Dissertations / Theses: 'Real estate management'

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Dahler, Matt. "Contracting for property management." Online version, 2008. http://www.uwstout.edu/lib/thesis/2008/2008dahlerm.pdf.

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Jarebro, Oscar. "Lean for Real Estate management – A study of development opportunities within the Real Estate Management sector." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-147374.

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The real estate industry is undergoing changes. Licensing of Real Estate Managers to ensure competence has in recent years been studied and proposed. Standardization through ISO certification has been studied for property management and studies identified a possible need for standardization. However, the author of this essay not encountered Lean or practices from other sectors applied nor widely investigated in the property sector. Simple efficiency and cost saving measures have most likely already taken place, much as the effect of the financial crisis. Energy saving measures are required and sought by political and environmental goals. Long-term sustainable thinking is something that is required and is recommended by industry personnel for running an efficient administration. Strategic actions will be important in order to raise revenue or reduce expected future costs. A good planning is essential to deal with the uncertainties associated with property management. Communication, competence and continuity have been shown to be the keys to an efficient operation. By examining the activities and challenges of property management, people have expressed development opportunities in several areas. A possibly necessary development, following one of the report's findings, show that the industry consider itself to be somewhat inferior comparing work for efficiency with other industries. Therefore there is a relevance of a survey of industry philosophies, in this case Lean. This work aims to disclose Lean and to investigate and analyze some of the industry's organizational challenges. Several interesting results have been obtained within the work with this paper. A relatively large proportion of respondents who participated in the survey believe that there is a positive effect of greater use of philosophies such as Lean - a perception that increases as Lean knowledge held by the respondent increases. Here, studies also show a spread depending on the position of the respondent, within the company and within the industry. For example: In questions about work concerning efficiency improvements and development opportunities.
Fastighetsbranschen genomgår idag till viss del förändringar och utvecklas. Auktorisation av förvaltare för att säkerställa kompetens har under de senare åren undersökts och föreslagits. En standardisering genom ISO certifiering har undersökts för fastighetsförvaltningens del och identifierat ett möjligt behov av standardisering. Däremot har författaren till denna uppsats inte stött på Lean eller metoder från andra sektorer tillämpade eller i större utsträckning undersökta inom fastighetsförvaltning. Många enkla effektiviserings- och kostnadsbesparingsåtgärderna har redan tagit plats, mycket som effekt av finanskrisen. Energibesparingsåtgärder krävs och eftersträvas i politiska och miljömässiga mål. Ett långsiktigt hållbart tänkande är någonting som krävs och förordas av branschaktiva för att driva en effektiv förvaltning. Strategiska åtgärder blir viktiga för att kunna höja intäkter eller minska förväntade framtida kostnader. En bra planering är viktig för att hantera de osäkerheter som är förknippade med fastighetsförvaltning. Kommunikation, kompetens och kontinuitet har visats vara nycklar till en effektiv verksamhet. Genom att undersöka verksamheten och utmaningar för fastighetsförvaltning har personer uttryckt utvecklingsmöjligheter inom flera områden. En möjligtvis nödvändig utveckling då en av rapportens upptäckter visar på att branschen anser sig vara lite sämre vad gäller effektiviseringsarbete än andra. Därför finns en relevans av undersökning en av industrins filosofier, i detta fall Lean. Inom ramen för detta arbete får avses att upplysa om Lean och undersöka samt analysera några av branschens organisationsmässiga utmaningar. Flera intressanta resultat har erhållits i arbetet. En relativt stor del av respondenter som deltagit i undersökningen tror på positiva effekter av ökad användning av filosofier som Lean - En uppfattning som ökar när vetskapen om Lean hos de svarande ökar. Undersökningar visar även på en spridning beroende på position inom företagen, dels inom jämförelse av effektiviseringsarbete och dels inom var utvecklingsmöjligheterna anses finnas.

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Lam, Kit-wah. "How Building Management Ordinance enhances the competitiveness of the private residential property management market? /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B35808196.

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AZEREDO, FRANCISCO EDUARDO MOREIRA DE. "REAL ESTATE INVESTMENTS BY INSTITUTIONAL INVESTORS: FACTORS THAT MODEL PENSION FUNDS REAL ESTATE MANAGEMENT." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2004. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=5860@1.

