Purpose - This paper aims to increase the awareness of developing countries' corporations and academics concerning the significant importance of CRE holdings in corporate asset portfolios. It seeks ...to demonstrate how corporate real estate management can be employed by organisations in developing countries to add value to overall business value by adopting quantitative evaluation measures to determine space utilisation and occupation of organisations.Design methodology approach - The methodology involved the review and analysis of previous related papers in respect of the subject in advanced countries as a guide to practitioners in developing countries. The paper identified the various concepts and attributes of real estate that make it a unique value-adding product to a business organisation. The paper outlines performance measures that are in common practice in advanced countries for use in developing countries.Findings - The practice of corporate real estate management is still relatively new to African countries like Nigeria. The implication is not benefiting from value contribution that real estate could make to business organisations. Understanding real estate performance measures is a major pathway to tapping the benefits of real estate.Originality value - The paper is a useful guide to corporate real estate managers in developing countries towards employing real estate holdings to increase the overall value of their companies.
Purpose>The 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/approach>Data 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.Findings>The 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 implications>The 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/value>This 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.
PurposeThe upward rise of the prolonged payback period and the inability of the project to generate estimated income that has been linked with the irregular rent payments has been a major problem ...confronting real estate investment. Given the fact that real estate investment is a risky investment venture with a highly uncertain future stream of income, this paper examines the effectiveness of rent recovery strategies in the emerging Nigeria residential real estate practice.Design/methodology/approachThe study employed an exploratory research design. The study identified the five recovery strategies adopted by the estate surveying and valuation firms in Ibadan Metropolis, Nigeria. The study adopts a purposive sampling method to select 52 registered estate firms in the study area and a questionnaire using a five-point Likert scale was used to elicit information. The data obtained were analyzed using descriptive and inferential statistics.FindingsThe result showed that the rent recovery strategies adopted by the respondents include email approach, rent reminder notice, adequate maintenance, eviction notice and dialogue approach. The perceived top-rated strategies that could influence estimated income were dialogue and rent reminder notice. Also, the findings showed the factors that influence the choice of strategy are property type, company policy and the proportion of rent to the tenant's income.Practical implicationsThe study has an implication for real estate investors and property practitioners regarding the willingness of the investors to invest in real estate investment.Originality/valueThis paper is relevant given the fact that the rental property market is prone to risk that could impede the regular streamflow of income. This serves as a need for examination of the effectiveness of adopted rent recovery strategies as it relates to real estate property management practice and investment viability.
Purpose
– This study aims to evaluate the practice of dispute resolution in Lagos International Trade Fair Complex, Lagos State.
Design/methodology/approach
– Questionnaires were distributed to two ...study groups of 400 users/occupiers and officials of the managing agents. A total of 100 were returned and found useable for the study. The study adopted the descriptive method of percentages, mean and proportion method for analysis.
Findings
– The study found that there often existed disputes and when it occurs, the common reaction is for them to alert other users of the building. Other findings are that the methods of dispute resolution adopted are arbitration, mediation, conciliation and litigation and that the most commonly adopted method is arbitration.
Research limitations/implications
– Limiting the scope of the study to the perception of the respondents could reflect an element of bias and might pose a great challenge to the representativeness of the findings. Also, the use of closed question questionnaire may limit the validity of the results.
Practical implications
– The study has major implications on real estate investment and practice in Nigeria. There is the need to incorporate behavioural knowledge in the curriculum of estate management and valuation to prepare graduates for efficient practice and the continuous re-training of practitioners to prevent future declining real estate profession.
Originality/value
– The 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.
Purpose
The purpose of this paper is to examine the extent to which variations in gender, socioeconomic and academic background influence real estate students’ academic performance in Nigeria.
...Design/methodology/approach
Data for the study were collected using self-administered questionnaire, served on final year real estate students in two of the three Federal universities offering real estate as a course in Southwestern Nigeria. Data collected were analyzed using mean, frequency count, percentages, independent
t
-test, correlation and analysis of variance.
Findings
The result of the study suggests there is no statistically significant difference in the academic performance of Nigerian real estate students based on gender and socioeconomic background.
Research limitations/implications
The study has been limited to the sensitivity of either gender to possibly constraining socioeconomic and academic factors that might have served as barriers, especially among female students, in achieving outstanding academic performance.
Originality/value
This paper presents one of the few attempts examining gender and socioeconomic perspectives to factors influencing real estate students’ academic performance, especially from the perception of an emerging African country like Nigeria.
PurposeStudents are the hub of activities in an academic environment, and their satisfaction with the performance of educational facilities cannot be overemphasised. Therefore, this study evaluated ...the post-occupation of students' halls of residence in Obafemi Awolowo University (OAU), Ile-Ife, Nigeria with a view to enhancing effective management of educational facilities.Design/methodology/approachData were collected from 245 students who were selected using simple random sampling technique. The study adopted descriptive statistical tools such as mean, standard deviation and Relative Importance Index (RII); the inferential statistical tools adopted were independent-samples t-test and Kendall Tau's correlation.FindingsThe results revealed that both genders were fairly satisfied with physical attributes, indoor environmental quality (IEQ) and social factors; while the female students were also fairly satisfied with the supporting service, the male students were fairly dissatisfied. Also, supporting services and IEQ influenced the levels of satisfaction of both genders.Practical implicationsThis study provides information which can help the management of the University and other comparative educational institutions in the proper management of students' halls of residence.Originality/valueThis study has provided insight into the satisfaction of student occupants with halls of residence based on gender differentiation.
