Real Estate Management

Real estate sector is the backbone of Indian economy. Real estate is a legal term that encompasses land along with anything permanently attached to the land, such as buildings, specifically property that is fixed in location. Real estate property is of two types-Commercial Real Estate Property and Residential Real Estate Property. Residential Real Estate means houses, bungalows, condominiums, duplex homes etc. and Commercial Real Estate include office buildings, office complexes, industrial premises etc. Real estate being a means of investment, requires proper management. Real estate or property management is a broad career area in which one deals with valuation and management of property. Property or Real Estate Managers, responsible for the operation of various real estate properties, help to coordinate all financial and administrative operations of real estate investments. They oversee the financial aspects and ensure that expected revenue is earned. They focus on maximizing real estate profit for businesses and investors. The managers need specialist knowledge in areas such as risk management, estate and property law and property valuation and analysis. Property or Real Estate Management, often known as Area Management, in some cases also involves rent collection, outgoings of payments, insurance payments, managing payment of maintenance staff, and negotiating while using current and prospective tenants. Eligibility Educational Employers in this field mostly prefer candidates who have done a course in real estate management. There are MBA, diploma, post graduate diploma and certificate courses offered in Real Estate Management. The eligibility for an MBA in Real Estate Management is graduation. Other courses like diploma and certificate can be done after completing 10+2. Some of the courses are also offered in distance mode (by correspondence). A course in this field covers subject areas such as risk management, economics, real estate law, property valuation and analysis, property management and market research. Personal attributes Real Estate Managers must have excellent interpersonal and analytical skills. They must be able to approach problems both logically and creatively. Real Estate Managers must have computer skills, which help to keeps records and files in order. Excellent organizational, verbal and written communication skills, strategic planning skills is needed to negotiate contracts and work with different personalities in different roles. They should have good knowledge about the market trends.