Property Management

With rents at an all-time high, people are still anxious to put money into their own property rather than their landlord’s pocket. Additionally, success in the business sector is obvious by the speed at which offices are being built throughout the country. Property is holding firm as one of the most lucrative markets and there are many roles to fill, so if you fancy yourself as a bit like your one off Location Location Location…then looking into the wide variety of courses available could be the smart option. Estate agents, auctioneers, and valuers are the people who buy and sell houses and other properties on behalf of their clients, while property management agents maintain properties on behalf of their owners.

Property Management: Education

Students interested in a career in property have a number of options, including degree courses in Property Economics, Real Estate and Property Studies. The typical CAO points requirements are in the 350 to 450 range. Subjects studied on these courses include Valuations, Law, Construction Studies, Building Technology, Economics, Planning, Property Management & Marketing, Investment Analysis and Property Informatics. Students may also spend a semester or even a whole year on a work experience placement. Students with an interest in property might also avail of other CAO options, including Chartered Surveying, Actuarial Studies and general business courses.

Options After Qualification

A degree is not enough to work in the auctioneering, estate agency, valuation, or property management professions – you also need to take another course and gain certification by the Irish Auctioneers and Valuers Institute (IAVI). Qualified property professionals are employed in private and public organisations such as firms of auctioneers and estate agents, property development companies, valuation consultants, local authorities and government agencies. Property graduates might also use the skills and knowledge learned to go on to careers in finance, investment, and insurance.

The Work

Graduates of property-related courses should be qualified to work in all areas of the property sector, handling sales, valuing and renting properties, as well as working as auctioneers and valuers in other areas such as fine art or industrial machinery. An estate agent’s principle activity is handling the purchase of property or land. Estate agents should have an in-depth knowledge of the trends and possibilities within their local property market so a head for business is not only necessary but also expected. Some specialise in commercial property, some in residential, others in agricultural or development. They meet with people looking to sell, organise appraisals and engineering reports, advertise and publicise the sale, set the value for property or land, show prospective buyers around the property and haggle and bargain to set a price. If the property is up for auction they act as the auctioneer, taking bids and deciding when to sell. Estate agents can also advise clients on issues like planning, construction, banking, legal and insurance. Property managers typically work for someone who owns a property but who doesn’t want to get involved in the day-to-day management and maintenance. They find tenants to live in the property, organise plumbers or electricians to fix problems, deal with unruly or difficult tenants and ensure waste disposal and water rates are paid. Property managers can also advise investors or owners on property matters.

Personal Qualities & Work Environment

To work in the property sector, you will need an outgoing personality, enjoy working with different people and have good negotiating, marketing and communication skills. Estate agents and property managers should also have good financial and business knowledge and abilities. Estate agents and property managers usually work in offices, and divide their time between their desk and travelling to view properties and meetings with clients. While at the start of your career you will most likely work in a junior position with a company or practice, many estate agents become self-employed or partners in their own firms.

The Money

Starting salaries for qualified estate agents with IAVI certification are approximately €25, 000 a year – with partners and high earners taking home over €50,000 annually. Property managers’ salaries are within a similar range.

The Jargon

• Mortgage: The method of arranging for a bank or financial institution to buy your house for you, and then paying the bank for it over an agreed period of time, with interest
• Portfolio: The list of properties owned by an individual or company
• Property Ladder: The act of buying a small property and progressing upwards by re-investing in bigger and better properties (at least, that’s the idea)

Job Titles

• Auctioneer
• Estate Agent
• Valuer
• Property Manager
• Property Consultant
• Investment Advisor
• Chartered Surveyor