zoning laws and regulations

Career Tracks

Agents and brokers bring buyers and sellers together, in the sale of properties.

1. Residential (houses or condos)

2. Commercial (offices or retail space)

Property managers maintain investment property for owners, overseeing a property's everyday operations, whether it's a commercial, industrial, or residential building.

Career Tracks

Developers and asset managers invest in and improve land.

• Real estate developers specialize in residential or commercial property development, from buying land to constructing the buildings.

• In-house real estate specialists are employed by franchise and chain businesses, such as fast-food restaurants, grocery stores, and retail chains, to select and develop new properties.

How much can I make??

Performance based compensation

You sell = You succeed

$$

Commissions are typically 6 percent, split between the buying and selling agent

Other Careers in Real Estate• Real Estate Lease Administrator 50-60K

Reconcile disputed accounts and work with legal department on any disputes, Analyze all lease related billings from Landlords amendment, exhibit or legal document associated with the premises

• Commercial Real Estate Appraisers: 50K • Strong analytical, writing and oral communication skills are required.

Excellent PC skills required, A Bachelor's degree in accounting, finance or business preferred.

• Senior Real Estate Investment Accountants To 85KReal estate and investment accounting, asset management, foreign currencies, NAV, IRR calculations, analysis and special projects.

• Lease Administrator/Accountant To 65KCommercial and residential lease administration experience, billing, escalations, general accounting and special projects.

• Rent Collections Specialist To 55KCollections and dispute resolutions collection and billing in commercial or estate billing a must.

Love/Hate tips

• You have to be very driven and self-motivated

• Be very efficient with your time

• Independent worker – set up your own hours.

• Hate – no stable salary: usually based on commission depending on the position.

Courses you should take in HS

There are many aspects to real estate. Having a well rounded education in the liberal arts and business will be beneficial to this career.

You can choose to go to a 2 or 4 year liberal arts college or many business offer free seminar training. The choice is yours depending on your interests.

Local employers

• For Sale By Owner 4949 Nesconset Hwy, Port Jefferson

Station, (631) 476-4745• Kella, B - Confidential Business Brokers

1031 Main St, Port Jefferson, (631) 473-4463

• National Homesellers Inc 65 Centereach Mall, Centereach, (631) 981-9500

• Zysman, Warren - Centereach Mgt Group 47 S Coleman Rd, Centereach,

(631) 736-0842

Two year college

Suffolk Community College

Home Page:

http://www3.sunysuffolk.edu

Courses offered: http://www3.sunysuffolk.edu/Courses/msol.asp

Four year college

SUNY - Stony Brook University

• Home Page: http://www.sunysb.edu

• Majors and Minors: http://www.stonybrook.edu/ugadmissions/programs.htm

How do I get hired?

• Call all the big brokerage firms and ask to speak to the manager.

• Be extremely enthusiastic and interested in the profession and see where it leads.

• Ask about any mentor programs or internships where you can work under a broker.

• Look in the newspaper and online for local listings on training seminars

continued..

Current list of companies hiring in New York

• Century 21 • Coldwell Banker • General Electric• Foxtons• MTA• Better Living Properties• Domain Properties• Jones Lang LaSalle• Gursky & Partners, LLP• Reis, Inc.• TIAA-CREF

• NYU Medical Center• Ajilon Office• NBTY Inc.• Washington Mutual• Coldwell Banker

Commercial• Ameriquest Mortgage• Realty Data Corp.• Citi Cards• GreenPoint Financial• US Remodelers, Inc.