Students’ views on the incorporation of commercial awareness in real estate education

Journal article


Poon, Joanna and Brownlow, Michael 2014. Students’ views on the incorporation of commercial awareness in real estate education. Education and Training. https://doi.org/10.1108/ET-06-2013-0074
AuthorsPoon, Joanna and Brownlow, Michael
Abstract

Purpose: The purpose of this paper is to review how real estate students perceive and define commercial awareness, which is one of the most important employability skills. This paper also examines students’ perceptions about how their courses support and develop their commercial awareness. In addition, it compares students’ and academics’ views on commercial awareness and identifies whether there are any gaps. Design/methodology/approach: This paper presents the research findings of a questionnaire survey and e-mail discussions with students who are currently studying Royal Institution of Chartered Surveyors (RICS)-accredited real estate courses in the UK. The questionnaire aimed to gather students’ views on the definitions and components of commercial awareness and identify what skills and attributes are required for its development. It also evaluates how commercial awareness has been embedded in the real estate courses. The aim of each discussion was to gain deeper insight on how components of commercial awareness are embedded in real estate courses, and 17 discussions were conducted. The contents of the e-mail discussions were analysed and similar themes were identified and coded. The frequency of the answer in the questionnaire and comments from interviewees is presented. The findings from students’ views have been compared to published research reporting UK RICS-accredited real estate course providers’ views on commercial awareness. In addition to descriptive statistics, Fisher's exact test was used to identify the statistical significance between the academics’ and students’ views on commercial awareness. Findings: The UK real estate students agreed that the most important definition of commercial awareness is a “person's ability to understand the economics of business”. They agreed that “financial” component is the most important component of commercial awareness and it is the largest portion of their courses. The most important skill and attribute for commercial awareness development are “critical thinking” and “ability and willingness to update professional knowledge”, respectively. Although the descriptive analysis shows students and academics have different views on the definition and components of commercial awareness and its incorporation within real estate courses, the Fisher exact test shows that only a few elements are different enough to be statistically significant. This analysis shows that while students and academics have slightly different views on commercial awareness they are not very different. Commercial awareness is an important employability skill, thus, it is still necessary for real estate academics to re-visit the curriculum and to ensure learning outcomes related to commercial awareness have been clearly explained and communicated to students. Furthermore, it is vital for students to obtain practical experience in order to fully develop their commercial awareness. Originality/value: This paper is a pioneer study focused on reviewing real estate students’ views on commercial awareness, including identifying its definition, components and evaluating the extent to which commercial awareness has been embedded in their courses. It also identifies the skills and attributes that students thought were required for the development of commercial awareness. Furthermore, it discusses students’ preferred ways of enhancing their commercial awareness as part of the course they are studying. It is the first study identifying the statistical difference between students’ and academics’ views on commercial awareness. The understanding of students’ views on commercial awareness, their preferred delivery method and the divergence between students’ and academics’ views on commercial awareness can provide useful insights for course directors on the development and renewal of real estate course curriculum.

Year2014
JournalEducation and Training
PublisherEmerald Group Publishing
ISSN0040-0912
Digital Object Identifier (DOI)https://doi.org/10.1108/ET-06-2013-0074
Web address (URL)http://hdl.handle.net/10545/621130
http://dx.doi.org/10.1108/ET-06-2013-0074
hdl:10545/621130
Publication dates2014
Publication process dates
Deposited08 Dec 2016, 11:17
ContributorsUniversity of Salford
Permalink -

https://repository.derby.ac.uk/item/9286q/students-views-on-the-incorporation-of-commercial-awareness-in-real-estate-education

  • 0
    total views
  • 0
    total downloads
  • 0
    views this month
  • 0
    downloads this month

Export as

Related outputs

Foreign direct investment in the UK real estate market
Poon, Joanna 2017. Foreign direct investment in the UK real estate market. Pacific Rim Property Research Journal (PRPRJ). https://doi.org/10.1080/14445921.2017.1372038
Employment outcomes and patterns of real estate graduates: is gender a matter?
Poon, Joanna and Brownlow, Michael 2016. Employment outcomes and patterns of real estate graduates: is gender a matter? Property Management. https://doi.org/10.1108/PM-01-2015-0003
A cross-country comparison on the use of blended learning in property education
Poon, Joanna 2014. A cross-country comparison on the use of blended learning in property education. Property Management. https://doi.org/10.1108/PM-07-2013-0040
Competency expectations for property professionals in Australia
Poon, Joanna and Brownlow, Michael 2014. Competency expectations for property professionals in Australia. Property Management. https://doi.org/10.1108/PM-01-2013-0007
Do real estate courses sufficiently develop their graduates’ employability skills? Perspectives from multiple stakeholders
Poon, Joanna 2014. Do real estate courses sufficiently develop their graduates’ employability skills? Perspectives from multiple stakeholders. Journal of Property Investment and Finance. https://doi.org/10.1108/JPIF-12-2013-0068
Development of students’ commercial awareness within the curriculum of professionally accredited courses : A case study of property courses
Poon, Joanna and Brownlow, Michael 2015. Development of students’ commercial awareness within the curriculum of professionally accredited courses : A case study of property courses. Education and Training. https://doi.org/10.1108/ET-12-2013-0145
Commercial awareness in real estate courses
Poon, Joanna 2014. Commercial awareness in real estate courses. Chartered Institute of Taxation Ghana.
Relationships between demographic factors and employment prospects of architecture, construction and urban planning graduates
Poon, Joanna 2016. Relationships between demographic factors and employment prospects of architecture, construction and urban planning graduates. International Journal of Construction Education and Research. https://doi.org/10.1080/15578771.2016.1153008
The relevance of taxation in middle income economies
Orchieng, M and Poon, Joanna 2014. The relevance of taxation in middle income economies. Property Management. https://doi.org/10.1108/PM-04-2013-0026
Real estate student satisfaction in Australia : what matters most?
Poon, Joanna and Brownlow, Michael 2015. Real estate student satisfaction in Australia : what matters most? Property Management. https://doi.org/10.1108/PM-05-2014-0023
A study of the impacts of variable factors on built environment graduates’ prospects
Poon, Joanna and Brownlow, Michael 2016. A study of the impacts of variable factors on built environment graduates’ prospects. International Journal of Construction Education and Research. https://doi.org/10.1080/15578771.2015.1059394
A study of real estate student satisfaction in Australia
Poon, Joanna 2016. A study of real estate student satisfaction in Australia. Pacific Rim Property Research Journal (PRPRJ). https://doi.org/10.1080/14445921.2016.1140859
An investigation of characteristics affecting employment outcomes and patterns of real estate graduates
Poon, Joanna 2016. An investigation of characteristics affecting employment outcomes and patterns of real estate graduates. Property Management. https://doi.org/10.1108/PM-05-2015-0024
Engaging sustainability good practice within the curriculum design and property portfolio in the Australian higher education sector
Poon, Joanna 2016. Engaging sustainability good practice within the curriculum design and property portfolio in the Australian higher education sector. International Journal of Sustainability in Higher Education. https://doi.org/10.1108/IJSHE-09-2015-0149