How to Get a Master's Degree in Real Estate Management

The most visible examples of real estate professionals are usually your local real estate agents and brokers. That kind of job can be a fine career, but if you want to combine an interest in real estate with more of a business and financial element, then you should consider a career in real estate management. One way to work toward such a career is to earn a master's degree in real estate management. This guide can help you through the process of pursuing a master's degree in real estate management by taking you through the following five key steps: 1. Assessing the Value of a Master's Degree in Real Estate Management. By looking at examples of careers in real estate management, and some of the knowledge and skill sets involved in those careers, this guide can help you understand how a master's degree in real estate management might benefit you. 2. Researching an MS in Real Estate Management. How do you find out about an MS in Real Estate Management or other related master's programs? This guide points you toward some valuable sources of information, whether you plan to attend a master's program on campus or earn a master's degree online. 3. Evaluating Graduate Real Estate Management Programs. Once you've gathered your information, you will realize that you have a very wide choice of programs. This guide will outline some selection criteria you can use to trim the list down to a few finalists. 4. Applying to Graduate Schools in Real Estate Management. By helping you know what to expect in the application process, this guide can help you gather your materials and meet school deadlines efficiently. 5. Enhancing Your Master's Degree in Real Estate Management. Education is an important component of your background when you are applying for a job, but it is not the only component potential employers look at. This guide provides tips on additional things you can do to burnish your credentials. The first step in this process is to consider how you might benefit from a master's degree in real estate management.

Assessing the Value of a Master's Degree in Real Estate Management

Management careers in real estate include occupations such as:

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How to Get a Master's Degree in Real Estate Management

The most visible examples of real estate professionals are usually your local real estate agents and brokers. That kind of job can be a fine career, but if you want to combine an interest in real estate with more of a business and financial element, then you should consider a career in real estate management. One way to work toward such a career is to earn a master's degree in real estate management. This guide can help you through the process of pursuing a master's degree in real estate management by taking you through the following five key steps: 1. Assessing the Value of a Master's Degree in Real Estate Management. By looking at examples of careers in real estate management, and some of the knowledge and skill sets involved in those careers, this guide can help you understand how a master's degree in real estate management might benefit you. 2. Researching an MS in Real Estate Management. How do you find out about an MS in Real Estate Management or other related master's programs? This guide points you toward some valuable sources of information, whether you plan to attend a master's program on campus or earn a master's degree online. 3. Evaluating Graduate Real Estate Management Programs. Once you've gathered your information, you will realize that you have a very wide choice of programs. This guide will outline some selection criteria you can use to trim the list down to a few finalists. 4. Applying to Graduate Schools in Real Estate Management. By helping you know what to expect in the application process, this guide can help you gather your materials and meet school deadlines efficiently. 5. Enhancing Your Master's Degree in Real Estate Management. Education is an important component of your background when you are applying for a job, but it is not the only component potential employers look at. This guide provides tips on additional things you can do to burnish your credentials. The first step in this process is to consider how you might benefit from a master's degree in real estate management.

Assessing the Value of a Master's Degree in Real Estate Management

Management careers in real estate include occupations such as:

• Property managers. These professionals handle the many operational logistics and tenant relations issues involved with keeping a facility running smoothly. Properties might be as diverse as single-residence rental properties, multi-unit apartments or condominiums, commercial office buildings, or retail complexes.
• Sales managers. Beyond the usual complexity of real estate sales, sales managers have to deal with licensing, compensation, recruitment, and other personnel issues.
• Developers. Whether it is a small project or a large one, real estate developers have to estimate costs, oversee the details of seeing a property built, and assess the marketability of the finished product, all with the goal of earning an acceptable rate of return foremost in mind.
• Asset Managers. Real estate has grown in prominence as an asset class. Individual and institutional investors put money into both specific properties and Real Estate Investment Trusts, which are groupings of properties. In any instance, an asset manager dealing with real estate must assess the acquisition and maintenance costs, cash flows, and probable future demand in order to make profitable decisions.

With these varied functions comes a wide range of employers. Management careers in real estate may be found in:

• Property management firms
• Real estate brokerages and agencies
• Property development companies
• Commercial banks
• Investment companies
• Corporations with extensive real estate holdings
• Government agencies
• Insurance companies
• Mortgage companies

For a management career in real estate, you must know much more than just the local real estate market. Management roles also demand some knowledge of finance, economics, human resources, business administration, and the law.

Where can you get such a varied background? This is where a master's degree in real estate management can prove helpful. Specific degrees of this type might include an MS in Real Estate Management, an MS in Management with a concentration in Real Estate, an MS in Property Management, or an MS in Real Estate Development. For the purpose of clarity, this guide refers to this type of degree generally as an MS in Real Estate Management.

While an MS in Real Estate Management is a somewhat specialized degree, there are plenty of schools around the country that offer this type of program. You can also earn a master's degree online. Either way, here are some of the benefits you would get from a master's degree in this field:

• Obtaining a broad range of knowledge. Because real estate management encompasses so many different fields, you would have to go beyond a four-year degree to really cover all the elements involved.
• Updating your knowledge. With the real estate market always changing and financial instruments based on real estate still evolving, it is important to make sure your knowledge base is fully up to date.
• Competing for jobs and promotions. The real estate field is certainly crowded, but a master's degree can give you a clear edge when competing for a management opportunity.
• Impressing potential clients. Real estate managers often deal with potential investors, buyers, tenants, or clients. Having a master's degree could help demonstrate your credibility.

