New perspectives in the Italian property market: the funeral sector

2019 ◽  
Vol 37 (4) ◽  
pp. 579-596
Author(s):  
Marzia Morena ◽  
Tommaso Truppi ◽  
Verdiana Ierecitano ◽  
Gianluca Lorusso
Keyword(s):  
Real Estate ◽  
Cultural Change ◽  
National Level ◽  
Specific Property ◽  
Small Sample ◽  
Point Of View ◽  
Property Market ◽  
Market Strategy ◽  
Content Type ◽  
Adequate Knowledge

Purpose The purpose of this paper is to investigate a particular type of property market, that of funeral homes, of which little is known, despite the fact that it is an expanding market, reflecting a social and cultural change in Italy. Design/methodology/approach A qualitative analysis of the funeral property market was carried out. Information and data were collected from funeral companies, with reference to their market strategy, and from institutional investors, in order to gauge their knowledge of that specific sector and their willingness to invest in this specific property type. The instruments used were questionnaires, telephone interviews and on-site visits. Findings The results of this study suggest that Italian funeral companies identified a new property market, responding to the demands of a changing social context, especially in Northern Italy. Limited experience in the management of this asset and the lack of a clear and uniform legislative regulation at the national level appear to be among the main difficulties. From the investors’ point of view, the main problems in investing in this property were the lack of adequate knowledge in the sector and moral qualms about the specific type of assets. Research limitations/implications The small sample restricts generalization beyond the companies that participated in the research. Furthermore, the research only focused on the private sector related to niche market strategy and property investments. Practical implications The paper could raise awareness of a specific and not well-known property market among the real estate operators. Originality/value The originality of the analysis lies in investigating a relevant phenomenon from the social point of view that has been little or not at all addressed from the point of view of real estate, particularly in Italy.

DEMATEL method of analysing the factors influencing the decision to adopt virtual reality technology by real estate firms in Lagos property market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ayodele Samuel Adegoke ◽  
Timothy Tunde Oladokun ◽  
Timothy Oluwafemi Ayodele ◽  
Samson Efuwape Agbato ◽  
Ahmed Ademola Jinadu
Keyword(s):  
Virtual Reality ◽  
Real Estate ◽  
Social Influence ◽  
Property Market ◽  
Content Type ◽  
Performance Expectancy ◽  
Factors Influencing ◽  
Effort Expectancy ◽  
Facilitating Conditions ◽  
Estate Agency

PurposeThe study analysed the factors influencing real estate firms' (REFs) decision to adopt virtual reality (VR) technology using the Decision-Making Trial and Evaluation Laboratory (DEMATEL) method. This was done to enhance the practice of real estate agency in Nigeria.Design/methodology/approachData were elicited from eight real estate experts. These experts were heads of the agency department of firms that had been in existence for a minimum of five years in the Lagos property market. The data analysed in this study were collected with the aid of a questionnaire.FindingsThe result revealed that use intention was influenced by performance expectancy, effort expectancy, social influence, facilitating conditions, hedonic motivation, price value and UB. Also, facilitating conditions, habit and use intention did not influence use behaviour. Overall, six constructs, which include price value (Ri − Cj value = 0.1284), use behaviour (Ri − Cj value = 0.0666), social influence (Ri − Cj value = 0.0583), facilitating conditions (Ri − Cj value = 0.0323), performance expectancy (Ri − Cj value = 0.0196) and effort expectancy (Ri − Cj value = 0.0116), were significant predictors of the factors influencing the decision of REFs to adopt VR. Of these constructs, the Ri − Cj values indicated that price value had the highest causative influence.Practical implicationsThe result of this study will bring REFs to the consciousness of the factors that could affect their adoption of VR technology. This study will also assist the Nigerian Institution of Estate Surveyors and Valuers in appropriately enlightening REFs on the integration of VR technology into the agency practice especially at this time when all health protocols and guidelines need to be observed to help flatten the curve of the Covid-19 pandemic.Originality/valueThis study is the first to have an insight into the analysis of the factors influencing REFs' decision to adopt VR technology using the DEMATEL method.

