Global Growth in Property Market
Right now is a prime time to take advantage of the upsurge in overall global property values. European markets have a lot to do with that, while 31 out of 41 of the world’s housing markets which publicly published statistics in the past fiscal year have shown growth rates after accounting for inflation. Of some 22 European housing markets, 17 showed improvement, with Ireland leading the way at 16.62% in 2014 after another strong increase in 2013 at 6.18%.
With that in mind, what are some potential career paths in property to take advantage of this trend? Read on as we examine the myriad possibilities for aspiring professionals in the property sector.
Property Developer
As a property developer, there are a variety of possibilities available in this field. Often seen as ‘conductors,’ they engage in activities such as finding appropriate locations, sourcing finances, getting legal permission for development, and actual construction management, including overseeing building, renovation, or repair processes. Formally within the UK, development is defined as ‘the carrying out of building, engineering, mining or other operations in, on, over or under land, or the making of any material change in the use of any buildings or other land’ by the Town and Country Planning Act of 1990.
To succeed in this field, there are a few key competencies one would need to not just understand, but in excel in. These areas of knowledge include the legal framework around statutory developments, social demographics, the macro and local environment of the market, and supply and demand factors.
Real Estate
Within real estate, there are any number of options available to prospective career hunters. It is possible to join residential real estate corporations like Open Property Group for buying and selling property, or work in a more entrepreneurial role. As an agent in the retail, office, industrial, land development, or the aforementioned residential space, your responsibilities would include showing and find buyers for properties as well as doing listing of properties available. Overall, as a residential real estate agent, the goal is to help people in the entire process of both buying and selling homes. Sometimes this includes helping clients with valuation, financing, government programs for funding, and mortgages.
Commercial agents specialize more in properties for businesses, such as retail spaces, offices, shopping centres, apartment complexes, or industrial parks. Real estate agents in the commercial sector focus more on evaluating the potential for income and offering legal counsel on zoning and taxation.
Other positions within the broad field of real estate focus variously on appraisal of properties, lending, or even property brokering.
Property Management
Property managers both lease property to tenants and are in charge of managing rental fees. You could say they are in charge of the financial operations of the property in all its complexity and details. Property management companies might include larger corporations like banks.
