Do you wish you could spend most of your time working with numbers? Interpreting the economy? Discovering linkages about land and buildings? If so, you’ve got core curiosity that’s ripe for real estate analysis. As big data grows, and artificial intelligence grabs headlines, there's still a need for informed judgment. Real estate analysis is guidance for decision making, and may be the vocation for you.
Real estate analysts account for and evaluate the influence of linkages. In other words, analysts factor relationships between a location and accessibility to, or connections with, other locations and activities. Depending on their specific occupation, real estate analysts may perform site, market or trade analysis or, most likely, a combination and beyond. Competent analysts must understand demand, supply, pricing, timing, planning, marketability, human behavior and attitudes to have any success in their work.
Who utilizes the skills and outputs of real estate analysts? Persons and entities which regularly strive to increase returns, maximize opportunities and reduce risks. Analysts can find work in the private and public sectors, directly supporting the client-serving work of real estate investment trusts, crowdfunding ventures, acquisition and development firms, builders and construction companies, lending institutions, property managers and real estate brokers, to name a few.
What will you do in your years as a real estate analyst? By and large, real estate analysts produce property reports, perform market studies and develop forecasts. They write or assist with proposals for new business development. They publish regular analysis for internal or external distribution, informing clients and building the brand. Analysts contribute material to conferences, both in-house and industry-wide. In the Digital Age, the resourceful analyst is the go-to analyst.
Real estate analysts can work with many colleagues depending on the specific role or job description. Analysts may work as staff at a university think-tank, which supplies market reports and projections for the community or region, and may work alongside scholars in real estate, geography, sociology and extension services. Real estate analysts need to be familiar with the real estate appraiser’s approaches to value including sales comparison, income and cost. They may prepare valuation appeals to minimize property tax liability. They may meet with home builders before groundbreaking, after foundations are poured, before the first open house, and after a sale, depending on the volatility of the local housing market. They also attend property tours with agents to increase their own on-the-ground knowledge.
Typically a bachelor’s degree in real estate, finance or economics is the preferred educational background. As with many professions, additional schooling and continuing education will strengthen capabilities. Networking and affinity groups can lead to your first, or next, placement working as an analyst. With education and practice comes proficiency in the latest research applications, as long as you and your employer keep up the investment.
Currently, Glassdoor lists average base pay for real estate analysts at $74,394 per year. Want more? Side hustles include consulting for app developers, speaking engagements, and training others in-person at continuing education classes, massive open online courses or distance education sessions. You’re resourceful, remember.
Resourceful Real Estate Analyst As Decision-Support Pro curated from Forbes - Real Estate
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