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FUNDAÇÃO PETROBRÁS DE SEGURIDADE SOCIAL
O modelo de monitoração, registro e valoração de investimentos, adotado por investidores institucionais em países desenvolvidos e em especial o americano, juntamente com todos os seus agregados financeiros - índices de bolsas, indicadores de performance, precificação de ativos, ratings, standards, etc...- é sem dúvida um forte elemento direcionador e influenciador dos modelos adotados no Brasil para administração de carteiras de investimento. Surgiu no próprio mercado americano, após o término da recessão do inicio dos anos 90, uma profunda remodelagem dos instrumentos, veículos, indicadores de performance e standards dos investimentos de base imobiliária, que até então seguiam seus próprios e diversificados padrões, desvinculados dos modelos propalados e adotados pelo mercado financeiro. O conhecimento dos modelos de gestão adotados por investidores institucionais brasileiros, em especial os fundos de pensão é básico para se desenhe uma nova estratégia futura de alocação e respectiva gestão de recursos em carteiras de base imobiliária de investidores institucionais. O foco do presente trabalho é dar início a este processo de conhecimento pela identificação e interpretação dos principais fatores que modelam a gestão imobiliária dos fundos de pensão brasileiros, propondo a partir daí algumas reflexões iniciais sobre estes fatores e por conseguinte sobre estes modelos, visando padronizações, aperfeiçoamentos e um maior alinhamento com práticas já consagradas em mercados mais desenvolvidos e eficientes.
It is common knowledge that the models of monitoring, registering and valuating investments, accepted by institutional investors in many developed countries, especially the US - together with financial ratios adopted in the stock market, in assets price evaluation and performance, in risk ratings, in account standards - have great influence in the models implemented by investment portfolio managers in Brazil. After the recession in the beginning of 1990 s, took place in the US Real Estate market a major restructure of Real Estate instruments, vehicles, performance indices, and standards. The Real Estate community agreed that their market could no longer have dissimilar and diverse methods for measuring and evaluating Real Estate assets if compared with those used currently by the financial market. Knowing and understanding the relationship between models adopted by brazilian institutional investors and the positioning of pension funds when allocating resources to real state, is fundamental to trace any new future allocation and management strategy for real state investments by institutional investors. The main purpose of this paper is to begin this process of knowledge by identifying and interpreting the main factors that model the real estate portfolio management adopted by Brazilian pension funds, followed by some reflexion over those factors and conseqüently over those models, mainly focused on standardization and refinement of such current models, and also on aligning current practices to those already approved and implemented by more developed and efficient markets.

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Sitthiyot, Natthakon. "Risk Management of Small Real Estate Management Firms : The Study of Residential Real Estate Market in Zurich, Switzerland." Thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-48604.

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Real estate is believed to have oscillational patterns and lags from business fluctuation. Leading indicators and certain lags of each cycle enable some degree of forecasting possibility but in the same time increase risk of irrational expectation among real estate companies. Not only the risks from fluctuation and expectation, but also risks from business operation and services should be considered in their risk management. Real estate management company may have different types and degree of risk compared to individual investors. The management of risk of this business operation is also different between sizes of firms, scope of services, geographical location, etc. We hereby examined the risk management of small real estate management companies, operating and servicing in residential property market within Zurich, Switzerland. These specific investment and geographical areas are distinctive in terms of risk exposure and solutions as they have continuously strong demand, various attractive features and distinctive behaviors. Unlike a real estate investor, the real estate development company emerging within these compelling economic attributes is believed to have very low risk. After the semi-structured interview with some executive representatives of these small firms, the results have revealed high level of risk awareness and actively participation to mitigate all possible risks, notwithstanding low level. Even without a person who is specifically responsible for risk management, risk assessment and evaluation have been done exclusively by their executives facilitated by personal contacts and associated institutions.

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Holfert, Eric, and Maria Villamide. "Corporate Real Estate Management Practices in Sweden." Thesis, KTH, Fastigheter och byggande, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-50039.

