Anyone interested in becoming a real estate asset manager must have prior experience in the field. Many employers also require applicants to have completed undergraduate college degree programs in order to be considered for these positions. A real estate asset manager is in charge of the day-to-day operations of various commercial or residential properties. Furthermore, some asset managers are in charge of buying and selling real estate with the goal of making a profit.
Property management firms employ many real estate managers to manage properties on behalf of clients such as construction companies, apartment rental companies, and industrial site operators. The property manager must negotiate lease agreements with tenants and hire service companies to clean, repair, and maintain the properties. Managers are sometimes in charge of a team of employees who deal with customer service, bookkeeping, and other responsibilities. A college degree in business administration, management, or a related field is typically required for someone wishing to work as a real estate asset manager for a property management company. Many employers also require managers to have prior property management experience, including some time as a junior supervisor or assistant manager.
Real estate holdings are common in investment portfolios, including those held mutual funds, and investment firms typically hire a real estate manager to manage these assets on a day-to-day basis. This person is responsible for locating suitable properties for the fund to purchase, as well as negotiating the purchase, lease, and eventual sale of these properties. Managers must generate recurring income from rental payments as well as long-term profits from real estate sales. Rather than having a background in real estate, someone who wants to work for an investment firm as a real estate asset manager must pass a securities licensing course. Experienced securities traders are frequently promoted to management positions at investment firms.
Internships are available at many investment and real estate management firms for undergraduate students. Anyone interested in becoming a real estate asset manager can apply for one of these internships, and most employers prefer students with good grades. Investment firms typically offer internships to undergraduates studying finance, business, economics, or a related field due to the nature of the work. Students enrolled in real estate management or business administration programs are frequently preferred property management firms. Interns who perform well are occasionally offered permanent positions, which are usually conditional on them graduating from college.
Individuals with prior experience as real estate agents or lenders may be able to move into asset management positions. Property management companies frequently seek out senior agents with management experience because of their knowledge of the local real estate market. Successful lenders form close working relationships with construction firms and leasing companies, and some lenders go on to become successful property managers as a result of these professional relationships.