Best Real Estate MBA Programs

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*Tuition information is based on published tuition and required fees, per data by the National Center for Education Statistics (NCES).

There's no specific required undergraduate degree for entry into an MBA real estate program, but a Bachelor's in Real Estate or a Bachelor of Business Administration in Real Estate would be the most direct option. These programs feature a curriculum that covers the same topics as MBA programs, but from a more introductory perspective. Topics include property management, leasing and brokerage, project management, title insurance, construction, and mortgage and banking. It can be beneficial to pursue an undergraduate real estate degree because many MBA programs look for applicants with professional experience and a passion for real estate; getting an undergraduate degree in this area and pursuing entry-level employment may help students demonstrate that on their applications.

Real estate MBA programs place emphasis on building experience and making connections. An undergraduate degree in real estate or another business degree isn't strictly required. Many admissions committees strongly recommend that applicants have professional experience, demonstrate a passion for their chosen career field, and are business-minded with strong leadership skills, rather than just academically strong. It is also recommended to have letters of recommendation from professional contacts rather than academic ones. Typical application materials can include:

• An undergraduate degree with official transcripts
• GRE or GMAT test scores
• Letters of recommendation
• Personal statement or essays
• Professional resume
• Work experience

The decision to pursue a real estate MBA largely depends on your personal, professional, and academic goals. Many real estate industry careers require licensure, which means taking classes and passing an exam. While these classes don't have to come from a college degree, many employers of real estate professionals prefer candidates with higher education due to the markets constantly changing and becoming more competitive. An MBA degree specifically can prepare you for more competitive and complex positions, such as those involving commercial property, and give you additional skills in leadership, management, and general business. Even real estate professionals who own their own business take classes that you would find in an MBA program, such as marketing and accounting.

MBA programs in real estate are not quite as common as others, but there are still several to choose from. Choosing the right program for you depends on several factors such as your availability, location, and interests, as well as what a program offers in terms of curriculum quality, professional opportunities, and adherence to industry standards. The first place to start is the National Center for Education Statistics College Navigator Tool. This allows you to search for colleges by location, majors offered, and degrees awarded. It also provides helpful statistics such as tuition rates, graduation and retention rates, and student-faculty ratio.

Consider what your career goals are. Do you want to become a real estate agent? Do you want to work for a company or own your own business? Certain courses can help you with those goals, so it's important to be sure a program offers them. Additionally, some programs encourage or require an internship or learning experience. Take your availability into consideration and think about what an internship could do for you as far as moving your career forward.

Lastly, MBA programs allow students to make connections with their peers and experienced faculty. Choosing a program that allows you to do this could have long-term benefits. One way to find out about the quality of a program is to contact alumni. Many schools have alumni associations where you can ask for contact information. An enrollment advisor is similarly available for contact regarding any questions you may have about the contents of a program.

When it comes to choosing a school, accreditation is an important factor. Accreditation ensures that a school or program is following standards that are set by industry and education professionals. In some careers, attending a school accredited by a certain agency is a requirement for entering that career. For example, lawyers must graduate from a program approved by the American Bar Association in order to practice. For others, attending a school that is accredited by a recognized agency is like getting a seal of approval; it's not strictly required, but it may look good on job applications. This is the case for MBA real estate programs.

There are 3 major agencies that grant accreditation to business schools: the Association to Advance Collegiate Schools of Business (AACSB), the Accreditation Council for Business Schools and Programs (ACBSP), and the International Accreditation Council for Business Education (IACBE). These agencies grant accreditation to business schools and programs; this means that some business schools are accredited as a whole and some programs within business schools receive accreditation that is separate from the school/university it's a part of. Accreditation agencies constantly update their standards in order to keep up with the evolving industry to ensure students receive the most up-to-date education.

