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MANAGEMENT IN THE REAL ESTATE SECTOR - Essay Example

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Name Institution Course Instructor Date Management in the Real Estate Sector 1. Discuss the extent to which real estate managers should aim to satisfy the expectations of their clients above all other stakeholders. Management in real estate sector seeks to satisfy interest of stakeholders and clients…
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MANAGEMENT IN THE REAL ESTATE SECTOR
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Download file to see previous pages It means that a drop in number of clients that the real estate company serves would translate into low income. Success in this industry depends on the number of clients a real estate company has been able to serve. Communication opens avenues for transacting new deals in real estate industry (Crane, 2007: 45). Arguably, managers in real estate industry provide satisfactory information about the services their offer to their prospective clients. Many clients believe that level of contact is a factor that assures them about a company’s interest to their needs. The need to address issues affecting clients’ satisfaction can only occur when real estate managers have developed an avenue, which allows the flow of information from clients to management. Managers must be able to identify preferences of their clients. Managers should develop templates, which can assist their clients to identify the products that real estate industry offers to them. Service delivery assures many clients that management considers their needs. Many clients in the industry would project their demands to the company. The response that the company takes in responding to the needs of the clients indicates the level of satisfaction the clients are likely to get. Quality of service in this industry influences perception of many clients. Managers must ensure that product quality is satisfying the demand of the client. It means that managers must develop strategic approaches, which will enable them to respond to concern of their clients. Developing products, which respond to the demand of clients, is an indication that managers have been able to respond to needs of their clients. 2. Examine the ways in which stakeholder expectations might present challenges for managers in a commercial real estate advisory firm. Stakeholders concern is to realize proceed out of the money they invested in real estate. This expectation posits many challenges to management because of complexities involved in the real estate business. Factors such as flow of money in the market influence the purchasing power of clients. It means that real estate industry expect to face fluctuation in demand for real estate products. Stakeholders might lose their patience during low money flow in the market because it reduces purchasing power of real estate products, which subsequently translates into the income of the company. Economics of purchases verses rental influence the performance of real estate enterprises (Crane, 2007:87). People weigh values they are likely to gain from purchasing a house or renting a house. Managers in real estate have no direct influence of individual needs. On the contrary, stakeholders might to fail to understand the economics in this market because they expect to see proceeds of the company. Sometimes managers might decide to speculate anticipating a fall in demand for rentals. Stakeholders might not understand the speculation approaches adopted by managers because they feel the company should be earning proceeds out of the investments. Investments in real estate do not translate into profit suddenly as many stakeholders may expect. Stakeholders expect to start earning dividends from their investment after some period. The construction period in real estate does not translate into profit because the industry is still spending instead of gaining. Managers should be able to highlight complexities in real estate to their stakeholders. Perception of society as shaped by ...Download file to see next pagesRead More
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