PurposeInvestors often utilize brokers to assist them in property acquisitions. These brokers are compensated through a cooperative commission, or bonus, that is publicized on the listing service. The purpose of this paper is to determine the relationship between advertised compensation packages and selling price, time-on-market and listing characteristics.Design/methodology/approachTo examine variables likely to influence earnings of the buyers' broker, this study utilizes multiple and logistic regressions. Given the range of prices found in the 196,276 listings, the data was sorted on listing price and then split into ten, approximately equal, deciles.FindingsThe explanatory power of models with cooperative commission as the dependent variable was highest in the lowest deciles with type of financing, size and distressed status being highly significant. When comparing list- to selling price the average was 96.1%. As cooperative commission increased, the higher priced parcels sold at a higher price relative to list price. This potentially justifies higher cooperative commissions or exemplifies the principal-agent problem where effort is based on potential earnings. Fixed bonuses were used predominately for parcels under $62,234, likely to provide a minimum earnings amount. However, surrounding the median, it seems they may differentiate a property.Practical implicationsThis research provides insight for practitioners on the impact of different variables, including cooperative commissions, on sale price and time-on-market. For example, cooperative commission increased for properties in the outer deciles implying that agents may be compensating for suspected difficulty. Additionally, the seasonality findings imply that agents can determine when to list and when to provide a fixed bonus to solicit attention. Results also suggest that practitioners will find it beneficial to market at an appropriate price rather than list high to create negotiating room.Originality/valueThis paper follows only one paper that covered a similar topic. However, this paper uses twenty years of multi-unit property listings from a major US city from 1996 to 2015. The focus on multi-unit properties is an effort to focus on a more sophisticated group of buyers that may be more experienced and make decisions more rationally.
{"title":"Examining potential biases related to brokers' cooperative commission in multi-unit residential investments","authors":"David Rodriguez","doi":"10.1108/pm-06-2021-0045","DOIUrl":"https://doi.org/10.1108/pm-06-2021-0045","url":null,"abstract":"PurposeInvestors often utilize brokers to assist them in property acquisitions. These brokers are compensated through a cooperative commission, or bonus, that is publicized on the listing service. The purpose of this paper is to determine the relationship between advertised compensation packages and selling price, time-on-market and listing characteristics.Design/methodology/approachTo examine variables likely to influence earnings of the buyers' broker, this study utilizes multiple and logistic regressions. Given the range of prices found in the 196,276 listings, the data was sorted on listing price and then split into ten, approximately equal, deciles.FindingsThe explanatory power of models with cooperative commission as the dependent variable was highest in the lowest deciles with type of financing, size and distressed status being highly significant. When comparing list- to selling price the average was 96.1%. As cooperative commission increased, the higher priced parcels sold at a higher price relative to list price. This potentially justifies higher cooperative commissions or exemplifies the principal-agent problem where effort is based on potential earnings. Fixed bonuses were used predominately for parcels under $62,234, likely to provide a minimum earnings amount. However, surrounding the median, it seems they may differentiate a property.Practical implicationsThis research provides insight for practitioners on the impact of different variables, including cooperative commissions, on sale price and time-on-market. For example, cooperative commission increased for properties in the outer deciles implying that agents may be compensating for suspected difficulty. Additionally, the seasonality findings imply that agents can determine when to list and when to provide a fixed bonus to solicit attention. Results also suggest that practitioners will find it beneficial to market at an appropriate price rather than list high to create negotiating room.Originality/valueThis paper follows only one paper that covered a similar topic. However, this paper uses twenty years of multi-unit property listings from a major US city from 1996 to 2015. The focus on multi-unit properties is an effort to focus on a more sophisticated group of buyers that may be more experienced and make decisions more rationally.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47751821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
PurposeThere are a plethora of putative influencing variables available in the literature for modelling real estate prices using AI. Their choice tends to differ from one researcher to the other, consequently leading to subjectivity in the selection process. Thus, there is a need to seek the viewpoint of practitioners on the applicability and level of significance of these academically established variables.Design/methodology/approachUsing the Delphi technique, this study collated and structured the 35 underlying micro- and macroeconomic parameters derived from literature and eight variables suggested by 11 selected real estate experts. The experts ranked these variables in order of influence using a seven-point Likert scale with a reasonable consensus during the fourth round (Kendall's W = 0.7418).FindingsThe study discovered that 16 variables are very influential with seven being extremely influential. These extremely influential variables include flexibility, adaptability of design, accessibility to the building, the size of office spaces, quality of construction, state of repairs, expected capital growth and proximity to volatile areas.Practical implicationsThe results of this study improve the quality of data available to valuers towards a fortified price prediction for investors, and thereby, restoring the valuers' credibility and integrity.Originality/valueThe “volatility level of an area”, which was revealed as a distinct factor in the survey is used to add to current knowledge concerning office price. Hence, this study offers real estate practitioners and researchers valuable knowledge on the critical variables that must be considered in AI-based price modelling.
目的:文献中有大量假定的影响变量可用于使用人工智能对房地产价格进行建模。他们的选择往往因研究者而异，从而导致选择过程中的主观性。因此，有必要寻求实践者对这些学术上建立的变量的适用性和重要程度的看法。采用德尔菲法，本研究整理并构建了35个微观和宏观经济参数，这些参数来源于文献和11位选定的房地产专家建议的8个变量。在第四轮中，专家们使用七点李克特量表(Kendall's W = 0.7418)将这些变量按影响顺序排序。研究发现16个变量非常有影响力，其中7个非常有影响力。这些极具影响力的变量包括灵活性、设计适应性、建筑的可达性、办公空间的大小、建筑质量、维修状况、预期资本增长以及与动荡地区的接近程度。实际意义本研究的结果提高了估价师可获得的数据质量，为投资者提供了一个强化的价格预测，从而恢复了估价师的信誉和诚信。原创性/价值“一个地区的波动水平”，在调查中被揭示为一个独特的因素，用于增加当前有关写字楼价格的知识。因此，本研究为房地产从业者和研究人员提供了在基于人工智能的价格建模中必须考虑的关键变量的宝贵知识。
{"title":"An analysis of the determinants of office real estate price modelling in Nigeria: using a Delphi approach","authors":"A. A. Yakub, K. Achu, H. Ali, Rohaya Abdul Jalil","doi":"10.1108/pm-08-2021-0060","DOIUrl":"https://doi.org/10.1108/pm-08-2021-0060","url":null,"abstract":"PurposeThere are a plethora of putative influencing variables available in the literature for modelling real estate prices using AI. Their choice tends to differ from one researcher to the other, consequently leading to subjectivity in the selection process. Thus, there is a need to seek the viewpoint of practitioners on the applicability and level of significance of these academically established variables.Design/methodology/approachUsing the Delphi technique, this study collated and structured the 35 underlying micro- and macroeconomic parameters derived from literature and eight variables suggested by 11 selected real estate experts. The experts ranked these variables in order of influence using a seven-point Likert scale with a reasonable consensus during the fourth round (Kendall's W = 0.7418).FindingsThe study discovered that 16 variables are very influential with seven being extremely influential. These extremely influential variables include flexibility, adaptability of design, accessibility to the building, the size of office spaces, quality of construction, state of repairs, expected capital growth and proximity to volatile areas.Practical implicationsThe results of this study improve the quality of data available to valuers towards a fortified price prediction for investors, and thereby, restoring the valuers' credibility and integrity.Originality/valueThe “volatility level of an area”, which was revealed as a distinct factor in the survey is used to add to current knowledge concerning office price. Hence, this study offers real estate practitioners and researchers valuable knowledge on the critical variables that must be considered in AI-based price modelling.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-04-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47081259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Andrew Ebekozien, M. S. Samsurijan, C. Aigbavboa, E. Awe, G. C. Amadi, Faith Ebekozien Emuchay
PurposeProcurement management in infrastructure development has gained considerable attention in developing countries. It is because of the success in the developed nations. Studies have shown that Nigeria's infrastructure development needs far exceed its current provision. Also, studies are scarce to reveal whether procurement management has been successful in infrastructure development projects in Nigeria. Therefore, this paper investigated the root cause of the perceived encumbrances impeding procurement management in infrastructure development projects and proffered policy measures to improve future Nigeria's infrastructure development.Design/methodology/approachData were collected via unexplored exploratory virtual interviews and selected cases from secondary sources. The engaged construction and engineering consultants have been involved in the procurement management of infrastructure projects in Nigeria. Thematic analysis was adopted to analyse the collected data.FindingsThe root causes of the pitfalls that emerged from the study include lack of competition and transparency, embezzlement and mismanagement of public funds, snail speed bureaucracy and bottleneck and lack of skills and knowledge. Others are collusion/bid-rigging/price-fixing/cartel formation, corruption, lack of professionalism, unbridled politicking, embezzlement and mismanagement of public funds, incompetence of tender boards, lack of patriotism to national service and lack of government organisations’ procurement capacity.Research limitations/implicationsThis paper is restricted to unravelling the encumbrances in procurement management of Nigeria's infrastructure development projects. Future research is desirable to adopt a quantitative approach for more extensive coverage and validate findings from this paper.Practical implicationsThe paper findings, including those learnt from each case study evaluated, would undoubtedly influence policymakers and construction and engineering practitioners on the key strategies to employ in implementing future procurement management in Nigeria's infrastructure development projects.Originality/valueThis paper would assist policymakers and other stakeholders desirous of improved infrastructure to focus their priorities in mitigating the identified root cause hindering procurement management in Nigeria's infrastructure management.
