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Article
Publication date: 26 August 2020

Dustin C. Read and Danielle Claire Sanderson

Motivated by behavioral theories of the firm, this study aims to consider the extent to which knowledge gaps, organizational inertia and conflicts of interest prevent…

Abstract

Purpose

Motivated by behavioral theories of the firm, this study aims to consider the extent to which knowledge gaps, organizational inertia and conflicts of interest prevent large real estate investment management firms from approaching asset management in a comprehensive manner.

Design/methodology/approach

Results of 93 semi-structured interviews conducted with real estate practitioners working in the USA are thematically analyzed.

Findings

All of the aforementioned factors are found to influence real estate asset management practices and serve as potential obstacles to operational excellence.

Research limitations/implications

The qualitative analysis is limited in the sense that it focuses exclusively on the perceptions of real estate practitioners in the USA who work for relatively large organizations. However, it offers compelling evidence that comprehensive asset management is difficult under the best of circumstances, and becomes even more so in the presence of knowledge gaps, organizational inertia and conflicts of interest.

Practical implications

Those working in asset management or with asset managers must be mindful of the obstacles discussed if they hope to encourage and facilitate process improvement.

Originality/value

The study contributes to a small but growing, body of research examining the challenges large real estate investment management firms face when trying to derive value from their asset management platforms.

Details

Journal of Financial Management of Property and Construction , vol. 26 no. 1
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 17 July 2020

Danielle Claire Sanderson and Dustin C. Read

The purpose of this paper is to increase awareness of the value that can be derived from embracing customer service and ensuring tenant satisfaction.

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Abstract

Purpose

The 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/approach

This 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.

Findings

Three 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 implications

Real 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 implications

The trends identified and practical steps proposed are likely to be all the more relevant in the aftermath of the Covid-19 pandemic.

Originality/value

This 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.

Details

Property Management, vol. 38 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 24 October 2018

Dustin C. Read and Andrew Carswell

The 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…

Abstract

Purpose

The 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/approach

The 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.

Findings

The 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 implications

The 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/value

The 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.

Details

Property Management, vol. 37 no. 2
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 4 December 2017

Dustin C. Read and Drew Sanderford

The purpose of this paper is to examine the development of the Brightwalk community in Charlotte, North Carolina, to explore some of the tradeoffs municipalities make when…

Abstract

Purpose

The purpose of this paper is to examine the development of the Brightwalk community in Charlotte, North Carolina, to explore some of the tradeoffs municipalities make when engaging in public–private partnerships designed to support the production of mixed-income housing in urban neighborhoods.

Design/methodology/approach

The results of a gray literature review and a series of in-depth interviews conducted with real estate practitioners familiar with the transaction are presented to evaluate the impact of market forces on key investment decisions and project outcomes.

Findings

Public–private partnerships formed to support mixed-income housing development can serve as an effective means of revitalizing economically stagnant urban areas and improving the quality of the affordable housing stock, but they do not always provide members of the development team with an equally strong incentive to satisfy the unique demands of low-income populations or ensure they have a seat at the table when development decisions are made.

Originality/value

The originality of the research lies in its focus on a public–private partnership led by a non-profit organization to facilitate the redevelopment of a dilapidated market-rate apartment complex into a revitalized mixed-income community, which may help municipalities evaluate the pros and cons of participating in similar development transactions.

Details

Journal of Place Management and Development, vol. 10 no. 5
Type: Research Article
ISSN: 1753-8335

Keywords

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Article
Publication date: 15 January 2020

Dustin C. Read, Patti J. Fisher and Luke Juran

The purpose of this paper is to explore the perceptions of women working in the commercial real estate industry to assess how they approach mentoring relationships and…

Abstract

Purpose

The purpose of this paper is to explore the perceptions of women working in the commercial real estate industry to assess how they approach mentoring relationships and take steps to maximize the value derived therefrom.

Design/methodology/approach

Through thematic analysis of 39 interviews conducted with women serving as local chapter presidents of CREW Network, the paper offers insights as to how women position themselves to receive mentorship throughout their careers and engage with mentors to address their evolving needs. In particular, three themes of commitment, reciprocity in the mentoring relationship and mentee motivation emerged.

