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Article
Publication date: 12 August 2014

Joanna Poon and Michael Brownlow

The purpose of this paper is to review how real estate students perceive and define commercial awareness, which is one of the most important employability skills. This paper also…

1174

Abstract

Purpose –

The purpose of this paper is to review how real estate students perceive and define commercial awareness, which is one of the most important employability skills. This paper also examines students’ perceptions about how their courses support and develop their commercial awareness. In addition, it compares students’ and academics’ views on commercial awareness and identifies whether there are any gaps.

Design/methodology/approach

This paper presents the research findings of a questionnaire survey and e-mail discussions with students who are currently studying Royal Institution of Chartered Surveyors (RICS)-accredited real estate courses in the UK. The questionnaire aimed to gather students’ views on the definitions and components of commercial awareness and identify what skills and attributes are required for its development. It also evaluates how commercial awareness has been embedded in the real estate courses. The aim of each discussion was to gain deeper insight on how components of commercial awareness are embedded in real estate courses, and 17 discussions were conducted. The contents of the e-mail discussions were analysed and similar themes were identified and coded. The frequency of the answer in the questionnaire and comments from interviewees is presented. The findings from students’ views have been compared to published research reporting UK RICS-accredited real estate course providers’ views on commercial awareness. In addition to descriptive statistics, Fisher's exact test was used to identify the statistical significance between the academics’ and students’ views on commercial awareness.

Findings

The UK real estate students agreed that the most important definition of commercial awareness is a “person's ability to understand the economics of business”. They agreed that “financial” component is the most important component of commercial awareness and it is the largest portion of their courses. The most important skill and attribute for commercial awareness development are “critical thinking” and “ability and willingness to update professional knowledge”, respectively. Although the descriptive analysis shows students and academics have different views on the definition and components of commercial awareness and its incorporation within real estate courses, the Fisher exact test shows that only a few elements are different enough to be statistically significant. This analysis shows that while students and academics have slightly different views on commercial awareness they are not very different. Commercial awareness is an important employability skill, thus, it is still necessary for real estate academics to re-visit the curriculum and to ensure learning outcomes related to commercial awareness have been clearly explained and communicated to students. Furthermore, it is vital for students to obtain practical experience in order to fully develop their commercial awareness.

Originality/value

This paper is a pioneer study focused on reviewing real estate students’ views on commercial awareness, including identifying its definition, components and evaluating the extent to which commercial awareness has been embedded in their courses. It also identifies the skills and attributes that students thought were required for the development of commercial awareness. Furthermore, it discusses students’ preferred ways of enhancing their commercial awareness as part of the course they are studying. It is the first study identifying the statistical difference between students’ and academics’ views on commercial awareness. The understanding of students’ views on commercial awareness, their preferred delivery method and the divergence between students’ and academics’ views on commercial awareness can provide useful insights for course directors on the development and renewal of real estate course curriculum.

Details

Property Management, vol. 32 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 1 October 2002

Kenneth V. Henderson and Lary B. Cowart

The real estate industry is an e‐commerce anomaly. Although the overall growth of ecommerce is driven by the business‐to‐business sector, the majority of real estate e‐commerce is…

2774

Abstract

The real estate industry is an e‐commerce anomaly. Although the overall growth of ecommerce is driven by the business‐to‐business sector, the majority of real estate e‐commerce is derived from its retail‐oriented residential sector. This study examines the structure of residential and commercial real estate websites, with the goal of determining whether some patterns of content might increase the quality and quantity of information available to buyers and sellers thereby contributing to the disparity between residential and commercial real estate e‐commerce growth. The results of the research show residential real estate websites offer richer informational content than commercial real estate websites. No significant differences are found for the user friendliness and functionality (ie ancillary services) provided by residential and commercial real estate websites.

Details

Journal of Corporate Real Estate, vol. 4 no. 4
Type: Research Article
ISSN: 1463-001X

Keywords

Article
Publication date: 14 June 2019

Tanu Aggarwal and Priya Solomon

The purpose of this paper is to examine the impact of residential and commercial loans on total real estate sector loans by using partial least square–structured equation…

Abstract

Purpose

The purpose of this paper is to examine the impact of residential and commercial loans on total real estate sector loans by using partial least square–structured equation modelling (PL–SEM) method. The residential loans as a mediator have been used to know the mediation effect between commercial and total real estate loans of banks in India. The residential loans as a mediator govern the relationship between commercial loans and total real estate loans in India. Real estate sector development is a lucrative opportunity for India. The real estate sector plays a major role in shaping economic conditions of the individuals, firms and family.

Design/methodology/approach

The research is descriptive in nature. The study on residential loans, commercial loans and total real estate loans has been taken into consideration, and on the other hand the measurement and structural model have been employed to the study the impact of residential loans and commercial loans on total real estate loans in India by using PL–SEM. The residential loans as a mediator have been taken to study the mediation effect of the relationship between commercial loans and total real estate loans in India.

Findings

The outcome of the structural model that is bootstrapping technique shows that there is an impact of residential and commercial loans by public and private sector banks on total real estate sector development in India. The residential loans show the full mediation effect between commercial loans and total real estate loans as the value of variation accounted for (VAF) is more than 1.93 which shows residential loans govern the nature of variable between commercial loans and total real estate loans.

Practical implications

The public and private sector banks are contributing to the real estate sector development in India which increases the economic growth of the country. The mediation analysis shows that residential loans are an important aspect between commercial and total real estate loans in India as the demand for residential housing is more in India. The increasing role of banks in the real estate sector strengthens the financial capability in the real estate sector market, and the property buyers will able to purchase more property which leads to increasing demand for real estate sector.

Originality/value

The research paper is original, and PL–SEM has been used to find the results.

Details

Journal of Property Investment & Finance, vol. 37 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 22 March 2022

N. Kundan Kishor

This study aims to know to what extent do the commercial and residential estate markets move together in different economies? Do the shocks originating in one of these markets…

Abstract

Purpose

This study aims to know to what extent do the commercial and residential estate markets move together in different economies? Do the shocks originating in one of these markets spillover to the other markets?

Design/methodology/approach

The authors apply a modified version of the dynamic factor model to commercial and residential real estate prices in the Euro area, Hong Kong, Singapore and the USA. This modified dynamic factor model decomposes price growth in these two real estate markets into common, spillover and idiosyncratic components.

Findings

The results show significant heterogeneity in the relative importance of different components in the evolution of commercial and residential price growth across different economies. The findings suggest that the spillover from the residential to commercial real estate market dominates the spillover from the commercial to real estate market for all the economies in our sample. The authors also find that the common component accounts for a large fraction of the price movements in the residential markets in the European Union (EU) area and the USA, whereas spillover and common components together explain more than two-thirds of the variations in Hong Kong and Singapore. The results suggest that the role of spillover from one market to another increased significantly during the financial crisis of 2008–2009.

Originality/value

This paper contributes to the existing literature on how the transmission of shocks takes place across commercial and residential real estate markets. The transmission of shocks can take place in two directions in the proposed framework. There may be a direct spillover from a shock from one market to another. This corresponds to a shock to the idiosyncratic component affecting the other idiosyncratic component. In this paper, the authors are mainly interested in indirect spillover where the shock would transmit from the idiosyncratic factor to the common factor, and then from the common factor to the other idiosyncratic factor.

Details

Journal of European Real Estate Research, vol. 15 no. 3
Type: Research Article
ISSN: 1753-9269

Keywords

Article
Publication date: 11 February 2014

Joanna Poon

The purpose of this paper is to evaluate how and to what extent commercial awareness is embedded within the curriculum of the UK Royal Institution of Chartered Surveyors…

1990

Abstract

Purpose

The purpose of this paper is to evaluate how and to what extent commercial awareness is embedded within the curriculum of the UK Royal Institution of Chartered Surveyors (RICS)-accredited real estate courses. It also discusses the development of commercial awareness taxonomy.

Design/methodology/approach

This paper presents the research findings of questionnaire survey and interviews with RICS-accredited real estate course providers in the UK. The questionnaire aimed to gather course directors’ views on the definitions and components of commercial awareness and identify what skills and attributes are required for its development. It also evaluated how commercial awareness has been embedded in the real estate courses. The aim of the interview was to gain deeper insight on how components of commercial awareness are embedded in real estate courses and nine interviews were conducted. The interviews were recorded, transcribed and coded to identify similar themes. The frequency of the answer in the questionnaire and comments from interviewees is presented.

Findings

The UK real estate academics agreed the most important definition of commercial awareness as that of a “person's ability on understanding of the economics of business”. They agreed that “strategic” is the most important component for commercial awareness, followed with “financial” and “process”. However, the “financial” component is embedded the most in the curriculum. The most important skill and attribute for commercial awareness development are “ability to define and solve problems” and “ability and willingness to update professional knowledge”, respectively. Commercial awareness was embedded in the overall curriculum and the key element for developing it is through having “practical experience”.

Originality/value

This project is the first to conduct an in-depth analysis of commercial awareness in real estate education. It also develops the pioneer commercial awareness taxonomy.

Details

Property Management, vol. 32 no. 1
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 1 September 2000

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management…

27410

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Details

Facilities, vol. 18 no. 9
Type: Research Article
ISSN: 0263-2772

Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…

18562

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Structural Survey, vol. 19 no. 3
Type: Research Article
ISSN: 0263-080X

Article
Publication date: 1 March 2000

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17;…

23727

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.

Details

Property Management, vol. 18 no. 3
Type: Research Article
ISSN: 0263-7472

Article
Publication date: 1 September 2001

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management…

14757

Abstract

Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Facilities, vol. 19 no. 9
Type: Research Article
ISSN: 0263-2772

Article
Publication date: 1 March 2001

K.G.B. Bakewell

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…

14367

Abstract

Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.

Details

Property Management, vol. 19 no. 3
Type: Research Article
ISSN: 0263-7472

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