- "Last year, Money magazine and Salary.com - who researched hundreds of jobs based on growth prospects, pay, stress levels, and other factors - ranked real estate management 23rd among the ‘Best Jobs in America.'
- "The current U.S. Bureau of Labor Statistics assessment of high-growth, high-wage occupations ranks real estate management 38th among the top 50 jobs that are growing faster than the average (13 percent) and that pay above the median of $28,770.
- "Most recently, the Spring 2007 issue of Selectleaders Job Barometer, the first-ever assessment of the U.S. job market in commercial real estate, highlights the continued strength and forecasted growth of employment across all sectors of commercial real estate. The report notes a 35-percent increase in commercial real estate job postings from February to April 2007, with real estate management second only to finance in postings. It also says that employers in the commercial real estate industry are looking to hire and pay more for real estate talent."
Growth to Continue
According to Toothaker, IREM is confident that the demand for real estate managers will continue to grow due to the confluence of these two factors: (1) the unstoppable forces of demographics in the workforce exacerbated by generational change, and (2) the market dynamics of real estate values as driven by new product development, interest rates, occupancy levels, and cap rates.
"Since so many of our colleagues are reaching retirement age in the near future," says Toothaker, "real estate owners and investors must increasingly seek replacements for these qualified professionals they need to manage their properties. All of this - combined with a management function that is becoming more complex and sophisticated - has created an almost ‘perfect storm' that is boosting demand for real estate managers as never before. Moreover," he explains, "this applies to all classes of properties - including commercial, residential, retail, military, governmental, educational, and industrial.
"For our part, we at IREM continue to foster the highest professional standards as the industry grows by keeping our member designations program on the cutting edge of best practices," Toothaker continues. "As well, we are expanding our college connection program to attract more of the best and brightest students to careers in real estate management."
Available Resources
Toothaker concluded by noting that IREM has developed a variety of easy-to-access resources to stimulate awareness of the increasing demand for real estate managers and of the rewards that come with careers in the field. They include:
- "Careers in Real Estate Management," a 12-page online brochure that describes career opportunities in detail in real estate management, as well as steps recommended to enter the profession. The brochure is available for free download online.
- IREMJobs.org, the online job board for the real estate management industry. Job seekers can conduct a nationwide job search or target particular states, create multiple resumés and cover letters to customize job applications, and track their resumé submissions online. In addition, they have a personal mailbox through which employers can contact them. Access to the online jobs bank is free once a simple registration process is completed.
- www.GetRealGetReady.org, a website to promote career opportunities in real estate management that includes job descriptions, salary levels, available scholarships, and more.
This information was provided by and reprinted with permission from the Institute of Real Estate Management (IREM), a source for education, resources, information, and membership for real estate management professionals for more than 70 years. To learn more about the Institute of Real Estate Management, call (800) 837-0706, ext. 4650 (outside the United States, call [312] 329-6000) or visit the organization's website.
