Best Online MBA Programs in Real Estate

Earning an online MBA in Real Estate may help students advance their careers while providing the necessary flexibility to continue working full-time. Students can also study and complete assignments from anywhere with internet access. The versatility of an MBA may also qualify graduates for multiple different positions within the field of real estate, as well as other business-related areas, such as business administration, finance, and marketing. It is also common for an MBA to lead to an increase in salary. PayScale.com reported that graduates with an MBA in Real Estate made a median annual salary of $100,858 as of January 2021, as compared to graduates with a Bachelor of Science (BS/BSc) in Real Estate with a median annual salary of $67,166, as of February 2021.

How Long Does It Take to Earn an Online MBA in Real Estate?

Several of the available online MBA in Real Estate programs vary in the time to degree completion. At least one of these online programs is offered in an accelerated format that allows students to finish their degree in as little as 10 months and provides multiple start dates throughout the year. Other, more traditional programs may take about 2 years to complete. There is also at least one online MBA in Real Estate program that is designed to be a part-time program that students can complete in 7 semesters. Other factors that may affect how fast or slow a student earns their MBA include course load and a school's transfer policy for graduate credit.

Although it varies by program, students in online MBA in Real Estate programs may be required to take between 31 and 45 credits of coursework. Usually, students in these programs must take some core MBA courses that cover various business topics and then some electives or courses in the chosen concentration area, such as real estate. Learners receive advanced training in major topics of business and specialized training in real estate to help prepare them for careers in the field. Explore the breakdown of these common types of courses below.

MBA in Real Estate Foundational Courses

Students in online MBA in Real Estate programs may take between 25 and 33 credits of core MBA courses that examine different aspects of business administration. These courses are intended to help students prepare for leadership and managerial positions in the field of business. Some of these courses may be on the organizational scale, while others may focus on the global, international scale. Students typically do not get to choose which core courses they take but must complete the list of required core courses. Course titles are often unique to the school, but in general, MBA students in real estate can expect to take core courses such as:

• Policy
• Financial management
• Managerial accounting
• Legal issues
• Global marketing or economic environment
• Marketing

MBA in Real Estate Specialist and Elective Courses

Students may take between 6 and 12 credits of specialization courses in real estate and/or elective courses, depending on the program. Most programs have students take credits strictly in the real estate concentration, but there is at least one online MBA in Real Estate program that allows students to take 9 credits of real estate concentration courses and 1 additional MBA elective course of their choosing. A few examples of available concentration courses in the area of real estate include:

• Real estate development
• Real estate operations
• Real estate economics
• Real estate finance and investments
• Real estate valuation
• Property law

Licensure and Certification for MBA in Real Estate

There are jobs that require a real estate license, including real estate brokers and sales agents. These professionals must have a state license that usually has to be renewed every 2 to 4 years. Qualifications for these licenses vary by state, but in general, students must be at least 18 years old, have taken courses in real estate, and passed an exam. Broker licensure typically requires some work experience as a sales agent and may require additional coursework.

Other positions may also require licensure or professional credentials. For instance, while real estate managers who buy or sell properties typically have to have a state real estate license, licensure for property and community association managers may vary by state. Some states may require real estate, property, and community association managers to have other professional credentials from organizations such as the Community Associations Institute or the Institute of Real Estate Management. Property appraisers also typically need to have a state license or certification for federal properties, but these credentials vary by the type of property they appraise. These professionals may be classified as a Licensed Trainee Appraiser, Licensed Residential Appraiser, Certified Residential Appraiser, or Certified General Appraiser. Each classification has its own education and training requirements.

Admission to online MBA programs in real estate may be competitive, and each school typically has its own requirements that students need to investigate. In general, applicants may need to meet some education and/or work experience requirements. For example, most of these programs require applicants to have at least a bachelor's degree and may require them to meet a minimum GPA requirement, such as a 3.0 or higher. Some programs may make additional requirements for applicants who fall below this GPA requirement. For instance, some schools may require that students with a lower GPA also have so many years of work experience and/or meet a specific score on the GMAT. These programs usually do not require students to hold a bachelor's degree in any particular field, but students who do not have a background in areas such as calculus, economics, statistics, accounting, and finance may want to take some optional prerequisite coursework before starting their MBA. With their application, students may be asked to submit items like transcripts, a resume, and letters of recommendation.

Students should begin their search of schools by finding online MBA programs that offer real estate as a concentration, as these are fewer in number than some other online concentrations. When comparing online MBA in Real Estate programs, students should be sure that the program has program-level accreditation from the Association to Advance Collegiate Schools of Business (AACSB International) or the Accreditation Council for Business Schools and Programs (ACBSP). This helps students know they are attending a program that has met specific business-related academic standards to ensure quality and proper preparation for a future career in the field. Students may also want to find a program that will help them finish their degree on a desired timeline. For example, some students may want to earn their degree as quickly as possible and choose an accelerated program, while other students may need a part-time program to work around other commitments. Other considerations may include the cost of a program, available resources for online students, and unique learning opportunities, such as access to a Real Estate Trends Conference.