The experiential understanding group-and-leader managerial course: long-term follow-up

2019 ◽  
Vol 40 (2) ◽  
pp. 151-162
Author(s):  
Christer Sandahl ◽  
Gerry Larsson ◽  
Josi Lundin ◽  
Teresa Martha Söderhjelm
Keyword(s):  
Experiential Learning ◽  
Leadership Style ◽  
Leadership Behavior ◽  
Group Processes ◽  
Leader Development ◽  
Small Sample ◽  
Point Of View ◽  
Positive Trend ◽  
Content Type ◽  
Positive Leadership

Purpose The purpose of this paper is to report on the results of an experiential leader development course titled understanding group-and-leader (UGL). Design/methodology/approach The study sample consisted of 61 course participants (the managers) and 318 subordinate raters. The development leadership questionnaire (DLQ) was used to measure the results of the course. The measurements were made on three occasions: shortly before the course, one month after the course and six months after the course. Findings The managers’ self-evaluations did not change significantly after the course. However, the subordinate raters’ evaluations of their managers indicated a positive trend in the scales of developmental leadership and conventional-positive leadership one month and six months after the course. Research limitations/implications The study was based on a comparatively small sample with a number of drop-outs. The study lacked a control condition. Practical implications From an organizational point of view, it could be argued that it is justifiable to send managers to such a course, as there is a good chance for an improvement in their leadership style as rated by subordinates. Social implications The integration of group processes and leadership behavior in the context of experiential learning seems to be a fruitful path to leader development. Originality/value Longitudinal studies on the results of experiential learning for managers are sparse. This is the first quantitative evaluation of a course that more than 80,000 individuals have taken.

scholarly journals Modelling the drivers of the UK multi-let industrial property market: an exploratory study

2020 ◽  
Vol 38 (4) ◽  
pp. 585-596
Author(s):  
David Higgins ◽  
Tsvetomira Vincent ◽  
Peter Wood
Keyword(s):  
Real Estate ◽  
Hedonic Pricing ◽  
Valuable Insight ◽  
Pricing Model ◽  
Property Market ◽  
Industrial Property ◽  
Content Type ◽  
Hedonic Pricing Model ◽  
Significant Difference ◽  
Asset Class

PurposeMulti-let industrial (MLI) estates are an emerging £15 billion UK real estate asset class that can offer attractive returns, a diversified income base, constrained supply and extensive management opportunities to add value within an operational platform. This investment appeal is supported by the evolving MLI occupier market with the growth of small to medium enterprises (SME) requiring modern urban business space driven in part by technology advances offering new streams of supply chain connectivity between businesses and potential clients at a local level.Design/methodology/approachTo understand more about MLI properties, this study utilises a hedonic pricing model to quantify property values as a function of defined variables. The dataset used for this research is a sample portfolio of 26 multi-let industrial properties. The dataset was analysed alongside eleven physical, financial and locational factors. Interestingly, the hedonic pricing model results showed that only four characteristics are value-affecting across the selected properties: namely (1) Granularity of the property income, (2) Distance from the nearest motorway, (3) Distance to the nearest town centre and (4) Gross internal floor area. A chi–test confirmed that there was no significant difference between the modelled values and the supplied property valuations.FindingsThis preliminary study offers valuable insight into MLI property market drivers and could easily form a simple decision-making tool to examine potential MLI opportunities in this developing real estate asset class.Originality/valueIn detailing these key MLI property features, current research is limited and focused primarily on market commentary. New knowledge on the MLI property market can provide a platform creating interesting opportunities for fund managers with an intensive management engagement strategy.

Corporate branding: an exploration of the influence of CRE

2010 ◽  
Vol 12 (1) ◽  
pp. 47-59 ◽  
Author(s):  
Rianne Appel‐Meulenbroek ◽  
Dave Havermans ◽  
Ingrid Janssen ◽  
Anneke van Kempen
Keyword(s):  
Real Estate ◽  
Corporate Branding ◽  
Service Providers ◽  
Field Research ◽  
Corporate Identity ◽  
Theoretical Background ◽  
Small Sample ◽  
Corporate Brand ◽  
Content Type ◽  
Branding Strategies

PurposeThe purpose of this paper is to understand how corporate real estate (CRE) can add value to corporate branding and how corporate branding strategies for CRE can be determined.Design/methodology/approachThe paper presents a theoretical background for corporate branding and real estate and links these two concepts through interviews with 19 CRE managers of service providers.FindingsAnalysis of the relationship between CRE and the corporate brand brings forward two links: CRE influences the perception of the corporate brand directly and indirectly (via employee behaviour). Corporate identity and its six characteristics (structure, strategy, culture, communication, behaviour and design) formed a useful tool to determine the proper branding strategy for an organization. Especially, “design” and “communication” define the way CRE should communicate the corporate brand. Two location issues are seen as the most important CRE aspects to support branding strategies.Research limitations/implicationsThe field research is explorative, so it only studies a small sample of four types of service providers: real estate brokers, architects, lawyers and multinationals.Practical implicationsUnderstanding the key factors of CRE that orchestrate the direct and the indirect influence on the corporate brand provides guidelines for CREM for designing CRE that supports a successful corporate brand.Originality/valueResearch done so far on corporate branding highlights the importance of CRE for corporate branding, but does not explicitly discuss the importance of (all) different CRE aspects.

