1. Chapter 1 Introduction to the Real Estate Industry “Real Estate Principles for the New Economy” By Norman G. Miller and David M. Geltner

2. Outline of Topics  What is Real Estate?  What skills and personality traits are required?  What career paths are possible?  Finding a job in this industry

3. Why are you in class?  The class time was right?  Personal consumer interests?  Personal investment interests?  Parents or relatives are in the industry?  You like something about the area?  Other?

4. Almost all trends affect real estate: how we live and work Examples:  Terrorism  Transportation costs: Light Rail?  Environmental concerns  Technology  Governmental Regulation  Dot.com start ups and failures  Your example?

5. What do Real Estate People Need to Know?  Marketing  Economics  Finance  Accounting  Management  Information systems  Statistics  Negotiation  Design  Planning and Regulation  Business Law

6. Skills are generic and self- learning is possible  Most successful real estate professionals are largely self-taught.  Classes accelerate the learning curve but are only a start  Trade associations continue the education and exchange for many:  Ex: NAIOP, ULI, ICSC, CREW, BOMA

7. What Are You Good at?  Research and Analysis?  Synthesis, Writing and Presentation?  People Skills?  Are you creative?  There are careers in almost every industry that allow you to build upon whatever you are good at!

8. Matching Skills and Jobs Analytical  Appraisers  Underwriters, Loan Analysts  Research & Consulting People Person  Brokerage, Leasing  Acquisition & Disposition  Property Mgmt.  Corporate Real Estate Analytical, People Skills + Creativity  Development  Commercial Mortgage Lending  Institutional investment.

9. Sources of Competitive Advantage  Skills and Knowledge  Marketing and Sales Ability  Negotiation Skills  Innovation and Creativity  Technology and Process Superiority  Reputation and Contacts  Organizational Prowess and Management Ability  Capital

10. Consider Starting Your Job Search Now!  www.real-jobs.com www.real-jobs.com  Attend Industry Trade Association Meetings  Get involved in Student Groups

11. END “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner