Real Estate Graduates Research Articles

Graduate Competency and Employer Satisfaction: A Concern for Employment Sustainability of Nigerian Real Estate Graduates

Graduate Competency and Employer Satisfaction: A Concern for Employment Sustainability of Nigerian Real Estate Graduates

Factors influencing real estate graduates soft skill gap in Nigeria

PurposeThe purpose of this study is to evaluate the soft skill gap of graduate employees, as well as the factors influencing the skill gaps of real estate graduates in the employment of real estate firms in Nigeria.Design/methodology/approachPrimary data were employed for the study. Close-ended questionnaire served on real estate employers in the two major property markets of Nigeria: Lagos and Abuja. From a total of 343 questionnaires administered, 172 (59.7%) questionnaires were retrieved. While data from the graduate employees were obtained via a web-based survey sent out to a total of 558 graduates, 119 (21.33%) responses were received. Descriptive and inferential statistical techniques were employed in the data analysis.FindingsThe findings showed that employers had high expectations for soft skillsets relating to responsibility, administrative, listening and communication skills. These have respective mean scores of 6.38, 6.33, 6.31 and 6.31 on a seven point scale. However, the results revealed significant skill gaps with skills such as logical thinking, business negotiation, responsibility and marketing. Further, the analysis revealed that factors influencing the skill gap, in decreasing order of influence, are training/professional mentors/remuneration, personal preferences/industry characteristics and curriculum/faculties.Practical implicationsReal estate graduate soft skills are investigated to uncover areas of emphasis and skill gaps. These outcomes could serve as important feedbacks for stakeholders towards improving real estate teaching and curriculum. The findings could also assist real estate graduates to know employers areas of emphasis in relation to graduate employability skills.Originality/valueExtant studies have reiterated and evaluated the soft skills gaps based on the perceptions of employers, faculties and institutions of higher learning. However, there is the need to investigate the perception of graduate employees, being the recipient and major stakeholders in the training process.

Employability skills of real estate graduates in Nigeria: a skill gap analysis

PurposeThe global shift in the traditional skills required of real estate graduates has led to an increased demand for employees who have the required skills and competencies. The purpose of this study is to evaluate employment considerations of real estate firms and analyse employers’ skill expectations and the observed skills possessed by the graduate employees. This study also analysed the self-assessed soft skill levels of the graduate employees, thereby establishing the skill gap.Design/methodology/approachData were sought from real estate employers in the two dominant real estate markets of Nigeria: Lagos and Abuja, and real estate graduate employees who have had a minimum of six months working experience in real estate firms. Data collected were analysed using statistical techniques such as frequency, percentages, mean, correlation, multivariate analysis of variance, paired-samples t-test and independent samples t-test.FindingsThe findings of this study revealed that employers’ soft skills expectations were high with skills such as responsibility, administrative, listening, communication, business negotiation and work ethics. Based on employers' observed skills, there were significant skill gaps with respect to soft skills such as responsibility, business negotiation, logical thinking, marketing and dispute resolution. An analysis of the core skills reveals employers' preference for technical competencies in valuation, agency, property management, marketing, report writing and landlord and tenant laws. However, graduate employees possessed significant skill gaps with regards to technical skills such as valuation, property investment analysis, feasibility and viability appraisal, market research methods and facility management.Practical implicationsAn understanding of the skill gaps will provide useful feedback to professional bodies, regulatory boards, institutions of higher learning, faculty members and other stakeholders regarding deficient skill areas, especially for curriculum review, development and training in the real estate sector.Originality/valueThere is a paucity of information about employers' skill preferences and the skill gaps in the real estate sector.

Influence of Higher Institution Attended on Estate Management Graduates’ Employment in Ibadan, Nigeria

The study examines the preference of Estate Surveying and Valuation firms in Ibadan for higher institutions of learning (HIL) attended by graduates of estate management with a view to determining the influence of HIL on real estate graduate's employment prospect in Southwest Nigeria. Structured questionnaire was administered on the 124 estate firms practicing in the study area and 107 useable questionnaires were duly returned. Descriptive statistics was used for data analysis. The results show the causes of real estate graduates' unemployment in the study area as poor economic policy, estate firms' inability to operate to full capacity, high salary aiming of fresh graduates, dislike for rural practice, high graduates churned out yearly and higher institution attended. Findings also revealed that the estate firms preferred graduates of federal polytechnics to universities and their preference vary among universities. High standard of education, graduate performance, institution reputation, reputable scholars, graduates' skills, and experience were the rationale for the employers ‘preference for higher institutions attended by graduates. The study concludes that quality of higher institutions attended has influence on employment prospect of estate management graduate in Ibadan, Southwest Nigeria and recommends that Universities and Polytechnics offering estate management course should endeavor to upgrade their educational standard via curricular review, and provision of adequate teaching and learning facilities.

Career choice of real estate students in Nigeria

Purpose The purpose of this paper is to examine the career preferences of real estate students and the predisposing factors influencing the choice of career. The study also analysed the gender and socioeconomic variations with respect to the career preferences and factors influencing the career choice of real estate students in an emergent market like Nigeria. Design/methodology/approach Closed-ended questionnaires were administered on final year real estate students in the three Federal universities offering real estate in Southwestern Nigeria. Data were analysed using frequency counts, percentages, mean ranking, independent t-test, analysis of variance and correlation analysis. Findings The findings showed that the predominant individual factors influencing career choice of real estate students were personal career interest, the magnitude of initial salary, future financial prospects and job security. Furthermore, while intrinsic and economic/financial factors were the major themes influencing respondents’ career choice, the influence of a third party was less a likely determinant. Analysis of gender differences showed that there was a statistical difference between the male and female respondents with respect to the intrinsic and career exposure factors. Research limitations/implications The study has implications for real estate students, career advisers/academic counsellors, organisations employing the services of real estate graduates, and educational institutions and policy stakeholders in the real estate sector. The study also has implication for real estate professional bodies in Nigeria and other emergent markets. Originality/value This is perhaps the first attempt that examined the factors influencing the career choice of real estate students in an emergent market like Nigeria, especially from the perspectives of gender and socioeconomic variations.

Exploring gaps between real estate curriculum and industry needs: a mapping exercise

ABSTRACTThe objective of this paper is to explore the extent to which current real estate academic curriculum align with industry needs in order to identify key areas for reform. A case study of four Universities was undertaken in the study. These cases were randomly selected from the Midlands, Northern and Southern parts of the UK. Data for the study was collected through a desk-top review of real estate curriculum from the four selected Universities and analysed using mind mapping approach. The study revealed that though knowledge from real estate academic curriculum aligns with the industry in six out of nine knowledge base areas, there were gaps in knowledge in the three areas considered most significant to the needs of industry. The study, therefore argues that universities may have dedicated enormous resources to educating real estate graduates in modules that are not necessarily essential to their daily job roles thereby leaving graduates in a position to rely on industry during their early employment. This study presents the findings of a mind mapping exercise which identifies the key areas of actual curriculum that show gaps in real estate education offered by selected universities in the UK. The findings are significant and could inform future curriculum reform.

Adequacy of core knowledge and soft skills in the performance of professional employees of real estate firms in Nigeria

PurposeReal estate professionals are a vital resource to the property firms and the industry at large. Employees’ skills, knowledge and competence contribute in great measure to organization’s business performance. The purpose of this paper is to examine the adequacy of core knowledge and soft skills possessed by professional employees within the Nigerian real estate practicing firms. It also assesses the performance of the employees and establishes the correlation among the soft skills possessed by employees.Design/methodology/approachData for this study were elicited through the administration of questionnaires on principal partners/branch managers (the employers) of the practicing estate surveying and valuation firms in Lagos metropolis. Data collected were analyzed using descriptive statistics, one-sample t-test and correlation analysis.FindingsThe result indicates that employees of estate firms in Nigeria demonstrate adequate knowledge in ten out of 21 core areas of real estate practice, while real estate agency has the highest mean, and inadequate knowledge in six others with least mean score in environmental impact assessment. The study also revealed that employees possess good listening and communication skills but are deficient in courteousness and writing skill, among others. It was also found that real estate employees were performing the best in inspection functions but below average in report writing and handling of transaction. The study also established a significant relationship among all the soft skills except communication skill and courteousness.Research limitations/implicationsFurther study that looks at the performance of real estate graduates working in other sectors/organizations other than estate companies is required to establish their competence level in global employment market. Further study is also needed to cover the views of the employees in Nigerian market as this study focuses on the views of the employers.Originality/valueThis study provides an important feedback for the policy makers in the design/review of curriculum for real estate education towards enhancing employability of the graduates. This study also serves as the research blueprint in giving attention to assessment of soft skills among real estate employees in Nigerian real estate industry.

An investigation of characteristics affecting employment outcomes and patterns of real estate graduates

Purpose – The purpose of this paper is to develop a comprehensive picture of characteristics affecting the employment outcomes and patterns for real estate graduates in Australia. Furthermore, this paper benchmarks the characteristics affecting employment prospects of real estate graduates against those of built environment graduates. Design/methodology/approach – The data used in this paper were collected by the Australian Graduate Survey (AGS). Dimensionality reduction was used to prepare the dataset for the courses listed in the AGS data, in order to develop the simplified classifications of courses used to conduct the analysis in this paper. Dimensionality reduction was also used to prepare the dataset for the analysis of the employment outcomes and patterns for real estate and built environment graduates. Descriptive and statistical analysis methods were used to identify the difference in characteristics, such as gender, age, attendance type, mode of study, degree levels and English proficiency, for real estate and built environment graduates, the level of the influence of these characteristics on their employment outcomes and patterns and the statistical relationship between individual characteristics and employment outcomes as well as employment patterns of the graduates. Findings – English proficiency was found to be an important factor for real estate and built environment graduates for securing employment and it has a statistically significant impact on the employment outcomes and patterns for the graduates. Despite the fact that age and attendance type have no statistical impact on employment outcomes for real estate and built environment graduates, they were found to have statistical significant impact on their employment patterns. Originality/value – This is pioneering research which used official government data, such as AGS data, to provide a reliable and thorough picture of the employment outcomes and patterns for real estate and built environment graduates.

Employment outcomes and patterns of real estate graduates: is gender a matter?

Purpose – The purpose of this paper is to investigate whether gender has an impact on real estate and built environment graduates’ employment outcomes, employment patterns and other important employment related issues, such as pay, role, contract type and employment opportunity in different states of a country. Design/methodology/approach – The data used in this paper has been collected from the Australian Graduate Survey (AGS). Data from the years 2010-2012 was combined into a single data set. Dimensionality reduction was used to prepare the data set for the courses listed in AGS data, in order to develop the simplified classifications for real estate and built environment courses which are used to conduct further analysis in this paper. Dimensionality reduction was also used to prepare data set for the further analysis of the employment outcomes and patterns for real estate graduates. Descriptive and statistical analysis methods were used to identify the impact of gender on the employment outcomes, employment patterns and other important employment related issues, such as pay, role, contract type and location of job, for real estate graduates in Australia. This paper also benchmarks the employment result of real estate graduates to built environment graduates. Findings – Recent male built environment graduates in Australia are more likely to gain full-time employment than females. The dominant role for recent female built environment graduates in Australia is a secretarial or administrative role while for the male it is a professional or technical role. Male real estate and built environment graduates are more likely to have a higher level of salary. Gender also has an impact on the contract type. Male built environment graduates are more likely to be employed on a permanent contract. On the other hand, gender has no impact on gaining employment in different states, such as New South Wales and Queensland, in Australia. The finding of this paper reinforces the view of previous literature, which is that male graduates have a more favourable employment outcomes and on better employment terms. The finding also shows that graduate employment outcomes for real estate and built environment graduates in Australia are similar to that in other countries, such as the UK, where equivalent studies have been published. Originality/value – This is pioneering research that investigates the impact of gender on employment outcomes, employment patterns and other employment related issues for real estate graduates and built environment graduates in Australia.

