The collective demand for leased space creates an oppor-
tunity for investors to fill this need, providing what is known
as “income-producing real estate.” Effectively, investors make
the up-front investment needed to develop or purchase a
property, generate income by securing tenants and collecting
rent, pay operating expenses to maintain the property, and
generate a net profit or return. This business model is used
with apartment communities, office buildings, retail cen-
ters, warehouses, and even mini-storage facilities. And it is
happening everywhere, from airports to hospitals, duplexes to
skyscrapers, and downtowns to hometowns.
industry, assessing health and safety measures, and imple-
menting appropriate policies. And, ultimately, they influence
tenant (customer) satisfaction, retention, brand reputation,
and financial performance. It is a high-impact position, with
high-dollar effects.
This is an industry with high-value influence at relatively
early-level positions. And yet until recently, college degrees
have not been required for these positions, and universities
have been mostly silent in offering programs for this field. At-
tending Ball State University, I was fortunate to be in the right
place at the right time.
Enter Real Estate Management
My Mission
In general, management is the influence over resources to
By the time I finished my undergraduate degree and
effectively and efficiently optimize the mission of an organi-
minor, I was hooked. I immediately moved on to my graduate
zation. Real estate management is no different. The success
studies, earning an MBA focused on Entrepreneurship and
of any business model depends on its implementation. Every
an MS focused on Residential Property Management (RPM).
day, businesses fail and investments fail, not because they were During my two-year tenure under the direction of Dr. Carla
poor ideas, but because they were poorly implemented.
Earhart, I was struck by the industry’s support for the RPM
Real estate managers understand the underpinnings of
program, its students, and its graduates. I received monetary
their area’s supply and demand dynamics. They effectively
and travel scholarships to attend conferences in New Orleans
establish rental prices, optimize
and Las Vegas. I completed an
occupancy levels, reduce delin-
out-of-state internship, rotat-
quencies, and identify additional
ing between properties on the
In today’s world, education is
revenue sources. They control
east coast. I co-authored and
less about access to information
operating expenses through
published a thesis and reference
building efficiencies, employee
article on student housing. And
and more about processing and
leadership, and process con-
I participated in program-spe-
applying information.
trols. They reduce liability and
cific networking events, where
risk exposure by understanding
I received offers for local and
the legal requirements of the
national positions more than six
January 2018
27