The courses in MBA real estate degree programs cover general business topics such as finance and management, as well as real estate-specific courses such as real estate techniques and capital markets. The curriculum is designed to give students a strong foundation in areas of business that can translate to their chosen concentration, which would be real estate in this case. The specific contents of real estate MBA curricula vary by school; some schools only have 3-5 real estate courses while others have up to 10. Some schools allow more electives than others. A learning experience may also be taken as a course or as a requirement in addition to the other courses.

MBA in Real Estate Foundational Courses

MBA real estate foundational courses are general business courses that all MBA students must take regardless of concentration, although a required real estate course may count as a foundational course as well. Students learn basic topics related to business concepts that can help them in multiple areas. These might include:

• Accounting
• Finance
• Management
• Leadership and Teamwork
• Business Strategy

Real-estate-specific courses that may be counted as foundational include:

• Introduction to Real Estate
• Real Estate Finance
• Real Estate Law.

Most of the foundational courses are taken in the first part of the program, although this can vary by school.

MBA in Real Estate Specialist & Elective Courses

MBA real estate specialist and elective courses allow students to take courses in topics related to real estate that interest them and can prepare them for their future careers. A few specialist courses that are typically required include:

• Real Estate Law and Finance
• Real Estate Investment
• Real Estate Development

Elective courses allow for more customization, although their availability varies. Some real estate elective courses can include:

• Urban Economics
• Real Estate Valuation Techniques
• Fundamentals of Risk Management
• Business Negotiations
• Housing Markets

Some schools allow an independent study course. Specialization and elective courses are typically taken later into a program, but some schools integrate them into the curriculum sooner.

Licensure & Certification in Real Estate

There are several types of licenses, certifications, and registrations required in the real estate industry. A common license that is usually a starting point for real estate professionals is a real estate broker or agent license. There's no singular license-granting organization-each state sets its own standards. Candidates must be at least 18 years old with a high school diploma and take some real estate courses. Sometimes the courses taken within a college degree can substitute for a couple of real estate courses, but this depends on the state. They must pass an exam and a background check. A broker's license also requires 1-3 years of work experience as an agent. Both licenses must be renewed every 2-4 years and continuing education courses are required.

Real estate managers must also have a real estate license if they sell or buy property. Several states also require these managers to have professional credentials, but it's also common to pursue them when they're not required either. There are several organizations that grant certifications, credentials, and licenses; 2 of them are the Institute of Real Estate Management (IREM) and the National Association of Residential Property Managers (NARPM). IREM offers several certifications for individuals, businesses, and properties; a few include Certified Property Manager, Accredited Residential Manager, and Accredited Commercial Manager, among others. The NARPM offers Residential Management Professional, Master Property Manager, Certified Residential Management Company, and Certified Support Specialist for professionals who offer services such as bookkeeping to real estate management companies.

After obtaining an MBA, graduates can pursue a Ph.D. in Real Estate or a similar topic such as Urban Land Economics. These doctoral degrees are designed to prepare students for academic and research positions in colleges and government organizations. Students develop skills for leading research in topics related to the real estate industry, such as finance, gentrification, and geospatial economics. Courses in statistics, mathematics, finance, economics, and real estate theory are taken. Much of the program is spent conducting original research and writing a dissertation or research paper. These programs typically last 2-4 years.

There are plenty of careers you can pursue with an MBA degree in real estate and they are not all related to buying and selling properties, although that is an option. A lot of different jobs are involved in the process of buying, selling, managing, and developing commercial and residential properties. One example is a commercial real estate developer; this professional develops and oversees properties that generate profit. You could also become an asset manager for a real estate firm and advise people and/or companies on the purchase, development, and sale of properties and assets. Another option is in urban development as a planner to improve the economics, quality of life, and sustainability for urban communities.

Job Outlook for an MBA in Real Estate

Real estate can be a tough, competitive market that is sometimes unpredictable. The employment of real estate professionals can mostly depend on what state the housing market is in, which is tied to the state of the overall economy. According to the U.S. Bureau of Labor Statistics (BLS), real estate brokers and sales agents have a projected job growth of 2% from 2019-2029, which is lower than the national average for all occupations. This may be because the later generations are putting off buying houses because of other financial burdens, so agents are not as needed.