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

2017 ◽  
Vol 35 (2) ◽  
pp. 132-149 ◽  
Author(s):  
Sunday Olarinre Oladokun ◽  
Job Taiwo Gbadegesin
Keyword(s):  
Real Estate ◽  
Business Performance ◽  
Soft Skills ◽  
Core Knowledge ◽  
Content Type ◽  
Adequate Knowledge ◽  
Inadequate Knowledge ◽  
Professional Employees ◽  
Real Estate Education ◽  
Estate Agency

Purpose Real 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/approach Data 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. Findings The 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/implications Further 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/value This 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.

Cyclical capitalization and lag vacancy

2017 ◽  
Vol 10 (2) ◽  
pp. 211-238 ◽  
Author(s):  
Maurizio d’Amato
Keyword(s):  
Real Estate ◽  
Market Value ◽  
Real Estate Market ◽  
Mortgage Lending ◽  
Property Market ◽  
Content Type ◽  
The Real ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Valuation Process

Purpose This paper aims to propose a new valuation method for income producing properties. The model originally called cyclical dividend discount models (d’Amato, 2003) has been recently proposed as a family of income approach methodologies called cyclical capitalization (d’Amato, 2013; d’Amato, 2015; d’Amato, 2017). Design/methodology/approach The proposed methodology tries to integrate real estate market cycle analysis and forecast inside the valuation process allowing the appraiser to deal with real estate market phases analysis and their consequence in the local real estate market. Findings The findings consist in the creation of a methodology proposed for market value and in particular for mortgage lending determination, as the model may have the capability to reach prudent opinion of value in all the real estate market phase. Research limitations/implications Research limitation consists mainly in a limited number of sample of time series of rent and in the forecast of more than a cap rate or yield rate even if it is quite commonly accepted the cyclical nature of the real estate market. Practical implications The implication of the proposed methodology is a modified approach to direct capitalization finding more flexible approaches to appraise income producing properties sensitive to the upturn and downturn of the real estate market. Social implications The model proposed can be considered useful for the valuation process of those property affected by the property market cycle, both in the mortgage lending and market value determination. Originality/value These methodologies try to integrate in the appraisal process the role of property market cycles. Cyclical capitalization modelling includes in the traditional dividend discount model more than one g-factor to plot property market cycle dealing with the future in a different way. It must be stressed the countercyclical nature of the cyclical capitalization that may be helpful in the determination of mortgage lending value. This is a very important characteristic of such models.

Factors influencing academic performance of real estate students in Nigeria

2016 ◽  
Vol 34 (5) ◽  
pp. 396-414 ◽  
Author(s):  
Timothy Oluwafemi Ayodele ◽  
Timothy Tunde Oladokun ◽  
Job Taiwo Gbadegesin
Keyword(s):  
Academic Performance ◽  
Real Estate ◽  
Family Background ◽  
Emerging Economy ◽  
Point Of View ◽  
The Body ◽  
Southwestern Nigeria ◽  
Content Type ◽  
Factors Affecting ◽  
Factors Influencing

Purpose The purpose of this paper is to examine the factors affecting academic performance of real estate students in a developing country like Nigeria. Design/methodology/approach Data for the study were collected with the aid of questionnaire served on 152 final year real estate students of Obafemi Awolowo University, Ile-Ife and Federal University of Technology Akure, in southwestern Nigeria. Data collected were analysed using descriptive and inferential statistics. Findings Findings show that the factors relating to academic assessment, parent/family background and teaching methods or techniques have more impact on students’ academic performance, while school and general academic environment had less influence on students’ academic performance. Research limitations/implications The study complements the body of knowledge regarding the factors influencing real estate students’ academic performance from the point of view of an emerging economy where issues of socioeconomic, academic and training perspectives differ from what obtains in advanced economies. Originality/value This study is one of the few attempts at establishing factors that influence real estate students’ performance, especially from an emerging economy like Nigeria.

scholarly journals The securitization of residential rental revenue streams in Europe

2017 ◽  
Vol 10 (4) ◽  
pp. 503-518 ◽  
Author(s):  
Jaume Roig Hernando
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Risk Sharing ◽  
Rental Housing ◽  
Cash Flows ◽  
Property Market ◽  
Investment Funds ◽  
Content Type ◽  
The Usa ◽  
Residential Market

