Challenges and Strategy in Real Estate

Course Code

RESTRAT822

Program or Programs for which course is part

Master in Real Estate (MRE) Executive Master in Real Estate (E-MRE) Master in Real Estate and Finance (MRE(Fin)) Executive Master in Real Estate and Finance (E-MRE(Fin)) Master in Real Estate and Finance (MRE (Fin)) Semester Abroad Master in Real Estate and International Business (MRE-IntBus) Master in Real Estate and Marketing (MRE-Mkt) Master in Real Estate and Project Management (MRE-PM)

Level (I, H, or M)

M

Number of Credits

This course carries a weight of 20 credits of the Homburg Academy, which is equal to 10 ECTS (European Credit Transfer System credits).

Learning Time This course requires approximately 200 hours of learning time. This includes all taught and supervised classes and all private study and research.

Stage (I or II, where applicable)

Stage I

Is this Course Core, Specialist or Elective

Elective for all programs.

Courses that are pre-requisite or co-requisite

None

Name of Course Convenor

Mr John Hughes

Position

Adjunct Professor of Real Estate

Email address

jhughes@hemson.com

Brief Course Summary

There are important and interesting challenges facing the Real Estate firm in the contemporary period. Some of these arise from the rapid pace of change in the strategic environment; some other challenges are structural, for instance arising from the internationalisation of business strategy, new environmental concerns, or generational pressures for use of property. There are both challenges and opportunities in the current environment. The scope of this course is to enable students to differentiate between the short-term effects and the longer-term causes of change in the strategic landscape for the Real Estate firm. The course selects and identifies six major challenges and opportunities, and leads students through an exploration of the constellation of issues around each. The task of academic analysis is to simplify a complex reality, and to make intelligible through systematic analysis what might appear as 'mess' in the roar of the media or of daily business life. In addition to exposing students to the empirical issues, the course enables students to build analytical skills through establishing criteria for selection (what is important, and to whom, and why?) and criteria for analysis (what is important in this issue?) and to develop the skills for developing a conceptual framework for analysis (how to best approach and analyse the issue and from what perspective?)

Course Objectives The objects of the course are both to map out major challenges in the strategic landscape, to enable students to build a toolbox for the analysis of those issues, as well as the transferable skills to apply those tools to other situations as they arise. The learning objectives for this course are: 1. To enable students to scope a problem, and to differentiate between a short-term effect from a

longer-term cause; 2. To introduce students to some of the major strategic concerns in the business landscape of the Real

Estate firm; 3. To enable students to appreciate the complexity of the issues that surround a strategic concern; 4. To enable students to demonstrate an ability to approach a complex problem analytically, using

methodologies for social science analysis; 5. To develop the transferable skills that will enable students to apply conceptual analysis to a range of

situations.

These specific learning outcomes contribute to achieving the learning outcomes of the relevant programs by demonstrating knowledge of the following (mapped to the Program Specification): A. Advanced knowledge and understanding of: 12.A.1. Business strategy in Real Estate and how subject-specific knowledge of different disciplines can be drawn upon to assist strategic business decisions as these relate to the process of Real Estate

acquisition, development, management, and the divestiture of Real Estate assets and holdings; 12.A.2: The highly inter-disciplinary nature of Real Estate as a subject of study, and be able to identify the special characteristics of each discipline as they relate to different practices in Real Estate; 12.A.3: The need for sustainable development and the means of gaining sustainability throughout the process of development from planning to design; 12.A.4: How to apply general theoretical and conceptual frameworks to the analysis of specific issues; B. Intellectual skills: 12.B.1: Develop general research skills, especially bibliographic and computing skills in finding, selecting, and analysing materials for the independent project; 12.B.2: Learn to gather, organise and deploy evidence, data and information from a variety of secondary and some primary sources; 12.B.4: Learn to identify, investigate, analyse, formulate and advocate solutions to problems; 12.B.5: Develop problem solving skills, including the ability to identify and define problems, and to establish strategies for dealing with them including criteria for success, mapping optimum and alternative solutions, and exercising critical judgement to discriminate between the ranges of alternatives; 12.B.6: Synthesise relevant information and exercise critical judgement in the development of reasoned arguments; 12.B.7: Enable students to reflect upon and manage their own learning, and seek to make use of constructive feedback from staff and peers to enhance their performance and personal skills. C. Subject-Specific Skills 12.C.1: Understand the importance, role, and impact of property and the built environment in a wide range of facets of modern society;

12.C.2: Understand the development process as one that is inherently interdisciplinary, and draws, in different stages of the development process, or cycle in the business strategy, on different kinds of knowledge and understanding and different forms of subject specific skills;

12.C.3: Be able to discriminate between forms of knowledge and be able to draw selectively and appropriately on them;

12.C.4: Develop good understanding of the ethical issues in the Real Estate industry, including issues of

sustainability, and environmental responsibility;

D. Transferable skills: 12.D.1: Develop autonomy in learning, work independently demonstrating initiative and self organisation; 12.D.2:. Work co-operatively on group tasks, understand how groups function, collaborate with others and contribute effectively to the achievement of common goals; 12.D.3: Use communication and information technology for the retrieval and presentation of information, in the form of prose or numeracy as appropriate; 12.D.4: Develop communication skills, both orally and in writing. Communicate clear, succinct, analytical ideas; 12.D.5: Prepare and deliver oral presentations individually and as part of a group.

List of Lecture Topics

1. Introduction to Appraisal 2. Data Collection and Analysis 3. Cost Analysis 4. Sales Comparison Analysis 5. Income Capitalisation Analysis 6. Reconciliation and Reporting 7. Appraisal Specialities 8. Emerging Issues 9. Case Studies 10. Conclusion

Learning and Teaching Methods Achievement of learning outcomes: the learning outcomes for this course are achieved through student participation in lectures (compulsory), in their active participation in seminars (compulsory), and in their fulfilment of the assessed elements (compulsory). This is a ten week course that is offered entirely online. In each week there is a lecture presentation for approximately one hour, plus an interactive seminar discussion for approximately one hour. Lecture presentations led by the course professor. The lectures are designed to introduce key issues in real estate, and to guide students through a critical analysis of the impact of these on the real estate industry. The lectures contribute to the achievement of learning outcomes by enabling students to

frame issues, to structure the analysis of problems, and to formulate approaches to analysing them. Seminar Discussions are led by students under guidance of the course professor. The seminar is the opportunity for students to gain clarification of the lecture material and the reading materials. Also, through these guided discussions, it is intended that students will gain a comprehensive understanding by linking lectures, independent reading and class discussion, enabling students to apply concepts, theories, and methods to the practice of real estate appraisal. Through dialogue, interaction, cooperation, and confrontation, students learn to formulate, structure, and defend their perspectives. Independent Study: students are expected to read the stipulated text for each lecture and seminar session, as well as to read more widely in recommended texts for this course. Additionally, students are expected to conduct independent research for their contribution to seminar discussions, and for their research project. Learning outcomes for independent study are achieved through students’ own reading, research and preparation, seminar presentations, and in their research project.

Indicative Reading List The course draws upon a range of readings and case materials as appropriate to the subjects under investigation from time to time.

Method of Assessment (and how the chosen method of assessment is related to learning outcomes) Students will be assessed on the basis of a research project, and contributions to class discussions (participation). The research project provides students with an opportunity to focus in depth on a research question and undertake a structured investigation, analysis and reasoned argumentation. This enables students to demonstrate acquired knowledge and understanding of the key concepts, display an ability to find organise and use information, and interpret this material in a creative fashion. Students will have the opportunity to bring to bear competing explanations and positions to a coherent argument that demonstrates their ability to reflect critically on their own work. Contributions to class discussions (participation) provides students with an opportunity to demonstrate their preparation for class, through presentations designed to lead discussion and to engage debates and other issues in a scholarly manner.

Summary of Assessed Elements, and Percentage Weight of Each Element

Research Project 85%

Class Participation 15%