Purpose
The purpose of this paper is to examine the extent to which variations in gender, socioeconomic and academic background influence real estate students’ academic performance in Nigeria.
...Design/methodology/approach
Data for the study were collected using self-administered questionnaire, served on final year real estate students in two of the three Federal universities offering real estate as a course in Southwestern Nigeria. Data collected were analyzed using mean, frequency count, percentages, independent t-test, correlation and analysis of variance.
Findings
The result of the study suggests there is no statistically significant difference in the academic performance of Nigerian real estate students based on gender and socioeconomic background.
Research limitations/implications
The study has been limited to the sensitivity of either gender to possibly constraining socioeconomic and academic factors that might have served as barriers, especially among female students, in achieving outstanding academic performance.
Originality/value
This paper presents one of the few attempts examining gender and socioeconomic perspectives to factors influencing real estate students’ academic performance, especially from the perception of an emerging African country like Nigeria.
PurposeBeyond the economic determinants, non-economic criteria of land affordability are also of great importance. From the context of emerging economies, this study investigated the affordability of ...low-cost land allocation through the lens of non-economic criteria.Design/methodology/approachGiven that the non-economic criteria considered are those related to religion and politics, data were elicited from the owners of residential plots at Redemption City and Ikosi Residential Scheme respectively in Nigeria. The data collected were analysed using statistical methods of analysis: mean and standard deviation.FindingsThe result showed that safety and comfort, quality management, proximity to market, proximity to public transportation and proximity to health facilities were the significant non-economic criteria at Redemption City. On the other hand, the non-economic criteria found to be significant at Ikosi Residential Scheme were proximity to public transport, safety and comfort, low presence of environmental problems and income ratio.Practical implicationsThis study informs the promotion of private and public partnerships towards reducing the housing deficit in emerging economies. Also, it would help in the formulation and review of land policies, which would benefit not only their members.Originality/valueThis study is among the few that have looked at the non-economic criteria of land affordability, especially in emerging economies.
PurposeThis study aims to analyse the criteria used in measuring the determinants of the adoption of virtual reality (VR) technology in real estate agency practice in Lagos, with a view to providing ...information with which the practice can be enhanced.Design/methodology/approachThe data for the study were elicited using a questionnaire which was administered to eight real estate firms (REFs). The firms were those that have been operating in Lagos for at least five years, and the data collected were analysed using the DEMATEL method.FindingsThe findings revealed that perceived utility and relative advantage were the most important criteria for determining REFs' performance expectancy with VR technology. The two most important criteria to measure effort expectancy were “perceived ease of use” and complexity. “Subjective norms” was the most important criterion for measuring social influence, while “perceived behavioural control” was the most important criterion to measure facilitating conditions. Under “price value”, output quality was the only significant criterion. Finally, the frequency of use, the actual number of use and the amount of time spent utilising the technology were significant for measuring the REFs' use behaviour.Practical implicationsThe study offers insights into the criteria that can assist REFs in integrating VR technology into real estate agency practice. The results are also helpful to the Nigerian real estate professional bodies to organise workshop programmes for REFs on the use of VR technology and other disruptive technologies. The results will also serve as a guide for REFs to gain a competitive advantage in this trying time of pandemic and help them measure up to global standards and the expectations of their clients.Originality/valueBefore this study, efforts have not been made to study the criteria for measuring the determinants of VR technology adoption in the Nigerian real estate agency practice.
Purpose
This paper aims to identify external factors that are critical to the success of estate surveying business in Lagos State, Nigeria.
Design/methodology/approach
Primary data were collected ...with the aid of questionnaires from estate surveying firms in the study area. Using a sampling interval computed as 1.93-2, 186 firms were selected from the 359 estate surveying firms based in the study area. The sampling interval required that, after the first selection, every subsequent second estate firm in the group (List) was selected for the survey. Data collected were analysed with the aid of criticality assessment index method such as the Relative Criticality Index and Criterion Criticality Score.
Findings
The result showed that it was critical for an estate surveying to interdepend with surrounding businesses and maintain good corporate social responsibility for it to succeed. Also, good social relations of the practitioners with the society was found to be an external factor critical to success. In addition, the study found the need to use the advantage of ICT for real estate marketing as an external technological factor for success. It was also found that the economic situation of the immediate locality of the firm and the economic buoyancy of the nation at large influenced both the planning for and the execution of real estate activities of the firm.
Research limitations/implications
Limiting the findings of the study to external factors alone could subject the findings of the study to bias. Further research targeted at identifying internal factors will provide a balanced view.
Practical implications
The study will serve as useful tools for existing and upcoming real estate practitioners to chart a performance course for their businesses. It will help estate surveyors to understand what to place more emphasis on if they will succeed in business.
Originality/value
The findings from this study will provide the estate surveyors and valuers and the professional body with data on things that are critical to their success in business and enhance the practice of real estate management.