Impact of entrepreneurship education programme (EEP) on entrepreneurial intention of real estate graduates

In the current socio-economic context of the “risk society” characterised by uncertainty and turmoil, entrepreneurship is one of the soft skills that is important among university graduates to ensure their survival in the real world. Realising that this skill can be taught and honed in professional undergraduate programmes, many universities have made entrepreneurship education a compulsory subject to improve undergraduate’s entrepreneurship skills. The discourse on entrepreneurship education programme (EEP) revealed a number of issues being discussed within conventional professional programmes such as engineering and management. Little is known about the impact of EEP on entrepreneurship intention within less popular professional programmes such as real estate. This paper provides an insight into how the compulsory entrepreneurship course impacts the entrepreneurial intentions of graduates of a real estate programme in a public university in Malaysia. Using a mixed method approach, a questionnaire survey and interview were undertaken to elicit respondents’ views about the success of the course in terms of instilling and shaping characteristics associated with entrepreneurship. Respondents were found to be less impressed with theory, and more influenced by real-life examples and experiences when emulating entrepreneurship behaviour.

Assessing the Adequacy of Assimilation of Real Estate Graduate‟s Generic Competency

Today's challenging economic environment means that it is no longer enough for graduates to have knowledge of academic courses. It is necessary for students to acquire generic competencies that will enhance their employment prospects and make them more competitive in the job market. Previous studies examine that real estate formal curriculum in public universities lacks emphasis on assimilation of generic competencies in the curriculum. Therefore, the purpose of this study was to evaluate the assimilation of generic competencies of graduates of this property. This study was carried out on the real estate graduates of public universities. A total of 200 questionnaires were collected. Descriptive and inferential Exploratory Factor Analysis was used to analyze the data. The finding was verified through focus group discussions with various stakeholders in the education estate. The pre cis of the analyses signified that generic competencies infused in the real estate program have not met the needs of the graduates.

Measuring the Sufficiency of the Infusion of Generic Skills of Real Estate Graduates by Training

Measuring the Sufficiency of the Infusion of Generic Skills of Real Estate Graduates by Training

Do real estate courses sufficiently develop graduates’ employability skills? Perspectives from multiple stakeholders

Purpose– The purpose of this paper is to investigate whether Royal Institution of Chartered Surveyors (RICS) accredited real estate courses in the UK have equipped real estate graduates with sufficient relevant employability skills to embark on a career in the profession. This paper considers the perspectives of four stakeholders – employers, human resource managers, graduates and course directors of RICS-accredited real estate courses – in the UK.Design/methodology/approach– The results of a mixed-methods study, involving two online surveys with real estate employers and recent graduates of RICS-accredited real estate courses, and two sets of interviews with human resource managers of real estate surveying firms and course directors of RICS-accredited real estate courses, are presented.Findings– The employers and graduates of the RICS-accredited real estate courses do not think the courses sufficiently equip graduates’ with employability skills. On the other hand, the human resource managers are very impressed with graduates’ technical skills but have concerns about their soft skills and attributes. Human resource managers and course directors of RICS real estate courses commented that commercial awareness is an important employability skill but graduates are not well developed in this area. Course directors also noted that practical experience is vital to employability, commenting that students can only obtain real-life practical experience if employers offer them opportunities.Originality/value– This paper makes an original contribution to the existing literature on employability skills for real estate graduates. It describes pioneering research considering the perspectives of four types of stakeholders and evaluates whether real estate courses sufficiently develop graduates’ employability skills.

