Journal articles on the topic 'Estate managers'
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A., KOSHELEV. "THE TOMSK ESTATE OF THE ALTAI TERRITORY DEPARTMENT OF THE CABINET OF HIS IMPERIAL MAJESTY: BORDERS, MANAGEMENT STRUCTURE, GOVERNING." Preservation and study of the cultural heritage of the Altai Territory 27 (2021): 54–62. http://dx.doi.org/10.14258/2411-1503.2021.27.09.
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The article introduces new archival data on the history of the Tomsk estate of the Altai district - one of the 12 estates established by an imperial decree of April 11, 1896 on the lands of the Cabinet of His Imperial Majesty and operating until 1911. On the basis of archival cartographic materials, information is considered about the boundaries of the Tomsk estate, which occupied the northern part of the Altai District, administrative-territorial formations and large forests - pine forests located within the boundaries of the estate, the organization of the estate management structure, with the location of the estate manager and his office in the village ( from December 28, 1903 according to the old style - the city) of Novo-Nikolaevsk, the residence of the main officials who managed the estate and its parts. According to archival and bibliographic data, brief information is presented about the managers of the Tomsk estate V.S. Shubenko, P.N. Sobolev, D.D. Nazarov, A.G. Kiyutse, along with the list of managers and assistants to the manager of the Tomsk estate in chronological order. Keywords: Novosibirsk, Cabinet of his Imperial Majesty, Altai district, Novonikolaevsk, Tomsk estate, officials of the Tomsk estate
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Hương, Pham Thanh. "Management Accounting in Pricing Decisions for Real Estate of Real Estate Enterprises in Vietnam." Accounting and Finance Research 7, no. 4 (September 7, 2018): 35. http://dx.doi.org/10.5430/afr.v7n4p35.
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In Real Estate Enterprises (REEs), managers always have to make decisions while running their business in various forms. Among the manager’s decisions on real estate business, the pricing decision for real estate is one of the difficult decisions for managers in the REEs. Pricing decisions for real estate are often strategic decisions, which play an important role for the existence and development of REEs. Thus, enterprise managers often consider this to be the most important task for its historical mission and decisive factor of other tasks. This paper focuses on analyzing and evaluating the actual situation of Vietnam’s REEs in making pricing decisions for real estate, then proposing some recommendations for improving the information system and pricing decisions for real estate making process for creating the highest economic efficiency for the REEs in the current market conditions.
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Philpot, James, and Craig A. Peterson. "Manager characteristics and real estate mutual fund returns, risk and fees." Managerial Finance 32, no. 12 (December 1, 2006): 988–96. http://dx.doi.org/10.1108/03074350610710481.
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PurposeThe purpose of this paper is to analyze the effects of individual manager characteristics on real estate mutual fund (REMF) performance. Human capital theory predicts that factors like education, experience and professional certifications improve skill sets and thus performance. Conversely, capital markets theory suggests that these things may be irrelevant in the management of mutual funds.Design/methodology/approachA total of 63 REMFs were sampled over the period 2001‐2003 and equations were estimate regressing, alternatively, risk‐adjusted return, market risk and management fees on a series of fund variables and manager characteristics including the manager's tenure, whether the fund manager holds a professional certification, whether the manager has specific real estate experience, and whether the fund is team‐managed.FindingsModest evidence is found that team‐managed funds have lower risk‐adjusted returns than solo‐managed funds. Managers with longer tenure tend to pursue higher market risk levels, and there is no relation between manager characteristics and management fees.Research limitations/implicationsThis study considers only one cross‐sectional time period. Future research might use longitudinal data.Practical implicationsDespite real estate being a specialized field of finance, there is little if any support for the predictions of human capital theory that experience, education and training result in greater performance among managers of REMFs.Originality/valueThis paper extends prior work in mutual fund management characteristics and fund performance to real estate funds.
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Lekander, Jon R. G. M. "How do institutional pension managers consider real estate." Journal of Property Investment & Finance 35, no. 1 (February 6, 2017): 26–43. http://dx.doi.org/10.1108/jpif-05-2016-0033.
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Purpose The asset allocation decision for a pension portfolio needs to consider several, sometimes conflicting, aspects. Most pension managers use models and processes that are developed for the traditional asset classes for analyzing this problem. The purpose of this paper is to investigate how real estate is included in this process, for what purpose and how the real estate portfolio is constructed. Design/methodology/approach Seven individuals responsible for the asset allocation process were interviewed, and their responses were analyzed with regards to organizational options and their real estate strategy. Findings It was found that real estate is held for three different purposes, risk diversification, inflation hedging/liability matching and return enhancement and that the allocation has increased over time. The allocation strategy has evolved at least in part in conjuncture with the organizational structure set in place to overcome real estate market frictions. Research limitations/implications The interviews were geographically limited to pension funds domiciled in Sweden and Finland. Practical implications It is concluded that the organizational capabilities of the pension fund of handling real estate is an important consideration for the ensuing real estate portfolio. Originality/value The originality of this paper lies in that it is based on interviews with individuals who are responsible for the asset allocation decision at large pension funds. The findings of the paper identify areas of interest for future research.
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DeConinck, James B., and Baird A. Brock. "The Influence Of Real Estate Sales Managers Supervisory Behaviors On The Role Clarity And Job Satisfaction Of Real Estate Salespeople." Journal of Applied Business Research (JABR) 9, no. 3 (September 29, 2011): 119. http://dx.doi.org/10.19030/jabr.v9i3.6049.
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This study examined the influence of the sales managers supervisory style on the role clarity and job satisfaction of a group of full-time real estate salespeople. The results show that the salespersons self-esteem, need for role clarity, experience, and self-perceived performance moderate the relationship between supervisory behavior and salespeoples job attitudes. Real estate salespeople have more positive job attitudes when the sales manager is supportive of their behavior rather than when the sales manager tries to structure their jobs.
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Shilling, James, and Charles H. Wurtzebach. "International Real Estate Review." International Real Estate Review 18, no. 2 (June 30, 2015): 241–76. http://dx.doi.org/10.53383/100201.
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We study the relative performance of private equity real estate joint ventures by using new data that connect investment style, ownership structures, and quarterly cash flows for a large sample of sold properties from 1978-2009. The expansion into joint ventures by private equity core, value-added and opportunistic real estate funds since 1990 has been significant. This paper tests three hypotheses. First, do real estate joint ventures experience higher returns? Second, are investment fund managers generally willing to take on riskier projects in forming joint ventures? Third, are joint ventures formed to procure new business and grow assets under management and maximize fund fees? Tests of these hypotheses are performed by using quantile regressions, to determine whether the returns on joint venture projects are more concentrated in the tails of the return distribution ¡V particularly in the left (low end) tail ¡V than are whole assets. We reject the hypothesis that real estate joint ventures experience abnormal returns overall. However, we do find evidence that there is a lot more risk taking by value-added funds relative to core funds. Our evidence is also consistent with more risk taking by large investment fund managers vs. small investment fund managers.
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Bennett, Luke, and Carolyn Gibbeson. "Perceptions of occupiers' liability risk by estate managers." International Journal of Law in the Built Environment 2, no. 1 (April 20, 2010): 76–93. http://dx.doi.org/10.1108/17561451011036531.