{"title":"Unravelling the encumbrances in procurement management of Nigeria's infrastructure development: pitfalls and prospects of projects","authors":"Andrew Ebekozien, M. S. Samsurijan, C. Aigbavboa, E. Awe, G. C. Amadi, Faith Ebekozien Emuchay","doi":"10.1108/pm-11-2021-0103","DOIUrl":"https://doi.org/10.1108/pm-11-2021-0103","url":null,"abstract":"PurposeProcurement management in infrastructure development has gained considerable attention in developing countries. It is because of the success in the developed nations. Studies have shown that Nigeria's infrastructure development needs far exceed its current provision. Also, studies are scarce to reveal whether procurement management has been successful in infrastructure development projects in Nigeria. Therefore, this paper investigated the root cause of the perceived encumbrances impeding procurement management in infrastructure development projects and proffered policy measures to improve future Nigeria's infrastructure development.Design/methodology/approachData were collected via unexplored exploratory virtual interviews and selected cases from secondary sources. The engaged construction and engineering consultants have been involved in the procurement management of infrastructure projects in Nigeria. Thematic analysis was adopted to analyse the collected data.FindingsThe root causes of the pitfalls that emerged from the study include lack of competition and transparency, embezzlement and mismanagement of public funds, snail speed bureaucracy and bottleneck and lack of skills and knowledge. Others are collusion/bid-rigging/price-fixing/cartel formation, corruption, lack of professionalism, unbridled politicking, embezzlement and mismanagement of public funds, incompetence of tender boards, lack of patriotism to national service and lack of government organisations’ procurement capacity.Research limitations/implicationsThis paper is restricted to unravelling the encumbrances in procurement management of Nigeria's infrastructure development projects. Future research is desirable to adopt a quantitative approach for more extensive coverage and validate findings from this paper.Practical implicationsThe paper findings, including those learnt from each case study evaluated, would undoubtedly influence policymakers and construction and engineering practitioners on the key strategies to employ in implementing future procurement management in Nigeria's infrastructure development projects.Originality/valueThis paper would assist policymakers and other stakeholders desirous of improved infrastructure to focus their priorities in mitigating the identified root cause hindering procurement management in Nigeria's infrastructure management.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43157835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
PurposeThe paper utilises formality-informality modelling to examine occupational change, using commercial service charge management as its case study.Design/methodology/approachThis is a conceptual paper that develops a typology for applying formalisation to occupational change and then utilises historiography to generate a narrative on the evolution of service charge management.FindingsFormality is seen as a method of improving transparency and performance as a “modern” response to a range complaints about professional performance. Whilst real improvement failed to develop, a “snowball” of continued formalisation remained the perceived solution, leading to centralisation of measures of professional performance.Research limitations/implicationsThe work is a conceptual paper that develops a historiography on the development of service charge administrative practice. Whilst it relies on objective data and secondary literature, the narrative that is developed is subjective and interpretive.Originality/valueThe conceptual nature of the work offers potential insights into occupational organisation. It suggests that formalising procedures in itself does not improve performance.
