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Chapter 1 Introduction to the Real Estate Industry

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

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  1. Chapter 1Introduction to the Real Estate Industry “Real Estate Principles for the New Economy” By Norman G. Miller and David M. Geltner

  2. 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

  3. 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?

  4. 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?

  5. What do Real Estate People Need to Know? • Marketing • Economics • Finance • Accounting • Management • Information systems • Statistics • Negotiation • Design • Planning and Regulation • Business Law

  6. 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

  7. 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!

  8. 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.

  9. 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

  10. Consider Starting Your Job Search Now! www.real-jobs.com Attend Industry Trade Association Meetings Get involved in Student Groups

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

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