Real estate investment trusts (REITs) are firms that own or provide finance for income-producing real estate across different sectors.
REITs offer a mutual fund-like investment opportunity that enables investors to gain access to valuable real estate and generate dividend-based income and total returns.
Even though the job market in the real estate sector is competitive, there are plenty of opportunities in RIETs for people with the right skill set.
REITs support over two million full-time jobs, including investor relations, brokers, real estate analysts, designers, marketers, developers, property managers, and more.
REITs provide the opportunity to work in 13 distinct property sectors within commercial real estate.
According to a recent survey, 66% of REITs plan to increase their company’s workforce in the coming years, with jobs such as property management, asset management, and analysts having the highest demand.
But exactly how many jobs are there in REITs? How to be eligible for RIETs jobs? What are the best-paying jobs in REITS?
Read on to know more.
How Many Jobs are Available in REITs?
There are several job opportunities in the REIT sector. Here are some of the most common jobs available within the REIT sector.
1. Asset Management
Asset management comprises high-level decision-making for a subset of properties within a portfolio.
Asset managers supervise property management teams without getting involved in day-to-day operations and drive the business plan for these properties.
They are in charge of budgeting, leasing, capital improvements, and occasionally financing.
A skilled asset manager must be able to collaborate with several other departments. Asset managers collaborate with acquisitions, accounting, development, and finance to achieve results.
Asset managers are in charge of assessing the viability of asset acquisition and providing top management or the board with supporting documentation.
As decided by managing directors, asset managers may also take on unique projects.
Depending on the customers’ goals and risk appetite, asset managers would manage the funds and ensure the financial goals’ achievement.
2. Property Management
Property Managers refer to professional administrators of real estate properties engaged by REIT to provide property management services.
Property Managers are responsible for the direct supervision of assigned commercial/residential properties.
The goal is to maximize asset value, customer satisfaction, and revenue.
The job includes responsibilities such as determining rents, advertising for new tenants, planning the tenant mix and finding suitable tenants.
3. Investor Relations
Investor relations is the term used to describe the duty of controlling the flow of information between a company’s corporate management and its investors.
An investor relations manager supports disseminating information, handling meetings and queries, giving management feedback, and crisis management.
In addition, other responsibilities include creating and maintaining presentation materials, macro- and micro-research, preparing quarterly letters and investment memoranda for investors.
4. Property Development
A property development manager is in charge of overseeing the construction and acquisition of new real estate developments.
They oversee both new construction and remodeling projects from start to finish. The supervision of the construction of new structures and other real estate projects falls under the purview of development managers.
Property development manager collaborate with various stakeholders, such as architects, builders, property owners, contractors, etc., to ensure that all projects finish on schedule and within budget.
Development managers are also responsible for creating new ideas or projects for their company.
The work can entail finding possible locations for new construction, coming up with business models for these initiatives, and collaborating with outside vendors to secure funds for these initiatives
5. Leasing Consultant
The real estate company is represented via leasing consultants.
They assist buyers in locating homes and properties that fit their demands and price ranges. However, this is a great place to start if someone wants to enhance their career and work as a sales manager.
A good awareness of the local property market is essential for any career path to be successful.
Among the responsibilities of a leasing consultant are persuading potential clients to rent apartments, homes, or other assets, helping landlords of residential properties find acceptable tenants and promoting vacant properties.
One must possess excellent communication, marketing, and promotion skills.
Previous work in the hospitality or retail sectors can be advantageous because it fosters the development of basic skills such as human skills.
REIT attorneys are among the professions in the REIT industry with the highest pay rates. Attorneys who specialize in real estate make excellent REIT employees.
Real estate property attorneys handle any problem regarding properties.
Buyers and sellers receive assistance from the REIT’s attorneys in legal disputes involving real estate transactions.
Real estate property attorneys handle any legal problem affecting the property.
However, for this job, the person must possess the necessary professional certifications. It suggests that after finishing legal education in these courses, that person can practice law as a real estate attorney.
The success of any venture in RIET depends on the acquisition team.
They are in charge of monitoring and expanding the portfolio in addition to screening and buying properties in the desired market.
Acquisition managers may focus on a certain sector of real estates, such as residential, commercial, industrial, etc., or they may be generalists who handle all kinds of real estate deals.
The real estate agent is a vital member of the team. They should be informed about the local market and their selling properties. Additionally, they must be able to network and build connections with prospective customers.
A financial analyst is also a member of the acquisition team. They are in charge of examining the market trends and the properties’ financial viability.
They also offer the team advice on how to expand the portfolio most effectively and conduct due diligence to ensure that the property is fairly valued, such as looking up nearby comparable properties.
8. Property Appraiser
An appraiser assesses the property value, such as residential residences and commercial buildings. Their primary responsibilities involve inspecting properties, evaluating their characteristics, and preparing assessment reports based on their findings.
A vital part of the process of appraising, selling, and purchasing homes is the job of real estate appraisers.
Their typical responsibilities include valuing homes, commercial real estate, and other properties, creating appraisal reports, staying updated on the local real estate market, and taking on other activities as required.
Appraisers use public records, assessor information, and on-site property visits to ascertain the present property worth for real estate sale and purchase and the future income of planned real estate investments
9. Real Estate Investor
There are real estate trust investors who make some of the highest earnings. Hence, it is not surprising that this is a career path that pays well.
The task of an investor is to buy real estate assets, add value to them, and then resell them for a profit.
Although it is a profitable sector, there are still difficulties.
To generate a reasonable profit, an investor needs to buy the right property at the right time and sell it at the right price. Hence, one must be an expert in extensive market research.
10. REIT Analyst
REIT analysts assess the market for real estate, conduct research, and keep an eye on conditions and trends that are important for making wise investment choices.
Real estate analysts provide financial analysis to support the financing, purchase, marketing, and leasing of properties.
They offer professional advice to real estate firms and other businesses based on monetary conditions, market trends, and other factors.
Analysts do market research to foresee short-term changes in the sector and assess how best to spend money in accordance with an organization’s objectives.
Additionally, they carry out due diligence while brokering real estate transactions and communicate with buyers and sellers in the business sector.
To ascertain their requirements, real estate analysts engage with clients.
They make trips to properties and locations to meet with investors, buyers, and sellers to determine whether they satisfy their requirements.
As well as this, they assist in negotiating the deals and transactions relating to the chosen location by creating and compiling the relevant paperwork and forms.
Real estate analysts need to have a real estate license for the state in which they are working.
Final Word on Real Estate Investment Trust Jobs
It might be challenging to decide which professional route to choose in real estate in the current economy. You must consider the level of interest and the time you can commit to your work first.
Entry-level employment with a brokerage business or property management company would be an excellent place to start if you have no prior real estate expertise but are interested in learning more about investing.
However, working with RIETs can be beneficial both personally and financially, but one must be willing to put in the effort and face tough competition.
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This post was produced and syndicated by Career Step Up.