The job outlook for real estate managers is projected to be 0% from 2019-2029, meaning there will be little to no change in employment. This is because these types of managers mostly work for buildings that house multiple people, such as apartments or senior living facilities, so job growth depends on how many people live in these facilities.

How to Become a Real Estate Broker

A real estate broker is similar to a real estate sales agent in that they help clients sell, buy, and rent properties, but brokers are typically more experienced and can manage their own real estate companies while a sales agent must work with a broker. Buying a property can be a complicated process, so brokers are there to help people make the best decisions for themselves and invest in the right properties. They typically either help someone buy a property or sell a property. For example, when someone is buying a house, one broker will represent the person buying the house while another broker will represent the person selling the house.

Brokers must be knowledgeable in finance, economics, and market conditions, as well as know the area they are selling in. They must be able to solicit clients and negotiate deals and pricing well. They must also prepare the necessary documents, understand contracts, and ensure they're being followed. Their job also requires them to take clients to see the properties they are interested in or host open houses and scour lists of potential properties.

Real estate brokers only need to take a few relevant courses and pass an exam to earn a license, so a high school diploma is the minimum formal education requirement. However, competition in the housing market has made employers prefer or require those with a college degree. Many college programs, particularly MBA ones, include relevant courses that brokers can take, especially if they are looking to own their own real estate business. The BLS states that real estate brokers have a median annual wage of $59,720 as of 2019.

How to Become a Real Estate Manager

Real estate and property managers oversee the operations of commercial properties that generate income as well as residential properties. They do not own the properties themselves, but rather work for the owners if the owners do not have the time to manage the properties.

Most of their management duties are reserved to things relating to finances, mortgage and leases, and making available spaces ready to be bought or rented. This can include making sure a commercial property meets its expected revenue, collecting rent, ensuring taxes, mortgages, and maintenance fees are paid, and reviewing financial statements. Some of their other duties can include reporting the status of the property to its owners, overseeing expiration dates for leases, and advertising space for rent when occupancies become available. They may also use their financial expertise to suggest an appropriate rent for the owners to charge.

Real estate and property managers must have a high school diploma and several years of experience to begin in entry-level positions; many positions require a real estate license and many managers start out as sales agents. To advance to a higher management position, a bachelor's or master's degree in business administration, real estate, finance, or accounting is often required or preferred, especially for managers who work for offsite and commercial properties and deal with finances. According to PayScale, the average annual salary for real estate managers is $80,048 as of 2021.

Attending college can be costly, but there is financial aid to help ease some of the burden. The most common type of financial aid is federal aid, which comes in the form of grants, loans, and work-study programs. You can apply for this aid by filling out the Free Application for Federal Student Aid (FAFSA). Federal aid doesn't have any criteria like GPA, volunteer experience, or chosen major. Anyone can obtain financial aid as long as they're enrolled in an accredited school, have a good academic standing, possess a valid social security number and have citizenship or legal noncitizen status. The amount of federal aid you qualify for is based on your or your household's income.

However, federal aid may not always cover the total costs of college, so that's why it's beneficial to apply for scholarships, even if they do have more specific criteria.

The Appraisal Institute offers several scholarships to students who are studying real estate and related subjects. Some of these include the Appraisal Institution Education Relief Foundation Graduate Scholarship, for graduate students studying real estate and other areas, and the AIERF Minorities and Women Scholarship, for female and minority students pursuing the same subject areas.

The International Council of Shopping Centers offers the Edward J. DeBartolo, Sr. Scholarship. This is open to graduate students with a 3.0 GPA, financial need, and a demonstration for giving back and pursuing a career in retail real estate. The amount awarded is $10,000 and a paid trip to a real estate convention is included.