Why does a property career continue to be a great choice, even during COVID-19?
During 2020, the lucrative and dynamic property industry continues to be robust industry of choice for young professionals.
We asked Tom Bennett, an ICMS Bachelor of Property Management (Development, Investment and Valuation) graduate, now working in the property industry, why he thinks this is the case. “I have noticed several trends and new practices in both residential and commercial property in Australia. With these trends come new requirements and in many cases, it means the need for companies to expand to meet these new requirements,” he said.
Here are his top 4 reasons why a property career continues to be a great career choice…
With the world’s population increasing, the demand to accommodate these humans must grow too. Supply and demand creates a requirement for real estate services to be involved in all areas of the estate industry – that might include selling, leasing, management, development, appraisal, stock, station and the list goes on.
It’s because of this that we will always see a need for professionals within the industry to be able to assist in the various facets, stages and practices that comprises the real estate industry.
With property pricing fluctuating both in commercial and residential property during 2020 there has been a large increase in the need for these properties to be revalued. When these markets change, the banks and lenders will require the Landlord or Vendor to revalue their property. A large spike in valuation activity has been seen since Q1, 2020 and will continue as the property market sees changes moving forward.
Commercial property managers have been kept busy and in some cases, property companies required to increase team numbers due to the increased workload as a direct result of COVID-19.
With the Australian Government implementing rent relief programs for effected commercial tenants, property managers of large scale commercial office towers have had to adapt to new tasks in addition to the existing day to day tasks. When required, these professionals need to review the tenant financials, apply these in a cash flow for the landlord, negotiate revised temporary commercial terms and establish a solution in attempt to provide cashflow for the landlord but at the same time allow for rent relief for the financially-affected tenant.
A sector of the commercial property industry, industrial sales and leasing has seen a positive increase in activity since Q1, 2020. Both sales and leasing numbers are predominantly up since 2019 mainly due to the increase in e-commerce sales and need for additional logistics and warehousing facilities. Industrial commercial agents have been achieving a high volume of transactions at great commercial terms as a result of this increased demand.
“The above points give evidence to the resilience of the real estate industry,” says Bennett. “Even in times of a world-wide pandemic, sectors of the industry have continued to grow and evolve – giving testament to an industry which offers a great career.”
When it comes to a degree specialising in property development, facilities management, valuation and commercial real estate – ICMS are the property career people. Our Bachelor of Property (Development, Investment and Valuation) was designed by our ICMS property industry professionals including our respected staff and industry partners. Things move quickly in business and successful managers need the knowledge and skills to make big decisions and anticipate trends in the property market. Our property degree is reviewed and refined so that we continue to meet the demands of this dynamic industry. Click to view subjects offered in a Bachelor of Property Management (Development, Investment and Valuation)
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