Published: November 02, 2006
Don't Let Weak Housing Market Drive You to Abandon Your Real Estate Career
Stan Ross, co-author of The Inside Track to Careers in Real Estate, explains why passionate, talented professionals are more in demand than ever.
Los Angeles (November 2006) - If you're a real estate professional, or a student preparing to become one, the weak housing market might have you rethinking your career choice. But before you jump ship, Stan Ross urges you to put the current slowdown in perspective.
"Don't be too quick to jump out of real estate," says Ross, chair of the University of Southern California's Lusk Center for Real Estate, and co-author (with James Carberry) of The Inside Track to Careers in Real Estate (Urban Land Institute, 2006), a book that was recently published by the Urban Land Institute. "It isn't like day trading. You need staying power.
"Some of the most successful people in real estate today started their careers during the last real estate downturn in the 1990s," he adds. "They figured out a way to remain in the business during difficult times. If you're passionate about a career in real estate, and approach it with the right mindset, you can do the same."
Despite the residential slowdown, says Ross, talented real estate professionals are still very much in demand. "More than ever, homebuilders need savvy brokers to help market and sell homes and professionals with strong management skills to help run their operations," he declares.
Ross also notes that the current housing slump has created the perception that the entire real estate industry is in a downturn. "That's wrong," he says. "Commercial real estate markets are healthy, and companies are hiring."
Among other areas, owners need leasing agents and property managers to lease space and manage office, retail, apartment, and other buildings. Institutional investors need asset managers to help manage their rapidly growing portfolios of commercial properties. Career opportunities can also be found in fast-growing niche markets such as development and ownership of green buildings, senior housing, student housing, and health care facilities, and in the preservation and adaptive reuse of historic properties. Nonprofit organizations are looking for people to help build and operate low-income housing, homeless shelters, rehabilitation centers, and other facilities.
"People have a lot of career choices in real estate, and their skills are portable," Ross observes. "And with the variety of real estate educational programs available today, from community college courses to graduate programs, people have more opportunities to broaden and refine their skill sets. Those with strong financial skills are much in demand."
Another possibility for professionals is to become entrepreneurs. They might obtain capital from family, friends, or local investors, for example, to acquire a small apartment building. As they gain some experience with property ownership, they might move into development. "You don't have to start as a developer," Ross notes. "You can grow into one.
"The point is that there are many opportunities in real estate for those who are passionate, dedicated, and determined," Ross concludes. "Five years from now, those who stayed in the game will be glad they did."
Stan Ross is Chairman of the Board of the University of Southern California's Lusk Center for Real Estate and Senior Fellow. He previously was Vice Chairman-Real Estate Industry Services for Ernst & Young LLP, and a member of its Management Committee, which set the policy and strategy for the firm. Prior to that, he was Managing Partner of Kenneth Leventhal & Company, an accounting firm specializing in real estate, where he was responsible for its overall business planning, strategy, direction and operations. Ross continues his diverse activities in the real estate industry as a consultant and serves on several boards of directors including those of The Irvine Company, Forest City Enterprises, and the University of Judaism.
Ross is widely recognized for his experience in strategic planning for real estate companies, with expertise in mergers, acquisitions and reorganizations, and the development of creative financial structures. He was involved in the initial organization of the Resolution Trust Corporation (RTC) and was a member of the Auditing Standards Board of the AICPA, which set the auditing rules for the accounting profession. Ross is a frequent lecturer at various universities, accounting symposia, and real estate conferences and has written numerous articles concerning real estate and accounting matters. He is a Life Trustee and Governor of the Urban Land Institute and Trustee of Baruch College from which he graduated in 1956. He was awarded an honorary Doctor of Law degree from Baruch in 1999.
Inside Track to Careers in Real Estate (Urban Land Institute, 2006, ISBN: 0874209544) is available at bookstores nationwide, online booksellers, www.bookstore.uli.org, or directly from the publisher by calling (800) 321-5011.
The Urban Land Institute (www.uli.org) is a nonprofit education and research institute supported by its members. Its mission is to provide responsible leadership in the use of land in order to enhance the total environment. Each year, the Institute honors a land use visionary through the Urban Land Institute J.C. Nichols Prize for Visionary Urban Development. Established in 1936, the Institute has more than 25,000 members representing all aspects of land use and development disciplines.
alan@newsblaze.com
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