Purpose The purpose of this paper is to analyze the securitization of rental streams, a new investment and finance product introduced in the USA in 2013 that enables fundraising from large residential portfolios owned by major investment funds and investment banking. The securities are made up of non-performance loans as well as real estate portfolios of financial entities. Design/methodology/approach An academic analysis of the European securitization market is performed, as well as a broad overview of the state of the art of the rental housing market and investment property market. Moreover, a market study of Real Estate Owned (hereinafter, REOs) and Real Estate Debts is carried out to determine both the present framework and future trends. Various financial entities and real estate management companies are examined through interviews and data collection to assess the reality of distressed assets and residential portfolios owned by major investors. It introduced the Broker’s Price Opinion concept, de loan-to-value concept and the London Interbank Offered Rate. Findings REO-to-rental securitization is a step forward toward the democratization of finance through the globalization of the residential market, improving risk sharing for major and retail investors. The securitization of rental streams in Europe has not taken off, despite several issuances in the USA since 2013 with significant success where first tranches obtained a credit qualification of triple-A from the majority of the main rating agencies. Originality/value At the end of 2013, a global investment firm launched an innovative finance and investment vehicle that securitized the cash flows originating from leased residential properties. That issue resulted in considerable success and in the development of a new alternative and innovative financing source for real estate activity. Taking into account that housing is a primary need of our society, there is a strong motivation for improving the residential market, and thus, REO-to-rental securitization could help take a step forward in making the housing market more efficient.

Cycology – what has been learnt from previous real estate cycles?

2017 ◽  
Vol 35 (4) ◽  
pp. 427-435
Author(s):  
Simon Durkin
Keyword(s):  
Real Estate ◽  
Property Market ◽  
Content Type ◽  
Market Sentiment ◽  
Lessons Learnt ◽  
Quantitative Property ◽  
The Future ◽  
Future Challenges ◽  
Current Cycle ◽  
Industry Professionals

Purpose The purpose of this paper is to look at the lessons learnt from the previous real estate cycles based on a sample of investors, occupiers and academics and seek to understand the practical challenges the industry faces in the current cycle. Design/methodology/approach The paper summarises the results of qualitative research and interviews conducted and analysed by BNP Paribas Real Estate and Ipsos MORI. Findings The paper considers the crisis of 2008, its impact on performance, lessons learnt by the industry as a result and the future challenges. Whilst the industry felt well prepared to withstand future uncertainty and change, there was concern that subsequent generations of industry professionals will not be well equipped to deal with the pace and magnitude of change. Practical implications This is a practical study that seeks to place a greater emphasis on the drivers of market sentiment rather than focussing on quantitative forecasts. Originality/value There is much attention given to quantitative property market forecasts; however, there seems to be little appreciation of the need to evolve our process in today’s fast paced, structurally changing market which will behave differently to how it has in the past. Economic forecasts have received much criticism recently and these provide the basis for property market forecasts. The consideration of sentiment and the qualitative aspect of the future drivers of performance have never been so critical.

scholarly journals Long lease real estate – a revised role for real estate in pension fund portfolios

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Nick Mansley ◽  
Zilong Wang
Keyword(s):  
Real Estate ◽  
Pension Fund ◽  
Real Estate Market ◽  
Property Market ◽  
Short Term ◽  
Content Type ◽  
Fund Managers ◽  
Regulatory Guidance ◽  
And Performance ◽  
Dramatic Growth

PurposeLong lease real estate funds (over £15bn in Q3 2020) have emerged as an increasingly important part of UK pension fund real estate portfolios. This paper explores the reasons for their dramatic growth, their characteristics and performance.Design/methodology/approachThis study uses data for the period 2004–2020 collected directly from fund managers and from AREF/MSCI and empirical analysis to explore their characteristics and performance.FindingsPension fund de-risking and regulatory guidance have supported the dramatic growth of long lease real estate funds. Long lease real estate funds have delivered strong risk-adjusted returns relative to both balanced property funds (with shorter lease terms) and the wider property market. This relative performance has been particularly strong when wider property market performance has been weak. Long lease funds have objectives aligned with liability matching and their performance suggests they are lower risk (more bond-like) investments. In addition, our analysis highlights they are far less responsive to the wider property market than balanced funds. However, they are not significantly different from balanced property funds in terms of their short-term relationship with gilt yield movements.Practical implicationsFor pension funds and other investors the paper highlights that long lease real estate funds offer a different exposure than balanced property funds. Long lease funds have objectives more closely aligned to the overall objectives for pension fund investment but are not significantly more reliable than balanced property funds in the short-term as a liability hedge. For real estate fund managers, occupiers, developers and others active in the real estate market, the paper highlights why these funds have been (and are likely to remain) attractive to investors leading to substantial demand for long lease real estate investments.Originality/valueThis is the first study to review this increasingly important part of the UK real estate fund universe.

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