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Purpose – The authors want to give an actual overview of the CREM in Sweden and investigate how certain issues, such as business alignment and strategy of CREM are handled in Sweden.Importance – Scant published research in the academic field of corporate real estate management is covering the Swedish market, hence this paper tries to close this gap. Design/methodology/approach – The paper examines current literature on the topic of CREM and analyses market data gained by a survey and interviews to illustrate the status of CREM in Sweden to dayLimitation – The participation rate in the survey prevents the authors from drawing conclusions significant for the whole market, a wider ranged survey including unlisted companies would certainly help enhancing this research and identify more patterns in the marketKeywords – Corporate Real Estate Management, strategy, business alignment, performance, benchmarking, flexibility, outsourcing, Sweden

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Ruusuvirta, Mehmet, and Thomas Lundgren. "Department of Real estate and Construction management." Thesis, KTH, Fastigheter och byggande, 2014. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-147644.

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In Sweden there is a situation where buildings are constructed at a relatively low rate, while the need for more households is growing relatively quickly. In this thesis the following surveys are conducted; we want to investigate the time required for each process, how the number of building permits for each plan evolve during the process and the number of investigations carried out in connection with the process. The hypothesis is that the developers want to get as many development rights as possible. However, it is the municipality's responsibility to test the suitability of the project in accordance with the law and guidelines which can result in fewer development rights than the builder's preference in the final detailed plan. We have examined 32 plans and concluded that the number of development rights does not drop during the process. Some of the investigations necessary are determined by law, while in some cases by the municipality require various additional studies for a project to be carried through. The survey shows that the number of investigations is approximately 3 per studied plan. The average time spent has been more than 2.5 years for all studied plans. The results of this study indicate that there may be a correlation between the numbers of building permits; the number of investigations and the time required for each process, further studies on this topic are invited.
I Sverige råder en situation där det byggs relativt lite, samtidigt som behovet efter mer bostäder växer relativt snabbt. I detta examensarbete kommer följande undersökningar genomföras; beräkna snittet på tidsåtgången för detaljplaneprocessen, studera utvecklingen av antalet byggrätter i processen från start till laga kraft vunnen plan samt undersöka antalet utredningar som görs i samband med detaljplaneprocessen. Hypotesen är att byggherrarna vill få fram så många byggrätter som möjligt. Det är emellertid kommunens ansvar att pröva projektets lämplighet i enlighet med lagen och de riktlinjer som finns vilket kan resultera i att färre byggrätter än de byggherren önskade vinner laga kraft i den slutgiltiga planen. Vi har enligt ett visst urval granskat 32 detaljplaner och kommit fram till att antalet byggrätter inte sjunker under processens gång. Vissa av utredningar som krävs är lagstadgade, medan det i vissa fall från kommunens sida krävs olika extra utredningar för att ett projekt skall drivas igenom. Snittet för tidsåtgången har blivit dryga 2,5 år för alla studerade planer. Undersökningen visar att antalet utredningar är cirka 3,37 per studerad detaljplan. Resultatet av denna undersökning pekar på att det kan finnas ett samband mellan antalet byggätter, antalet utredningar och tidsåtgången, varför vidare studier i ämnet uppmanas.

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Yuen, Ying-lai Margaret. "Property management strategies and real estate design : a case study of Hong Kong /." Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B14041303.

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Liebersohn, Carl J. "Essays in real estate and finance." Thesis, Massachusetts Institute of Technology, 2018. https://hdl.handle.net/1721.1/122835.

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Thesis: Ph. D., Massachusetts Institute of Technology, Sloan School of Management, 2018
Cataloged from PDF version of thesis.
Includes bibliographical references.
This dissertation consists of three chapters on topics related to real estate and finance. The first chapter studies the effects of bank competition on bank risk-taking and lending. Using a quasi-experimental design that exploits the exogenous application of bank antitrust laws following bank mergers, I show that bank competition leads to more loans going to larger and safer borrowers. The second chapter shows that housing demand shocks from 2000-2006 are highly correlated the elasticity of housing supply in different regions, and explores the implications of this for research on the effects of housing prices. The third chapter, written with Gregory Howard, proposes a new channel for changes in aggregate housing prices. We show empirically and theoretically that increased demand for housing in inelastic areas led to higher aggregate housing prices from 2000-2006, and quantify the magnitude of this channel.
by Carl J. Liebersohn.
Chapter 1. How Does Competition Affect Bank Lending? Quasi-Experimental Evidence from Bank Mergers -- Chapter 2. Housing Demand, Regional House Prices and Consumption -- Chapter 3. The Geography Channel of House Price Appreciation.
Ph. D.
Ph.D. Massachusetts Institute of Technology, Sloan School of Management

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Brounen, Dirk. "Real estate securitization and corporate strategy." [Amsterdam : Amsterdam : Thela Thesis] ; Universiteit van Amsterdam [Host], 2003. http://dare.uva.nl/document/70243.

