Everybody Wins: Internships in Real Estate Management Prove Beneficial for Both Students and Industry
Campbell, Howard, Journal of Property Management
Interns are no longer just warm bodies to cover summer staffing needs. Internships are no longer just working vacations for students' resumes.
Internship opportunities in real estate management represent an experience-based educational opportunity intended to integrate student academic preparation with a supervised work experience providing practical knowledge and skills. Additionally, an employer can evaluate a student's potential for a career in this field.
Furthermore, internships are cost effective for managers. The Wall Street Journal, (February 18, 2005 "America's A-List Internships") reported the cost of recruiting one full-time position can run as high as $30,000 including travel, labor, marketing, overhead and background checks. An intern can be evaluated and later hired for much less, even when wages and furnished housing are provided.
More colleges and universities are offering specific real estate management majors, minors and graduate programs. Internships are required by some of these programs, making work experience almost a prerequisite for getting a job.
College graduates with internship experience have a leg up in the job market, according to a 2004 National Association of Colleges and Employers survey. The survey reported employers extended full-time employment offers to 58 percent of their student interns, and more than one-third of interns accepted positions with their respective internship companies.
In addition to the association's data, several internship providers, including two REITs and two major regional companies in the Mid-Atlantic and Midwest markets, were surveyed for a data comparison. …