{"title":"Formality and informality and the generation of occupational performance: a case study on the commercial service charge","authors":"T. Eccles","doi":"10.1108/pm-01-2021-0006","DOIUrl":"https://doi.org/10.1108/pm-01-2021-0006","url":null,"abstract":"PurposeThe paper utilises formality-informality modelling to examine occupational change, using commercial service charge management as its case study.Design/methodology/approachThis is a conceptual paper that develops a typology for applying formalisation to occupational change and then utilises historiography to generate a narrative on the evolution of service charge management.FindingsFormality is seen as a method of improving transparency and performance as a “modern” response to a range complaints about professional performance. Whilst real improvement failed to develop, a “snowball” of continued formalisation remained the perceived solution, leading to centralisation of measures of professional performance.Research limitations/implicationsThe work is a conceptual paper that develops a historiography on the development of service charge administrative practice. Whilst it relies on objective data and secondary literature, the narrative that is developed is subjective and interpretive.Originality/valueThe conceptual nature of the work offers potential insights into occupational organisation. It suggests that formalising procedures in itself does not improve performance.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42347712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
PurposeThe purpose of this study was to explore the effect of emotional intelligence (EI) on the performance of real estate agents in Prishtina, Kosovo. The study also investigated the relationship of each dimension of emotional intelligence with the real estate agent's performance (REAP) in Prishtina, which is the city with the largest number of real estate agents in Kosovo.Design/methodology/approachThe present study used quantitative research with the questionnaire used as a research instrument. The questionnaire survey was conducted with 78 real estate agents in Prishtina, Kosovo. The sampling method used in this research was random sampling.FindingsThe findings of this study indicated that emotional intelligence has a significant impact on the job performance of real estate agents. The study also found that relationship management (RM) and social awareness (SOA) have a strong effect on real estate agents' performance, whereas self-awareness (SA) does not seem to have any statistically significant explanatory power over REAP.Research limitations/implicationsThis study can be utilized as a landmark for agents of real estate on understanding how the agents can use emotional intelligence in agents' favor by pointing out the prominence of EI in realizing the needs and desires of the potential buyers and the influence EI has on the decision to buy property. Furthermore, through this study, the real estate agencies will be provided with multiple reasons that substantiate the necessity to hire emotionally trained agents, and besides professional preparation, the companies must provide employees with behavioral training.Originality/valueThe present study is the first quantification of the impact of emotional intelligence and dimensions of emotional intelligence on the performance of Prishtina's real estate agents.
{"title":"The role of emotional intelligence on the performance of real estate agents in Prishtina, Kosovo","authors":"Visar Hoxha, Emblema Zeqiraj","doi":"10.1108/pm-08-2021-0057","DOIUrl":"https://doi.org/10.1108/pm-08-2021-0057","url":null,"abstract":"PurposeThe purpose of this study was to explore the effect of emotional intelligence (EI) on the performance of real estate agents in Prishtina, Kosovo. The study also investigated the relationship of each dimension of emotional intelligence with the real estate agent's performance (REAP) in Prishtina, which is the city with the largest number of real estate agents in Kosovo.Design/methodology/approachThe present study used quantitative research with the questionnaire used as a research instrument. The questionnaire survey was conducted with 78 real estate agents in Prishtina, Kosovo. The sampling method used in this research was random sampling.FindingsThe findings of this study indicated that emotional intelligence has a significant impact on the job performance of real estate agents. The study also found that relationship management (RM) and social awareness (SOA) have a strong effect on real estate agents' performance, whereas self-awareness (SA) does not seem to have any statistically significant explanatory power over REAP.Research limitations/implicationsThis study can be utilized as a landmark for agents of real estate on understanding how the agents can use emotional intelligence in agents' favor by pointing out the prominence of EI in realizing the needs and desires of the potential buyers and the influence EI has on the decision to buy property. Furthermore, through this study, the real estate agencies will be provided with multiple reasons that substantiate the necessity to hire emotionally trained agents, and besides professional preparation, the companies must provide employees with behavioral training.Originality/valueThe present study is the first quantification of the impact of emotional intelligence and dimensions of emotional intelligence on the performance of Prishtina's real estate agents.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43185186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Deborah Monisola Olawuni, A. Adegoke, O. Ogunba, J. Gbadegesin, D. O. Balogun, Ibukunola Victoria Omogbehinwa
PurposeThe Land Use Act of 1978 is a promoter of land occupation regardless of gender. However, the marginalisation of women in the occupation of land remains a serious concern. Hence, this study explored the inhibitors to women's right to occupy land in the Ajebamidele Community in Ile-Ife with a view to supporting the need for the proper implementation of land regulations.Design/methodology/approachThe data for the study were elicited from 13 women who were purposively selected. With the aid of Atlas.ti software, the study took a phenomenological approach to the analysis of the data obtained during structured interviews with the respondents.FindingsThe results revealed the factors inhibiting women's right to occupy land were unavailability of finance, education status/awareness, intrapersonal factor, custom and tradition, mode of acquisition and socio-economic characteristics.Practical implicationsLike their male counterparts, the role that women play in national development are significant. As such, the findings of this study will assist the government in the formulation of policy for the proper implementation of the current land policies and regulations.Originality/valueOnly a few attempts have been made to study the inhibitors to women's right to occupy land using the qualitative approach in emerging economies.
{"title":"Inhibitors to women's right to the occupation of land: a closer look at Ajebamidele Community in Ile-Ife, Nigeria","authors":"Deborah Monisola Olawuni, A. Adegoke, O. Ogunba, J. Gbadegesin, D. O. Balogun, Ibukunola Victoria Omogbehinwa","doi":"10.1108/pm-06-2021-0047","DOIUrl":"https://doi.org/10.1108/pm-06-2021-0047","url":null,"abstract":"PurposeThe Land Use Act of 1978 is a promoter of land occupation regardless of gender. However, the marginalisation of women in the occupation of land remains a serious concern. Hence, this study explored the inhibitors to women's right to occupy land in the Ajebamidele Community in Ile-Ife with a view to supporting the need for the proper implementation of land regulations.Design/methodology/approachThe data for the study were elicited from 13 women who were purposively selected. With the aid of Atlas.ti software, the study took a phenomenological approach to the analysis of the data obtained during structured interviews with the respondents.FindingsThe results revealed the factors inhibiting women's right to occupy land were unavailability of finance, education status/awareness, intrapersonal factor, custom and tradition, mode of acquisition and socio-economic characteristics.Practical implicationsLike their male counterparts, the role that women play in national development are significant. As such, the findings of this study will assist the government in the formulation of policy for the proper implementation of the current land policies and regulations.Originality/valueOnly a few attempts have been made to study the inhibitors to women's right to occupy land using the qualitative approach in emerging economies.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42899383","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
PurposeThis paper brings up the regulatory environment for valuation and estate agency practices in Kenya. Its main purpose is to assess the regulatory institutions to determine whether consumers of real estate services are protected from risks in the property market and to compare Kenya's situation to other markets in the world.Design/methodology/approachThis is a qualitative study of institutions including bodies and laws that are involved in the regulation of valuation and estate agency practices in Kenya, using document analysis method. The roles of professional body, the Institution of Surveyors of Kenya and the registration bodies, the Valuers Registration Board and the Estate Agency Registration Boards and attendant statutes, the Valuers Act and the Estate Agents Act are reviewed to gain insights into the regulation practice in Kenya. Benchmarking is done using regulatory practices in the United Kingdom and the USA.FindingsConcerning valuation, Kenya uses a hybrid system combining the United Kingdom's self-regulation approach and the USA's state regulation approach. The co-regulation approach is working well for valuation practice in Kenya. On the other hand, the regulatory system for estate agents is weak because of limited powers of enforcement, thereby allowing an unknown number of agents to practise outside the regulatory framework.Originality/valueThe paper is unique in its subject matter as it evaluates the external organization (regulatory) environment of professional services firms (PSFs) in the real estate market. Existing studies have been done mainly by management scholars focussing on the internal organization environment of PSFs in general. Secondly, the study brings up to the international audience the regulatory system and practice in the real estate professional services market. This has not been done for Kenya and perhaps for many other countries. Lastly, it makes a novel recommendation that emphasis should be placed on registration and regulation of PSFs rather than individual practitioners to enhance quality in the provision of services where real estate agency is concerned.
{"title":"The regulatory environment of real estate professional services firms (PSFs) in Kenya","authors":"O. A. K’Akumu","doi":"10.1108/pm-07-2021-0055","DOIUrl":"https://doi.org/10.1108/pm-07-2021-0055","url":null,"abstract":"PurposeThis paper brings up the regulatory environment for valuation and estate agency practices in Kenya. Its main purpose is to assess the regulatory institutions to determine whether consumers of real estate services are protected from risks in the property market and to compare Kenya's situation to other markets in the world.Design/methodology/approachThis is a qualitative study of institutions including bodies and laws that are involved in the regulation of valuation and estate agency practices in Kenya, using document analysis method. The roles of professional body, the Institution of Surveyors of Kenya and the registration bodies, the Valuers Registration Board and the Estate Agency Registration Boards and attendant statutes, the Valuers Act and the Estate Agents Act are reviewed to gain insights into the regulation practice in Kenya. Benchmarking is done using regulatory practices in the United Kingdom and the USA.FindingsConcerning valuation, Kenya uses a hybrid system combining the United Kingdom's self-regulation approach and the USA's state regulation approach. The co-regulation approach is working well for valuation practice in Kenya. On the other hand, the regulatory system for estate agents is weak because of limited powers of enforcement, thereby allowing an unknown number of agents to practise outside the regulatory framework.Originality/valueThe paper is unique in its subject matter as it evaluates the external organization (regulatory) environment of professional services firms (PSFs) in the real estate market. Existing studies have been done mainly by management scholars focussing on the internal organization environment of PSFs in general. Secondly, the study brings up to the international audience the regulatory system and practice in the real estate professional services market. This has not been done for Kenya and perhaps for many other countries. Lastly, it makes a novel recommendation that emphasis should be placed on registration and regulation of PSFs rather than individual practitioners to enhance quality in the provision of services where real estate agency is concerned.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45103491","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
PurposeThis paper aims to construct rental housing indices and identify market segmentation for more effective property-management strategies.Design/methodology/approachThe hedonic model was employed to construct the rental indices. Using the k-means++ and REDCAP (Regionalisation with Dynamically Constrained Agglomerative Clustering and Partitioning) approaches, the authors conducted clustering analysis and identified different market segmentation. The empirical study relied on the database of 80,212 actual rental transactions in Beijing, China, spanning 2016–2018.FindingsRental housing market segmentation may distribute across administrative boundaries. Properly segmented indices could provide a better account for the heterogeneity and spatial continuity of rental housing and as well be crucial for effective property management.Research limitations/implicationsResidential rent might not only vary over space but also interplays with housing price. It would be worth studying how the rental market functions together with the owner-occupied sector in the future.Practical implicationsResidential rental indices are of great importance for policymakers to be able to evaluate housing policies and for property managers to implement competitive strategies in the rental market. Their constructions largely depend on the analysis of market segmentation, a trade-off between housing spatial heterogeneity and continuity.Originality/valueThis paper fills the gap in knowledge concerning segmented rental indices construction, particularly in China. The spatial constrained clustering approach (REDCAP) was also initially introduced to identify regionalised market segmentation due to its superior performance.
