New Real Estate Asset Program launches at Marquette – Marquette Wire
The College of Business Administration is now accepting applications for the first year of the Real Estate Asset Program. REAP is a program for Juniors majoring in Real Estate that enables students to gain practical real estate experience.
This hands-on experience comes from students overseeing properties across the country, preparing quarterly reports, and proposing sales and purchases to a group of investors. The purchases are made with real money thanks to the investors who raised funds for the program.
REAP at Marquette is the first undergraduate program in the country to offer this experience. Students work with a group of investors to evaluate property management.
Vito Taphorn, lecturer in practice financing and director of REAP, gives an insight into the program.
“It will be a great learning experience for students,” said Taphorn. “Not only do you have the opportunity to see transactions, but you also get the feeling of presenting yourself to an investment committee.”
The investment committee consists mainly of members of the Center for Real Estate Advisory Boards. Board members are alumni or connected to their children or other family members through the university.
This gives the students a real feeling of going to a group of investors, coming up with an idea, and working with the board, said Andy Hunt, director of the Center of Real Estate.
“When students go to these meetings and propose deals, they talk about what a good investment would be, and they do [the board] ask really tough questions. Then as a group they determine the next step. ”Jagd said.
In business, it’s important to pay close attention to knowledge, Hunt said. Students quickly learn which businesses work and what don’t in the real world of business.
Taphorn and Hunt are preparing the program for the spring and are now looking for applications from students.
Students attending REAP take specialty courses in the program. From the second semester of JIn the first year, accepted applicants will take REAP 1, then in the higher year REAP 2 and 3. REAP 1 focuses on numbers and predictions in the market, while REAP 2 does more personal assessments. While REAP 3 holds everything together.
“We assume the seniors are a part of REAP and support the juniors in handing over their portfolio, reporting responsibilities and mentoring this new group of REAP students,” said Taphorn.
Hunt said there are about 150 students majoring in real estate. The major was introduced in 2004 and is recognized nationally. Real estate majors make up about 10% of business schools.
Catherine Botchek, senior citizen in the C.College of Business Administration said she enjoys her experience as a real estate professional.
“The program is very hands-on, of course there are our core courses … but a lot of it includes guest speakers looking at real offers so we can take a look at the real estate world,” said Botchek.
Botchek recognizes the strong bond between Marquette and his alumni and praises the program.
“It’s a nationally rated program for good reason, and I’m excited to see how REAP makes it stronger,” said Botchek. “One of the reasons it is so strong is our alumni network, which is always ready to give back and talk to students.”
As this is a new program, Botchek cannot apply as it is only for juniors. Annie McDonough, a junior college of Business Administration, wants to apply.
“As a real estate finance student, I think it will bring a lot of talent and a lot of people interested in real estate to Marquette,” said McDonough.
McDonough recognizes the work Taphorn and Hunt have put into this program and looks forward to working with them.
“Taphorn and Hunt obviously know a lot and have been in the industry for years. I am very excited to work with you and take the opportunity and see what happens to it, ”said McDonough.
Hunt explains the work he and Vito put together and how long they waited for it.
“We’ve spent the last two years figuring out the best way to do that. And do it [program] where it doesn’t exist at any other bachelor’s level was a challenge, ”said Hunt.
McDonough encourages students interested in contacting Taphorn and Hunt as soon as possible. She also encourages students to contact the accepted applicants and ask questions.
“I know if I was in my sophomore year I’d want to know how it’s going and ask questions,” said McDonough, “they’d be a good look inside because they’re the ones who are actually going through it.”
Taphorn said he was excited and couldn’t wait for the spring semester when it starts.
“There’s a lot going on right now, but it’s really exciting. We noticed great interest among the applicants. And we believe the program will be a great success, ”said Taphorn.
This story was written by Connor Baldwin. He can be reached at [email protected]