Findings

The results suggest that this is a strategic process and one in which many women are proactively engaging to ascend to leadership positions in the corporate world. While the study is limited to those working in commercial real estate, clear implications exist for other industries.

Originality/value

By identifying and exploring these themes, the paper serves as a starting point for future research considering how women inside and outside of the commercial real estate industry can more strategically pursue mentorship and use it to attain leadership roles.

Details

Leadership & Organization Development Journal, vol. 41 no. 2
Type: Research Article
ISSN: 0143-7739

Keywords

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Article
Publication date: 30 July 2019

Dustin C. Read

In a controversial 2018 interview, commercial real estate mogul Sam Zell insinuated that companies should promote their employees based exclusively on merit and avoid…

Abstract

Purpose

In a controversial 2018 interview, commercial real estate mogul Sam Zell insinuated that companies should promote their employees based exclusively on merit and avoid purposefully taking steps to get “more pussy on the block” in the name of gender equality. The comment was criticized not only for its crassness, but also for its failure to recognize the challenges many women working in the commercial real estate industry face in their efforts to obtain the same opportunities, compensation and status as similarly-qualified men. In an effort to overcome these disparities, the purpose of this paper is to focus on the pervasiveness of second-generation gender bias and stereotyping in the field through a qualitative analysis.

Design/methodology/approach

Semi-structured interviews were conducted with 39 women serving as local chapter presidents of a prominent commercial real estate trade group to explore the impact of gender on their career advancement and their experiences with second-generation gender bias.

Findings

The findings suggest unintentional discrimination often influences women’s careers by drawing their communication skills, professional credibility and commitment to the organizations for whom they work into question.

Originality/value

The research contributes to the existing literature by offering additional evidence that unintentional discrimination is common in male-dominated industries, such as commercial real estate. It also provides clear examples of social cues women perceive to heighten tension along gender lines and impinge upon their ability to ascend to leadership positions.

Details

Property Management, vol. 37 no. 5
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 19 July 2013

Suzanne Leland and Dustin C. Read

The purpose of this paper is to expand the study of representative bureaucracy by exploring attitudes about the use of public funds to support privately‐owned real estate…

Abstract

Purpose

The purpose of this paper is to expand the study of representative bureaucracy by exploring attitudes about the use of public funds to support privately‐owned real estate development projects. Data collected from over 1,400 members of the American Planning Association are used to determine if urban planners' demographic characteristics influence attitudes about public‐private partnerships designed to achieve different policy goals. By examining these linkages, conclusions can be drawn as to whether diversity in the planning profession offers a means of ensuring citizen preferences are taken into account when collaborative arrangements are formed to encourage urban development.

Design/methodology/approach

Ordinal logistic regression models are estimated to determine if the characteristics of urban planners influence perceptions about real estate projects designed to: provide affordable housing; eliminate urban blight; encourage the use of public transportation; prevent urban sprawl; enhance pedestrian mobility; and preserve historic structures.

Findings

Strong support for public‐private partnerships was observed in the sample and demographic characteristics were found to influence attitudes. Minority planners tended to be more supportive of programs designed to provide affordable housing and eliminate blight, while female planners and planners in older age cohorts were more supportive of efforts to rejuvenate urban areas. Political ideology was, however, found to have the most consistent impact on attitudes.

Originality/value

The paper's results suggest diversity in the planning profession offers one means of protecting citizen preferences when public‐private partnerships are formed to encourage urban development. However, the benefits of diversity must be evaluated in conjunction with planners' attitudes about the appropriate role of government in real estate development.

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Article
Publication date: 15 August 2016

Dustin C Read, Erin Hopkins and Rosemary Carruci Goss

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…

Abstract

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.

Details

Property Management, vol. 34 no. 4
Type: Research Article
ISSN: 0263-7472

Keywords

Content available
Article
Publication date: 4 December 2017

Cathy Parker and Gareth Roberts

Downloads
138

Abstract

Details

Journal of Place Management and Development, vol. 10 no. 5
Type: Research Article
ISSN: 1753-8335

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Book part
Publication date: 13 August 2018

Robert L. Dipboye

Abstract

Details

The Emerald Review of Industrial and Organizational Psychology
Type: Book
ISBN: 978-1-78743-786-9

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