The real estate industry is one of the most lucrative industries in Botswana. In fact, according to statista, a leading online statistics and research company , Botswana’s real estate market is expected to reach a market value of P474 billion ( US35.05bn) in 2024. Botswana is steadily developing and the property sector itself is growing at a fast pace. In Botswana, there are two universities that offer a 4 year degree in Real Estate and other property related courses, being The University of Botswana (UB) and BaIsago University. Hundreds of real estate graduates are produced every year, and more and more students are pursuing this career path hoping to secure promising careers in this multi-billion pula industry
In this blog post we explore the various demotivating struggles encountered by real estate graduates in Botswana, bringing to attention the gaps in industry requirements and the job market, and the financial and practical obstacles that graduates must overcome to actually benefit from their hard earned degrees. I spoke to a bunch of real estate graduates with the intention of coming up with a guide for the real estate student or a secondary school student who is considering a career in real estate. In a twist of events, I ended up interviewing disgruntled and disappointed graduates who feel like they wasted 4 years of their lives. This is why;
THE ACADEMIC JOURNEY
As mentioned, there are two universities that offer a degree in real estate. BaIsago also offers a diploma and there are vocational training institutes that offer a certificate in fields such as estate agency. In BaIsago, the 4 year degree includes a 6 months industrial attachment, where as in University of Botswana the 4year course includes a winter industrial attachment and an internship requirement. Now, the problem with the degree, at least in my experience, is the lack of practical training of students, especially if one is pursuing a degree as opposed to a diploma. But in all fairness, the industrial attachment makes up for the lack of practical skills training of a lecture room. From there on, a graduate can become an associate member of the Real Estate Institute of Botswana (previously known as a probationary member).
JOB MARKET CHALLENGES
Depending on the category that one has registered for; an associate member (graduate) registered for estate agency has to get field experience for a year and keep a log book for all activities, signed and confirmed by a supervisor/mentor. A combination of two or more categories will require 2years of field experience. This field experience is what then qualifies an associate member to sit for a membership examination, which determines your admission to be a member of the institute. One could argue that having a degree in real estate is useless if you do not become a member of REIB.
As we all know, the job market is almost non-existent. Thousands of graduates are sitting on their degrees with nothing to show for it. But to Real Estate graduates, it goes a step further in the sense that graduates feel that they have to deal with an extra road block in their career path; the road block being “the tedious demoralizing requirement of having to sit for an extra exam after having written multiple examinations for four years of their lives to acquire a degree”, one graduate states.
The real estate graduates argue that there is a lot of inconsideration for them. Adding the fact that being unemployed means they have to hustle for the P1000.00 membership fee for REIB puts them between a rock and a hard place. They find themselves having to choose between spending money they don’t have in order to be eligible to write an examination a year later or using the money to at least survive for the foreseeable future. One other graduate was reluctant to add that the REIB exam in itself requires field experience in an economy that does not have jobs in the first place, besides government internship that takes years for placement or the alternative of doing an unpaid internship in the private sector. One sentiment that the interviewees had in common though, was that they felt like these hurdles are just meant to gate keep the industry and only let in a selected few.
GATE KEEPING OR SAFE KEEPING?
The frustrations of the graduates are plausible if you ask me. But also, when I think about it, everywhere around the world, the real estate industry practices similar vigorous processes to qualify one as an actual professional who can handle people’s properties and real estate investments. Similar to law graduates having to take the BAR exam. The process for licensing is a way to ensure that people meet a standardized level of competency and professionalism. The purpose of REIB and REAC is to ensure competency and knowledge by its members, to protect the public against fraudulent individuals and to promote professional credibility and trust amongst many other critical things. There is no doubt, these requirements are demoralizing and frustrating to graduates, but they are critical to maintain the integrity and quality of the industry. This benefits both the professionals and the public. Our personal frustration may make it seem like there is gate keeping in the industry, but really this only shows how serious the industry and the career path of real estate is.
QUICK GUIDE FOT THE STUDENT AND GRADUATES
Pursuing a professional career is a very competitive and stressful thing you will ever do. It requires a lot of sacrifice and perseverance. It is not for the faint hearted. If you were not lucky enough to graduate top of your class, you’re going to have to do a lot of extra work to score a job. It is advisable that students ensure that they become student members of the Real Estate Institute of Botswana to expose yourselves to the inner workings of the industry. It is also advisable to join real estate clubs in your respectable universities i.e. University of Botswana Real Estate Society and BaIsago Real Estate Society. Networking is key in this economic climate. Find a way to make yourself visible in the industry.
RECOMMENDATIONS
There has always been a very frustrating disconnect between universities and their students when it comes admissions and provision of proper information about a particular course. Law students go into law fully aware that after completing their studies, they will have to take a BAR exam. A lot of real estate graduates seem to only learn about the REIB exam later on. It seems like universities have to do more. The REIB also could come up with better resources for graduates such as a mentorship programme and an internship program to absorb graduates. This would at least give them the field experience and allow them to acquire their professional license and fend for themselves.
In conclusion, every system has its flaws and positives. It would not hurt to review certain practices and figure out a way to loosen the knot. The real estate graduate also owes it to himself to figure out a way. Every hardship has a lesson. It can either build or break your character so you have to pick your struggle. As it stands, the requirements are as they are so we have to march onward and work hard to put ourselves in positions where we can make things easier for the future generation. Real Estate is a respectable career. The policies of REIB were not made by mistake or out of malice. Could there be a different way to do things, maybe. So the graduate would do well to put himself/herself in a position where they are in the room where such issues can be brought up to attention.
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