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Lindh, Marcus, and Filip Lindmark. "In-House VS Outsourcing – Organizing Real Estate Management." Thesis, KTH, Fastigheter och byggande, 2016. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-190059.

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Since the financial- and real estate crisis in 1990-1993, the Swedish real estate market has changed a lot. Companies that earlier considered themselves as technical-oriented has shifted towards being service-oriented with increased customer focus, which in turn has amplified the competitiveness within the industry. The organizational development in the Swedish real estate business has historically been neglected compared to other industries, but has changed as an effect of the increased competitiveness. There are organizational variations between companies operating on the Swedish real estate market where each company’s perception of optimal organizational structure affects the organizational operations and ultimately the profitability of the firm. This master thesis investigates how organizational differences, in terms of real estate management, between Swedish real estate companies impact the competitiveness of the firm.
Den svenska fastighetsmarknaden har förändrats mycket sedan finans- och fastighetskrisen som ägde rum mellan 1990-1993. Företag som tidigare ansett sig vara teknik-inriktade tvingades ändra sitt fokus till att vara mer service – inriktade, vilket ökade den interna konkurrensen på fastighetsmarknaden. Den organisatoriska utvecklingen har historiskt sett varit eftersatt jämfört med andra branscher men har också förändrats till följd av den ökade konkurrensen. Det finns organisatoriska skillnader mellan fastighetsbolag på den svenska marknaden som speglar varje bolags uppfattning av vad som är ”den ultimata organisationen” som i förlängningen påverkar organisationens struktur och lönsamhet. Denna masteruppsats utreder hur organisatoriska skillnader, vad gäller organisering av fastighetsförvaltning hos svenska fastighetsbolag i sin tur påverkar deras konkurrenskraft.

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Schuur, Robert G. "Corporate real estate| Strategic and leadership challenges." Thesis, Pepperdine University, 2016. http://pqdtopen.proquest.com/#viewpdf?dispub=10154885.

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The globalization of the business community has intensified the competitive business environment. Corporations now face not only national but also international competition. As corporations strive to both survive and grow, they continuously seek new avenues for both top line revenue growth and expense control. Corporate Real Estate (CRE) is a significant component of corporate costs, often cited as being the second largest cost after payrolls. As a result of these competitive pressures and the desire to control real estate costs, Corporate Real Estate Management (CREM) emerged as a recognized management discipline in the 1980s and 1990s. With the relatively recent advent of CRE as a separate management discipline, a wide variety of theories and models have been advanced that seek to explain the practice of CREM leadership, strategy, and performance management (PM). The purpose of this study was to further the development of the CREM discipline by identifying contemporary challenges that CRE leaders face. The study also examined the leadership practices and strategies they use to respond to these challenges, and the methods they use to measure the overall success of their strategies and leadership practices. Recommendations they would make to other CRE leaders to help them achieve success in their organizations conclude the study. The study was conducted as a qualitative phenomenological study. Data was collected from 14 senior CRE leaders by means of semi-structured telephone interviews. Subsequent analysis of the interview data resulted in 49 themes being identified of which 24 were considered major themes. The findings of the study are intended to guide the further development of the practice of CREM.

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Wong, Yun-chuen. "Legislative and administrative changes in transition : a case study of property management service in Macau, 1994-2004 /." View the Table of Contents & Abstract, 2007. http://sunzi.lib.hku.hk/hkuto/record/B40698312.

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Chan, Yat-chung Desmond. "Difficulties and problems of property managers of investment properties in Beijing." Click to view the E-thesis via HKUTO, 2003. http://sunzi.lib.hku.hk/hkuto/record/B31969318.

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Cheng, Man-fai. "Utitlization in information technolgy in housing management /." View the Table of Contents & Abstract, 2007. http://sunzi.lib.hku.hk/hkuto/record/B40697769.

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Ng, Lin-chu Julie. "Management company's role & effectiveness in community building." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B22331359.

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Schulz, Matthias. "Real Estate Private Equity im institutionellen Portfolio." [S.l. : s.n.], 2005. http://www.bsz-bw.de/cgi-bin/xvms.cgi?SWB12103694.

