The real estate industry has always been a major source of employment and career opportunities. It is a field that is laden with challenges that put a multitude of skills to test making it one of the most lucrative and progressive industries in any economy.
The real estate industry over the last few years has accepted individuals from many different professions and helped them gain a foothold irrespective of whether they are a school dropout, university graduate or those seeking a change of career. It is popularly known as a dynamic industry which is unpredictable, fast paced and rewarding in nature.
It has bounced back to its glory despite several blows that it has received from recession. They have not been able to inhibit its growth and it is expected to grow significantly over the next decade as well. It has seen entrants at every level, be it as trainees, graduates or director level professionals.
The UK real estate industry has been estimated at a whopping £5.2 trillion and is larger than the leisure, banking, transport and communications industries. Therefore it is a significant part of the UK economy and one that is not likely to slow down in the near future. According to global statistics almost 70% of wealth has been found to be connected to real estate as it provides an ideal place for people to work, live, shop and do other types of activities.
Since it is one of the basic needs of every human being it has been incorporated into every aspect of our society such as housing, commerce, business and recreation. Thus for somebody who wants to pursue a career in the field of chartered surveying, there is plenty of scope.
Qualifying as a Chartered Surveyor
If you’re wondering why there’s so much of scope in the field of chartered surveyor then you should think about it from this perspective. It covers a wide spectrum of responsibilities such as planning and advising on the next world cup stadium to planning how to accommodate the booming population of our country. It encompasses everything that has been built in our habitat and this makes the scope of chartered surveying really extensive.
The perfect way to open doors to this field is to become a Royal Institute of Chartered Surveyors (RICS) certified surveyor. It is highly regarded by the property industry and can help you to establish yourself in this field. The procedure is quite similar to that of becoming a Doctor or Lawyer and therefore when you qualify as a chartered surveyor you specialise under a qualified umbrella.
There are various types of specialisations possible in the field of chartered surveying such as buying, selling and leasing commercial property, conducting valuation of residential and commercial property, negotiating leases on behalf of tenants or landlords, managing portfolios and providing consultations on town planning and development.
By becoming RICS accredited you also become a member of the RICS. These members are provided with guidance at every stage of their career through development, networking opportunities and continual learning. This guidance helps them to grow and evolve in a highly competitive market place. It is also an amazing opportunity for those who love to travel as this is one of those professions that is truly global in nature. This can be proven by the fact that so many property consultants and builders have their offices in different corners of the world. For a chartered surveyor who is RICS accredited there is a plethora of job opportunities in any part of the world.
Financial Prospects of a Chartered Surveyor
The potential of a Chartered Surveyor to earn money depends on many factors such as their region of business and their field of specialisation. However, the average earning of a Chartered Surveyor in the UK are as follows:
- Director Level – £60000+
- Associate Level – £45000
- Surveyor Level – £32000
- Graduate – £25000
As it is evident from the above figures a career in chartered surveying can be highly rewarding.
Becoming a Chartered Surveyor
There are several ways an aspirant can become a chartered surveyor and they are as follows:
The most commonly adopted method of becoming a chartered surveying is to pursue a graduation in Chartered Surveying which is an RICS accredited degree. This degree should be followed by the APC which is an abbreviation for Assessment of Professional Competence. This program is spread over a schedule of 24 months which can be thought of as a structure training work placement. This program is quite rigorous and helps aspirants to achieve a minimum level of competence and standard set by the RICS that is required to flourish in the field of Chartered Surveying.
Aspirants who have earned a graduation that is not an RICS accredited degree can still pursue this career by enrolling themselves in a post graduate program offered by RICS for a year before they are ready for the APC program.
Professionals who do not wish to go through the rigorous grind of an RICS degree can achieve a 12 month membership which is a fast tracked version of APC. However, a person can achieve this membership only after passing their degree and gaining at least five years of post-degree experience.
RICS believes in making this field possible for every type of professional. They understand that not everybody can afford the costs of this education and therefore they offer them the option of signing up to a trust that has been found to support such aspirants. This trust is known as the Chartered Surveyors Training Trust and it encourages young school leavers to pursue a career in Chartered Surveying. It offers apprenticeship schemes to young people that trains them to become surveyors. By signing up for these programs a person can achieve an associate membership.
There are many property consultants that offer apprenticeship or graduate placements for aspirants that helps them to work towards their APC program. The competition for these placements is believed to be quite competitive in nature. A good way to set yourself apart in this competition can be through gaining work experience in summer holidays.
