MS in Real Estate

[wilpep21]

I have been appraising residential properties for the past 5 years, and want to make the switch to commercial appraisals. The company I work for is just starting a commercial department, however it could be a few years before it is established well enough for me to get steady work on the commercial end.
I am considering getting a graduate degree in Real Estate, and am hoping that would give me a good background and possibly open up some doors on the commercial side of the business. Just wanted to get some opinions on whether a Masters in Real Estate along with a strong backing in residential work will make for a good transition into commercial appraising.

 

[TC]

I would either get an MBA or pursue the MAI. The MBA would be more marketable should you decide to leave the biz, and the MAI would be worth more if you stay in it.

TC

 

[Howard Klahr]

You can persue an MAI as part of getting a Masters Degree. The strong backing in residential appraisal can work both for and against you. You obviously have, a head start in regards to understanding real estate markets, valuation theory, property taxation, zoning/land use, etc. Just don't fight the process. Commercial appraising obviously has many more complicated issues compared to residential and there is not a form report to guide you through the process.

There are several universities that work with the Appraisal Institute in regard to the designation path and masters degrees. Good luck in your decision.

 

[Vernon Martin]

I got the MS in Real Estate back in 1984, and it allowed me to start as a commercial appraiser at an international firm (Jones Lang Wootton) after graduation.

The usefulness of such a degree is a matter of timing. In 1984, there was a shortage of appraisers who knew how to do DCF analyses, so the timing was good. I started out appraising regional malls and large office buildings.

In the early 1990s, when commercial property market conditions were bad, I recall getting resumes from newly minted MS in Real Estates from prestigious universities such as Columbia, MIT, Johns Hopkins, etc., and they told me about their frustration in looking for work, which surprised me, given their academic pedigrees. The bottom line is that when the job market gets tough, only experienced appraisers are hired.

The employment of commercial appraisers lags behind the market for residential appraisers, which has been recently undermined by current market conditions. If you start a masters program right away, you could be graduating at the wrong time.

 

[Nate2]

I agree, go with the MBA and focus your elective classes on finance/statistics, etc.

I have also looked at a few MS in Real Estate programs and find that as a certified appraiser/salesperson I have already taken as many as half of the classes.....for much less! (Cornell has a graduate real estate program, I think it costs $40K....look at the classes, do they look familiar?)

Either way, you may as well advance yourself while times are slow! Good luck!

 

[josephdifranco]

You need to decide exactly what path you want, which is sometimes the hardest part.

If you are seeking an MAI/commerical path, pass an income cap course and get it on your resume, I assume you have a four year degree. Then market yourself to the commercial profession. You'll need to focus hard on finding a good mentor with a good reputation.

The MS in real estate will open other types of doors on the commercial side, but its not necessary to get into commercial appraising.

Good luck.

 

[wvk7978]

Florida State appears to have an online MBA Program in Real Estate Finance and Analysis. I've just requested information on it myself. If anyone knows of anyone who has taken this or a similar MBA Program, feedback would be appreciated.

http://learningforlife.fsu.edu/online/prospective/graduateprograms/busadmin.cfm

 

[Kali the Boston Terrier]

I almost got involved with their program...however the amount of campus visits will make your head spin and wallet take a double take.