{"title":"Constructing segmented rental housing indices: evidence from Beijing, China","authors":"Zisheng Song, Mats Wilhelmsson, Zan Yang","doi":"10.1108/pm-07-2021-0052","DOIUrl":"https://doi.org/10.1108/pm-07-2021-0052","url":null,"abstract":"PurposeThis paper aims to construct rental housing indices and identify market segmentation for more effective property-management strategies.Design/methodology/approachThe hedonic model was employed to construct the rental indices. Using the k-means++ and REDCAP (Regionalisation with Dynamically Constrained Agglomerative Clustering and Partitioning) approaches, the authors conducted clustering analysis and identified different market segmentation. The empirical study relied on the database of 80,212 actual rental transactions in Beijing, China, spanning 2016–2018.FindingsRental housing market segmentation may distribute across administrative boundaries. Properly segmented indices could provide a better account for the heterogeneity and spatial continuity of rental housing and as well be crucial for effective property management.Research limitations/implicationsResidential rent might not only vary over space but also interplays with housing price. It would be worth studying how the rental market functions together with the owner-occupied sector in the future.Practical implicationsResidential rental indices are of great importance for policymakers to be able to evaluate housing policies and for property managers to implement competitive strategies in the rental market. Their constructions largely depend on the analysis of market segmentation, a trade-off between housing spatial heterogeneity and continuity.Originality/valueThis paper fills the gap in knowledge concerning segmented rental indices construction, particularly in China. The spatial constrained clustering approach (REDCAP) was also initially introduced to identify regionalised market segmentation due to its superior performance.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45415568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
PurposeThis article develops a viable means of assessment of the suitability for disposal of hundreds of national government offices in Jakarta as a facet of the relocation of Indonesia's capital from Java to Borneo.Design/methodology/approachA “disposal assessment model”, based on multi-criteria analysis (MCA) and a bespoke model of office adaptation, is constructed and applied to the population of to-be-vacated public office buildings in Jakarta.FindingsIn this initial demonstration mode, the disposal assessment model is tested on a live dataset and found able not only to rank buildings for disposal against stated objectives but also to incorporate more complex variables and lead into other forms of business analysis.Practical implicationsA fit-for-purpose model is shown capable of assisting decision-makers involved in major asset disposal, while also accounting for the stances of project stakeholders.Social implicationsThe model offers the possibility to evaluate and, likely, optimise net social benefit for Jakarta and Indonesia both quantitatively and qualitatively.Originality/valueThe disposal assessment model builds on prior work in operations research and property management to develop a new construct applicable to a novel asset issue of massive proportions.
{"title":"Disposal of government offices in Jakarta pending relocation of the Indonesian capital: an application of multi-criteria analysis","authors":"Raut Bonita, D. Wadley","doi":"10.1108/pm-10-2020-0068","DOIUrl":"https://doi.org/10.1108/pm-10-2020-0068","url":null,"abstract":"PurposeThis article develops a viable means of assessment of the suitability for disposal of hundreds of national government offices in Jakarta as a facet of the relocation of Indonesia's capital from Java to Borneo.Design/methodology/approachA “disposal assessment model”, based on multi-criteria analysis (MCA) and a bespoke model of office adaptation, is constructed and applied to the population of to-be-vacated public office buildings in Jakarta.FindingsIn this initial demonstration mode, the disposal assessment model is tested on a live dataset and found able not only to rank buildings for disposal against stated objectives but also to incorporate more complex variables and lead into other forms of business analysis.Practical implicationsA fit-for-purpose model is shown capable of assisting decision-makers involved in major asset disposal, while also accounting for the stances of project stakeholders.Social implicationsThe model offers the possibility to evaluate and, likely, optimise net social benefit for Jakarta and Indonesia both quantitatively and qualitatively.Originality/valueThe disposal assessment model builds on prior work in operations research and property management to develop a new construct applicable to a novel asset issue of massive proportions.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45851163","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
