What does that mean for today's real estate environment? Mezzanine funds, private equity firms, and real estate investment trusts (REITs) are all important parts of today's real estate environment that focus on finance.
To get a particularly rewarding job financially in real estate careers, your best bet is to work in capital. However, these jobs are very tough to get into, and you have to be aggressive and smart. Capital real estate jobs are perfect if you've got your MBA and have the skills to be that aggressive as well.
What do employers look for when it comes to these types of real estate jobs?
It can be difficult to pinpoint just what exactly is going to make you successful with these types of real estate jobs, but interpersonal and quantitative skills, and the ability to be aggressive when you need to be, are all going to work to your favor. Your MBA is likely going to be an advantage, so leverage that to get the most rewarding and lucrative job possible.
Use contacts, too
Again, the financial aspect of real estate careers can be very competitive, so using your contacts to get a foot in the door is not only okay, it's actually advisable. Network, network, network! As you hunt for a job. Use people you already know and who already work in the industry to get considered for a position or to have an interview; that's always a plus and is only going to work in your favor.
In your interview, talk about areas in which the company you're considering operates -- the local market, and so on. Make sure as well that your MBA is going to qualify you for this position.
One of the things you'll be asked as you interview is why you want to work in real estate jobs. Be prepared to talk about general economic conditions, describe cap rates, rental rates, and so on.
If you have your MBA and you know you want careers in real estate, real estate classes are fine, but also join real estate clubs or do other real estate related activities. Demonstrate an enthusiasm and knowledge of the industry, and make sure your MBA program is going to give you what you need with its real estate curriculum. The professors you are taught by should have real-world experience and the curriculum you pursue should be versed in a variety of areas, not just real estate.
Classes besides those specifically geared to real estate that will help you in real estate careers include those related to economic principles and economics, as they relate to understanding price risks, and in business law, since real estate is also concerned with many legal issues.
