A career as a real estate accountant is one possibility if you want to be part of the newer positions in the accounting industry. With the global market now focusing on real estate acquisitions, this is one job for which they are now a great demand. You will be in demand by all real estate companies when you specialize in this accounting field. Many real estate agencies enter the market and cannot survive because they don't understand the demands of the industry and the amount of financing needed to stay in operation. By acting as a consultant, you will certainly have no problem to establish your own base of clients.
A real estate accountant can be considered a specialist in performing the accounting tasks for real estate properties. This is especially true for those corporations that deal in apartment complexes. An accountant can liaison with the property management department and monitor the activities of the daily office transactions. The accounting procedures for this kind of job require that you be able to prepare very formal financial documents. You may also have to work with outside agencies and tax attorneys to resolve any outstanding tax issues and to ensure that the real estate corporation complies with all state and federal regulations.
You will have to look at the policies and operating procedures of the company when you are a real estate accountant. Some accounting issues that come up may require some research for you to able to come up with an acceptable solution and may involved auditing or reviewing the company books over several years. General ledgers and reconciliations will be daily or weekly tasks associated with the real estate management and you will have to assist in developing and monitoring an annual budget.
When the company needs to borrow money for its operations, you, as the real estate accountant, may be the person who has to find and negotiate with lenders to obtain the needed funding. You will also be responsible for ensuring that the monthly payments are made on the loan.
The skills and abilities you need to have in order to obtain a position as real estate accountant include a proficiency in the use of spreadsheets, word processing and accounting software. You should have excellent oral and written communication skills as well as the interpersonal skills necessary to develop and maintain smooth working relationships. The ability to read, write and analyze financial documents is essential. You should also be very familiar with the operation of office equipment and how to perform simple repairs when problems develop.
You do need to have at least a Bachelor’s degree in accounting, finance or business to obtain this type of job. Most accountants in the real estate industry actually have a Master’s of Accounting or a Master of Business Administration degree. You should also have CPA designation and at least four or five years pf accounting and auditing experience. You will need to work long hours and meet with clients in various locations.
