Residential real estate education and globalisation in Australian real estate markets and practices

The purpose of this scoping paper is to offer an overview of the literature to determine the development to date in the area of residential real estate agency academic and career education in respect to Foreign Direct Investment (FDI) transactions and implications in Australia. This paper will review studies on the issue of foreign real estate ownership and FDI in Australian real estate markets to develop an understanding of the current state of knowledge on residential real estate agency practice, career education and real estate licensing requirements in Australia. The distinction between the real estate profession education, compared to other professions such as accounting, legal and finance is based on the intensity of the professional career training prior or post formal academic training. Real estate education could be carried out with relatively higher standards in terms of licensing requirement, career and academic education. As FDI in the Australian real estate market is a complex globalisation and economic phenomenon, a simple content of residential real estate training and education may not promote proper management or capacity in dealing with relevant foreign residential property market transaction. The preliminary summarising from the literature of residential real estate agency education, with its current relevant or emerging licensing requirement are focused on its role and effectiveness and impact in residential real estate market. Particular focus will be directed to the FDI relevant residential real estate agency transactions and practices, which have been strongly influenced by the current residential real estate market and agency practices. Taken together, there are many opportunities for future research to extend our understanding and improving the residential real estate agency education and training of Foreign Direct Investment in the Australian residential real estate sector.

Students’ views on the incorporation of commercial awareness in real estate education

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

Playing Monopoly™ with real estate students

This paper outlines the results from a study into the educational use of the board game Monopoly City™ in a first year real estate unit. This game play was introduced as a fun and interactive way of achieving a number of desired outcomes including: introduction of foundational threshold concepts in real estate education; introduction of problem solving and critical analysis skills; early acculturation of real estate students to enhance student retention; early team building within the student cohort; and enhanced engagement of first year students and, all in an engaging and entertaining way. Results from this two-stage research project are encouraging. The students participating in this project have demonstrated explicit linkages between their Monopoly City™ experiences and foundation urban economic and valuation theories. Students are also recognising the role strategy and chance play in the real estate sector. Findings from this project and key success factors are presented.

Real estate employability : differing perceptions of graduates from undergraduate and postgraduate courses

Purpose – Employability is likely to be at the forefront of any degree applicant's mind in England and Wales due to an impending large increase in the cost of tuition. The purpose of this paper is to report the findings of a Centre for Education in the Built Environment-funded project which has investigated real estate graduate competencies and employability. The paper concentrates on significant differences in emphasis by graduates from undergraduate (UG) and postgraduate (PG) courses.

Design/methodology/approach – Following an extensive literature review, 72 competencies have been identified and the Confederation of British Industry classification of knowledge, skills and attributes has been adopted. An online survey of 639 graduates (half UG and half PG) asked respondents to complete five-point Likert attitude scales to rate how their course enabled development of the 72 competencies. Themes developed from the results of the questionnaire study have been explored in greater detail with five real estate education providers and the human resource managers of four large London employers.

Findings – Rather surprisingly, UGs rated their gaining of the vast majority of the competencies more highly than PGs. This finding seems to be at odds with the impression given by the educators and employers, both of whom perceive a preference for the greater maturity and commercial awareness of graduates from PG courses.

Originality/value – Real estate course providers can use the results of this study to ensure that their programmes of study adequately address what is likely to become the crucial factor in the choice of any future programme of study – employability.

Commercial awareness in real estate courses

 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.
Keywords UK, Curriculum development, Commercial awareness, Curriculum enhancement,
Real estate education
Paper type Research paper

Real Estate Case Competitions

Real Estate is by nature a hands-on business in which real-world experience and new challenges are the best teacher. With this in mind, graduate real estate education has embraced case competitions as a way to apply education-based learning to real world project simulation. In recent years, teams from Cornell have consistently stood out in these competitions, making impressions and forming relationships that they will carry with them over their careers. In this issue of the Review, we recognize a composite of previous winners of the four major real estate-focused case competitions, and look back on what was a very successful year for case competition teams at Cornell. The case competitions draw students from all the constituent programs of Real Estate at Cornell, including the Baker Program, Johnson Graduate School of Management, City and Regional Planning, Architecture, and Landscape Architecture.

Real estate agents : why is education important?

Real Estate Agency education in Australia has undergone many changes during the last 40 years. This is primarily due to the changing nature of consumer protection provided by government and the expectation of increased fields of knowledge relating to real estate transactions. Each state and territory within Australia has a range of regulatory bodies to oversee consumer protection and the distinct licenses and educational requirements that comprise their regimes. Since the 1970’s minimum educational requirements in New South Wales are prescribed for real estate agency work. However, very little research exists in the Australian literature, where an analysis has been undertaken to evaluate these changes, which includes course content, hours allocated for each subject, assessment criteria for each subject,the educational qualification attained, and the requirement for industry experience as a pre-requisite for licensing approval. It is argued that the change to educational requirements, has impacted negatively for the consumer, with an increase in consumer complaints, particularly during the last 10 years.

Maine occupational staffing for selected nonmanufacturing industries : mining, construction, finance, insurance, and real estate services, except hospitals and education : data for second quarter 1990 /

"Issued July 1992."

Maine occupational staffing for selected nonmanufacturing industries : construction, finance, insurance, and real estate services, except hospitals and education : data for second quarter 1993 /

"Issued December 1994."