As the real estate industry continues to grow, the job market for real estate investment trusts (REITs) has become increasingly diverse. REITs have become a popular investment vehicle, providing investors with access to a diversified portfolio of real estate assets. This has led to increased interest in REITs as an investment option, but what about the job market? In this article, I will explore the job market in REITs, including how many jobs are available in real estate investment trusts, the factors that affect job availability, the job roles available, education and skills required, salary and benefits, top REIT companies to work for, job search strategies, and career growth opportunities.
Introduction
A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate. REITs were created in 1960 in the United States to give investors access to real estate investments without having to purchase and manage the properties themselves. REITs are required to distribute at least 90% of their taxable income to shareholders annually in the form of dividends, making them an attractive investment option for those seeking regular, passive income.
As of 2021, there are over 200 publicly traded REITs in the United States, covering a wide range of real estate sectors, including residential, commercial, industrial, and healthcare. The job market in REITs has also become increasingly diverse, with a wide range of job roles available to those interested in working in the industry.
Read also: Maximizing Your Potential: Is Real Estate Investment Trusts a Good Career Path?
Overview of the Job Market in REITs
The job market in REITs has grown significantly in recent years, with a wide range of job roles available to those interested in working in the industry. Some of the most common job roles in REITs include property managers, asset managers, leasing specialists, financial analysts, investment analysts, and portfolio managers.
According to the National Association of Real Estate Investment Trusts (NAREIT), the total number of jobs supported by the REIT industry in the United States was approximately 1.5 million in 2020. This includes both direct jobs, such as those in property management and leasing, as well as indirect jobs, such as those in construction and maintenance.
Factors that Affect Job Availability in REITs
Like any industry, there are a number of factors that can affect job availability in REITs. One of the biggest factors is the overall health of the real estate market. When the real estate market is strong, there is typically greater demand for real estate investments, which can lead to increased job opportunities in REITs. Conversely, when the real estate market is weak, demand for real estate investments may be lower, which can lead to fewer job opportunities.
Another factor that can affect job availability in REITs is the size and structure of the company. Larger REITs may have more job opportunities available, as they typically have a larger portfolio of properties to manage. Additionally, the structure of the company can also impact job availability. For example, a vertically integrated REIT that owns and operates its own properties may have more job opportunities available than a REIT that primarily invests in other companies’ properties.
Job Roles in REITs
So, how many jobs are available in real estate investment trusts? Well, there are a wide range of job roles available in REITs, covering a diverse range of skill sets and experience levels. Some of the most common job roles in REITs include:
Property Manager
A property manager is responsible for overseeing the day-to-day operations of a property, including leasing, maintenance, and tenant relations. Property managers are typically the primary point of contact for tenants and are responsible for ensuring that the property is well-maintained and that tenants are satisfied with their living or working conditions.
Asset Manager
An asset manager is responsible for overseeing a portfolio of properties, with a focus on maximizing the value of those assets. Asset managers are responsible for developing and implementing strategies to improve the performance of the properties in their portfolio, including leasing, capital improvements, and expense management.
Leasing Specialist
A leasing specialist is responsible for leasing properties to tenants, with a focus on maximizing occupancy rates and rental income. Leasing specialists are responsible for marketing properties, showing units to prospective tenants, and negotiating lease agreements.
Financial Analyst
A financial analyst is responsible for analyzing the financial performance of a REIT or its individual properties. Financial analysts are responsible for developing financial models, analyzing financial data, and providing recommendations to senior management on how to improve financial performance.
Investment Analyst
An investment analyst is responsible for analyzing potential real estate investments and making recommendations to senior management on whether to invest in a particular property or portfolio of properties. Investment analysts are responsible for conducting due diligence, analyzing financial data, and assessing the overall investment risk.
Portfolio Manager
A portfolio manager is responsible for overseeing a portfolio of real estate investments, with a focus on maximizing overall returns. Portfolio managers are responsible for developing and implementing investment strategies, monitoring performance, and making adjustments as necessary.
Education and Skills Required for REIT Jobs
The education and skills required for REIT jobs can vary depending on the specific job role. However, most REIT jobs require a minimum of a bachelor’s degree in a related field, such as real estate, finance, accounting, or business administration.
In addition to a bachelor’s degree, many REIT jobs require specific skills or certifications. For example, property managers may be required to have a real estate license, while financial analysts may be required to have a CFA (Chartered Financial Analyst) designation. Other skills that are important for REIT jobs include analytical thinking, communication skills, problem-solving skills, and attention to detail.
Salary and Benefits in REITs
The salary and benefits offered in REITs can vary depending on the specific job role, company, and location. However, according to Glassdoor, the average salary for a property manager in the United States is $63,400 per year, while the average salary for an global asset manager is $148,000 per year.
In addition to salary, many REIT jobs offer a range of benefits, including health insurance, retirement plans, and paid time off. Some REITs may also offer additional perks, such as flexible work arrangements, tuition reimbursement, and employee discounts on rental properties.
Top REIT Companies to Work for
There are a number of great REIT companies to work for, each with their own unique culture and job opportunities. Some of the top REIT companies to work for include:
Prologis
Prologis is the world’s largest owner and operator of logistics real estate, with a portfolio of over 1 billion square feet of space. Prologis is known for its commitment to sustainability and has been recognized as one of the world’s most ethical companies by Ethisphere for six consecutive years.
Equity Residential
Equity Residential is one of the largest owners and operators of apartment communities in the United States, with a portfolio of over 300 properties. Equity Residential is known for its focus on customer service and has been recognized as one of the top 50 companies for customer service by Newsweek.
Digital Realty
Digital Realty is a leading provider of data center solutions, with a global portfolio of over 280 properties. Digital Realty is known for its commitment to sustainability and has been recognized as one of the world’s most sustainable companies by Corporate Knights.
Job Search Strategies for REITs
If you’re interested in working in REITs, there are a number of job search strategies you can use to find job opportunities. One of the best ways to find job opportunities in REITs is to network with industry professionals. Attend industry events, join professional organizations, and connect with industry professionals on LinkedIn.
Another way to find job opportunities in REITs is to search job boards and company websites. Some of the top job boards for real estate jobs include Indeed, Glassdoor, and LinkedIn Jobs. Additionally, many REITs post job openings on their own websites, so be sure to check those regularly.
Career Growth Opportunities in REITs
One of the great things about working in REITs is the potential for career growth. Many REITs offer a clear career path for employees, with opportunities for advancement and professional development. Additionally, because REITs cover a wide range of real estate sectors, there are opportunities to specialize in a particular area of interest, such as residential, commercial, or healthcare real estate.
Conclusion: how many jobs are available in real estate investment trusts?
In conclusion, the job market in REITs has become increasingly diverse, with a wide range of job roles available to those interested in working in the industry. Factors that affect job availability in REITs include the overall health of the real estate market and the size and structure of the company.
Job roles in REITs include property managers, asset managers, leasing specialists, financial analysts, investment analysts, and portfolio managers. The education and skills required for REIT jobs can vary depending on the specific job role, but most require a minimum of a bachelor’s degree in a related field.
Salary and benefits offered in REITs can vary, but many REIT jobs offer competitive salaries and a range of benefits, including health insurance and retirement plans. Top REIT companies to work for include Prologis, Equity Residential, and Digital Realty.
If you’re interested in working in REITs, be sure to network with industry professionals, search job boards and company websites, and take advantage of career growth opportunities. With the right skills and experience, a career in REITs can be both rewarding and lucrative.
