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Commercial real estate
Commercial Brokers specialize in income-producing properties,
such as apartment and office buildings, retail stores and
warehouses, shopping centers and industrial parks. To understand
and explain why the properties are good investments, commercial
Brokers need to be aware of the growth possibilities of the
area where the property is located, current income tax regulations
and purchasing arrangements that give the buyer a greater
return on investment. Commercial Brokers may also help arrange
financing.
Industrial and office Brokers specialize in the developing,
selling or leasing property used for industry or manufacturing.
Brokers need to understand different types of industries and
determine such variables as transportation, proximity to raw
materials, water and power, labor availability and local building,
zoning and tax laws.
Real estate appraisers
Real estate appraisers determine the value of properties.
Real estate is appraised to determine many types of values — assessed
value for tax purposes, investment value or present value
for a potential investor, "book" value for accounting
purposes, rental value for income projections and insurable
value. Appraisers need to know acceptable principles of appraisal
and related information. They need to have practical experience,
technical education, good judgment and some knowledge of mathematics,
accounting and economics.
Property management
The property manager's job is to maintain the property in
order to produce the highest possible financial return over
the longest period of time. They are responsible for protecting
the owner's investment. Managed commercial properties are
likely to be office buildings and shopping centers. Residential
properties with a property manager might be apartment buildings,
apartment developments, or condominiums. Property managers
usually work for real estate investment companies or funds.
Property development
Developers turn land into profitable, marketable developments
of all kinds, including residential, commercial or industrial.
Site selection is the first decision developers must make.
Before the actual building begins, developers must first analyze
all costs and arrange the financing. Then they contract for
the physical structures and supervise construction. Finally,
developers promote the finished project to either sell or
lease buildings or portions of the development.
Financing
If you’re interested in the financial aspect of real
estate, career opportunities exist with banks or mortgage
lenders, developers, and investment funds – known in
Canada as Real Estate Investment Trusts, or REIT. This requires
expertise in tax law, financial regulations, and accounting
and business practices. In residential real estate, the professional
must know financing or mortgage options; in commercial situations
these professionals will also be asked about income opportunities
and productive uses of different kinds of properties.
Urban planning
Some urban planners also have a real estate licence. They
work with local governments and other civic groups to plan
the growth of their city or town. They propose physical changes
to accommodate a ratinionalized development plan that may
consider traffic, services, or recreational requirements.
Not many career guidelines exist for urban planning, but broad
general experience is important.
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