Raising Your Income with Real Estate Management

The real estate business has been around for ages, and it shows no signs of decline so far. Yes, there are bumps and jerks here and there. Every kind of business takes a hit now and then, but real estate can never vanish from the market.  The real estate business is sprawling, and in countries like India, it is always sought after due to the cultural emphasis on property ownership. The real estate market size in India is estimated to reach USD 0.33 trillion in 2024 and USD 1.04 trillion by 2029.

Now, we commonly associate the business of real estate with perhaps the most popularly known job: real estate agent. But the fact is, the property sector encompasses a wide range of jobs, from property manager to leasing agent, property developer, home inspector, and many more. But this is only the tip of the iceberg! Real estate management alone has various positions and career opportunities based on one's experience and expertise. It includes overseeing the operation, financial health, prospects, and maintenance of the real estate properties.

Here are some crucial responsibilities of real estate management you should keep in mind:

1) Tenant Relationship Management: Real estate management is responsible for handling tenant complaints and ensuring that the tenants comply with lease agreements and property rules.

2) Property Maintenance: It is the management's responsibility to make sure that the property is well-functioning, safe, and aesthetically pleasing to attract more buyers.

3) Legal and Regulatory Compliance: The management makes sure that properties comply with the building codes and relevant regulations imposed by the state.

4) Market Strategy: The real estate management's analysis and plan of the market play a major role in the success of the business, ensuring growth, diversification, and higher demand for the properties.

Now that we know some of the essential roles real estate management plays, it is time to explore the high-paying jobs in real estate management.

1) Real Estate Asset Manager: Asset managers monitor the leasing, acquisition, and general financial analysis of real estate investments. They ensure that the clients have immense returns from their investments. If you are eyeing this job, an MBA degree might speed up your climb into this highly sought-after position. An average annual salary of USD 110,000 and around 8.1 lakh in India.

2) Appraisal Manager:  Are you good at researching? Maybe appraisal management is your calling. It requires research. Appraisal managers are hired by large corporations or government banks. As an appraisal manager, you will be assessing appraisal reports to make sure they are accurate. Also, you will be responsible for compliance with relevant rules and regulations, as well as estimating the cost of the property.

3) Property Manager:  Property management is a big responsibility. But it can also help you achieve a secure financial future. A property manager is in charge of a sizable area. It may comprise shopping centres, multi-story buildings, single homes, and more. You will be, most probably, working for an organisation with a large share of the local property market. The average salary of a property manager can vary from 36,000 to 1,20,000 rupees in India.

4) REIT Manager: Wish to be the manager of a Real Estate Investment Trust (REIT)? You shall be responsible for supervising the management of portfolios of properties that generate income and for overseeing the direction and operations of REITs. Depending on how well the REIT performs, you get to earn base pay, bonuses, and equity incentives.

If you harbour the passion and have the right set of skills, the real estate business brings you a multitude of income opportunities, especially if you are experienced enough to gain management positions.