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Real estate is more than selling houses

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Jana Hrdinova

on 21 April 2016

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Transcript of Real estate is more than selling houses

Real estate is more than selling houses...
Real estate industry is a huge business
What skills do you need to be successful in the real estate industry?

The skills that you will need will depend on which career path you want to pursue. In general, people in real estate possess:
In the U.S. alone there are over
5 million
individuals working in various parts of the real estate industry.
More than
of global financial assets are connected to real estate, representing
$70 trillion.
Real estate construction and leasing constitutes
of U.S. GDP. That does not account real estate investment, retail real estate, real estate consulting and many others.
Real estate is the
most popular asset class
What do we mean by real estate? Besides houses...
Health care
Assisted living
Forests and land
Office space
Agriculture land
Few industries have more job variety than real estate...
So what can you do?
Let's start by dividing the industry into six sectors
Many types of institutions finance and invest in real estate, and offer a variety of career options involved in analyzing the attractiveness of real estate assets around the country and around the world.
Investment banking
Investment banks help individuals
and organizations raise and
invest capital. Most have groups
dedicated to real estate which
provide financing and advisory
services to a range of real estate

Goldman Sachs, any large commercial bank, small specialized investment firms
Institutional investment
Institutional investors are organizations which pool large sums of money and invest them in securities, real estate and other investment assets. Typical investors include banks, insurance companies, retirement or pension funds, hedge funds, investment advisors and mutual funds.

Nationwide, Ohio STRS, MetLife

Commercial banks
Commercial banks provide capital for a variety of real estate types, stages, and risk profiles. Large commercial banks usually have specialized construction lending, permanent lending, and mezzanine/quasi-equity capital for all real estate property types.

Huntington Bank, J.P. Morgan Chase, Key Bank
Private equity
Private equity firms assemble large
pools of capital from individual
and institutional investors and
form funds. These funds
provide equity for real estate
development projects and
property acquisitions.

Blackstone, Core Properties, CBRE Global Investors, Carlyle Group
Real Estate Investment Trusts and Real Estate Operating Companies are real estate investment companies that offer shares to investors. Some are very specialized in a single property type (hospitals, timber, campus housing, etc.) while others invest in a variety of property types.

HealthCare REIT, WP Glimcher, Forest City
Real estate properties as well as real estate investments require management. Management offers three distinct paths.
Property management
Property management is the operation and oversight of
property, whether residential or commercial, with the goal of maximizing its revenue and value. Property managers are responsible for negotiating leases, securing new tenants, budgeting, compliance, maintenance, and
the public image of the

CBRE, Cushman Wakefield, NAI Ohio Equities
Asset management
Real estate asset managers have the responsibility of maximizing the performance and value of the company's real estate assets that are owned and/or managed through acquisitions, dispositions, or operations. They are responsible for formulating and implementing a long-range real estate asset management and/or fund management strategy.

DTZ, large retail corporations, PwC
Portfolio management
Portfolio manager performs
a similar task as the asset
manager but will do so on a
portfolio wide scale across multiple types of real estate assets. This type of position requires a big
picture understanding of market
directions and trends in the

Large institutional investors,
Developers are responsible for taking a property idea and making it a reality. They acquire property and build or renovate it and then either manage the property
to generate revenue or sell it.This is a complex process involving financial analysts, architects, engineers, zoning officials, builders, lenders, and prospective tenants. Most developers specialize in specific markets and specific property types.
Residential builders
Residential developers generally focus on a specific subtype of the residential market such as single family homes, multi-family structures or mixed use developments. They vary in size from companies with less than 10 employees to large multinational corporations employing thousands.

M/I Homes, Crawford Hoying, Wagenbrenner Development
Non-residential builders
Non-residential developers focus on a number of different sectors including retail, office, hotels, health care, and many others. Similarly to residential builders the companies range in size and the extent of their in-house capabilities.

Steiner + Associates, 4Points Development
Construction companies partner with developers, governments, universities and corporate entities to build the desired structure. Construction manager is responsible for the overall planning, coordination, and control of a project from beginning to completion in order to produce a functionally and financially viable project. The construction industry is composed of five sectors: residential, commercial, heavy civil, industrial, and environmental.

Turner, Ruscilli, Messer
Real estate brokerage is the
facilitation and coordination of
buyers and sellers. A real estate
broker acts as an intermediary
between someone who is
buying, selling, or leasing real
Appraisal is the process of
estimating the market value of land and buildings as each property is different based on its size, location, condition and other variables. Appraisers may specialize in residential or commercial property, with each requiring different level of expertise.

Commercial banks, Robert Weiler Company
Commercial brokerage
Commercial real estate brokers work on behalf of landlords, tenants, and buyers and sellers of commercial real estate. They assist their clients by understanding what they need, locating properties that fit their needs, negotiating the best terms on behalf of their client, and managing a process and timeline to insure the agreed to terms are all met in a timely manner. The largest real estate deal in the US history? Stuyvesant Town in New York City for $5.3 billion.

DTZ, Cushman Wakefield,
Residential brokerage
Residential brokerage is what many people think of when you say real estate - real estate agents helping individuals with the purchase, sale and lease of a home.

Prudential, ReMax, CamTaylor Realty
Real estate industry offers a wealth of "other" career opportunities including architectural services and design, land scape architecture, interior design, marketing, human resources management, accounting, urban planning and design, legal counsel and many others depending on the student's major and interest.
Real estate consultants are responsible for providing advice on issues connected to investment, strategic location, real estate market studies, portfolio optimization and many others. Consulting services can be provided either through in-house consulting groups or external consulting firms.
Consulting firms
Consulting firms work with corporate clients on a variety of real estate consulting issues, including portfolio advisory services, valuation services, transaction due diligence, underwriting complex real estate transactions, lease analyses, as well as providing litigation support. Some consulting firms provide corporate strategic location and relocation services.

Deloitte, Jones Lang LaSalle,
The Townsend Group
Corporate real estate services
Large corporations are among the largest owners of real estate in the
industry. Most have their own in-house team that has a good understanding of the core business and is responsible for identifying location, acquisition, disposition and management of the facilities.

Target, Starbucks,
Mariott Hotels
Analytical mind
Financial modeling skills
Excellent communication skills
Entrepreneurial spirit
Strong work ethic
To find out more about career options, please visit our website at http://www.fisher.osu.edu/centers/real-estate
Full transcript