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Master of Science in International Real Estate

William G. Hardin speaks to the Miami Herald about South Florida real estate.

William G. Hardin speaks to the Miami Herald about South Florida real estate.

For those studying high finance, Manhattan is the place to be. For film enthusiasts, Los Angeles, of course. And for the wild and woolly world of real estate, there are few better perches than South Florida.

William G. Hardin III, Florida International University’s director of the Tibor and Sheila Hollo School of Real Estate and the Jerome Bain Real Estate Institute, brings an informed and disciplined view to a subject in which just about everyone has a strong opinion: South Florida real estate.


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Developer Malcolm Butters shares insight with real estate students

Developer Malcolm Butters shares insight with real estate students

Real estate development is a complex business – multiplied by 10 in an area as multi-faceted as southeast Florida.

Students in the Hollo School of Real Estate at Florida International University (FIU) got to learn more about the subject from a man not only deeply involved in the business but also an FIU alumnus.


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In The News

In The News

Real estate students tour the Miami River with a team of experts.

Aboard a “floating classroom,” 150 undergraduates, graduate students and alumni learned valuable real estate lessons as they toured the Miami River on September 27, 2013 with a team of real estate planners, developers, government officials and other experts.


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UFM partnership brings forth the first graduating class of FIU Master of Science in International Real Estate students.


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Hollo School students gain skills, recognition in National ARGUS University Challenge.

Hollo School students gain skills, recognition in National ARGUS University Challenge.

This spring, a team of graduate students from Florida International University’s (FIU) Hollo School of Real Estate embarked on their first national contest, entering ARGUS Software’s 2013 University Challenge, a business case competition using the real estate software.

With 20 other prestigious university programs in the mix, the FIU team was expecting a solid learning experience in their first outing. Yet their hard work and skilled analysis brought something they didn’t expect: a third place finish.


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 Still Accepting Applications for Fall 2014.
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Master of Science in International Real Estate


Ken Johnson, Faculty Director, MSIRE Program



Accelerate your career with the premier real estate program in South Florida

The Master of Science in International Real Estate (MSIRE) is the only program inspired by and developed with leading members of South Florida’s international real estate community. Offered by the top-ranked Chapman Graduate School of Business in the College of Business at Florida International University in Miami, Florida, our Master of International Real Estate was  created expressly to meet the current and emerging needs of real estate professionals for a high caliber education in all facets of this dynamic industry, which, in this region, is both local and global.

With Miami at the center of expanding regional and international real estate opportunities, even experienced professionals are facing new and unique challenges as they undertake large and complex real estate transactions. This 10-month, accelerated, two-evenings-per-week graduate real estate program in downtown Miami provides exactly the type of in-depth knowledge and relevant skills to prepare you to understand and assemble the financial, legal, and other components for closing major real estate transactions successfully.

The MSIRE program is offered via two delivery methods, face-to-face at the Chapman Graduate School of Business’s Downtown on Brickell, or via the web using Blackboard technology.

Now and in the future, your Master of Science in International Real Estate degree is a public statement of your professional commitment and gives you a strong competitive edge in your career advancement.

In addition to the other links on this web page that address specific MSIRE requirements and the application process, more information on real estate at FIU can be found at http://realestate.fiu.edu.

Curriculum


Core Real Estate Courses

Real Estate Markets and Institutions 

A general survey of the legal, economic, institutional, quantitative and strategic elements of real estate markets, institutions and practices. This course studies the ownership, transfer, and use of real estate. Issues addressed include, but are not limited to, valuation, brokerage, risk management, property management, diversification, investment and sources of capital. The course is both descriptive and analytical in nature with the goal of developing a body of theoretical and applied knowledge. Selected examples are employed to demonstrate traditional U.S. practices and procedure for comparative purposes.

Real Estate Finance 

This course is an introduction to the fundamental concepts, principles, and analytical methods of real estate finance. The focus will be on commercial real estate capital markets, while we also discuss different aspects of residential real estate finance. Our perspective is that of "institutional" real estate investors (e.g., pension funds, REITs, commercial banks, life insurance companies) regarding large-scale commercial properties. Students are expected to learn techniques in real estate finance and develop critical understandings on the current issues of the real estate capital markets. A key objective of this course is to help students apply these techniques to analyze real estate financing decisions in the real business world.

Advanced Real Estate Investments and Valuation 

This class prepares students for the evaluation of real estate as an investment. The students will be required to evidence knowledge of real estate markets and the tools used in real estate investment decision-making. The course will require students to become proficient in the generation of property cash flows and their evaluation. Emphasis is on the determination of factors impacting real estate investment returns. Students will be required to synthesize property and capital market data to assess direct and portfolio investments in real estate.

Seminar in International Real Estate 

This course is the capstone course for the Master of Science in International Real Estate and focuses on the environment surrounding international real estate. Topics include, but not limited to, diversification benefits through international holdings, cultural attitudes towards ownership, value implications from varying title systems, securitized and un-securitized real estate holdings, legal constraints on land use, global strategic planning, country risk, foreign exchange risk, global financing, and a review of the basic fundamentals of real estate valuation.

Legal Environments of Real Estate

This course takes a creative interactive approach and provides lessons applicable all over the world about practical ways that real estate law impacts everyday life, from understanding what it means to sign a real estate contract like a residential lease or purchase contract, to understanding the process to buy real estate, to obtaining financing to purchase real estate and to growing wealth by managing your own real estate.

Through this course you will learn directly from various professionals involved in real estate such as attorneys, property appraisers, investors, property managers, city, county, state and federal government officials, owners and bankers. The conduct and activities of these practitioners is governed by real estate rules, laws and regulations made by federal, state, county and local governments as well as the private law of contracts.

Through this course, you will learn that knowing the law of real estate will help you understand real estate documents and better understand transactions that you may enter into and/or sell in the future. You will also gain insight into real estate career opportunities and what real estate professionals really do on a day to day basis.

Real Estate Development 

This course will provide an overview of the principles of real estate development; allow the student to obtain a foundation of knowledge in real estate development; review the primary development product types, including land, residential, multi-family, industrial, office and mixed use property types. Private sector and public sector constraints to development will also be evaluated. Students will be required to apply financial evaluation tools and models to real estate projects. This will require computer skills and the use of basic financial concepts including TVM, NPV, and IRR to create decision-making frameworks. Also, sources of debt and equity for real estate development will examined. Public/private structures and other forms of co-operative structures that foster development will be assessed. The primary focus of the course remains the business decision-making processes related to successful real estate development.

Real Estate Market Analysis 

This course provides an overview of basic theories and principles related to real estate market analysis. It gives a hands-on introduction to the industry-standard cash flow software (ARGUS) to assess risks and returns for income-producing real estate assets. Students will also learn how to use relevant data to conduct market research. The course can be divided into three parts. The first part is an introduction of basic theories and principles in real estate market analysis, urban growth patterns and real estate market dynamics. We will then discuss various public and proprietary data sources as well as the fundamental concepts related to commercial leases. The third part focuses on different types of real estate assets and how to use ARGUS to value these properties. A combination of lectures, case studies and guest speeches will be used to help students learn the techniques in market research and enhance their understanding on current market conditions. Students are expected to conduct market research projects using ARGUS and relevant databases, and present their work in both oral and written form.

Core Finance Courses

Corporate Financial Management 

This class focuses on financial decision-making and its impact on the economic value of the firm. The course provides practical applications and is based on modern financial theory, with an emphasis on valuation and risk management. The course examines valuation concepts, capital budgeting, risk analysis, and capital structure decisions in depth. It covers the ethical and financial implications of business decisions and their impact on the value of the firm.

Financial Markets and Institutions

This course will enable a conceptual understanding of the function of financial markets of the flow of funds, of levels of interest rates and of interest rates differentials and analyzes the institutional framework and the varied factors that have an impact on the administration of the financial institutions and how effectively a financial manager can immunize the institution against varied risks.

Global Financial Strategy 

This course covers aspects of strategic financial environment and management of firms that operate in a global arena; to include recent developments in financial strategy, international trade and economic decision making.

Highlights

Florida International University’s College of Business’s outstanding faculty of nationally recognized real estate experts have their fingers on the pulse of the domestic and international real estate markets, bringing their real-world knowledge and a wealth of stimulating topics into the classroom. Courses address critical subject areas that include real estate markets and valuation, investment analysis and performance measurement, financing techniques, law, and accounting.

In our Master of Science in International Real Estate program, you’ll  become adept at using the latest technology, including ARGUS for asset valuation and cash flow projections, GIS (Geographic Information Systems) for mapping and modeling geographical information, and other software tools for analyzing statistics, transaction history, surrounding community information, and comparable market rates.

Surrounded by fellow students already working in different realms of the real estate industry—like  acquisitions, mortgage brokerage, consulting, investments, appraisal, law and development—you’ll gain from their practical experience and form a strong professional network with your peers.

Unique Features

The Chapman Graduate School of Business' innovative, 10-month Master of Science in International Real Estate, offered at the College of Business Downtown Center on Brickell, Miami, Florida, boasts the following features:

  • Ten-month program is presented in two evenings of class per week.
  • Curriculum incorporates strong international focus to position you for future opportunities.
  • Faculty with national reputations impart their expertise in real estate, finance, and international transactions.
  • Classmates with real estate backgrounds are your partners in learning and expand your professional network.
  • Strong connections to the South Florida real estate community are your bridge between academia and industry.
  • Fully-accredited degree program from top-ranked business school in the highest 15% in the U.S. provides a bona fide career credential.
  • Program has one of the largest numbers of dedicated real estate faculty to place it in the top tier of real estate programs.
  • Active career services office assists you with future placement needs.
  • Classes are taught in our convenient, Downtown Center on Brickell in Miami, FL.
  • Support services include "no-red-tape registration," catering, and more.

    Student Learning and Program Outcomes

    At the Chapman Graduate School we care very deeply about how well we are accomplishing our mission, how our programs contribute to our overarching goals and how we assure that the institution conforms to specified industry and academic norms.  Consequently we are committed to measuring the effectiveness of our programs using a well-defined Assurance of Learning process that ensures “accountability and transparency”.

    Student Learning Outcomes

    In recent times there has been a preponderance of student learning-based models which emphasize that Faculty should model the learning process in consultation with all our stakeholders.   Student Learning Outcomes (SLOs) detail what we aim for our students to know, what they can actually do, and what are their vocational attitudes.  These are:

    • LO 1: Students will apply best practices in accounting, taxation, and finance to make sound real estate investments nationally and internationally
    • LO 2: Use financial software to solve problems in real estate financing and investment locally and abroad
    • LO 3: Apply essential concepts in real estate practices and institutions.
    • LO 4: Compare and contrast country specific characteristics as they impact real estate investment and financing.

    Program Outcomes

    Given our mission, this program has defined the benefits to students as you gain new knowledge, increase your skills, change your values, and modify your behavior through the following program outcomes:

    • PO 1: Graduating students are satisfied with program value and potential for career advancement.
    • PO 2: The program will admit well-qualified students who will successfully complete the program.
    • PO 3: The curriculum is relevant, coherent, and improves skill development in human resource management.
    • PO 4: The program will provide quality instruction. 
    • PO 5: The program will provide quality advising, program administration, academic and student support services, and facilities.
    • PO 6: Maintain sufficient gross revenues to cover all program expenses and be self-sustainable.
    • PO 7: Graduating students will see an increase in salary as a result of obtaining degree.

    Calendar

    We admit students to the Chapman Graduate School of Business’ Master of Science in International Real Estate every fall semester.

    • Master of Science in International Real Estate requires 30 credit hours of course work to complete.
    • Classes are held two evenings a week per eight-week session at our Downtown Center on Brickell in Miami, FL.
    • Classes are scheduled on Monday and Wednesday evenings from 5:30 p.m. to 10:00 p.m.
    • Time to completion is 10 months.

    Meet Our Faculty

     William G Hardin 
    Director, Jerome Bain Real Estate Institute , Department of Finance and Real Estate Professor 
    Knight Ridder Center Research Fellow 
    Department of Finance and Real Estate 
    College of Business Administration 
    Florida International University 
    11200 SW 8 Street, n/a 
    Miami, FL 33199 
    Phone: 305-348-2680 
    Email: hardinw@fiu.edu 
     Ken H Johnson 
    Associate Professor 
    Knight Ridder Center Research Fellow 
    Department of Finance and Real Estate 
    College of Business Administration 
    Florida International University 
    11200 SW 8 Street, MARC 234 
    Miami, FL 33199 
    Phone: 305-348-2680 
    Email: khjohns@fiu.edu 
     Zhonghua Wu 
    Assistant Professor 
    Department of Finance and Real Estate 
    College of Business Administration 
    Florida International University 
    11200 SW 8 Street, MARC 235 
    Miami, FL 33199 
    Phone: 305-348-0106 
    Email: wuz@fiu.edu 
     Suzanne S Hollander
    Visiting Instructor 
    Department of Finance and Real Estate 
    College of Business Administration 
    Florida International University 
    11200 SW 8 Street, RB 208 A 
    Miami, FL 33199 
    Email: sshollan@fiu.edu 

    Students Tell All

    "MS in International Real Estate has been an exceptional program. As a young professional, working in the commercial real estate industry, I could not think of a more analytical and comprehensive way to learn about the intricacies of real estate. Professors such as Dr. Zdanowicz and Dr. Johnson have made this program challenging and enjoyable,which will certainly be advantageous for my career in real estate. For anyone interested in 'getting ahead' in the very competitive real estate world, I would certainly suggest FIU's MISRE program."

    Jeb Bush, Jr. - Fairchild Partners, Commercial Real Estate Services.

     

    "As a liberal arts undergraduate major, the MSIRE program provided the analytical skills and technical expertise needed to take my career to the next level. The faculty combines both empirical and real-world experience to deliver a worthwhile, engaging and relevant curriculum. The opportunity to obtain Argus software certification and the ability to confidently discuss the real estate market helped me land my current position"

    Bill Dolan - MSIRE Alumni 2011 - Senior Financial Analyst Banyan Street Capital

    Recorded Class Lectures

    In order to accommodate our MSIRE students who are working professionals a student will have the ability stream the class live from the internet, or watch the recorded class via the internet at a later date, if for any reason they can not attend class, due to their work schedule or an emergency. This flexibility ability within the MSIRE program allows our students to continue their real estate profession without interruption. Please fill out this form to sample a brief clip of the recorded class in our new Class Capture Technology.


    Admissions

    Application Process and Requirements

    The program admits students every Fall term.

    Candidates must satisfy all requirements for each degree. To obtain the MSF degree, the student will be required to take twelve (12) finance courses. This includes the three finance courses in the MSIRE program, plus nine finance courses from the MSF fast track program, for a total of 36 credit hours.  Four of the nine MSF courses will be used to satisfy part of the elective requirements of the MSIRE program.  To obtain the MSIRE degree, the student will have to fulfill all the MSIRE program requirements. The two degrees will have 4 common courses. Courses transferred between degrees must be completed with a grade point average of 3.0 or higher. MSF courses transferred to meet MSIRE elective credit must be approved by the University Curriculum Committee.  Directors of the MSIRE and MSF degree programs may adjust these exact course requirements as a result of future changes to the MSIRE or MSF curriculums.

    Candidates applying to our Master of Science in International Real Estate program must adhere to the following deadlines:    


    To begin in the Fall term (August)

    June 1st

    Last day for International and Domestic students to submit online application, and all supporting academic credentials, appropriate test scores, and Declaration and Certification of Finances.

    For all applicants

    • Complete the online application for admission.
      • You may complete the online application and submit it, even without having taken the GMAT, GRE or TOEFL.  We prefer that you mail supporting materials (essay, letters of recommendation, etc…) to us rather than uploading them onto the online application.  
    • Pay a $30 application fee.  Most major credit cards are accepted.  Checks or money orders are also accepted and should be made payable to Florida International University.
    • Send official transcripts from all previously attended universities, in a sealed envelope
      • A four year Bachelors Degree from an accredited institution as well as a minimum upper division grade point average (GPA) of 3.0 are required.
      • The original transcripts must be submitted in an envelope sealed by the degree-granting institution.
      • Students whose official transcripts are not in English will be required to submit translated transcripts.  If this applies to you please ask your university to provide two original transcripts.  The first set of transcripts must remain in the sealed envelope.  The second set of transcripts should be sent to an official translation company for translation.
      • Applicants who already possess a Masters degree from an accredited institution may be eligible for a GMAT waiver provided that the graduate degree GPA is 3.0 or better.
      • Meet either one of the two:
        • Achieve a minimum score of 500 on the Graduate Management Admission Test (GMAT) or a score of 297 (combination of verbal and quantitative) on the Graduate Record Exam (GRE) and have earned a minimum 3.0 grade point average (GPA) in undergraduate study. FIU university's code is: 5206.
        • Have earned a minimum 3.0 grade point average(GPA) in undergraduate studies and a minimum of four years of professional business (real estate and affiliated industries such as a banking, finance, servicing, etc.) related work experience
    • If you earned your Bachelor Degree in a country whose official language is not English, you must demonstrate English proficiency by taking either the TOEFL or IELTS.  Minimum scores for the TOEFL are: 550 paper-based, 213 computer-based and 80 internet-based.  Minimum score for the IELTS is 6.5.  When requesting the official scores, please refer to the Florida International University Institution code 5206.  
    • Submit a current resume of professional experience. (Internships and part-time employment may be included)
    • Submit a statement of purpose:  a one-page essay describing your professional goals and reasons for pursuing the MS in International Real Estate degree at Florida International University.
    • Submit a copy of your passport or Alien card.

    For international students

    International students applying for the F-1 student visa will be required to submit financial documentation. Financial documents must be recent (6 months or less from the program start date).

    • Request a letter from your bank or the bank of your sponsor (a parent, for example) stating that you or your sponsor have sufficient funds of at least $54,500.00 for tuition and living expenses.  The types of accounts from which these bank letters are accepted are:  savings, checking or money market accounts.
    • If the bank account and aforementioned letter are in the name of a sponsor, the sponsor will need to submit a signed sponsor letter stating that he or she will fund your education and expenses while you are enrolled in the MS in International Real Estate program.  Click here to see a sample sponsor letter.
    • Submit a completed and signed Declaration of Finance (DCF) form. Please note that the minimum amount in the DCF must be at least $54,500.00 for the academic year 2013-2014.

    Mailing Address
    Submit all materials to
    Master of Science in International Real Estate   
    Chapman Graduate School of Business             
    Florida International University-Downtown at Brickell Center     
    1101 Brickell Avenue. Suite PH-S
    Miami, FL 33131

    Meeting the minimum admission requirements does not guarantee admissions into the program.

    Tuition & Scholarships

    Tuition

    Tuition for the 10 - month Master of Science in International Real Estate program in Downtown, Miami, Florida, is $26,000 for residents of the State of Florida and $30,000 for non-residents and international students.

    The fee covers tuition, dinner on class days, graduation dinner, networking and other student and alumni appreciation events as well as various booklets, softwares, databases and materials used in class.

    A $300.00 nonrefundable professional development seminar fee is due upon acceptance into the program

    Payment is due at the beginning of each semester. All fees are subject to change. Tuition changes periodically. Applicants should contact the Program Coordinator for anticipated tuition fees and charges.

    Scholarships & Financial Aid

    We recommend that you begin thinking about your financial aid needs and options during the initial admissions process to the Chapman Graduate School of Business. Read More

    MSIRE Scholarships

     Program Summary

    Contact Us

    For more information on the MSIRE program, contact Matthew Rothstein at mbrothst@fiu.edu or call 305-779-7898.


    Master of Science in International Real Estate Brochure