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Verena Rock, Heike Dietz, Gabriel Müller, Svenja Schulze

Changing landscape of undergraduate real estate education in Germany Determinants of success for real estate bachelor programs – a case study approach. Verena Rock, Heike Dietz, Gabriel Müller, Svenja Schulze Hochschule Aschaffenburg, University of Applied Sciences ERES 2011. Agenda.

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Verena Rock, Heike Dietz, Gabriel Müller, Svenja Schulze

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  1. Changing landscape of undergraduate real estate education in GermanyDeterminants of success for real estate bachelor programs – a case study approach Verena Rock, Heike Dietz, Gabriel Müller, Svenja Schulze Hochschule Aschaffenburg, University of Applied Sciences ERES 2011

  2. Agenda Changing landscape of undergraduate real estate education in Germany: Determinants of success for real estate bachelor programs – a case study approach VR 2 I Introduction and Research Approach II Literature Review III Competition Analysis IV Survey Results: Students‘ View V Interview Results: Practitioners‘ View VI Conclusion

  3. Introduction and Research Approach Success factors for undergraduate real estate programs in Germany VR 3 • Introduction of bachelor and master programs led to significant changes in the German education system • Undergraduate real estate education: well-established players had to redesign their programs while new competitors appeared on the scene • Real estate students - first time in years - are faced with a wide range of options to choose the right course of studies • German employers reflect their requirements and think about new ways to focus on bachelor trainees • Goal of the study: elaborate main determinants of success for real estate programs to help bachelors succeed in the industry • Analysis of competitive landscape for German undergraduate real estate programs • Focus: empirical case study of the newcomer Hochschule Aschaffenburg

  4. Introduction and Research Approach Research Approach VR 4 Changing landscape of undergraduate real estate education in Germany Market analysis for r.e. education Literature on r.e. education Case Study Approach Univ. of Appl. Sc. Aschaffenburg (qualitative, descriptive analysis) Empirical Survey: Students‘ Perspective (quantitative, descriptive, rather testing hypotheses) Expert Interviews: Practitioners‘ Perspective (qualitative, generating hypotheses) Determinants of success for u.g. bachelor programs

  5. Literature Review Literature on success factors of real estate degree programs GM 5 • Most of research is done in US • Lack of European research activity • Nappi-Choulet dealing with French real estate education • Schulte and Rottke concerning German real estate education • Often surveys used for deduction of results • Especially surveys with professionals conducted

  6. Competition Analysis German Real Estate degree programs SS 6 1 HS Aschaffenburg HS Zittau/Görlitz Uni Regensburg, HWR Berlin, HS Biberach, Hochschule 21 Hochschule Anhalt Uni Stuttgart, Bauhaus Universität Weimar HfWU Geislingen, HAWK Hildesheim/Holzminden/Göttingen HS Mittweida HTW Berlin EBS Universität 1 specialized degree programs have not been analysed

  7. SS Competition Analysis Characteristics of German real estate degree programs Duration: 6 to 8 semesters Final degree: Bachelor ofArts Trends:  Universitiyof Applied SciencesareNo. 1 supplierofestatedegreeprogramms  integratedinternships  possibilitytogoabroad Tuitionfee: 150€/semesterto 500€/semester Participants: 30 to 225 per semester

  8. Students‘ view Survey Basics SS 8 • Empirical Survey • Sample: Real estate bachelor students from 3 study tracks • Timing: April to May 2011 • Answers from 63 out of 116 (response rate of 54.3%) • 1st term: 12 • 2nd term: 31 • 4th term: 19 • n.a.: 1 • Gender: 67.7% female, 32.3% male

  9. Students‘ view Survey results: The Bachelor Market – Students heard of or applied for… SS 9 Other:H21 Buxtehude, Hamburg, Hochschule Zittau/Görlitz, Hochschule Anhalt, FH Darmstadt n=63

  10. Students‘ View Survey Results: What are the most important elements of the program‘s content? GM 10 Preferred content of real estate bachelor program • Rank 1: International real estate law • Rank 2: Real estate valuation • Rank 3: Real estate investment • Rank 4: Real estate finance • Rank 5: Commercial properties • Rank 6: Real estate asset management • Rank 7: Development • Rank 8: Planning and building legislation • Rank 9: Brokerage • Rank 10: Tax, residential properties, accounting

  11. Students‘ View Survey Results: Desired field of operation after university GM 11 Other: Center Manager, product manager, not decided yet

  12. Students‘ View Results – International focus of bachelor studies GM 12 • Most students want to study at least one semester abroad (73.6%) • Costs are the only obstacle against going abroad • Foreign languages should be a compulsory part of the entire curriculum • But: No strong preference for r.e. lectures in foreign languages • H-AB has mainly been chosen for its international focus Multiple answers possible, n=63

  13. Students‘ View Survey Results: Success factors of a real estate bachelor program GM 13 • Success factors for r.e. bachelor program (students‘ view) • Rank 1: Full scope of program‘s content • Rank 2: Expertise of professors • Rank 3: Practical relevance, practical orientation • Rank 4: Possibilities to study abroad • Rank 5: Wide scope of majors / indepth studies • Rank 6: Field trips, site visits • Rank 7: Real estate library

  14. Practitioners‘ view Basics HD 14 • Expert interviews • 14 selected experts from different fields of the real estate industry • Answers from 5 out of 14 (response rate of 35.7%) • Industry fields of respondents: Portfolio management, mortgage bank, developer, investor, Asset & Property management • Average working experience: 11 years

  15. Practitioners‘ view Results HD 15 • Important bachelor program contents: • Financing and investment • Legal and institutional framework conditions • Focus on European market • Others: economic basics, accounting, knowledge on sales structures • No exclusive preference of diploma or bachelor courses • Personal and professional expectations • Cultural and personal open-mindedness • Knowledge of different framework conditions • Independent but also team-work • Analytical and conceptual thinking / personal soft skills

  16. Practitioners’ view Results HD 16 • No absolute preconditions for hiring • Specific real estate bachelor programs • Foreign languages • Foreign experience • Preferring students from the universities EBS, Nürtingen-Geislingen, IREBS and Aschaffenburg • Supporting different universities (e.g. financially) • Suggestions for general improvements of u.g. r.e. education • More practical experience • International quality and knowledge Bachelor programs are relatively well-known and high valued, but many points should be improved

  17. Conclusion Synopsis VR 17

  18. Conclusion Real Estate education in Germany - Lessons learnt VR 18 • Results of the case study: • Success factors differ between students and practitioners • Students favor the full spectrum of international r.e. studies, but their perception changes over time • Employers favor soft skills and sound analytical basics, esp. in finance and investment • Common understanding: practical education is key • Competitive landscape in Germany: Increasing focus on international aspects in real estate education (even though industry does not follow yet?) • Questions remaining: • Does the picture change with students from other universities? • Must the real estate tool kit be taught at university or can it be learnt on the job? • If real estate is local, does undergraduate r.e. education have to be global?

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