PurposeKuala Lumpur (KL) emerged as the capital of the newly independent Federation of Malayan States in 1957 with a population of 316,000. Over the next 60 years, the city expanded into a major urban regional conurbation. It now covers an area of 2,790 km2 and has a population of around 7.7 million. In the last two decades, market-driven, fast-track development, underpinned by road infrastructure has accelerated the city's urban transformation. Especially over the last two decades, a spate of urban redevelopments, including commercial and retail complexes, specialised centres, industrial parks, educational complexes and residential estates have transformed the Kuala Lumpur Metropolitan Region (KLMR) beyond recognition. KL is only one example among many of intensive Southeast Asian property-led urban development, fuelled by demographic pressures and global capital inflows that transformed the regional natural and built environments. The purpose of this study is to investigate the influence of globalisation, neoliberalism and property-led development, on the built form and socio-cultural legacies of the KLMR.Design/methodology/approachThe major aim of this study is to determine how neoliberalism and property-led development have impacted the urban form and structure of the KLMR. The methodology applied in this study concentrates mainly on the use of qualitative research methods. The major qualitative research methods include qualitative analysis, field surveys and observations, primary and secondary data collection. The approach in this study is to exemplify the shift from government-sponsored development in the post-independence period to the current globalised-private oriented development.FindingsThe major findings of this research suggest that the global, property-led mode of urban development, whilst superficially successful, undermined traditional and tropical-climate urban landscapes. It also bequeathed many urban or property level problems, including traffic congestion, air pollution, planning governance and building management issues. The paper outlines narratives for a more balanced and sustainable mode of urban development, which is more in tune with local culture and climatic conditions.Originality/valueThis paper provides a deep insight analysis and evaluation of KL's growth from a small town into a global metropolitan region where property-led development dictates the rules and determines the character of the city.
{"title":"Kuala Lumpur–from a tin-mining settlement to a neoliberal stronghold of Southeast Asia","authors":"Marek Kozlowski, Simon Huston, Yusnani Mohd Yusof","doi":"10.1108/pm-03-2021-0020","DOIUrl":"https://doi.org/10.1108/pm-03-2021-0020","url":null,"abstract":"PurposeKuala Lumpur (KL) emerged as the capital of the newly independent Federation of Malayan States in 1957 with a population of 316,000. Over the next 60 years, the city expanded into a major urban regional conurbation. It now covers an area of 2,790 km2 and has a population of around 7.7 million. In the last two decades, market-driven, fast-track development, underpinned by road infrastructure has accelerated the city's urban transformation. Especially over the last two decades, a spate of urban redevelopments, including commercial and retail complexes, specialised centres, industrial parks, educational complexes and residential estates have transformed the Kuala Lumpur Metropolitan Region (KLMR) beyond recognition. KL is only one example among many of intensive Southeast Asian property-led urban development, fuelled by demographic pressures and global capital inflows that transformed the regional natural and built environments. The purpose of this study is to investigate the influence of globalisation, neoliberalism and property-led development, on the built form and socio-cultural legacies of the KLMR.Design/methodology/approachThe major aim of this study is to determine how neoliberalism and property-led development have impacted the urban form and structure of the KLMR. The methodology applied in this study concentrates mainly on the use of qualitative research methods. The major qualitative research methods include qualitative analysis, field surveys and observations, primary and secondary data collection. The approach in this study is to exemplify the shift from government-sponsored development in the post-independence period to the current globalised-private oriented development.FindingsThe major findings of this research suggest that the global, property-led mode of urban development, whilst superficially successful, undermined traditional and tropical-climate urban landscapes. It also bequeathed many urban or property level problems, including traffic congestion, air pollution, planning governance and building management issues. The paper outlines narratives for a more balanced and sustainable mode of urban development, which is more in tune with local culture and climatic conditions.Originality/valueThis paper provides a deep insight analysis and evaluation of KL's growth from a small town into a global metropolitan region where property-led development dictates the rules and determines the character of the city.","PeriodicalId":46102,"journal":{"name":"Property Management","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2022-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43900492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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