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Commercial awareness in real estate courses

Poon, Joanna 2014, Commercial awareness in real estate courses, Property management, vol. 32, no. 1, pp. 48-66, doi: 10.1108/PM-01-2013-0007.

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Title Commercial awareness in real estate courses
Author(s) Poon, Joanna
Journal name Property management
Volume number 32
Issue number 1
Start page 48
End page 66
Total pages 19
Publisher Emerald Group Publishing Limited
Place of publication Bingley, Eng.
Publication date 2014
ISSN 0263-7472
Keyword(s) UK
curriculum development
commercial awareness
curriculum enhancement
real estate education
Summary  Abstract
Purpose – The purpose of this paper is to evaluate how and to what extent commercial awareness is
embedded within the curriculum of the UK Royal Institution of Chartered Surveyors (RICS)-accredited
real estate courses. It also discusses the development of commercial awareness taxonomy.
Design/methodology/approach – This paper presents the research findings of questionnaire
survey and interviews with RICS-accredited real estate course providers in the UK. The questionnaire
aimed to gather course directors’ views on the definitions and components of commercial awareness
and identify what skills and attributes are required for its development. It also evaluated how
commercial awareness has been embedded in the real estate courses. The aim of the interview was to
gain deeper insight on how components of commercial awareness are embedded in real estate courses
and nine interviews were conducted. The interviews were recorded, transcribed and coded to identify
similar themes. The frequency of the answer in the questionnaire and comments from interviewees
is presented.
Findings – The UK real estate academics agreed the most important definition of commercial
awareness as that of a “person’s ability on understanding of the economics of business”. They agreed
that “strategic” is the most important component for commercial awareness, followed with “financial”
and “process”. However, the “financial” component is embedded the most in the curriculum. The most
important skill and attribute for commercial awareness development are “ability to define and solve
problems” and “ability and willingness to update professional knowledge”, respectively. Commercial
awareness was embedded in the overall curriculum and the key element for developing it is through
having “practical experience”.
Originality/value – This project is the first to conduct an in-depth analysis of commercial awareness
in real estate education. It also develops the pioneer commercial awareness taxonomy.
Keywords UK, Curriculum development, Commercial awareness, Curriculum enhancement,
Real estate education
Paper type Research paper
Language eng
DOI 10.1108/PM-01-2013-0007
Field of Research 150403 Real Estate and Valuation Services
Socio Economic Objective 900203 Property Services (incl. Security)
HERDC Research category C1 Refereed article in a scholarly journal
Free to Read? Yes
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