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Sleptcova, Maiia, Heidi Falkenbach, and Wisa Majamaa. "European private equity real estate compliance under the AIFMD." Journal of Property Investment & Finance 36, no. 2 (March 5, 2018): 210–16. http://dx.doi.org/10.1108/jpif-05-2017-0035.
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Purpose The purpose of this paper is to investigate the effect of Alternative Investment Fund Managers Directive (AIFMD) on European private equity real estate (PERE) industry. Design/methodology/approach The paper draws upon a set of 12 semi-structured interviews with European PERE fund managers to explore their views on the reporting and risk management under the AIFMD, the costs and benefits associated with the AIFMD compliance and the effect of the AIFMD on European PERE industry. Findings A “one size fits all” approach adopted by the AIFMD results in difficulties in understanding and implementing the AIFMD requirements by PERE managers. Due to the limited applicability of the AIFMD risk reporting requirements to PERE funds, PERE managers have developed their own risk metrics, which they report internally. The formalization of risk management process and the separation of risk management function constitute the two most significant changes experienced by PERE managers. The managers recognize a positive branding effect from the authorization and improved risk awareness in their organizations due to the AIFMD. Research limitations/implications The current paper focuses on PERE fund managers and does not address other real estate funds falling under the AIFMD. Practical implications PERE fund managers require feedback and guidance from authorities and best practice recommendations from industry organizations to enable proper compliance. Industry-specific reporting requirements would benefit both the industry players and authorities. Originality/value Given the broad scope of the AIFMD, it is of interest to look at how PERE fund managers have adapted to the regulatory change.
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Hochberg, Yael V., and Tobias Mühlhofer. "Market Timing and Investment Selection: Evidence from Real Estate Investors." Journal of Financial and Quantitative Analysis 52, no. 6 (December 2017): 2643–75. http://dx.doi.org/10.1017/s0022109017000667.
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We examine commercial real estate fund managers’ abilities to generate abnormal profits through selection of outperforming property submarket segments or through the timing of entry into and exit from submarkets. The vast majority of portfolio managers exhibit little market timing ability, with the exception of non-NYSE real estate investment trusts after the financial crisis. A substantial fraction of managers seems able to successfully select property submarkets. Selection performance exhibits significant persistence. Managers that are active in more liquid markets tend to exhibit better timing performance, while managers exhibiting better selection ability appear to be active in less liquid markets.
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Poon, Joanna. "Do real estate courses sufficiently develop graduates’ employability skills? Perspectives from multiple stakeholders." Education + Training 56, no. 6 (August 5, 2014): 562–81. http://dx.doi.org/10.1108/et-06-2013-0074.
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Purpose – The purpose of this paper is to investigate whether Royal Institution of Chartered Surveyors (RICS) accredited real estate courses in the UK have equipped real estate graduates with sufficient relevant employability skills to embark on a career in the profession. This paper considers the perspectives of four stakeholders – employers, human resource managers, graduates and course directors of RICS-accredited real estate courses – in the UK. Design/methodology/approach – The results of a mixed-methods study, involving two online surveys with real estate employers and recent graduates of RICS-accredited real estate courses, and two sets of interviews with human resource managers of real estate surveying firms and course directors of RICS-accredited real estate courses, are presented. Findings – The employers and graduates of the RICS-accredited real estate courses do not think the courses sufficiently equip graduates’ with employability skills. On the other hand, the human resource managers are very impressed with graduates’ technical skills but have concerns about their soft skills and attributes. Human resource managers and course directors of RICS real estate courses commented that commercial awareness is an important employability skill but graduates are not well developed in this area. Course directors also noted that practical experience is vital to employability, commenting that students can only obtain real-life practical experience if employers offer them opportunities. Originality/value – This paper makes an original contribution to the existing literature on employability skills for real estate graduates. It describes pioneering research considering the perspectives of four types of stakeholders and evaluates whether real estate courses sufficiently develop graduates’ employability skills.
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Farncombe, Martin, and Andrew Waller. "Outsourcing for corporate real estate managers: How can real estate learn lessons from other industries?" Journal of Corporate Real Estate 7, no. 3 (September 2005): 258–70. http://dx.doi.org/10.1108/14630010510631036.
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Bushnell, John. "Did Serf Owners Control Serf Marriage? Orlov Serfs and Their Neighbors, 1773-1861." Slavic Review 52, no. 3 (1993): 419–45. http://dx.doi.org/10.2307/2499717.
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Historians of the Russian peasantry hold almost unanimously that serfowners routinely intervened in serf marriage: that they generally forbade serf women to leave the estate through marriage or marry at all without permission, commanded serfs to marry young, made compulsory matches when their serfs failed to marry on schedule, and otherwise prevented serfs from exercising free choice in marriage. Equally common is the assumption that the nobles’ interest in serf marriage was the multiplication of human property and the number of duespaying labor units, i.e., married couples. The one exception is Steven Hoch, who found that on the Gagarin estate of Petrovskoe, Tambov province, managers never intervened, at least in first marriages. They never had to, Hoch argues, because the heads of peasant households shared the owners’ interest in early and universal marriage. That was because estate managers allocated land, the only significant economic resource, to married couples on an egalitarian basis. Even Hoch accepts the standard view that, on other estates where different socioeconomic conditions held, estate authorities did have to intervene to ensure that serfs married early and universally.
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Bartelink, Ruben, Rianne Appel-Meulenbroek, Pauline van den Berg, and Ellen Gehner. "Corporate real estate risks." Journal of Corporate Real Estate 17, no. 4 (November 9, 2015): 301–22. http://dx.doi.org/10.1108/jcre-09-2015-0020.
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Purpose – The purpose of this paper is to identify the corporate real estate (CRE) risks that might influence the added value of CRE to the shareholder value of an organization and to analyze if there are differences in perception of these risks according to job and company specifics of the respondents. Design/methodology/approach – A literature study was carried out to identify the CRE risks. In addition, a number of interviews were held with CRE specialists to complete the list of risks. An inventory of the risk perception was gathered by making use of a survey among 70 end-users, 16 CRE consultants and 2 CRE academics. Differences are analyzed making use of Kruskal–Wallis tests, Mann–Whitney U tests and t-tests. Findings – In total, 43 risks in six different categories were identified. It turned out that the risk perception differentiates the most per geographical location or industry segment. The size of the organization (number of employees) does not appear to influence the way in which the risks are perceived. Practical implications – This paper provides CRE managers and risk managers with a basis for a risk register that contributes to identification of possible CRE risks. Besides, it enables a comparison of their risk perception with industry peers. Originality/value – Earlier research concerning CRE risk management approached the subject from a specific point of view, but did not provide a CRE risk list using an integral perspective and covering multiple topics. Also, this paper provides insights in how CRE risk management is perceived in practice.
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Sanderson, Danielle Claire, and Dustin C. Read. "Recognizing and realizing the value of customer-focused property management." Property Management 38, no. 5 (July 15, 2020): 749–64. http://dx.doi.org/10.1108/pm-04-2020-0029.
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PurposeThe purpose of this paper is to increase awareness of the value that can be derived from embracing customer service and ensuring tenant satisfaction.Design/methodology/approachThis literature review synthesizes the results of research conducted around the world to examine the value proposition of customer-focused property management. The literature was identified through a search of academic journal articles and industry publications, together with the authors' experience of working with industry practitioners. Drawing on these sources, the authors identify five emerging trends that are likely to make customer service an even more critical part of property managers' jobs and propose best practices to help property managers actualize the benefits.FindingsThree themes emerge from the literature. First, property managers can add significant value to real estate portfolios by delivering high-quality customer service to tenants. Second, emerging trends in the real estate industry are creating new opportunities for property managers to participate in the value creation process. Third, there are a number of steps property managers can take to leverage customer service to benefit the real estate investors they represent.Practical implicationsReal estate investors, and the property managers working on their behalf, can realize the advantages of customer-focused property management by adopting a series of straightforward best practices, which are discussed in the paper.Social implicationsThe trends identified and practical steps proposed are likely to be all the more relevant in the aftermath of the Covid-19 pandemic.Originality/valueThis research should increase awareness of customer-focused property management and the mechanisms through which it can affect real estate returns. The ten best practices proposed should help property managers deliver effective service to tenants and achieve the associated financial benefits for investors.
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Sing, Tien, and Kok Weng Loh. "International Real Estate Review." International Real Estate Review 17, no. 1 (April 30, 2014): 23–46. http://dx.doi.org/10.53383/100178.
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The study tests the predictability of excess returns on four global asset classes that include Shariah-compliant (SC) real estate, SC stocks, conventional real estate and real estate investment trusts (REITs). Based on weekly excess returns from January 2001 to December 2010, our empirical results do not reject the hypothesis that Shariah compliance risk is significantly priced in the excess returns of a portfolio of the four global asset classes. Shariah compliance risk and real estate risk are mutually exclusive. Fund managers will only price one common Shariah compliance risk in a pure real estate portfolio that consists of SC real estate, conventional real estate and REITs.
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Olaleye, Abel, and Bioye Tajudeen Aluko. "EVALUATING MANAGERS DIVERSIFICATION OF REAL ESTATE PORTFOLIOS: EVIDENCE FROM NIGERIA." International Journal of Strategic Property Management 11, no. 3 (September 30, 2007): 179–89. http://dx.doi.org/10.3846/1648715x.2007.9637568.
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While there is evidence on the effectiveness of diversifying real estate portfolio geographically, or by property type, there is lack of empirical evidence to justify whether diversification of managers is worth pursuing. This study produces evidence on the effectiveness of diversifying by managers and property types. The study collected data on capital and annual rental values from three (3) main Property Investment and Development Companies in Lagos Metropolis, Nigeria. From the data so collected, annual total returns (IRR), on residential properties, for a period of between 1997 and 2001 on the managers’ portfolio were calculated. Under the assumptions that investments are held long and that constant correlation model or excess return to standard deviation represents the covariance structure of assets’ returns, the study's analyses suggest that diversification of managers and property types produce improved performance. It also opens the possibility that an efficient portfolio developed by using constant correlation analysis may not be more efficient than a naively diversified portfolio as some of the naive diversification strategies are found to be effectively efficient. Nekilnojamojo turto portfelių valdytojų deversifikacijos vertinimas: įrodymai iš Nigerijos Santrauka Nors yra įrodymu, kad geografine nekilnojamojo turto portfelio diversifikacija arba diversifikacija pagal nuosavybes rūšis yra efektyvi, trūksta empiriniu duomenų, patvirtinančiu, kad verta siekti valdytoju diversifikacijos. Šis tyrimas pateikia įrodymu, kad valdytoju diversifikacija ir diversifikacija pagal nuosavybes rūšis yra efektyvi. Tyrimo metu surinkti duomenys apie kapitalą ir metines nuomos vertes iš trijų pagrindiniu Lagoso miesto (Nigerija) nuosavybes investicijų ir plėtros bendrovių. Pagal surinktus duomenis apskaičiuota 1997–2001 metu metine bendroji grąža (vidine grąžos norma) iš valdytoju portfelyje esančios gyvenamosios nuosavybes. Tariant, kad investicijos ilgalaikes, o pastovios koreliacijos modelis arba perteklines grąžos ir standartines deviacijos santykis sudaro turto grąžos kanceliarine struktūra, tyrimo metu atlikta analize rodo, kad valdytoju ir nuosavybes rusiudiversifikacija leidžia padidinti rezultatyvumą. Be to, analizes metu pastebėta ir tai, kad naudojant pastovios koreliacijos analize suformuotas efektyvus portfelis gali būti ne kiek ne efektyvesnis už paprastai diversifikuota portfeli, nes paaiškėjo, kad kai kuri paprastosios diversifikacijos strategija yra labai efektyvi.
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Cooke, Howard. "FRS 12: Guidance on implementation for corporate real estate managers." Journal of Corporate Real Estate 6, no. 4 (October 2004): 309–24. http://dx.doi.org/10.1108/14630010410812450.
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Howard, Margot, Katherine A. Pancak, and Douglas A. Shackelford. "Taxes, Investors, and Managers: Exploring the Taxation of Foreign Investors in U.S. REITs." Journal of the American Taxation Association 38, no. 2 (June 1, 2016): 1–19. http://dx.doi.org/10.2308/atax-51506.
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ABSTRACT Exploiting a 2004 reduction in a unique capital gains withholding tax for foreign investors in U.S. publicly traded REITs, this paper explores both the sensitivity of real estate investors to changes in their own taxes and the reaction of real estate managers to changes in their investors' taxes. We find that both foreign investors and REIT managers responded to the tax change. This is consistent with taxes both restricting the flow of foreign capital into U.S. REITs and affecting the management of their real estate properties. To our knowledge, this is the first paper documenting that U.S. managers change their U.S. operations in response to the tax positions of foreign investors. This work should spur further study of the interplay between real estate and income taxes, the role of taxes on foreign portfolio investment, and the role of taxes on real managerial decisions. It should also be informative to policymakers who recently relaxed the discriminatory tax treatment for foreign investors in U.S. real estate after considering the issue for many years.
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Dec, Paweł, Gabriel Główka, and Piotr Masiukiewicz. "Price Bubbles in the Real Estate Markets - Analysis and Prediction." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 19 (January 16, 2022): 292–303. http://dx.doi.org/10.37394/23207.2022.19.27.
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The article concerns the issue of price bubbles on the markets, with particular emphasis on the specificity of the real estate market. Up till now, more than a decade after the subprime crisis, there is no accurate enough method to predict price movements, their culmination and, eventually, the burst of price and speculative bubbles on the markets. Hence, the main goal of the article is to present the possibility of early detection of price bubbles and their consequences from the point of view of the surveyed managers. The following research hypothesis was verified: price bubbles on the real estate market cannot be excluded, therefore constant monitoring and predictive analytics of this market are needed. In addition to standard research methods (desk research or statistical analysis), the authors conducted their own survey on a group of randomly selected managers from Portugal and Poland in the context of their attitude to crises and price bubbles. The obtained results allowed us to conclude that managers in both analysed countries are different relating the effects of price bubbles to the activities of their own companies but are similar (about 40% of respondents) expecting quick detection and deactivation of emerging bubbles by the government or by central bank. Nearly 40% of Polish and Portuguese managers claimed that the consequences of crises must include an increased responsibility of managers for their decisions, especially those leading to failures.
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Kuhle, James L. "Manager Tenure - Real Estate Mutual Fund (REMF) Versus Equity Mutual Fund Performance." Journal of Business & Economics Research (JBER) 11, no. 1 (December 22, 2012): 17. http://dx.doi.org/10.19030/jber.v11i1.7519.
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<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; text-align: justify; mso-pagination: none;" class="MsoNormal"><span style="font-size: 10pt; mso-bidi-font-style: italic;"><span style="font-family: Times New Roman;">Historically, mixed evidence has been reported suggesting that mutual fund managers exhibit superior returns based on the length of their tenure.<span style="mso-spacerun: yes;"> </span>Further, the result of tenure performance for real estate mutual fund managers has been reported with mixed results.<span style="mso-spacerun: yes;"> </span>Therefore, it is the purpose of this research to consider the effect of management tenure on the overall performance of various classes of equity mutual funds, including those funds that invest exclusively in real estate assets. These results are studied over periods of three, five, and ten-year manager tenure to determine if there is significantly better performance among various tenure groups. </span></span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
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Seyler, Nicolas Julian, and Jan Mutl. "Going beyond buildings: mindfulness and real estate user behavior." Journal of Corporate Real Estate 21, no. 3 (September 9, 2019): 194–211. http://dx.doi.org/10.1108/jcre-10-2018-0039.
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Purpose Building performance does not only depend on its efficiency but also on the behaviors of its occupants. Occupant behaviors can more than offset technological efficiency gains so, that corporate real estate (CRE) managers have to go beyond sustainable buildings. CRE managers need to understand occupants to effectively reduce the environmental impact of their building portfolio. This paper aims to investigate the effects of environmental attitudes and mindfulness on occupant behaviors at home and at the office. Thereby, the authors address numerous calls for research regarding the drivers of more environmental real estate user behaviors. Design/methodology/approach The authors use partial least squares structural equation modeling based on self-report data obtained for a representative German sample. Findings The results show that environmental attitudes and mindfulness have both positive effects on occupant behaviors. However, the effects tend to be weaker in the office context. Research limitations/implications This study relies on self-reports as an indicator of actual behaviors. Besides, the findings are limited by the cross-sectional nature of the data. Practical implications Environmental education and mindfulness training may be an effective way to promote more environmental occupant behaviors and help CRE managers to further reduce the environmental impact of their building portfolio. Originality/value The paper contributes to prior research about the antecedents of environmental behaviors and provides evidence for the positive impact of environmental attitudes and mindfulness on occupant behaviors. The author provide a new approach for CRE managers, which may improve occupant behaviors.
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Umeh, Obinna Lawrence, and Al-ameen Ayoade Okonu. "Real estate performance in Nigeria pension fund." Journal of Property Investment & Finance 36, no. 5 (August 6, 2018): 454–65. http://dx.doi.org/10.1108/jpif-02-2018-0009.
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Purpose The purpose of this paper is to examine the contribution of real estate to the performance of mixed-asset portfolio of Nigeria Pension Fund with a view to providing a guide on investment decision making for institutional investors and portfolio managers. Design/methodology/approach Data on capital value were collected from the quarterly and annual reports of Nigeria Pension Commission over a period of ten (2007–2016) years, and the data were analyzed using descriptive statistics. Findings The findings show that there is diversification benefit resulting from integrating real estate to other assets of the Nigeria Pension Fund, and that the fund’s portfolio performed better when real estate is integrated in the mixed-asset portfolio. Practical implications Investment portfolio managers can benefit from the findings of this study by making investment decisions that are performance-driven. The study will serve as a guide in making investment decisions on mixed-asset portfolio of institutional investors other than pension funds. Originality/value There is no known paper on the contribution of real estate in the performance of asset portfolio of the Nigeria Pension Fund.
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Carn, Neil, Roy Black, and Joseph Rabianski. "Operational and Organizational Issues Facing Corporate Real Estate Executives and Managers." Journal of Real Estate Research 17, no. 3 (January 1, 1999): 281–99. http://dx.doi.org/10.1080/10835547.1999.12090980.
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Carlsen, Jesper. "RECRUITMENT AND TRAINING OF ROMAN ESTATE MANAGERS IN A COMPARATIVE PERSPECTIVE." Bulletin of the Institute of Classical Studies 53, Supplement_109 (July 1, 2010): 75–90. http://dx.doi.org/10.1111/j.2041-5370.2010.tb00102.x.
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Wu, Zhong-Huan, and Hong-jie Chen. "The Influence of E-Marketing on Performance of Real Estate Enterprises: Based on Super-Efficiency DEA and Grey Entropy Methods." Mathematical Problems in Engineering 2021 (August 2, 2021): 1–11. http://dx.doi.org/10.1155/2021/7502676.
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E-marketing is an important tool for real estate enterprises. We evaluate 3 online marketing channels of 44 Chinese real estate companies. Super-efficiency DEA and grey entropy methods are applied to analyse the influence of E-marketing on the performance of real estate enterprises. We find that E-marketing will affect the business performance of real estate companies. Real estate company managers should adopt more strategies to improve corporate performance.
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Jasimin, Tuti Haryati, and Muhammad Faris Nordin. "An Exploratory Survey on the Adoption of Blockchain Technology in Streamlining Malaysia Real Estate During Covid-19 Pandemic." International Journal of Built Environment and Sustainability 9, no. 2-2 (July 14, 2022): 103–15. http://dx.doi.org/10.11113/ijbes.v9.n2-2.1030.
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The global pandemic outbreak of Covid-19 and the restrictions on movement have created an unprecedented crisis for the real estate industry with mounting pressure including on property management. The higher-than-normal occupancy and load especially on strata residential buildings during the movement control order (MCO) leads to a more crucial task for property managers to ensure that every part of the building was in good working order. A high transmissible virus poses various challenges in property managers’ jobs including maintenance, inspections, viewing, and marketing the property. Accordingly, the pandemic has created a greater sense of urgency than before for real estate companies to increase technology usage by having an automated real estate record involving the buying or selling process. This study aims to explore the potential opportunities of blockchain adoption in the real estate management process. The objectives of this study are: i) to investigate the challenges of real estate managers in managing the real estate during the pandemic; ii) to study the benefits of blockchain technology adoption in the real estate management process, and (iii) to examine the opportunities of blockchain to enhance in streamlining the real estate management process. This research engages with the qualitative nature of the research strategy due to the explorative character by conducting the unstructured interview with the real estate players involved in managing the properties. All the collected materials have been transcribed and categorized to ensure that they could be analysed through NVivo, a qualitative data analysis programme. The expected outcome of this study will provide scientific evidence on the readiness of the Malaysian real estate industry to embrace technology by digitalizing the property management which is in line with the vision of the government to ensure Malaysia makes the Digital Leap into the Fourth Industrial Revolution (IR 4.0)
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Min, Seong Hun. "Comparison of Fund Managers’ Perception and Behavior toward Real Estate Investment Risk Factors." Korea Real Estate Institute 32, no. 3 (September 30, 2022): 39–51. http://dx.doi.org/10.35136/krer.32.3.3.
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The role of fund managers in the real estate market with asymmetric information is critical. They connect investors to assets and set the consensus on the risk-return profile of real estate investment. This study compares real estate fund managers’ perception and behavior toward risk factors in real estate investment to investigate their rationality. An AHP based on a survey measures perception, and a regression analysis on risk premiums calculated from target returns and risk free rates estimates behavior.
The AHP results show that the investment position is perceived as the most important risk factor, followed by region, sector, timing, and lease condition in that order. Other factors, such as fund size, number of properties, property area, and investment vehicle type, are not perceived as important. The regression analysis yields somewhat similar results. The most important factor raising the risk premium is the investment position, followed by region, timing, property area, and the number of properties in that order. Other factors such as lease condition, investment vehicle type, fund size, and sector are insignificant. Comparing the two results, we can determine that the perception and behavior of fund managers are consistent. The consistency is more noticeable among key risk factors.
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Nase, Ilir, and Monique Arkesteijn. "Corporate real estate strategies and organizational culture." Journal of Corporate Real Estate 20, no. 3 (September 10, 2018): 154–76. http://dx.doi.org/10.1108/jcre-10-2017-0035.
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PurposeThe purpose of this paper is to investigate how strategic corporate real estate (CRE) management varies across different types of organizational culture. Additionally, the authors examine how a set of well-established strategies is categorized by CRE executives and investigate whether there have been any changes in priorities of managers’ rating in importance of these strategies compared to a post-GFC study. Design/methodology/approachA wide-scale survey of CRE managers was undertaken in summer 2016. Two key components of the survey are namely importance scoring of CRE strategies after the framework of Gibler and Lindholm (2012) and organizational culture assessment based on the competing values framework of Cameron and Quinn (2006). Analysis of CRE strategy importance is undertaken based on the average score comparison per each cultural family, and additional features are reported based on the industry sector, firm size and CRE department size. Principal component analysis is used to provide statistical evidence on the grouping of CRE strategies by practitioners. FindingsEmpirical evidence points toward a clear division on the organizational culture dimension that differentiates effectiveness criteria of flexibility and discretion from stability and control. More specifically, clan and adhocracy cultural types prioritize employee-centric CRE strategies, whereas hierarchy and market cultures consider “Reducing real estate cost” as their single most influential strategy. Research limitations/implicationsThe competing values framework has been adapted from the original ipsative scoring process to reflect the fact that only one respondent per firm assesses their organization’s culture. Practical implicationsThe findings of this study are useful to CRE managers striving for maximum strategic fit within their firms as they unveil clear patterns of CRE strategy prioritization among different organizational culture types. Originality/valueTo the authors’ best knowledge, this is the first study that analyzes the inter-relationships among CRE strategies and organizational culture variations. Additionally, the paper provides a categorization of CRE strategies through statistical methods that follow a clear pattern based on the scope of each strategy.
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Alves, Letícia Da Costa, Camila Candida Compagnoni dos Reis, Matheus Fernando Moro, Sandrine De Almeida Flores, and Andreas Dittmar Weise. "A INFLUÊNCIA DA FORMAÇÃO DOS GESTORES IMOBILIÁRIOS NA CONCEPÇÃO DO PLANEJAMENTO ESTRATÉGICO DAS IMOBILIÁRIAS DOS ESTADOS DO SUL DO BRASIL." e-xacta 10, no. 2 (November 30, 2017): 27. http://dx.doi.org/10.18674/exacta.v10i2.1978.
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<p>O planejamento estratégico pode ser definido como uma técnica gerencial que permite ao gestor diagnosticar tanto ameaças quanto oportunidades, minimizando riscos e maximizando os resultados da empresa. Levando em consideração que o gestor age como um importante moderador no processo de planejamento estratégico, este estudo objetiva identificar se o grau de formação do gestor tem alguma influência no perfil da imobiliária, assim como na concepção do planejamento estratégico da mesma. Para tanto, foram enviados 300 questionários para imobiliárias do Sul do Brasil, gerando uma amostra de 60 imobiliárias, os quais tiveram suas respostas avaliadas por meio de tabelas de contingências, cruzando os dados buscando relações entre as respostas. A partir da realização deste estudo observou-se que as características dos gestores, bem como das imobiliárias pesquisadas no Rio Grande do Sul, Santa Catarina e Paraná, podem estar refletindo na concepção sobre o planejamento estratégico. Foi observado que em termos de características, as imobiliárias que seus gestores têm nível de formação compatível com o cargo que ocupam. Estas características podem estar refletindo nos resultados referentes ao planejamento estratégico, sendo que a maioria das imobiliárias faz uso das premissas básicas para implementação, manutenção e controle do planejamento estratégico dentro da organização. Conclui-se que quanto mais capacitados os gestores, maior é o uso do planejamento estratégico no cotidiano de sua rotina.</p><p> </p><p>ABSTRACT</p>Strategic planning can be defined as a managerial technique that allows the manager to diagnose both threats and opportunities, minimizing risks and maximizing company results. Taking into account that the manager acts as an important moderator in the strategic planning process, this study aims to identify if the degree of manager training has any influence on the real estate profile, as well as in the strategic planning conception of the same. To that end, 300 questionnaires were sent to real estate agents in the South of Brazil, generating a sample of 60 real estate agents, which had their answers evaluated through contingency tables, crossing the data seeking relationships between the answers. From this study, it was observed that the characteristics of the managers, as well as of the real estate surveyed in Rio Grande do Sul, Santa Catarina and Paraná, may be reflecting on the concept of strategic planning. It was observed that in terms of characteristics, the real estate agents that their managers have training level compatible with the position they occupy. These characteristics may be reflected in the results related to strategic planning, with most real estate companies making use of the basic premises for implementing, maintaining and controlling strategic planning within the organization. It is concluded that the more trained the managers, the greater the use of strategic planning in the daily routine.
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Li, Deqing Diane, and Kenneth Yung. "International Real Estate Review." International Real Estate Review 7, no. 1 (June 30, 2004): 56–70. http://dx.doi.org/10.53383/100053.
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We examine short interests in equity real estate investment trusts (REITs) between 1994 and 2001. Our results show that only high levels (the 90th percentile) of short interest are associated with significant negative REIT returns as the bearish content of short interest may have been mitigated by the favorable risk characteristics of real estate securities. In addition, the significant negative relationship between short interest and REIT returns applies only to REITs with poor performance. The result implies that the bearish sentiment of short interest could also be mitigated by good REIT managers in a real estate market that is informationally inefficient. The results of a logistic regression model further show that the short selling of REIT shares can be explained by firm-specific factors such as operating efficiency, fundamental value, and liquidity. Given that short interest is not indiscriminately associated with negative REIT returns and that the short positions are firm-specific, the results are consistent with implications that short interests in REITs represent attempts to make short-term profits rather than general bearishness regarding real estate investments.
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McDONAGH, BRIONY A. K. "Women, Enclosure and Estate Improvement in Eighteenth-Century Northamptonshire." Rural History 20, no. 2 (September 10, 2009): 143–62. http://dx.doi.org/10.1017/s0956793309990021.
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AbstractThis paper examines the role of elite women in estate management, enclosure and landscape improvement in eighteenth-century England, a topic which has to date received little in the way of sustained academic consideration. The paper focuses on four women who took control of sizeable Northamptonshire estates in the 1760s and early 1770s, and demonstrates that these women were active as both managers and innovators. In examining the women's involvement in estate management, the paper explores a series of important questions about women's place in the history of parliamentary enclosure and landscape improvement, as well as women's role in eighteenth-century society more generally.
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Wang, Chongyu, Jeffrey P. Cohen, and John L. Glascock. "International Real Estate Review." International Real Estate Review 22, no. 4 (December 31, 2019): 535–70. http://dx.doi.org/10.53383/100290.
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The question of whether REITs compete for scarce capital across geographic space is deserving of attention. In this study, we consider the issue of spatial competition among REITs across U.S. states in terms of the degree of interdependence in financial capital demand. First, we motivate the issue with a theoretical model of cost minimization by using a representative REIT in a given U.S. state and demonstrate that a priori, it is unclear whether the capital demand of a REIT depends on that of the REITs in other states. Then we use spatial econometrics techniques and find empirically that REITs compete for financial capital with REITs in other states. We also find evidence of feedback (or indirect) effects, thus implying amplified crowding out of financial capital when other REITs in nearby states increase financial capital demand. Our findings are aligned with the predation hypothesis, which suggests that REIT managers might exploit the financial distress of neighboring REITs and/or investors as an opportunity to steal their market share. Another key contribution of this study is that we focus on capital liquidity as opposed to stock liquidity.
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Ostańska, Anna. "Monitoring the resident’s needs: input for the pre-construction stage of rehabilitation projects." Przegląd Naukowy Inżynieria i Kształtowanie Środowiska 28, no. 3 (September 19, 2019): 383–93. http://dx.doi.org/10.22630/pniks.2019.28.3.36.
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The task of maintaining Polish prefabricated housing stock is a challenge due to its scale. These assets are still nearly 50% of the multi-family houses in use. They are in good technical condition. To define the objectives and scope of improvements, the manager needs to account for not only technical merits but also the user/flat owner point of view. As observed in practice, estate managers rarely strive to identify the needs of residents. This study investigates into opinions and needs of inhabitants of a housing estate in Lublin, south-eastern Poland. A series of surveys were carried out at five years intervals to capture their evolution. The questions concerned accessibility, deficiencies in local amenities, the condition of the estate’s infrastructure, buildings and flats, and opinions on priorities of improvement measures. The survey results are intended as input for planning the modernization of the estate.
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Read, Dustin C., and Andrew Carswell. "Is property management viewed as a value-added service?" Property Management 37, no. 2 (April 15, 2019): 262–74. http://dx.doi.org/10.1108/pm-05-2018-0034.
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PurposeThe purpose of this paper is to examine the perspectives of real estate executives to assess the extent to which property management is viewed as a commodity or as a value-added professional service contributing positively to investment performance and property value maximization.Design/methodology/approachThe qualitative analysis draws on the result of 93 semi-structured interviews conducted with executives employed by some of the largest real estate investment management and service firms across the USA.FindingsThe findings suggest that significant perceptual cleavages exist in the real estate industry, with some executives believing property managers are incredibly important to the value creation process and others believing they play a much more modest role.Practical implicationsThe results highlight the need for the property management industry as whole to continue its efforts to gain recognition as a value-added professional service and for individual property management companies to actively take steps to differentiate themselves from competitors if they hope to avoid commodification and fee compression.Originality/valueThe study is the first to the authors’ knowledge to examine real estate executives’ perspectives about the roles property managers play in the value creation process, as well as their views about whether property managers have the skills and autonomy required to make value accretive decisions.
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French, Nick. "Decision theory and real estate investment: an analysis of the decision-making processes of real estate investment fund managers." Managerial and Decision Economics 22, no. 7 (2001): 399–410. http://dx.doi.org/10.1002/mde.1029.
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Zeng, B., and G. P. Edwards. "Perceptions of pastoralists and conservation reserve managers on managing feral camels and their impacts." Rangeland Journal 32, no. 1 (2010): 63. http://dx.doi.org/10.1071/rj09036.
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The perceptions of people living within the current range of feral camels and involved in the pastoral industry and conservation reserve management were assessed through a questionnaire survey. The survey was designed to gauge understanding about the distribution and abundance of feral camels, perspective on camel impacts, and attitudes towards different camel management options. Camels occurred on 74.2% of pastoral properties and 51.4% of reserves that were surveyed. Camels were reported to be increasing on more than 50% of pastoral properties and 88% of reserves and were reported to cause damage on most properties where they occurred. The total monetary value of this damage (including management to mitigate it) was estimated to be $7.15 million per annum on the pastoral estate and $0.37 million per annum across the conservation estate within or on the margins of the camel range. On the pastoral estate, ~$2.40 million of the damage per annum was to infrastructure whereas production losses amounted to $3.42 million per annum. A minority of pastoral properties and reserves reported tangible benefits that accrued from selling camels, eating camels and using camels for natural resource management activities including weed control. The monetary value of the benefit was estimated to be about $0.58 million per annum across the pastoral estate, compared with ~$34 379 per annum across the conservation estate. Pastoralists and reserve managers generally saw a need to control camels and their impacts and currently play an active role in this regard. Both landholder groups favoured culling and commercial use to manage camel impacts but were comfortable using all of the available approaches and willing to consider new ones.
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Harris, Rob, and Howard Cooke. "Is corporate real estate at a crossroads?" Journal of Corporate Real Estate 16, no. 4 (November 4, 2014): 275–89. http://dx.doi.org/10.1108/jcre-06-2014-0018.
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Purpose – The purpose of this article is to provide an overview of the way that corporate real estate (CRE) has developed in the UK since the early 1990s. Design/methodology/approach – Review of how various professional bodies, occupiers and landlords have responded to the changing business and workplace environment. Findings – CRE managers and the professional bodies that represent them are at a crossroads. Whilst the business world has evolved since 1990, the CRE sector has not and faces the prospect becoming purely a technical rather than a strategic subject. Originality/value – A review of what has happened and not new research.
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Wong, Wong Weng, and Wejendra Reddy. "International Real Estate Review." International Real Estate Review 21, no. 1 (March 31, 2018): 41–70. http://dx.doi.org/10.53383/100254.
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This study explores the sensitivity of the performance of Australian real estate investment trusts (A-REITs) to changes in short and long term interest rates. Based on the intertemporal capital asset pricing model in Merton (1973), we propose an asset pricing model that consists of market returns, macroeconomic indicators, and short and long term interest rates. The effect of market capitalisation is also explored. High debt funds show greater sensitivity to adverse movements in long term interest rates compared to low debt funds. This suggests that gearing levels play a significant role in the returns generating process. All size based portfolios exhibit strong exposure to market risk with medium size A-REITs displaying greater sensitivity to movements in both short and long term interest rates. Although market risk became a stronger driver of returns during the Global Financial Crisis (GFC), the impact was less prominent post-GFC possibly due to already low levels of interest which created an environment of cheap credit. The implications for asset allocation strategies are that portfolio managers and other investors can reduce exposure to interest rate risk by selecting funds with less leverage and are large in size. High debt funds benefit more during periods of low interest but this may be offset when there is a corresponding increase in long term interest rates.
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Mulli, Brian Kitheka, and Mr Samson Kaplelach. "FIXED COSTS AND THE DEVELOPMENT OF REAL ESTATE IN MOMBASA COUNTY, KENYA." International Journal of Finance and Accounting 2, no. 6 (December 7, 2017): 51. http://dx.doi.org/10.47604/ijfa.551.
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Purpose: The main purpose of this study was to examine how fixed costs affect developments of real estate in Mombasa County, Kenya.
Methodology: The study adopted the explanatory research design. The target population was the real estate developing firms in Mombasa County Kenya. According to Kenya Statistical Abstracts Issues, there are 25 Property development companies in Mombasa County, Kenya. Sample size comprised of 25 finance managers and 25 marketing managers from the real estate development firms. The study used questionnaires to collect the required data. Descriptive statistics was used mainly to summarize the data. SPSS was used for analysing complex data. The descriptive analysis involved the use cross tabulation and frequency distribution tables. Regression analysis was used to establish the relationship between the independent and dependent variables.
Results: The study findings revealed that there was a positive association between financing costs, legal costs, labour costs and administrative costs and the development of real estate in Mombasa County. The study results finally indicate that only labor cost had a significant influence on the development of real estate
Policy recommendation: The study recommends that there is a need for the government to come up with policies that will reduce the cost of labour in real estate; this will help in improving the development of real estate generally and attractive to investors
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Boakye-Agyeman, Naana Amakie, and John Tiah Bugri. "Strategic corporate real estate management practice in Ghana." Property Management 37, no. 3 (June 17, 2019): 432–49. http://dx.doi.org/10.1108/pm-04-2018-0025.
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Purpose The success of every business depends to a large extent on its corporate real estate (CRE), given that, it is the physical assets that support its operations. To achieve this success, organizations must adopt a strategic approach to CRE management. The purpose of this paper is to examine the extent of adoption of strategic corporate real estate management (SCREM) practice in Ghana based on the views of CRE managers. Design/methodology/approach The embedded mixed method approach was adopted for the study. In total, 72 CRE managers were selected from 35 institutions in 5 sectors (tertiary education, health, banking, security and service industry) where real estate is a requirement for accreditation using a multi-stage sampling technique. Findings An analysis of the existing practices underpinning SCREM in Ghana showed that SCREM has not been adopted completely in Ghanaian institutions. No organization has a complete systematic structure in place for SCREM as the practice is evolving. This finding correlates the global trend that CRE is not strategically managed like other corporate resources. Practical implications Current SCREM practices in Ghana, as divulged by this research, provide useful insight into the current status quo of SCREM and what must be done to ensure that CRE achieves its attribute of value adding. Originality/value The paper outlines the elements of SCREM practice, adding to the limited literature on the practice in Ghana and worldwide. It also sets the stage for further research in SCREM practice and CRE performance.
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Canelas, Patrícia, and Mike Raco. "The work that place does: The London Landed Estates and a curatorial approach to estate management." European Urban and Regional Studies 28, no. 3 (March 17, 2021): 263–81. http://dx.doi.org/10.1177/0969776421999764.
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Writings on urban development and planning in Europe have been dominated by a combination of technical studies of the real estate sector and more structural political economy approaches on land expropriation and financialisation. In this paper we draw on the example of the London Landed Estates, to critically assess how land-owning real estate companies, that we call city-owners, perform their roles and what models and knowledge sources they draw upon in managing and carefully curating urban spaces and places. Data sources include interviews with estate managers, others involved in, or affected by, their management, and other corporate public information. Our theoretical framing draws on performativity theory that we see as a valuable addition to existing research approaches. We describe and analyse the ways these agencies construct narratives and practices of socially responsible and historically established forms of performance, that they label place stewardship, and the specific mechanisms they use to bring places into existence. Collectively, the discussion calls for an increased focus on how models abstracted from local context and politics can be ‘localised’, in the study of the governance of the built environment. Greater attention also needs to be paid to the work that place does in influencing the strategies, tactics and activities of property owners.
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Konno, Yukiko, and Yuki Itoh. "Why do listed companies delist themselves voluntarily?" Journal of Financial Management of Property and Construction 23, no. 2 (August 6, 2018): 152–69. http://dx.doi.org/10.1108/jfmpc-02-2017-0006.
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Purpose This study aims to analyse, from a corporate finance and governance perspective, the reasons why managers decide to delist their companies from a stock exchange. On the basis of the five hypotheses of voluntary delisting, this study examines why listed companies delist themselves voluntarily in the construction and real estate sectors. Design/methodology/approach By using actual data to examine contractors and real estate companies listed on the Tokyo Stock Exchange between 2004 and 2014, this study analyses whether these companies delist themselves voluntarily. The pooled binary logit model is used as the statistical method. Findings In both the construction and real estate sectors, the concentration of shareholders has a significantly positive effect on voluntary delisting, thus supporting the transfer of wealth effect hypothesis. In construction, market capitalisation has a significantly negative effect on voluntary delisting, thus supporting the maintenance cost reduction hypothesis. In the real estate sector, the ratio of market capitalisation to total assets has a significantly negative effect on voluntary delisting, thus supporting the undervalue elimination hypothesis. Originality/value By comparing the construction and real estate sectors, this study reveals both unique and common reasons for voluntary delisting in each sector. It also offers valuable insights to managers, regulators setting standards in securities markets and investors.
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Andrew, Anthony, and Michael Pitt. "The development of facilities and estate management in the Scottish central government civil estate 1989-2015." Journal of Facilities Management 14, no. 2 (May 3, 2016): 179–87. http://dx.doi.org/10.1108/jfm-10-2015-0032.
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Purpose The paper aims to examine how Scottish facility and estate managers have developed estates and facilities management strategies to ensure that the Scottish government civil estate has remained fit for purpose in a period of rapid social, economic and technological change, and political development covering the devolution period. Design/methodology/approach This paper examines the development of the policy frameworks within which facility mangers have worked and how they have adapted the asset portfolio to meet the demands of modern working practices and the budgetary disciplines resulting from economic change. Findings The period 1989-2015 has shown major changes. It commenced with a highly centralised model driven by the Whitehall Department of the Treasury and run by the Property Services Agency. Just before and during devolution, there was administrative decentralisation of activity to agencies and non-departmental public bodies, and this was reflected in decentralised property management first to departments and then to the agencies and non-departmental public bodies. During this time, profound changes occurred in working practices, e-mail, e-records, mobile telephones and open-plan layouts; remote working changed the ways buildings were used. Public sector property was used to promote distribution of jobs to outer areas. Towards the latter end of the period from 2008 onwards, the economic difficulties have led to acute budget pressures, and from 2011 onwards, there has been a trend both in Whitehall, and the Scottish devolved administration towards greater corporate management of the estate to drive down costs and promote more modern ways of working which may lead to a model similar to the one which prevailed at the start of the period. Research limitations/implications The paper explains the development of the management framework and changes on the estate itself to inform the debate between policymakers, academic researchers and FM practitioners interested in the efficient use of central government assets. Practical implications The paper will help academics and practitioners understand the historic context within which they are working. Social implications The paper indicates how the Scottish Government has adapted its property assets to meet the needs of users. Originality/value The paper is an historic exposition of how public sector facility managers have adapted the management of the Scottish Government estate in Scotland to meet the needs of central government staff and the public to whom it provides wider services and considers how this illuminates wider FM issues.
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Boakye-Agyeman, Naana Amakie, John Tiah Bugri, and Frank Gyamfi-Yeboah. "Challenges of strategic corporate real estate management in Ghana." Property Management 40, no. 2 (October 6, 2021): 265–84. http://dx.doi.org/10.1108/pm-10-2020-0065.
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PurposeResearch shows that strategic corporate real estate management (SCREM) practice contributes to organizational performance. However, globally, SCREM practice is hindered by numerous challenges especially in developing countries such as Ghana. This study examines the challenges of SCREM practice in Ghana from business and corporate real estate managers’ perspectives.Design/methodology/approachA mixed-method design was adopted for the study. The largely quantitative study was supported with qualitative data. The multi-stage sampling technique was used to select respondents from 35 institutions in five sectors. The relative importance index, consensus/agreement framework and Mann–Whitney U test were used for analysis.FindingsAnalysis revealed that there is latent resistance to the provision of CRE policy, adequate authority and resources as well as resistance to change in organizational culture for the adoption of SCREM practice. The CRE management function is thus not well integrated into corporate activities. It is seen as a non-core organizational function merely providing physical space and support services.Practical implicationsThe research has identified the challenges of SCREM and how these could be addressed to ensure that CRE is managed strategically to contribute effectively to organizational performance.Originality/valueThe paper is the first to identify the challenges of SCREM practice from business and CRE managers’ perspective in five sectors in Ghana, thus contributing to the limited literature on the subject globally.
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Vu, Joseph. "Real Estate Asset Allocation and the Decisionmaking Framework Used by Pension Fund Managers." CFA Digest 28, no. 2 (May 1998): 43–44. http://dx.doi.org/10.2469/dig.v28.n2.267.
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Rodriguez, Javier. "A Critical Look at the Forecasting Ability of Real Estate Mutual Fund Managers." Journal of Real Estate Portfolio Management 13, no. 2 (January 1, 2007): 99–106. http://dx.doi.org/10.1080/10835547.2007.12089767.
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Worzala, Elaine, and Vickie Bajtelsmit. "Real Estate Asset Allocation and the Decisionmaking Framework Used by Pension Fund Managers." Journal of Real Estate Portfolio Management 3, no. 1 (January 1, 1997): 47–56. http://dx.doi.org/10.1080/10835547.1997.12089539.
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Arkesteijn, Monique, Ruud Binnekamp, and Hans De Jonge. "Improving decision making in CRE alignment, by using a preference-based accommodation strategy design approach." Journal of Corporate Real Estate 19, no. 4 (November 13, 2017): 239–64. http://dx.doi.org/10.1108/jcre-10-2016-0033.
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Purpose One of the long-standing issues in the field of corporate real estate management is the alignment of an organisation’s real estate to its corporate strategy. To date, 14 models for corporate real estate (CRE) alignment have been made, as well as four comparative studies about CRE alignment. Some of the CRE alignment models indicate that they strive for maximum or optimum added value. However, because most models take a so-called procedural rationality approach, where the focus is not on the content of the decision but on the way that the decision is made, “how a CRE manager can select an (optimum) alternative” stays a black box. The purpose of this paper is to open the black box and offer a Preference-based Accommodation Strategy (PAS) design procedure that enables CRE managers to design a real estate portfolio, makes use of scales for direct measurement of added value/preference, and allows the aggregation of individual ratings into an overall performance rating. This procedure can be used as add-on to existing alignment models. Design/methodology/approach The objective of this paper is to test if participants are able to successfully perform the PAS procedure in practice. The PAS procedure is in essence a design methodology that aims to solve strategic portfolio design/decision-making problems. In accordance with problem-solving methodology, mathematical models are made for two pilot studies at the Delft University of Technology. This paper describes a second test of the proposed procedure for designing a real estate strategy. The application of real estate strategy design methods in practice is very context-dependent. Applying the PAS procedure to multiple context-dependent cases yields more valuable results than just applying it to one case. Findings The PAS design procedure enables CRE managers to select the (optimal) solution and thereby enhances CRE decision-making. The pilot study results reveal that, by completing the steps in the PAS procedure, the participants are able to express their preferences accordingly. They designed an alternative portfolio with substantially more added value, i.e. a higher overall preference score, than their current real estate portfolio. In addition, they evaluated the design method positively. Research limitations/implications The positive results suggest that designing a strategy by using the PAS design procedure is a suitable approach to alignment. Practical implications The PAS design procedure enables CRE managers to determine the added value of a real estate strategy and quickly and iteratively design many alternatives. Moreover, the PAS design method is generic, it can be used for a wide range of real estate portfolio types. Originality/value The PAS procedure is original because it considers CRE alignment as a combined design and decision problem. The use of operational design and problem-solving methodologies along with an iterative procedure, instead of empirical/statistical methods and procedures, is a novel approach to CRE alignment. The PAS procedure is tested in a second pilot study to provide an assessment of the methodology through the study by testing it under different conditions to the first study. The novelty of this pilot is also that it allowed testing the procedure in its purest form, as the problem structure did not require the additional use of linear programming.
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Gray, Anne. "Care in the community or care of the community? Some reflections on the role of support services in retirement housing." Housing, Care and Support 17, no. 2 (June 10, 2014): 75–83. http://dx.doi.org/10.1108/hcs-03-2014-0007.
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Purpose – The purpose of this paper is to enquire how housing providers can facilitate a “social scene” which helps residents to bond together and which indirectly can generate both mutual aid and a collective voice. Design/methodology/approach – The study of 16 retirement housing schemes (including social rented, extra care and leasehold), involved focus groups engaging altogether 130 residents, interviews with estate managers and a postal survey with 120 respondents across eight estates. Findings – The findings highlight an important “community development” role for existing on-site managers and the risk that a move to floating support means losing this function. They illustrate the obstacles faced by retirement housing residents in developing collective social activities or a participatory voice in management. This paper is one of several ongoing and planned outputs of the study covering different aspects of the findings. Research limitations/implications – The initial study reported here is largely based on residents’ views. A follow-up survey of over 400 estate managers is now in progress. Social implications – The findings offer warnings about the potential and limitations of self-managed housing for the older old, and the dangers of replacing on-site staff by floating support. Originality/value – The research fills a gap in previous work on sheltered housing by focusing on the community rather than the individual resident. It will inform planning of housing support models to build and sustain social capital in elders’ housing schemes.
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Read, Dustin C., Erin Hopkins, and Rosemary Carruci Goss. "Working effectively with asset managers and institutional groups." Property Management 34, no. 4 (August 15, 2016): 280–96. http://dx.doi.org/10.1108/pm-07-2015-0031.
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Purpose – The purpose of this paper is to examine how property management firms are responding to the demands of asset managers and institutional real estate owners to address potential sources of conflict related to fee structures, reporting requirements and incongruent managerial philosophies. Design/methodology/approach – Interviews conducted with executives representing 25 of the largest apartment management firms in the USA are used to complete the analysis. Findings – Many of the apartment management firms represented in the sample are embracing incentive-based fee structures and a la carte service offerings as a means of aligning their interests with those of the asset managers and institutional clients they represent. A number of these firms are additionally incorporating new technologies and training procedures into their operating platforms to facilitate customization and responsiveness throughout the reporting process. Respondents also noted their firms are becoming more selective about who they work with and more willing to walk away from business opportunities when managerial philosophies conflicts. Research limitations/implications – The characteristics of the population from which the sample is drawn limit the generalizability of the results to large property management firms operating in the multifamily housing industry. Nonetheless, the best practices put forth by those participating in the study are anticipated to have relevance to a wide variety of real estate practitioners. Practical implications – The analysis links theory to practice by considering how apartment managers are evolving in response to the institutionalization of the multifamily housing industry. Originality/value – This paper is the first to the authors’ knowledge to examine apartment managers’ perceptions about the challenges associated with representing institutional clients.