The Real Estate Summer Minor Institute is an intensive, 8-week program designed to help students obtain the essential knowledge and skills for entry level positions and careers in the real estate industry, both residential and commercial. The program provides a strong foundation on Real Estate as a business, specifically focusing on careers as a real estate investor, owner or developer, in real estate finance and in real estate consulting. In addition, the minor provides robust knowledge in real estate market analysis, due diligence, legal concepts, project analysis, and tax credits. The program also encourages professional development by preparing students with exposure to ARGUS Enterprise and LEED.
When and where will the Real Estate Minor Summer Institute be held?
The Real Estate Minor Summer Institute takes place in the School of Architecture (Richardson Memorial Hall) on Tulane’s Uptown Campus. For 2020, the program runs from May 11 to July 2. Classes are scheduled Monday through Thursday, 9:00 a.m. to 6 p.m., with scheduled breaks between classes. Occasionally, there are required and optional events on Fridays and Saturdays. Please refer to the posted draft program schedule for day-to-day activities.
Can I take some courses this summer and complete my real estate minor next summer?
No. It is important that the integrity of the minor remains constant, and that the curriculum is completed in one summer.
Does the program have a final exam period similar to the regular school terms?
No. Final exams are taken during the last week of each session.
Will there be homework or outside reading?
Yes. Participants of the program are expected to complete assignments in-class and out-of-class. Students are also tested to ensure a solid grasp of the academic curriculum. Required textbooks are determined by each individual Professor and students will be notified of any required purchases prior to the start of the program.
Are there any pre-requisite courses?
No. There are no required pre-requisite courses. However, students are encouraged to take the ARCH 3525 Making Cities: Introduction to Real Estate elective course offered by the School of Architecture each Spring semester. In general, all students from all departments and backgrounds are encouraged to register for the program.
Where will I live while attending the program?
On-campus housing is available but not included in the $10,000 tuition. Students apply to housing separately. Housing applications for the summer will open April 1, 2020. For more answers to frequently asked housing and residential life questions, go to housing.tulane.edu for Tulane University's main Housing office.
Is on-campus housing mandatory?
While housing is optional, participants are strongly encouraged to reside on campus, as this component has proven to expand the learning environment outside of the classroom and accelerate group discussions and networking. Further, the "dorm life" exposes students to different ideas, cultures, personalities and experiences, allowing students to become better-rounded, open-minded individuals.
Does tuition include a meal plan? Do my WaveBucks roll over for use during the summer?
While meal plans are not included in the cost of tuition, the program does occasionally provide lunch to students in particular during special events and tours. Tulane meal plans do not roll over for use. Specifically, Wavebucks and NOLAbucks expire at the end of the spring semester, typically mid-May.
What is the dress code for the program? Will I need real estate professional clothing?
Dress is casual during regular class meetings, but business professional attire is required on occasion including final presentations, guest lectures, tours, etc. Additionally, all students should be prepared to wear closed-toed shoes and long pants for construction tours. Exact items will be determined by each individual professor.
I. RESM - 3010 Principles of Real Estate I (3 credits)
Part one of a two-part introductory course. Principles of Real Estate I is designed to introduce students to the field of real estate and real estate career opportunities. Topics include the unique nature of real estate and why it is different from other segments of the economy, the many professional disciplines involved in real estate development, real estate market sectors and market economies, land conveyance systems and acquisition; valuation of real estate and how it evolves; property taxes, fees and assessments; property rights and responsibilities, basic contract law and its application to real estate, real estate agency and brokerage, leasing of real estate, zoning and land use controls, and environmental considerations in conjunction with real estate.
II. RESM - 3020 Principles of Real Estate II (3 credits)
Part two of a two-part introductory course. Principles of Real Estate II goes deeper into the implications, financial, technical and legal of owning, using and profiting from real estate. It expands on the basic concepts of being a developer, the development team and process. Topics of study include letters of intent and purchase agreements; effective negotiations; risk management in real estate; structuring business entities for owning real estate; basic financing avenues and loan documentation principles; the acquisition and disposition of real estate process; a review of the fair housing laws and their historical context; real estate and the public sector; the construction process, including contracting and risk management; and the overall real estate development process, including the development team, members and responsibilities.
III. RESM 3030 - Real Estate Market Analysis and Finance (3 credits)
Real Estate Market Analysis and Finance is designed to develop skills in two specific areas of the real estate business - market analysis and finance. The first allows investors to determine when and where to buy property, and how to compare investment options. The second provides fundamental knowledge on financial tools, incentives and analytical methods to make investment decisions in real estate. Proficient use of Excel as a calculation tool is taught throughout the course.
IIII. RESM 3040 - Fundamentals of Real Estate Development (3 credits)
Fundamentals of Real Estate development examines the role of the developer throughout the timeline of a project including; market study analysis, financial modeling, comparables analysis, community outreach, negotiation, tax credit analysis, and other due diligence items. Through a semester-long project, students are given a real blighted property to use as their case-study model to ultimately prepare an equity investment proposal to share with a panel of real-world industry practitioners.
V. RESM 3060 - Sustainable Urban Development (4 credits)
Part one of the Sustainable Urban Development course focuses on the role of sustainability in real estate development. Students are taught active and passive green building techniques and go on several tours to see these techniques in action. Upon completion of part one, students should be prepared to take the LEED GA certification exam. Part two focuses on urban development through a partnership with the Urban Land Institute (ULI). With the help of ULI volunteers, students complete the UrbanPlan project to better understand large-scale development and how to manage various public and private entities involved in the development process.
How much does the program cost? What does my fee cover?
The total cost of tuition (exclusive of university and/or course fees) is $10,000. Tuition covers the cost of the five required courses (16 credits), LEED GA exam and study materials, required networking events, and all required extracurricular events, including all associated costs and transportation. Tuition does not cover ARGUS Financial Modeling training or career development activities which are described in the draft RESM Handbook & Schedule document (link at the top of this page).
Do you offer financial aid or payment plan options?
The Real Estate Minor Summer Institute does not offer or accept financial aid of any kind, including Institutional Merit Scholarships and Full-Time Division Undergraduate Student Grants.
How do I apply to the program?
There is no application process for students interested in earning the real estate minor during the summer. If you are interested, please complete and submit the Intent to Enroll Form. A member of our staff will contact you shortly after the start of the spring semester. While we encourage students to submit enrollment forms as soon as possible, the program accepts students up until the day before classes begin.
Can I enroll if I am an international student?
Absolutely. The Real estate Minor Summer Institute welcomes international students from all majors.
Does the program count towards credit for the MSRED Program?
No. The minor program is an introductory program designed for undergraduate students who want to diversify their academic background or prepare for an entry-level position in the real estate development industry. The MSRED program is designed for graduate students with several years of related or unrelated work experience and are looking to begin or enhance their careers in real estate development. However, minor students who are interested in applying for the MSRED program are still encouraged to do so. The minor curriculum is a great primer for the full MSRED program.
For more information, contact John Huppi