KEEPING IT REAL !!! (With Real Estate) Clarkstown Central School District Business Department Mr. Pritts

What Is REAL ESTATE?  Real Estate = Land (but so much more)  Also involves: –Buying –Selling –Leasing –Management of Property Commercial, Residential, Agricultural, etc. –And support functions Eg. Appraising and Financing

Industry Overview/Outlook  Real Estate doing well over last fiscal year –Top firms averaging double-digit growth  Stock Market has been down, Real Estate has been “booming”

Under The Real Estate Umbrella  Where are the J-O-B-S? –Acquisition and Development –Brokerage and Sales –Property Management –Finance –Ancillary Services –Corporate Real Estate

Career Tracks  Agents and Brokers –Bring buyers and sellers together  Appraisers –Ensure buyers aren’t overpaying & lenders lend the correct amount of money  Property Managers - maintain investment property for owners  Developers and Asset Managers – invest in/improve land

It’s All About The Benjamin$$$  How Does Compensation Work?  Depends on type of job… –Sales Brokers – typically on low-to-no salary, strictly commission-based Average ~6% of sale per commission –Managers – Average salary $80K + bonuses

Interested? How to Get a Job…  Network with anyone you know in the Industry  Call all the big brokerage firms & ask to speak to the manager –Be enthusiastic & interested in profession –Ask about mentor programs or internships  For more info:

Major Players In Real Estate  The Trump Organization (YOUR FIRED!)  Cendant Corp.  Starwood Hotels and Resorts Worldwide  Host Marriott  Centex Corp.  The Ryland Group

The Good & The Bad  GOOD: Success/Failure is not set in stone  Flexibility – not typical 9-5 job  Not stuck behind desk, interact w/lot of ppl.  BAD: Some jobs only commission-based  Lots of pressure and stress  Often 70+ hour workweek

Still Interested? High School Can Help!  Business courses can help you prepare!  Take as many as you can: –Business Communication –Intro to Occupations –B-Law (we teach a section on Real Estate) –Accounting

WEP Can Get You Started!  Networking is key – open the door with WEP!  Local firms we have relationships with: –Prudential Rand –Century 21 –Lydecker Realty

Area Colleges (2-Year)  Rockland Community College –Real Estate Sales and Appraisal

Area Colleges (4 Year)  Dominican College –Courses in the Business Division  Nyack College –School of Business, Computer Science, and Communications

Post-Grad Employment  College grads from our WEP program have returned and landed jobs in Real Estate!  Employers: –Prudential Rand –Century 21 –Lydecker Realty –Ellis Realty –Sanders Properties

Final Plug – My Recent Experience  I just bought a house ~$400K  Broker worked ~3 hours/wk for 3 weeks –Her cut was ~$20K  BIGGEST MISCONCEPTION: –How easy it is to make a lot of money. NOT TRUE! Very difficult industry to break into, esp. right out of college. Tough to establish credibility. Stereotype: real estate salespeople are dishonest, slippery creatures.