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Chapter 1 Introduction to the Real Estate Industry. “Real Estate Principles for the New Economy” By Norman G. Miller and David M. Geltner. Outline of Topics. What is Real Estate? What skills and personality traits are required? What career paths are possible? Finding a job in this industry.

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Chapter 1 introduction to the real estate industry
Chapter 1Introduction to the Real Estate Industry

“Real Estate Principles for the New Economy” By Norman G. Miller and David M. Geltner


Outline of topics
Outline of Topics

  • What is Real Estate?

  • What skills and personality traits are required?

  • What career paths are possible?

  • Finding a job in this industry


Why are you in class
Why are you in class?

  • The class time was right?

  • Personal consumer interests?

  • Personal investment interests?

  • Parents or relatives are in the industry?

  • You like something about the area?

  • Other?


Almost all trends affect real estate how we live and work
Almost all trends affect real estate: how we live and work

Examples:

  • Terrorism

  • Transportation costs: Light Rail?

  • Environmental concerns

  • Technology

  • Governmental Regulation

  • Dot.com start ups and failures

  • Your example?


What do real estate people need to know
What do Real Estate People Need to Know?

  • Marketing

  • Economics

  • Finance

  • Accounting

  • Management

  • Information systems

  • Statistics

  • Negotiation

  • Design

  • Planning and Regulation

  • Business Law


Skills are generic and self learning is possible
Skills are generic and self-learning is possible

  • Most successful real estate professionals are largely self-taught.

  • Classes accelerate the learning curve but are only a start

  • Trade associations continue the education and exchange for many:

  • Ex: NAIOP, ULI, ICSC, CREW, BOMA


What are you good at
What Are You Good at?

  • Research and Analysis?

  • Synthesis, Writing and Presentation?

  • People Skills?

  • Are you creative?

  • There are careers in almost every industry that allow you to build upon whatever you are good at!


Matching skills and jobs
Matching Skills and Jobs

Analytical

  • Appraisers

  • Underwriters, Loan Analysts

  • Research & Consulting

People Person

  • Brokerage, Leasing

  • Acquisition & Disposition

  • Property Mgmt.

  • Corporate Real Estate

Analytical, People Skills + Creativity

  • Development

  • Commercial Mortgage Lending

  • Institutional investment.


Sources of competitive advantage
Sources of Competitive Advantage

  • Skills and Knowledge

  • Marketing and Sales Ability

  • Negotiation Skills

  • Innovation and Creativity

  • Technology and Process Superiority

  • Reputation and Contacts

  • Organizational Prowess and Management Ability

  • Capital


Consider starting your job search now
Consider Starting Your Job Search Now!

www.real-jobs.com

Attend Industry Trade Association Meetings

Get involved in Student Groups


Chapter 1 introduction to the real estate industry
END

“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner