In an effort to identify, diversify and broaden the pool of young people interested in a real estate career, the Urban Land Institute (ULI) will expand an online learning curriculum, Foundations of Real Estate (FoRE), to 100 academic institutions within five years.
FoRE, which debuted at Colgate University during the 2019–2020 academic year, is designed to provide students not pursuing business studies with real estate fundamentals in an easily digestible format that is accessible and convenient and that can be completed on an individually determined basis. The program is being expanded to additional colleges and universities in the United States, including four historically Black colleges and universities during the 2020–2021 academic year.
“So often, the way people get into real estate is because one of their parents or relatives was in the business,” said ULI global Chief Executive Officer W. Edward Walter. “FoRE gives us the opportunity to broaden the number and the diversity of people who might be interested in real estate and show them that it involves much more than merely selling properties, that they could pursue investment, development or other aspects of the industry.”
The curriculum consists of five modules: Foundations of the Development Process, Foundations of Pro Forma Modeling, Foundations of Commercial Real Estate (with a specific focus on multifamily and office sector valuation), Foundations of Real Estate Finance and Investment and Introduction to the Foundations of Real Estate. Upon completion of all the modules, participants receive a FoRE certificate confirming that they have finished the course successfully and have a basic understanding of the industry. The online curriculum can be accompanied by in-person training from real estate executives who are alumni of FoRE’s higher education institution partners and are supplementing the program with their own content, knowledge and industry experiences, which exemplifies the Institute’s longstanding tradition of knowledge sharing.
FoRE was made possible with a gift to the ULI Foundation from Foundation Chairman Doug Abbey, who is also chairman of Swift Real Estate Partners in San Francisco.