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Someone wishing to become a real estate asset manager must have prior industry related experience. Many employers also require applicants for these jobs to have completed undergraduate college degree programs. A real estate asset manager oversees the day-to-day management of a variety of commercial or residential properties. Additionally, some asset managers are responsible for buying and selling real estate with the intention of generating profits.
Many real estate managers are employed by property management firms that administer properties on behalf of clients such as construction firms, apartment rental companies and industrial site operators. The manager must negotiate lease agreements with renters and agree contract service companies to clean, repair and maintain these properties. In some instances, managers preside over the team of employees who handle customer service issues, bookkeeping and other areas of responsibility. Typically, someone wishing to become a real estate asset manager for a property management company must have a college degree in business administration, management or a related topic. Additionally, many employers require managers to have prior work experience in property management including some experience as a junior supervisor or assistant manager.
Investment portfolios including those held by mutual funds often contain real estate holdings and investment firms typically employ a real estate manager to handle the day-to-day management of these assets. This individual must identify suitable properties for the fund to buy and negotiate the purchase, lease and eventual sale of these properties. Managers are tasked with both generating recurring income through rental payments and long-term profits through real estate sales. Rather than having a background in the real estate industry, someone wishing to become a real estate asset manager for an investment firm must successfully complete a securities licensing course. Investment firms often promote experienced securities traders into management positions.
Many investment companies and real estate management firms offer internships to undergraduate students. Someone wishing to become a real estate asset manager can apply for one of these internships and most employers typically take on students who have above average grades. Due to the nature of the work, investment firms typically offer internships to undergraduates who are studying finance, business, economics or a related topic. Property Management firms often prefer to take on students who are enrolled in real estate management degrees or business administration programs. Interns who perform well are sometimes given permanent job offers which are usually contingent upon them successfully graduating from college.
Individuals with experience working as real estate agents or lenders are sometimes able to transition into asset management roles. Senior agents who have management experience are often sought after by property management firms because of their knowledge of the local real estate market. Likewise, successful lenders develop close working relationships with construction firms and leasing companies; these professional relationships enable some lenders to become successful property managers.
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