If you have decided that an MS in Real Estate Management could help you pursue this type of career, then your next step is to start gathering information on graduate real estate programs.

Researching an MS in Real Estate Management

Here are some important sources of information that can greatly expedite your information-gathering process:

• Online college guides and directories. It doesn't matter whether you plan to attend graduate school in person or earn a master's degree online; Internet directories such as WorldWideLearn.com can introduce you to both types of programs. In addition, WorldWideLearn.com has information on important topics such as preparation for standardized tests and where to find financial aid.
• Published rankings and ratings of colleges. A number of publications publish detailed reviews and/or rankings of college programs based on a number of different criteria. US News & World Report and Kiplinger's are prominent examples of publications that offer this type of information.
• The U.S. Department of Education. You can go to the U.S. Department of Education Web site to find information on a wide variety of topics relevant to continuing your education, such as how to check a school's accreditation status and how to apply for federal financial aid.
• Specific college Web sites. When you find a few colleges you want to investigate in depth, going to their websites can tell you a great deal about a specific program and even the general atmosphere at that college.

With these information sources, you should be able to assemble an extensive list of schools that offer a master's degree in real estate management. Your next step is to start narrowing down this list.

Evaluating Graduate Real Estate Management Programs

So, you have access to information on graduate real estate programs. Now, how do you start eliminating names from the list until you get to the two or three favorites to which you plan to apply?

The best way is to start with no preconceived notions. Don't be too quick to decide that you want to attend a prestigious college or a local school, or whether you want a campus experience or would prefer to earn a master's degree online. The best way to consider all the possibilities is to start with a broad field of candidates. Then, make a list of criteria that are important to you. As you move through this list of criteria, you should find yourself steadily crossing names off the list until you've arrived at your finalists.

Here are some criteria you can use for your selection process:

• Accreditation. One of the first things you should look at in considering any college degree program is that program's accreditation. There is a variety of accrediting agencies, but only specific ones are widely recognized. The U.S. Department of Education is a good source of information on this topic.
• Location. Because of the nature of real estate, many graduate real estate programs are located in or around major metropolitan areas. Depending on where you live, that may make location an issue, unless you don't mind the idea of going away to live on campus. As an alternative, if there isn't a suitable program located near you, you can earn a master's degree online to make location a non-issue.
• Cost. The cost of a master's degree program can be well into the tens of thousands of dollars a year, so don't become too enamoured of any program until you've taken a look at the cost. However, don't eliminate any program based on cost until you've thoroughly investigated your financial aid options. If cost remains a serious problem even after you've factored in financial aid, focus on lower-cost options like online master's degree programs.
• Admissions standards. Some schools list, on their websites, information about the average and range of test scores and undergraduate grades for students who were admitted to their programs. If you can't find this information online, you should be able to obtain it from a school's admissions office. Because there is time and expense involved in applying to graduate schools, you don't want to waste resources on any school where you don't have a realistic chance of admission.
• Reputation. Reputation is subjective and intangible, but you can get a feel for it in a number of ways. Because master's degrees in real estate management have been gaining popularity in recent years, some programs may be relatively new to the scene. There isn't necessarily anything wrong with a newer program, but a more established program has had more of a chance to build up its reputation. Researching articles that have been written about a given program and its graduates is another way of assessing reputation. Finally, statistics on job placement and the earnings of graduates can help you assess how much of a career boost a given program has provided its students in the past.
• Faculty. Some ways of assessing a program's faculty are quantitative, such as the student/teacher ratio or the percentage of faculty members who have earned PhDs. There are also more qualitative judgements to be made. Published books and articles by faculty members are always a good sign. In a real estate program, prior work experience in the field is especially important, because it might give you some leads when it comes time to apply for a job.
• Campus environment. This is a very subjective criterion, but the type of campus can make a big difference to your learning experience. Alternatively, online master's degree programs give you the option of eliminating environmental distractions altogether.

By narrowing the field down to two or three programs that are right for you, you can put the right amount of focus into the application process.

Applying to Graduate Schools in Real Estate Management

Some of the things you may need when you apply to graduate school include:

• Applications
• Prior academic transcripts
• Standardized test scores
• Letters of recommendation.

If you are applying to multiple schools, you may find that each school has slightly different requirements and different deadlines. Don't panic. You can manage this process efficiently if you make a calendar of each individual deadline you have to meet. Then figure out how much lead time each item takes, so you can be sure to get started with plenty of time to spare.

Enhancing Your Master's Degree in Real Estate Management

A master's degree is an impressive credential, but it carries even more weight if combined with some of the following elements:

• Practical experience. Working in a real estate office, in an investment firm, or for a property management company can give you some hands-on insights to complement your formal education. Whether it comes from a job or an internship, this type of practical experience also looks good on a resume.
• Published articles. If you can, write articles on real estate for publication in trade journals or local newspapers. Doing so helps build your reputation and establish your knowledge of the business.
• Professional association membership. Becoming a member of an association such as the Society of Industrial and Office Realtors can demonstrate that you are serious about your career, while giving you a potential source for information and networking contacts.

A career in real estate management is very dynamic. The real estate business has its ups and downs, but you can count on it being around for the long haul. Earning a master's degree in real estate management can put you on track to be a part of that business.

Sources

• City University of New York, MS Degrees in Real Estate
• Crain's New York Business, Real Estate Investment
• Institute of Real Estate Management, Careers in Real Estate Management
• New York University, MS in Real Estate
• Society of Industrial and Office Realtors
• U.S. Department of Education

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