Real estate graduates’ employability skills

PurposeThe purpose of this paper is to report further on research funded by the Centre for Education in the Built Environment (CEBE) into real estate programmes of study in UK universities (Poon and Hoxley). The aim of this paper is to identify human resource managers’ view on the employability skills of real estate graduates. It also compares the views on the employability skills of real estate graduates between human resource managers, a large sample of real estate employers and real estate course directors.Design/methodology/approachThis paper presents the research findings of eight interviews with human resource managers who work in different types of surveying firms. The approach for collecting their view of the employability skills required by real estate graduates was through gathering their opinions on three charts. These charts compare what employers feel graduates require and what they feel graduates demonstrate in 31 knowledge areas, 20 skills and 21 attributes, alongside a list of additional competencies made by graduates and employers which was developed as part of an earlier study.FindingsThe human resource managers identified the key employability skills for real estate graduates as soft skills, in particular report writing skills, communication skills, presentation skills, client care and professional standards. The human resource managers of real estate consultancy firms also voiced their concern regarding graduates’ lack of commercial awareness, which echoed the same view from real estate employers and real estate course directors mentioned in the previous research (Poon, Hoxley and Fuchs). Therefore, it is necessary for universities to embed these soft skills, such as commercial awareness in the curriculum in order to enhance the employability of graduates.Originality/valueThis paper makes an original contribution to existing literature on the identification and discussion of employability skills for real estate graduates. It describes pioneering research focusing on the human resource managers’ perspective of the real estate graduate employability skills.

An evaluation of the training needs of Nigerian estate surveyors for corporate real estate management practice

PurposeThis paper aims to examine the skill requirements for the practice of corporate real estate management (CREM) in Nigeria.Design/methodology/approachQuestionnaires were distributed to 270 practising estate firms in Lagos State, Nigeria, 145 final year students of Estate Management in Obafemi Awolowo University, Ile Ife, Nigeria as well as corporate real executive officers of the 24 recapitalised commercial banks, 21 insurance and five GSM communication companies in Nigeria. A total of 260 questionnaires (58 per cent) were returned and found useful for the study. The study adopted the descriptive method of percentages, mean and proportion method for analysis.FindingsThe study found that in rank order, the skill requirements for CREM were financial performance skill, investment in corporate strategy, productivity skill, space efficiency management skill and customers and employees' management skill. The mean figures for the five factors are 5.0, 4.8, 4.8, 4.73 and 4.67 respectively. The results of the analysis also showed further that the portfolio efficiency skill had a mean value of 3.58 and was rated by the respondents as the least skill required for corporate real estate management.Research limitations/implicationsLimiting the scope of the study to CRE executives and practitioners in selected service industry and students of a university might pose a great challenge to the representativeness of the findings.Practical implicationsThe study has major implications on real estate education and practice in Nigeria. There is an urgent need to overhaul the university/polytechnic curriculum to incorporate business and accounting knowledge to prepare real estate graduates for efficient practice and the continuous re‐training of practitioners to prevent future declining real estate profession.Social implicationsThe negative implication of joblessness arising from unemployable graduates of real estate by corporate organisations breeds more social vices.Originality/valueThe paper documents the requisite information needed for developing contemporary policy on real estate education in the country. It also serves as a guide for real estate practitioners and regulatory bodies for developing contemporary real estate practice to meet emerging trends in CREM practice and for relevance in the practice of CREM as an evolving sub‐discipline of estate management.

Real estate employability

PurposeEmployability 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/approachFollowing 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.FindingsRather 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/valueReal 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.

