Business Administration covers all organisations and all professional fields. The exciting world of property development and real estate management requires business administration qualities both of entrepreneurship and organisation and project management.
Students who choose the Bachelor IBA in Real Estate Management learn about portfolio management of property, also valuations, with buying and selling procedures operating in various countries. You will study the exciting world of real estate as an investment, examine the relationship between property, insurance and tax, then understand the complex system of loans and mortgages which are involved in the highly profitable industry surrounding the development, buying and selling of property.
A detailed knowledge of the real estate world enables business administrators to fulfill their specialist functions within those organisations and companies which are involved in buying and selling property or locations for industrial purposes or investment. These specialists are also trained to operate independently as property consultants and advisors, real estate being one of the major growth areas in which individual entrepreneurs are becoming highly successful today.
These programs will prepare graduates with an understanding of housing estate, project development and general business; and knowledge, skills and attitudes to enable them to immediately contribute to organisational objectives at an entry level.
Modules include Real Estate, Value & Investment, Property & Inheritance Law, Real Estate & Taxation in the EU, Real Estate and Economics, Buildings & Construction and Architecture & Design.
Professionals in the Real Estate Management industry buy, sell or lease real estate; manage commercial, residential and industrial property or provide related services such as auctions and appraisals of property.
Major groups in the industry include Savills (UK), Sotheby’s (US), Mitsui Fudosan (Japan), China Vanke (China) Pam Golding (South Africa) and the Westfield Group (Australia).
The real estate industry is a highly competitive one. Demand is driven by the economic situation in a country and demographics around population growth, personal income, employment rates, interest rates and access to capital also play a role. Real estate companies typically either specialize in residential or commercial property.
The internet has become a major marketing tool for realtors across the board, in many countries even eclipsing traditional methods of reaching consumers such as newspapers or brochures.
The profitability of individual companies depend on property values and demand. Real estate companies also rely on the supply of investment capital, thus large companies often have competitive advantage based on bigger financial resources and broad geographic reach. However small companies can compete effectively by focusing on local or regional markets.
Current challenges facing the industry are limitations on land supply and an increasing demand for greater social-corporate responsibility when it comes to the development of property.
Completing an international bachelor degree that prepares you for the real estate industry will open a host of career possibilities!
If you are confident, love dealing with people, thrive on working unconventional hours and want to enter a highly rewarding industry, working in real estate might just be your dream career.
However, it is also a risky industry that requires high ethical standards from its practitioners. After all, you will frequently be involved in high value transactions that might represent the most important financial decisions ever made by your clients, so treat them with respect.
Generally real estate agents (or realtors) lease, manage, value, buy and sell residential, commercial and industrial property or businesses on behalf of their clients. To be successful requires dedication, professionalism and a real commitment to deliver superior customer service.
Real Estate Agent
Most real estate agents deal with residential property such as houses and apartments. Others specialize in investment properties aimed at generating a profit for their owners such as shopping centers, apartment complexes, office blocks and hotels. As a real estate agent you act as a negotiator between the owner and the buyer - brokering an agreement until both parties are satisfied about the price and conditions of sale.
Once a realtor has been appointed, he or she usually starts a marketing campaign aimed at potential buyers. Interested parties are taken to view the property and the agent supply information until the property has been legally transferred to a new owner. The realtor gets paid a commission for his or her services.
Real estate agents are also involved in the letting of property and act as a go- between for the landlord and the tenant. Their tasks include drawing up a lease agreement, collecting the rent and maintaining the property. To be successful you need to have an engaging, but firm personality.
A valuer determines the value of a property based on the market conditions at a certain time. His or her clients include banks, various government departments, insurance companies and property developers or owners.
The information valuers provide are used to assess mortgages, value assets, to determine insurance compensation, to calculate land tax and municipal rates, for law settlements and finally to establish the value of properties that are up for sale.
Property managers lease and manage retail, residential, commercial and industrial properties on behalf of the owners. For instance, large corporations or government departments often contract property managers to look after
the housing needs of their employees or to provide space for business outlets. Like a realtor, the property manager is involved with the selection of tenants, drawing up lease agreements, advising on rent, collecting the rent, maintaining the property and administers repairs.
Body Corporate Manager
The body corporate manager’s role is usually to manage the “common area” of a subdivided building such as a block of flats on behalf of all the owners. He or she gets instructions from the body corporate committee and tasks include scheduling meetings, advice on the funds needed to maintain the building and surrounding garden or parking areas, ensure the building is appropriately insured and make sure bills such as water and electricity are paid. The body corporate manager also advises on new legislation or municipal regulations that might affect the property.
Auctioneers conduct public auctions - usually on the site of the property. However, their responsibility extends far beyond merely conducting an auction. It includes evaluating the property, gathering information and photos for the catalogue (a brochure describing the property, viewing times and conditions of sale), advertising the auction, taking bids, announcing the outcome of the auction and oversee final signing of the contract.
A buyer’s agent is a real estate consultant who works exclusively for buyers, representing their best interest when purchasing property. The agent will advise the buyer on current market conditions, research the property in the area, sort through listings and make suggestions that correspond with the client’s needs. They also handle the negotiation process and are present at the closing of a deal.
A business broker acts as intermediate between the seller and the buyer and can act for either but not both at the same time. If you wish to buy a a property, a broker will assist in assessing it - telling you for instance if the price is too high or advising you to step away if the seller is not providing full financial disclosure. The broker will also negotiate the transaction on behalf of the buyer and assist with the paperwork. If you wish to sell, a good broker will help you with reading the market, determining the proper value of a property, negotiate the deal and sort out the legal and other paperwork.
Entry Requirements - Bachelor Programmes
High School Diploma or final certificate, equivalent to the Netherlands VWO, HAVO or MBO level 4 diploma / UK AS & A Level or BTEC. Please contact the Admissions Office to receive High School diploma comparisons. Please note: Advanced Placement / Credit Transfer Possible.
Direct Entry to Final Year Bachelor Programme (Top-Up)
Students with successful study experience equivalent to 160 European Credits in a related business or economic field are able to enter directly into the Final Year Programme (80 credits - please see 'Top-Up Degree' descriptions). Wittenborg's Graduation and Examination Board will decide on entry based on credit transcripts and qualifications presented.
English Language Requirements
IELTS 6 or TOEFL Equivalent. Click here for an overview of the equivalent scores.
TOEFL Code of Wittenborg is 4889.
Not got the English language level requirements? Inform about our Foundation Programme here.
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