Research managers have now become so important in property market that their views are almost the starting point of any and all types of real estate transactions.
What do they do? In fact, real estate developers, property managers, property brokers, property advisers, agents, counselors, appraisers, finance and investment professionals, property investment analysts, etc. all depend on the data provided by research managers.
Research managers collect primary and secondary data, views, actual and potential transaction details etc., analyze these data by the use of economic and statistical tools and make formal conclusions which in turn help real estate professionals in making their own decisions about sales, purchase, investment, portfolio adjustment, site selection, price appreciation and depreciation etc.
For example research managers collect relevant primary and secondary data related to sales and leasing of commercial property in a particular market in a given time period. Similarly, they find the approximate number and areas of ready to move commercial property that is expected to be released in the market in next three months. They also meet the potential buyers of commercial property and potential clients interested in taking commercial property on lease to understand their requirement in next few months (for example next three months). After getting all the relevant data, they analyze and interpret the data to make it usable for real estate professionals. Users, in turn, use the research results to understand the market, especially the way market will move in next few months. Based on the research conclusions, real estate professionals also decide their pricing strategy, leasing rates, selling & investment strategies etc.
Overall, research professionals are responsible for market analysis, forecasting, trend analysis, preparing market reports, analysis of user behavior etc. in different markets and segments of real estate.
Working Environment They are required to work for eight hours per week. However, for entry and junior level research professionals, only a part of their job requires them to remain in office. Otherwise, most of their requirement is outside of their office and have to work beyond eight hours. Research managers work with different types of professionals from across different sectors and specialties.
Employers Research managers work for developers, international property consultants, property brokers & advisers, large property agents, property venture capital funds, private equity investors, housing finance institutions etc.
Employment Prospect Since the Indian property market is on growth path and international property developers, consultants, investors, lenders etc. are setting shops in India and since the concept of commercial transaction in the Indian market is growing, there is huge growth prospect for research managers in the Indian property market in the time to come.
Education Bachelor’s or master’s degree in real estate, urban planning, architecture, economics, statistics etc. is preferred.
Knowledge, Skills, and Personality Traits
• Ability to understand, interpret and analyze data, providing insights into market trends
• Excellent communication skills
• Advanced Microsoft Excel and PowerPoint skills
• Ability to learn internal and external data delivery systems (PropTools, MLS, etc.)
• Ability to work independently
• Analytical skills
• Knowledge of statistical tool, techniques and software
Compensation In terms of compensation, research professionals command a good premium in the market.
Tips for entry: In India, IDS National Institute of Real Estate Management (NIREM), and EduMark Realty Education Services offer short term as well as long term courses in real estate research. However, there are many other institutes that offer courses in related areas such as economics, architecture, planning etc.