The California Association of Realtors (CAR), has reported that California real estate sales have increased in 2015 and predict that sales will continue to improve throughout the rest of the year and that prices will grow steadily over the rest of this year and the next. In June 2015, CAR released the 2015 California Housing Market Forecast. The report found that existing home sales for the year had reached 5,275, up from 4,940 in 2014. CAR also predicts that the numbers will continue to grow to at least 5,490 in 2016.
This increase in market sales and prices has made it more important than ever for real estate professionals to be as educated as possible in their field. An MBA in Real Estate from a California Business School can help you to become the educated and trained real estate business professional needed to succeed in the industry. There are several programs across the state that offer Real Estate as a concentration or specialization along with the MBA degree.
Bloomberg reported that in 2013, about 15 percent of business schools surveyed by the Association to Advance Collegiate Schools of Business (AACSB), reported having graduate and undergraduate degree programs with an emphasis on real estate. The number of programs has only increased since then. Bloomberg also reports that the number of programs offering a real estate-related program has risen by more than 30 percent over the last ten years.
Typically, an MBA degree with a real estate concentration gives students the opportunity to build a solid foundation of general management skills and knowledge but specialize their education in an area of the real estate industry. These programs are ideal for those who are looking in to the real estate industry but may not necessarily stay in the industry later in their career. The general management skills learned in the program are also ideal for those looking to move into a leadership role in the future.
Many real estate MBA programs focus around finance, development and investments. The UC Berkeley Haas School of Business offers students the option to complete courses in architecture, law, public policy and city planning in addition to the MBA core courses. Haas also provides Real Estate MBA students with the opportunity to complete the Interdisciplinary Graduate Certificate in Real Estate along with the MBA degree to gain a deeper understanding of the real estate industry, including real estate law and the environment.
Most Real Estate MBA programs are taught in conjunction with an institution’s Center for Real Estate. These centers are run by The Center’s advisory Board. The board members are usually real estate industry leaders, who are able to provide students with the educational means as well as real life insight in to the industry. The Advisory Board members for the Center for Real Estate at the Paul Merage School of Business at UC Irvine serve as both professors and guest lecturers. Board members are also available to students as informal advisors.
The Merage School also offers students the opportunity to participate in the Center’s Mentorship and Internship programs. For these programs, students shadow senior real estate executives at meetings, presentations and strategy sessions in order to gain real insight in to the industry as well as get firsthand knowledge on what it is like to work in the California real estate market. Students participating in the program also gain one-on-one career guidance from successful industry professionals and numerous networking opportunities.
It is important to understand that students who complete the MBA with a concentration or specialization in real estate are not trained to become agents. Students in these programs are prepared for careers in all aspects of the industry, including asset management, lending and development. The general management curriculum taught in an MBA degree program will help professionals to development the necessary skills that are needed to become a successful manager or entrepreneur, including marketing, strategic planning, finance and accounting.
The USC Marshall School of Business takes the skill development a step further by offering students additional elective courses in real estate and related areas to provide a solid background in a specific area of interest and permit the student to “design” a degree to meet their educational and professional goals. The real estate-specific courses are available to students, but students are also encouraged to complete other elective courses in corporate finance, the financial serves industry, land use planning and marketing.
Whatever the reason is for returning to school for an MBA degree, completing an MBA degree with a concentration in real estate can help you to develop the skills necessary to become a successful real estate professional. With the rising markets in California over the last few years and the projected continual climb for the future, completing a real estate MBA degree in California could give you the professional edge needed for a successful future.
For more information on top-ranked MBA programs and other California Real Estate MBA programs, visit metromba.com.