Several universities across the US offer a master in real estate degree program. These programs normally encompass theories of real estate and their application to real-world scenarios. The program also explores various practices in marketing, finance, feasibility analysis, economics, legal principles, and accounting in the framework of America's real estate sector.
Program Admission Requirements
If you are interested in pursuing a master's degree in real estate, then before enrolling in a program, the university may expect you to fulfill certain requirements. Prerequisites and requirements may change or vary depending on your choice of university or college. Some of the academic requirements that almost all universities ask for prior to your enrollment are:
-
A bachelor's degree in real estate or any related subject such as finance, economics, and business management
-
Normally, a minimum GPA of 3.0 or above
-
A resume
-
A personal statement
-
GMAT or GRE test scores
-
Official transcripts of previous high schools and colleges attended
-
Two or more letters of recommendation
Some universities may require you to submit all of these documents, but there may be a few who might allow admittance if you have a two year work experience in real estate or a strongly related field. Students who have direct work experience in areas such as commercial real estate, real estate finance, and real estate law may be given preference by a university's admission office.
Curriculum and Coursework
The curriculum provides detail on various aspects of real estate disciplines in perspective of today's real estate industry. The curriculum trains you and provides you knowledge in various real estate related areas such as financing, owning, analyzing, and managing properties. The coursework of a master's degree in real estate aims to build a strong foundation for the student in development, digital imaging, finance, market analysis, real estate law, investments, economics, and management of a real estate project. Course outlines may differ from university to university, but core courses may include:
-
Economics for Planning and Development
-
Market Analysis for Real Estate
-
Project Management and Construction
-
Legal Issues in Real Estate Development
-
Building Typologies
-
Principles of Real Estate Accounting and Taxation
-
Real Estate Valuation and Feasibility Analysis
-
Corporate Finance
Career Outlook
After you successfully complete your real estate master's degree program, you may be eligible for several career opportunities. Various titles may include:
-
Real Estate Broker
-
Sales Agent
-
Property Manager
-
Real Estate Manager
-
Community Association Manager
According to the US Bureau of Labor Statistics (BLS), the median salary of real estate brokers and sales agents was $41,990 per year in 2012. The BLS also projected that the number of people working as real estate brokers and sales agents would increase by 11 percent, about as fast as the average of all occupations. After acquiring a master's degree in real estate you may have a chance to advance in your career to become senior managers or open your own real estate brokerage house after getting a license.