There are many jobs available in the field of real estate that graduates with their MBA may qualify for. Generally, students can pursue more real estate-specific careers rather than other more business-related careers in the field, such as a real estate agent vs. insurance agent or real estate agent vs. loan officer. Some graduates may want to enter the developing side of the field and become a commercial real estate developer, while others may want to work on the selling side of the field as a real estate appraiser or property manager. In general, an MBA prepares students for more advanced positions in the field that may hold greater responsibilities. Some job titles for graduates may include:

• Real estate development executive
• Director of asset management
• Real estate investment analyst
• Assessor
• Real estate broker
• Commercial lender
• Leasing agent

Job Outlook for an MBA in Real Estate

In general, the number of careers in the field of real estate is fairly steady, and there is not a lot of expected growth. However, students with their MBA may qualify for a variety of positions due to the versatility of the degree. This may increase job prospects and make them more competitive in the job market. The specific job outlook varies for different positions. According to the U.S. Bureau of Labor Statistics (BLS), some positions in real estate, such as property, real estate, and community association managers, will have little to no change in job outlook from 2019 to 2029, while other positions may have slower or as fast as average job growth. For instance, from 2019 to 2029, the BLS reported real estate brokers and sales agents to have an outlook of 2% (slower than the average) and property appraisers and assessors to have a job outlook of 3% (as fast as the average).

How to Become a Property Appraiser and Assessor

Those interested in becoming a property appraiser or assessor need to check the specific requirements for their state, as some of these requirements vary by state and may depend on the value or type of property these professionals are working with. In general, these professionals need to have at least a bachelor's degree, but students must meet the education requirements for their state. It may be beneficial for students to have coursework in areas such as real estate law, finance, business, and computer science. Typically, appraisers and assessors have to undergo some training that may take as long as 12 months. Licenses and certifications are often required for these professionals to perform their job duties.

Although it varies by industry, the BLS reported that the median annual salary of property appraisers and assessors was $57,010 as of 2019. Appraisers of real estate usually focus on one property at a time to determine the value of land and/or buildings. Assessors of real estate may value larger areas with multiple properties to determine the property value for tax purposes. Both types of professionals need to carefully document and analyze their findings to prepare reports.

How to Become a Property, Real Estate, and Community Association Manager

While some property, real estate, and community association managers may only have a high school diploma and years of work experience, employers typically prefer managers with a bachelor's or master's degree. Professionals may hold degrees in areas such as real estate, finance, business administration, or other related areas. Typically, they will have had some prior work experience in related areas, including real estate. Depending on the state and the position, some of these managers may need to hold a real estate license and/or other professional credentials.

The BLS reported that property, real estate, and community association managers made a median annual salary of $58,760 as of 2019. In general, these managers oversee the care and maintenance of various properties. Property and real estate managers work with residential and commercial properties that help produce income, while community association managers oversee communal areas on behalf of community and homeowner associations. There are also real estate asset managers, who sell real estate for investors, and onsite property managers, who work at single properties.

Professional organizations in the field of real estate are available at the national and international levels. These organizations may have multiple chapters for professionals to get involved at the local level as well. Each group usually has its own goals and initiatives, but work to support real estate professionals and promote information in the field. Many groups offer various types of certifications, networking events, and professional development opportunities. A couple of real estate groups available to professionals include:

• Institute of Real Estate Management- This international organization offers membership and a variety of certifications for property managers, such as the Certified Property Manager (CPM) and Accredited Residential Manager (ARM) certifications. The organization is also involved in advocacy initiatives and posts jobs, events, and publications on its website. Professionals can also take advantage of the IREM's online courses for training.
• Commercial Real Estate Development Association- Also known as the NAIOP, this association offers individual and university memberships. The group has various chapters, pursues legislative priorities, and hosts various events for real estate professionals. Professionals can also take advantage of the group's Center for Education and diversity resources, as well as certification programs.

Students in an MBA in Real Estate program are not required to have a bachelor's degree in any particular field, but a degree in a business-related area may be beneficial. These MBA programs may recommend that students have taken prior coursework in areas such as statistics, management, accounting, economics, finance, and calculus to do well in their MBA courses. Therefore, students with a bachelor's degree in fields such as business administration, economics, finance, and other related areas may be well prepared to succeed at the master's level.

For those wishing to continue their education in the field of real estate, there are Doctor of Philosophy (PhD) and Doctor of Business Administration (DBA) degree programs in real estate available. However, most of these programs are only available on-campus. There is at least one online DBA in Real Estate available that can be completed in as little as 3 years. This program is accredited by the ACBSP and helps prepare students for a career in academia or even higher-level leadership and executive positions.

Paying for education, whether a full degree program, continuing education courses, or certification courses, can get expensive, and some students may need financial assistance. In the case of paying for an online MBA program in real estate, students should first fill out the Free Application for Federal Students Aid (FAFSA) to check for any available federal or state loans and grants. Then, students may check with their school of interest for any available scholarships or tuition discounts. For example, some schools may give a tuition discount for current military members, retired veterans, and/or spouses.

Scholarships may be available from a wide range of sources, including professional organizations in real estate. For instance, the Appraisal Institute offers several different scholarships, including the AIERF Graduate Scholarship and AIERF Minorities and Women Education Scholarship. Students must be pursuing degrees in real estate appraisal, real estate, or other related areas to qualify. The graduate scholarship is based on academic excellence. Other outside organizations may also offer awards to help students attend events or earn certifications. For example, the IREM provides tuition assistance scholarships for members to pursue an IREM certification.