Real Estate & Urban Analysis

1. Real Estate& Urban Analysis Fisher College of Business Undergraduate Specialization

2. Overview • What is Real Estate & Urban Analysis? • Preparation for Real Estate & Urban Analysis • Real Estate & Urban Analysis at Fisher • Sample Job Titles and Descriptions • Training & Licensure • Real Estate & Urban Analysis Salaries & Outlook • Student and Professional Organizations • International Opportunities • Real Estate & Urban Analysis (Finance) Department Contact Information

3. What is Real Estate & Urban Analysis? • Real Estate & Urban Analysis (RE&UA) is: • Managing, buying, selling and renting property ~ residential and commercial • Application of economic trends, business trends, zoning laws, financial services and knowledge of urban society to the needs of people and businesses who need to buy or sell property

4. General Preparation for RE&UA • A good high school background recommended in: • Mathematics • Oral/written communication • Computer experience • The academic program of real estate is arranged in accordance with career interests within the general business background provided by College requirements • Careers in sales, property management, or with a government agency require skills in the area of human relations • In the areas of appraisal and development, the ability to identify and analyze problems is an important attribute

5. Other RE&UA Preparation • Real Estate students, in addition to receiving broad training in general business management and business finance, are encouraged to acquire an interdisciplinary background by taking courses in urban sociology, economic geography, and related areas • Students specializing in real estate should be sensitive to the complexities of our urban society and be enabled to work productively within it

6. Real Estate at Fisher • Undergraduate Ranking • 13th Nationally - U.S. News and World Report (2010)

7. Real Estate & Urban Analysis Curriculum • Specific information about the Real Estate & Urban Analysis Specialization can be found on the Fisher website under: • - Current Students • - Undergraduate Students • - Academics • - Specializations • There you will find a complete list requirements as downloadable pdf files

8. Types of RE&UA Jobs • Brokers (Realtors) • In business for themselves; manage a firm; buy, sell, rent, manage or appraise residential, commercial, industrial, and/or farm and land properties • Salespersons • Employed by brokers; sell and rent real estate for and to clients • Appraisers • Gather and evaluate all facts affecting the value of a property and giving an opinion of that value

9. Types of RE&UA Jobs • Property Managers • Supervise every aspect of a property’s operation: leasing, rent collection, tenant relations, building maintenance and repair, record keeping and advertising • Land Developers • Turn raw land into marketable subdivisions, shopping centers, industrial parks or other enterprises

10. RE&UA Career Information • Real estate has career opportunities extending beyond the business of real estate brokerage • Opportunities for employment include commercial banks, savings and loan companies, insurance companies, mortgage bankers, and private appraisal and consulting firms • Real estate building and subdividing organizations, property management firms, and brokerage offices also offer employment • Many graduates eventually organize their own business in one of these fields

11. Organizations That Hire in Real Estate • Real estate firms • Insurance companies • Banks/other financial agencies • Government agencies (Department of Housing and Urban Development) • Tax assessors • Mortgage companies • Companies: CitiBank, JPMorgan Chase, Marcus and Millichap, U.S. Dept of Housing and Urban, Franklin County Auditor, Development, LimitedBrands, Abbey Company

12. Training/Licensure • Background in finance, economics and psychology is good preparation; courses in urban sociology, city planning and economic geography a plus • A state license is required; requirements for licensure vary from state to state but all require written exams • Real Estate and Professional Licensing: http://www.com.state.oh.us/ODOC/real/

13. RE&UA Salary Information • Pay scales are largely determined by individual qualifications and specific positions available, but are usually competitive with other professional business areas • Experience indicates that those who remain in the same phase of the real estate business for more than five years can receive incomes considerably above average • Salaries in government positions are determined by Civil Service ratings

14. Other Real Estate Salary Information • Average Salaries (2011-2012) • Full-time $43,714* * Many real estate positions are commission-based; agents usually split the commission 50% with the broker; more experienced agents receive a higher commission.

15. The Outlook for Specialization • Real estate industry is inextricably linked to the economy, which runs in cycles • US Bureau of Labor Statistics predicts slower-than-average growth in real estate sales and appraiser positions; while property management is expected to grow as fast as average • Must be competitive; knowledgeable of new technologies • The need is already great for persons in private firms and government agencies concerned with developing, appraising, financing, and merchandising residential housing, commercial properties, and industrial developments • Career opportunities in real estate are expanded by the continued urbanization of our population and continued expansion of opportunities is expected

16. Student Organizations • Fisher Real Estate Society • The Fisher Real Estate Society (FRES) is a student organization created to promote careers in the real estate industry and foster academic programming at the Fisher College of Business. FRES allows students to network with faculty, alumni, professionals and recruiters in the real estate industry. • Undergraduate Finance Association • American Marketing Association • http://ama.org.ohio-state.edu • /Pi Sigma Epsilon (Sales and Marketing) • http://www.pseosu.com/

17. Professional RE&UA Organizations • Ohio Association of Realtors: http://www.ohiorealtors.com/ • National Association of Realtors: http://www.realtor.com/ • Real Estate and Professional Licensing: http://www.com.state.oh.us/ODOC/real/ • Institute of Real Estate Management (brochure on careers) http://www.irem.org/pdfs/iremfoundation/cinfo1.pdf

18. Fisher International Opportunities • Honors / Scholars trips • Emerging Markets Field Study • Student Exchange Programs • International Internships (EUSA) • Plus many more coordinated by OSU’s Office of International Affairs.

19. Study Abroad & Exchange Contacts • Fisher International Programs Office • http://fisher.osu.edu/international/ • Office of International Affairs (OSU) • http://oia.osu.edu/ • OIE has many other opportunities for business and non-business opportunities to supplement the Fisher curriculum

20. Max M. Fisher College of Business • Academic Department: • Finance • Fisher College of Business • 700 Fisher Hall 2100 Neil Ave • Columbus, OH 43210-1144 • (614) 292-5026 • http://fisher.osu.edu/fin/finance.html

21. fisher.osu.edu Fisher logo http://fisher.osu.edu