Types of Career in Chartered Surveying
Chartered Surveyors who specialise in this field are responsible for measuring the impact that a construction project is likely to have on the surroundings and the possible damage that it can cause to the environment. From the perspective of protecting the environment it is an extremely crucial responsibility. The various roles that are included in the profile of an environmental surveyor are risk management, environmental management, auditing, urban regeneration, contaminated land and town planning.
Development and Planning Surveyor
The major responsibility of a development and planning surveyor is to advise on the most effective use of property and land resources. They are responsible of assessing the social and physical impact of the buildings that includes the build quality, design, climate, IT, sources of renewable energy and transport.
A major portion of recruitment for Chartered Surveyors that specialise in this field comes from the professions of property developers, planning consultants, house builders, government bodies, local authorities, real estate and bank investment funds.
The Chartered Surveyors that specialise in this field are responsible to manage the costs of a construction project. They supervise a project from its inception to completion and are present at both the office and construction site. They ensure that cost-effectiveness is maintained during the entire length of the project. They are also required to keep the running costs of a project low so as to increase the overall profitability of the project and at the same time maintain the required standards of quality.
Rural Practice Surveyor
The primary responsibility of Chartered Surveyors belonging to this specialisation is to provide technical and professional consultative advice to those who own land or property in rural areas such as landowners and farmers. They provide guidance on how to unlock the true value of their assets, change of land use, selling livestock and rural management. They are required to gain expertise in planning and consultancy, environmental management, real estate, auctioning and valuation and rental and lease reviews.
The chartered surveyors that specialise in commercial property are usually entrusted with the responsibility of evaluating, purchasing, selling, managing and leasing commercial real estate. They handle the negotiations between tenants and landlords and create strategies to manage the portfolios of corporate property. They are employed with property consultants and work in both public and private sectors.
A residential surveyor plays a role that is similar to that of a commercial property surveyor. In this role they are required to buy and sell residential property either through auction or privately. They devise a strategy to manage residential portfolios, carry out an evaluation and survey the property in question and provide their clients with advice on development and investment.
The estimated valuation of a property is the determinant of how much money can be given away as a loan to a person. Due to this reason it plays an important role in investment, rates, banking and taxation. They conduct a thorough research and interpret the data they have gathered in this research to advise on a portfolio of properties, dispense legal advice and provide evidence for court cases.
Chartered Surveyors who specialise in Facilities Management are responsible for managing the services that play an important role in the functioning of a business and these tasks include health and safety, relocation, outsourcing, property management, procurement, property management and services and utilities.
As the name suggests these surveyors play the role of a mediator and specialise in lease renewals, rent reviews, building contracts, valuation, boundary disputes, planning disputes and professional negligence.
How Chartered Surveyors can grow their business?
Due to the immense popularity that the field of chartered surveying enjoys in the UK, there have been many new entrants and as a result the competition has been rising exponentially in the last decade. There are many chartered surveyors who have been struggling to grow their business for a long time and this makes it necessary for them to try a different approach.
Stagnation is a common problem across all domains of business and chartered surveying despite its popularity could not save itself from it. They have come to terms with reality that in this age of competition, no profession will be spared. This has pushed them to adopt marketing in order to stand out in such a competitive environment.
But not every business can afford to buy a precious space in newspapers and a minute’s slot to air their commercial. For them traditional forms of advertising and marketing is an expenditure that their budget does not permit them to try. Thus they have to explore other ways of marketing their business that does not place a dent on their budget.
An effective way to market their brand without hurting their budget is to use digital marketing. Digital marketing involves creating a website, getting it higher on the search engine results page by using Search Engine Optimisation and advertising your business on different web pages of internet.
Digital marketing has been quite efficient at providing marketing for finance companies and chartered surveyors and has helped many types of businesses to grow. Every business needs to make digital marketing a part of their marketing campaign. The number of people who look up services and products on the internet has been increasing due to widespread use of internet. An informative blog on the types of building will exhibit their knowledge of chartered surveying and can work wonders for their business. It sends across an impression that they are well-versed with the intricacies of their profession and that they are capable enough to handle projects of any type.
There are many challenges involved in the process of becoming a chartered surveyor but the struggle does not end there. Every day poses a different challenge and they need to be well equipped in order to tackle them in the right way. Every business no matter how small or big is smitten with the thought of expanding their business and without the right kind of marketing it is impossible for these businesses to come to the forefront of their industry and prevent themselves from becoming irrelevant.