Real Estate Intern Program : University of Connecticut School of Business

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A B O U T TH E S C H O OL

PROGRAMS

D EP A R TM E N TS

C EN TE R S & IN IT IA TI VE S

N EW S A N D E VE N TS

A LU M N I

Real Estate Intern Program

This Program is sponsored by: University of Connecticut Center for Real Estate and Urban Economic Studies School of Business 2100 Hillside Road, Unit 1041RE Storrs, CT 06269-1041 (860) 486-3227
Introduction

Since 1972, the Center for Real Estate and Urban Economic Studies (the Center) at the University of Connec sponsored the Real Estate Intern Program. It is an integral part of the academic program offered to students c Intern Program offers a distinct learning experience that supplements real estate and finance courses. As interest by both students and the real estate industry has increased, so has the demand for

real estate and finance. The Program evolved in response to students interest in brokerage and brokerage a

Credit and appreciation for growth of the Program are due, in part, to the assistance of the Connecticut Real E Commission and the Connecticut Association of Realtors.

The Program includes a wide range of sponsoring firms involved in real estate related activities. In addition to the Program is directed toward savings and loans, mutual savings, or commercial lending institutions; insuran appraisal firms; property management firms; and government agencies.
Goals of the Intern Program

The Intern Program is based on the assumption that more college graduates would choose the real estate pro professionals, interns learn that the real estate profession is dynamic and challenging.

career if they were given the opportunity to participate in on-the-job experience. Under the guidance of real es

In addition to providing interns with summer employment to help pay tuition, the Program creates an opportun

to apply the fundamentals and theory they have acquired in the classroom. While actively participating in a re firm, students gain valuable knowledge of practical facets of the field. Therefore, interns are provided a sound

supplement their academic studies. Allowing interns to gain experience in the industry subsequent to complet the following year.

undergraduate education encourages students to pinpoint weaknesses in their academic backgrounds that th

As well as allowing students to gain practical knowledge to go along with their academic instruction, the intern

act as a means by which students can clarify career alternatives. One of the direct benefits includes obtaining advantage in terms of personal contacts within the industry. Real estate students who have been interns are

The business community looks upon an internship during a students academic career as good preparation fo

Some of the larger real estate firms use the internship experience as a screening process for prospective em

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direct benefits are derived through interactions with firm members on the subject of careers, experiences, and which are also helpful in clarifying occupational goals. Benefits for the Firm Just as the Intern Program allows the student to see the real estate field from a practitioners point of view, it

professionals in the industry to the changing academic side of the profession. Acting as a bridge between aca

professionals in the real estate field, the Intern Program can be an exchange of experience and new viewpoin An immediate benefit a firm can expect from an intern is assistance from an individual who is knowledgeable

field and capable of handling many responsibilities. Firms not only benefit from having a well-directed trainee, receive recognition from the industry and the Real Estate Commission for the community service apparent in

Program. Helping young people has a great impact on the public. Some of the best and most effective publici

is letting other people know it is concerned with and actively involved in its community and with upgrading the
Program Requirements

Potential Interns Background - While there may be some exceptions to the general rule, the Program is available to

Business Administration at the University of Connecticut who have earned a "C" or better in Real Estate Princ 230) and who have expressed an interest in the real estate profession. In certain instances (because of timing (Finance 233). Each student who participates in the Program must have an academic standing of Average. Seminars - All intern candidates must attend a seminar during the spring semester prior to beginning In addition, candidates are assigned a limited title search in order to become familiar with market Town Hall. A mandatory seminar is also scheduled during the fall semester following the Intern

students will have had additional courses in either or both Real Estate Investments (Finance 232) and Real E

Academic Credit - It is possible for students to earn three (3) academic credits for the internship in the semes completion of the Intern Program. The School of Business Administration listing for the Intern Program is Fina

Study Internship). In addition to the ten-week work experience, students are required to attend the spring and student intern.

and submit an in-depth written report on their internship. An intern sponsor participates in evaluating the perfo

