The University of Ottawa has launched a program offering specialized instruction in real estate in response to interest from students and local companies.
Designed for students completing a bachelor of commerce at the Telfer School of Management, the micro-program focuses on the development and management side of the real estate industry, with courses in finance and sustainability, said Dean Stéphane Brutus.
“There are a few universities that have real estate programs, but there are none in the region, so we’re the first one in the region,” Brutus told OBJ this week. “Our role is to produce the talent that the industry needs and to cater to the needs of students. It was so obvious to us that we had to create something to cater to the students and the industry.”
Launching in September, the program includes learning opportunities such as tours of development sites, case competitions and networking with local executives.
With a surge in development activity and an ongoing housing crisis, Brutus said demand for the program was so high that the process to design and approve it took only one year.
“Rarely do you see a university move so fast,” he said. “This program went through six levels of approval in a year … The reason we went so fast is because the need was so acute. Both the business community and the student community were asking this of us, so we reacted appropriately and in proportion to the need.”
On the industry side, Brutus said local executives had expressed a need for entry-level talent with real estate-specific knowledge and skills. The program was designed through consultation with local experts, he added.
“They can take somebody that has a bachelor’s degree in marketing or business or HR and train that person on real estate 101, but then you lose a year or two getting that person ready because it’s a specific industry,” said Brutus. “What these big players have been telling us is that they would love for us to bring in talent that’s a bit more mature, so they can actually take them and accelerate their development. Now they can actually hit the ground running.”
Brutus said the school has noticed increased interest from students across multiple disciplines in the real estate industry. In one case, a group of students launched a real estate club, organized site visits, brought in guest speakers and learned about career paths in the industry on its own.
“Our students were telling us they want to learn about real estate, because they want to get into that industry,” said Brutus. “They realize that it’s a breadth of talent that’s needed … Real estate is not just finance. It’s also marketing, HR, project management and analytics. There’s a whole suite of skills and talent that are needed in real estate.”
Students are seeing an opportunity-rich sector with the boom in activity and the success of local companies.
“Students are attracted to hot industries and real estate is hot. That’s where the action is, that’s where the money is, that’s where the jobs are,” he said. “I think there are few businesses in the world that allow you to move to the top as fast as real estate. If you play your cards, you can achieve success.”
