Real Estate Banking Jobs
There are many reasons a bank will create and staff a real estate department. Larger banks that hire managers and executives from out of the area may have real estate professionals on staff to assist with management and executive relocations. These employees will work with the relocating employees to find a real estate agent and sell the home in their current city, and find a real estate agent and buy a home in the city of relocation. Depending on the employee, his or her importance to the company, and the bank’s policy, the bank may purchase the previous home and then sell it, so that the employee does not have to be concerned with these logistics and details. Real estate and relocation experts are hired by the bank to perform these functions, and work with the relocating employee and his or her spouse to smooth the relocation process.
Another primary function of real estate departments in banks is managing the bank’s real estate holdings in terms of its branches and other locations. Real estate managers at banks must manage the facilities and their maintenance. Employees in the real estate department will hire construction crews or other contractors to make improvements or repairs to bank facilities. They also oversee these crews, making sure they perform quality work according to schedule and budget.
At some banks, real estate employees may also need to work with city officials to apply for and obtain needed certificates and permits, and keep all building permits up to date at each bank location. When needed, real estate employees may also schedule and supervise large construction or capital improvement projects.
If a location closes, it is up to the real estate department to close down the building, handling the removal of equipment and furniture and securing the lot. It may also be up to the real estate department to sell the property if the decision is made to do so.
As you will read in the upcoming section on trust department jobs, some trust departments offer real estate management services to trust clients. If a trust client owns properties as part of its holdings, the bank may offer to manage them by taking care of all the details from obtaining tenants, to hiring maintenance crews, and handling annual property tax and insurance payments.
A more detailed description of what trust department real estate managers do appears in the following section.
Employees of a bank’s real estate department bring unique knowledge, skills, and expertise to the bank. Department workers must represent the bank and its interests in all real estate deals they handle. They must have extensive knowledge of real estate and real estate transactions. They must also have knowledge of federal laws and regulations related to real estate transactions. Working in the real estate department of a bank is a unique position, combining two industries.
Real estate professionals who wish to trade in the uncertainty of volatile real estate markets and long work days for a guaranteed yearly salary and regular business hours may wish to pursue this banking career option.
There is a position at every level, from entry-level to executives. Real estate employees may be required to make site visits to homes. Some travel may also be required. If real estate banking sounds interesting to you, you have a real estate background, and enjoy working with real estate and others in the industry, this may be an option for you to pursue.
Here is some basic information about the most common jobs in a bank’s real estate department.