Placement - The careful placement of students is vital to the success of the Program. To improve the chance

placement, the Center requires that interested students prepare a resume including their background, interes expect from the Program. The Center staff interviews each prospective intern. The staff will assist students in within location constraints. However, a major portion of the responsibility for locating the sponsor is the and the firm are then brought together for a personal interview to explore further the possibilities Program. It becomes a process of mutual selection; students must feel firms are right for them and the students as interns.
Structure of the Intern Program

estate firms that appear appropriate to the students needs (in terms of the kinds of activities undertaken by th

The internship will last for a minimum period of ten weeks during the summer. Longer periods

The intern should work at least 35 hours per week. Longer hours are permitted when agreed to by the firm an

Working hours are arranged between the intern and the sponsoring firm. Also arranged between the intern an compensation. (The Center does not recommend compensation on a fee or commission basis as it would shi from learning to selling.)

Communication: The Student, the Firm, and the Center - Each intern situation is unique with regard to the stu

and the person from the firm who will deal most directly with the student. Bringing about the right combination

placement and maintaining the best learning experience for students during the internship requires considera

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During the summer Program, a member of the Center staff will visit the intern and their supervisor from the em

an informal discussion relating to the interns work experience and progress. The purpose of this meeting is to additional analysis of both the student and the firm, and to make sure that the relationship continues to be com the purpose of the Program is being carried out properly. During the fall semester following the internship, a member from the Center staff conducts seminars with the the summers activities and the potential for improving the Program.

Activities and Responsibilities of Participating Firms and Interns - The firm and the student must have a detail of real estate in order to derive the most benefit from the Program and to be of the most value to the firm.

understanding of how the Program operates and a real commitment for its success. The student must have s

The program should center on information and learning as opposed to an apprentice-type training program. T

give the student an opportunity to become acquainted with the various phases of the real estate business bei the firm. The student should be assigned to a specific staff member to whom the intern is directly responsible

relationship should remain flexible so that the student will have the opportunity to get to know and work with o

members. (First time intern sponsors are asked to provide a listing of job assignments for the student to the C

The intern should attend various activities as an observer, and should become involved in productive learning activities productive to both the intern and the firm.
Suggested Intern Responsibilities

Assigned duties and responsibilities for interns vary from firm to firm. The following list is a sample of respons performed by students serving as real estate interns: Participating in market analyses. Developing questionnaires; performing door-to-door and telephone assisting in calculations and quantitative analysis; and researching necessary records and Applying computer skills to solve real estate problems and assisting employees in using personal Surveying financing terms available. Contacting lending institutions concerning loan availability, loan general data gathering. Also, contacting public agencies (e.g., CHFA, FHA, VA) concerning opportunities. Participating in the mortgage loan process, including credit ratings; underwriting verifications; truth closing documents; packaging loans for the secondary mortgage market; and so forth.

Inspecting properties (single-family residential or income-producing) with appraiser or supervisor to g recognizing desirable and undesirable features. Accompanying the appraiser through all facets of an

Performing "in-house" appraisal functions such as obtaining comparable sales data, cost and income assembling reports for the appraisals.

Performing appraisals (after observation and under guidance) on single-family residences, both on ex and those under construction.

Preparing portfolios (property briefs) of prospective properties to be provided to a sales agent after th qualified the client. Developing and maintaining lists of "for sale by owner" properties for follow-up mailings and contact staff.

Preparing advertising copy and news releases. Also, developing layouts, plans, sketches, and photog

media. (In writing advertisements, the intern will learn the strategies and policies of the participating f

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Performing functions such as maintenance and update of records; posting listings, sales, and trades

MLS data for absorption rates. Also, assisting in the preparation of escrow papers and placing entries accounts. Performing functions relating to property management. (These might include, for example, showing

rental, assisting associates at open houses, telephone answering assignments, maintaining records a on listings, bringing comparable files up-to-date, or handling direct mail, etc.)

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