Real estate education: an investigation of multiple stakeholders

PurposeThis paper seeks to report the detailed findings of a Centre for Education in the Built Environment (CEBE) funded study into real estate programmes of study in UK universities. The aim is to critically evaluate the gaps in the professional practice firm employers' expectations of real estate graduates, real estate graduates' perceptions of what they attained during their studies and universities' views of the content of Royal Institution of Chartered Surveyors (RICS) accredited real estate courses.Design/methodology/approachThe paper presents the research findings from questionnaire surveys of professional practice firm employers and graduates and of interviews with RICS accredited courses providers and with the human resource managers of major surveying firms.FindingsThe findings of the questionnaire survey should provide some comfort to real estate education providers since the top employer rated knowledge and skills are by and large found in most programmes of study. Universities would argue that they cannot actually do much about the personal attributes that graduates possess. There are significant differences in the views of employers and graduates and the only area of knowledge in which graduates currently exceed the requirements of employers is “research methods”. The comments made by both groups suggest that practical experience is considered to be missing from courses but most universities would not see this as one of their principal areas of responsibility. The RICS accredited course directors mentioned that they provide alternative simulated work experience for students. Apart from practical experience, the human resource managers also raised concerns about graduates' levels of commercial awareness.Practical implicationsThe findings of this research will enable those designing real estate programmes of study in real estate in the UK and around the world to ensure that their curricula are current and relevant to the needs of employers, from a UK perspective.Originality/valueThe paper presents the findings of questionnaire surveys of employers and graduates and of interviews with RICS accredited courses providers and human resource managers, which suggest that employers and graduates would like to see more practical skills and knowledge incorporated within university curricula.

Graduate Real Estate Education: Integrating the Industry

In 2005, a pilot study of graduate real estate programs examined the coalescence of industry and the classroom in 14 well-recognized programs from around the world (Chambers and Worzala, 2005). This study expands the 2005 results in order to include all graduate programs listed in the tenth edition of ULI's Directory of Real Estate Development and Related Education Programs (2005) as well as graduate real estate programs certified by the Royal Institution of Chartered Surveyors (RICS)1. As in the original study, we surveyed academics within the various programs to determinehow the graduate programs are enhanced by directly incorporating real estate industryprofessionals into the curriculum as well as how the programs provide external opportunities for graduate students to interact with business professionals. The results of this study analyse existing strategies and we hope to suggest criteria for “bestpractices” to apply in graduate real estate programs around the world. Strategies examined include the use of project-based courses, mentoring and shadowing programs, speaker series, internships, networking events, executive-in-residence programs, career fairs, guest lecturers, alumni associations and field trips. In addition, some questions focus on the respondents’ perceptions of the most effective strategies in foster student/industry interaction. We also queried the academics about alternative performance measurements and assessment tools that could be used in the futureto rank real estate graduate educational programs.

Improving the Delivery System for Teaching the Project Planning and Feasibility/Site Development Course to Building Construction Undergraduate Students and Real Estate Graduate Students

The Project Planning and Feasibility/Site Development course in the Building Construction program includes the nomenclature and process of developing residential real property. This multidisciplinary capstone course covers material related to market study, site selection and site analysis, project feasibility analysis, site design, design of houses, estimating, scheduling, financing, and project closeout. By completing this course, students get an overall understanding of the land development process. This article explains a delivery system used by a new instructor of the existing course. The course methodology encourages students to develop self-learning, critical thinking, communication skills, and teamwork abilities. The course overview, objectives, methods, (such as lectures, guest speakers, videos/films, a semester capstone project, field trips), and the instructor assessment of students are presented. The students' evaluations of the course delivery system are also provided.

New Paradigms in Real Estate Education

This paper traces the development of real estate education over the last few decades. It addresses the different schools of thought on what constitutes real estate education; in particular, the US versus the UK models and the dilemmas facing each model. However, with increasing globalisation and the pervasiveness of information technology, the more fundamental issue facing real estate education today is its relevance to the professions as well as in the new knowledge economy. Both the curricula and the mode of delivery will need to accommodate these changes. New educational paradigms such as life-long learning, problem-based learning, and creative thinking will dictate the development of the real estate curricula. Information technology tools will change the traditional learning environment. To meet the challenges of these changes, both academic institutions as well as professional bodies need to re-examine the type of real estate graduate that will fit the future work place and the education that will give the desired outcome.