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Property Economist

Also known as Land Economist.

Property economists provide advice about the administration, development and use of land and property such as office buildings, shopping centres, blocks of flats, subdivisions, factories, hotels, resorts and farms.

Property economists may coordinate a team of professionals for a property project.

This may include accountants, architects, engineers, quantity surveyors, financiers, builders, real estate agents and property marketers.

Property economists may specialise in certain property sectors (including industrial, commercial, retail, hotels and rural areas) or in property research or property investment analysis.

TASKS

Property economists may perform the following tasks:

advise on the best method of sale (such as leasing proposals or purchase of property) and improvements in property presentation
arrange the sale of properties
advise on the leasing of new premises and negotiate with landlords, determining space requirements, the best geographical location and the costs involved
develop and implement marketing strategies for investment properties and negotiate with tenants
collect and research information about properties and write comprehensive reports
prepare feasibility studies, carry out market research, evaluate the risks and returns of property developments, and manage projects
advise on property investment, and on achieving the best return for an investment property or group of properties

PERSONAL REQUIREMENTS

good communication and presentation skills
leadership qualities
aptitude for mathematics and computers
sound judgment and analytical skills

Interest Area

EDUCATION & TRAINING

To become a property economist you usually have to complete a degree in construction management, property economics, property economics and development, property and real estate or property and valuation at university. To get into these courses you usually need to gain your HSC/ACT Year 12. Prerequisite subjects, or assumed knowledge, in one or more of English and mathematics are normally required.

A number of universities in Australia offer degrees in these areas.

Universities have different prerequisites and some have flexible entry requirements or offer external study. Contact Open Universities Australia or the universities you are interested in for more information as requirements may change.

Additional Information

Property economists can become graduate members of the Australian Property Institute (API) by completing an API-endorsed university degree, followed by the institute's Future Property Professionals Program. This programme involves a number of modules and can be completed online. With further experience in the field and professional development, associate and fellow memberships are also available.

EMPLOYMENT OPPORTUNITIES

Property economists may be self-employed or work in real estate agencies, financial institutions or property development companies. They may also be employed by investment banks, Real Estate Investment Trusts (REITs), state and territory or federal government departments, local councils and other government organisations. The varied nature of the profession provides opportunities to move between different areas of employment.

Employment opportunities in this field fluctuate depending on the condition of the property market.