Real estate is the study of mortgage lending, development, brokerage and sales, valuation, and property management. Although a common job of real estate is to buy and sell homes, the field is much more than that.
Real estate brokers must have knowledge of basic economics and finance principles, as well as understand how the market works and changes over time. A Master’s in Real Estate is ideal for experienced adults who want to buy, sell, and manage property.
What type of Master’s in Real Estate should you get?
Generally, people can choose to get a Master’s specifically in Real Estate or pursue a regular Master’s of Business Administration with a concentration in Real Estate. While both programs give students an edge when it comes to experience and earning potential, those who study an MBA will have to take more classes that deal with business more generally. Therefore, these programs may have more required classes.
An online program may be ideal for working professionals. The majority of Master’s in Real Estate degrees can be completed in two years or less. Students can also choose to take their time online, choosing either part or full-time. Overall, online degrees are more affordable than traditional on-campus ones, with many schools offering graduate aid or assistantships.
If you’re considering degrees outside of real estate, click here for College Choice’s Most Affordable Online Colleges for a Master’s Degree.
How much money do people make with a Master’s in Real Estate?
According to Texas A&M, the starting salary for someone with a Master’s in Real Estate is $59,000. However, starting salary can range from $40,000 to over $100,000 depending on state, experience, and company. According to PayScale, the average salary for those with an MBA specializing in Real Estate is $95,000.
In order to make more money, graduates should think about which area of real estate they want to go into and if they need any specific licenses or certificates. In general, those who work in cities tend to make more. In addition, applicants should research the average salary of agents in a particular company or association they may be interested in working for.
What can you do with a Master’s in Real Estate?
The majority of those who hold a Master’s in Real Estate work in large cities, showing and investigating various properties. Some common job titles include property manager, real estate clerk, real estate agent, real estate appraiser, or real estate broker. Due to the busy nature of the job, people in this field regularly work more than 40 hours a week.
There are several career tracks within real estate, such as asset and portfolio management, development, or economic development and public policy. According to the US Bureau of Labor Statistics, real estate broker jobs are expected to experience a growth of 5 percent in the coming years, while a real estate asset manager is expected to grow 10 percent.
What are the requirements for a Master’s in Real Estate?
A bachelor’s degree from an accredited institution is required. Applicants do not have to hold an undergraduate degree in business or real estate. A minimum GPA of 3.0 or better on a 4.0 scale is also a requirement for many programs. Students should also submit their Graduate Management Admission Test or Graduate Record Exam scores. Applicants who have demonstrated significant business or related work experience may be able to waive this requirement.
During the Master’s in Real Estate program, students will be able to take a variety of courses such as general business classes, finance, economics, and accounting. Many programs also offer internship opportunities so students can get hands-on experience before entering the field. Within the final year or semester of the program, students may also be required to complete a capstone project to summarize what they have learned.
What are the most affordable online Master’s in Real Estate?
College Choice has compiled the 5 Most Affordable Online Master’s in Real Estate. These schools were ranked based on one overarching factor – the overall average cost of an entire degree.
Our data comes from the National Center for Education Statistics’ IPEDS database, which factors in expected fees and financial aid.
University of Illinois at Chicago
Average Net Price: $11,571
The University of Illinois at Chicago was founded in 1982 as several private health colleges. Today the university is an acclaimed research institution that extends far beyond just health science. Every year, UIC spends roughly $348 million on research. It is the largest university in Chicago with more than 30,000 students enrolled online and on-campus in its 15 colleges.
Through UIC’s Liautaud School of Business, students can gain their MBA with a concentration in Real Estate completely online.
- 54 credit-hours
- Completion Time: as little as 18 months
- Sample Courses: Real Estate Finance, Investments, Urban Real Estate and Land Economics
UIC’s business school ranks in the top 25 percent in the nation.
Florida International University
Average Net Price: $12,966
Florida International University opened in 1972 with over 5,000 students. It is the city of Miami’s first and only public research university. As a top tier research institution, FIU has earned more than $1 billion in the past decade. FIU also values diversity in culture and thought, as it aims to serve the diverse population in Miami.
FIU’s online MS in International Real Estate is the perfect next step for those who already have an experience in the field.
- Completion Time: 10-12 months
- ARGUS-certified upon graduation
- Merit and business=-related scholarships available
The Journal of Real Estate Literature has ranked this the #1 program in the US for real estate research. U.S. News & World Report continually ranks FIU as having several top online master’s programs in the nation.
University of Arizona
Average Net Price: $16,466
Known for their Wildcats mascot, the University of Arizona is a public research university located in Tucson. Founded in 1885, the school existed before Arizona even became a state. U of A is ranked as the #22 public university for research and development expenditure according to the National Science Foundation. In addition to its outstanding research, U of A also has a fully comprehensive online school with more than 100 degrees. Through UA Online, students are given full support just as if they were taking an on-campus class.
Sustainable and responsible development is a focus in U of A’s online Master of Real Estate Development degree.
- Ideal for experienced workers in related fields
- Offered through the College of Architecture, Planning and Landscape Architecture
- $850 per credit-hour
This program has a three-stage learning approach where students learn the fundamentals and key concepts, then examine the entire process as a whole.
Florida State University
Average Net Price: $16,506
Florida State University was established in 1951 and is the state’s oldest site of continuous higher education. The university currently has over 41,000 enrolled students who represent every county in the state and 140 countries. FSU embodies the traditions of the liberal arts, with its curriculums preparing students for a variety of challenges other than the ones just directly related to their field.
FSU’s online MBA with a Real Estate specialization program prepares professionals to master the rapidly changing marketplace.
- Asynchronous courses
- Completion Time: 28 months
- Sample Courses: Business Conditions Analysis, Fundamentals of Risk & Insurance, Customer Relationship Management
This MBA program offers 9 special flex courses specifically focused on real estate.
Average Net Price: $26,625
Georgetown University is a private research institution that was founded in 1789. It is the oldest Catholic and Jesuit-affiliated university in the nation. Almost 450 years later, Georgetown is still committed to its deep spiritual roots. Through its career-focused programs, students also have the opportunity to reflect on Catholic thought and teaching. Georgetown’s online Master’s in Real Estate degree is offered through the School of Continuing Studies. This college’s rigorous programs prepare students to be active leaders in their field and in their faith.
Students can challenge themselves and develop the necessary skills to thrive in the busy industry through Georgetown’s online Master’s in Real Estate.
- 33 credit-hours
- Completion Time: 2 years
- Sample Courses: Structured Finance, Real Estate Portfolio Management, Foundations of Real Estate Law
Students have access to Georgetown’s career center where they can have their resume and cover letters looked at, practice for interviews, and get more information about their career path.