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Chun, Yuk-ting Fanny. "Community politics and property management in Hong Kong /." View the Table of Contents & Abstract, 2007. http://sunzi.lib.hku.hk/hkuto/record/B3802763X.

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Fung, Pui-ki Annie. "A study of the effect of quality management services on the value of properties in private sector of Hong Kong /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B36438893.

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Zhang, Junyi S. M. Massachusetts Institute of Technology. "An integrated analytical framework : guidelines for commercial real estate investment management." Thesis, Massachusetts Institute of Technology, 2020. https://hdl.handle.net/1721.1/129096.

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Thesis: S.M. in Real Estate Development, Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate, September, 2020
Cataloged from student-submitted PDF of thesis.
Includes bibliographical references (page 78).
This thesis introduces an Integrated Analytical Framework that provides guidelines on mapping the analysis structure and reporting essentials for the commercial real estate ("CRE") investment with coverage from Acquisition Management, Development Management, Asset Management to Divestment. The motivation of this thesis responds to the need that small-scale Private Equity Real Estate ("PERE") firms have for efficient, comprehensive, and streamlined tools to manage investment assets. There are two purposes of this thesis. First, it is to introduce an analytical framework, integrating the entire lifecycle of a commercial real estate investment. From a quantitative analytical perspective, the framework introduces Key Performance Indicators that CRE investors should rely on to understand the expected performance of their investments. Second, it is to help CRE investors achieve analytical efficiency. A model template, in Microsoft Excel, is developed here to translate the framework into a practical tool. This thesis serves as a practical manual for small-scale PERE firms and real estate entrepreneurs who have limited resources and possess strong desires for a streamlined but comprehensive analytical tool to fulfill their investment management demands. This thesis focuses on both asset-level and portfolio-level investment analyses. While the asset-level perspective intends to be micro-level analysis and emphasizes the detail of every aspect of the asset, the portfolio-level analysis consolidates the asset fundamentals and provides a bird's-eye view of the entire investment lifecycle. This thesis contains a supplemental Excel file The Integrated Analytical Framework Model Template that can be obtained from DSpace@MIT with the persistent identifier: https://hdl.handle.net/1721.1/126014.
by Junyi Zhang.
S.M. in Real Estate Development
S.M.inRealEstateDevelopment Massachusetts Institute of Technology, Program in Real Estate Development in conjunction with the Center for Real Estate

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Rogalla, Ralph. "Essays on pension fund management and real estate investment /." Frankfurt a.M, 2008. http://opac.nebis.ch/cgi-bin/showAbstract.pl?sys=000253339.

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Azasu, Samuel. "Reward Management in Swedish Real Estate Firms : Five essays." Doctoral thesis, KTH, Bygg- och fastighetsekonomi, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-29752.

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Steinbach, Florian. "Balanced scorecard im corporate real Estate- und Facility-Management." Hamburg Diplomica GmbH, 2002. http://www.diplom.de/db/diplomarbeiten6312.html.

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Steinbach, Florian. "Balanced Scorecard im Corporate Real Estate- und Facility Management /." Hamburg : Diplomica, 2006. http://www.diplom.de/db/diplomarbeiten6312.html.

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Brady, Patricia Rafferty. "Partners for change : real estate developers and management consultants." Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/71400.

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Veale, Peter Read. "Corporate real estate asset management in the United States." Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/14693.

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Antinmaa, E. (Eemeli). "Multi criteria decision analysis on real estate portfolio management." Master's thesis, University of Oulu, 2015. http://urn.fi/URN:NBN:fi:oulu-201504021204.

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The thesis applies the theories of Multi Criteria Decision Analysis (MCDA) with a constructive research to the environment of real estate portfolio management. The aim of the research is to create a preference model for sorting real estates. There are multiple conflicting and incommensurable criteria involved in MCDA that cause a challenging decision situation for the decision maker. The advantage of using MCDA is decision maker’s ability to learn and understand both his own and others’ values and judgments. These benefits are received by actions such as taking the decision maker’s preferences into account and concerning the decision problem explicitly by structuring and synthesizing the information. Previously, Multi Attribute theories have been successfully applied to the portfolio selection of road pavement and bridge repairing projects, for example. The research was implemented in three sections from which the first one was a theoretical review that sought to present the basics of MCDA by defining the Multi Attribute Value Theory (MAVT) process. After theoretical review followed the data collection and analysis that aimed to identify the guiding criteria for the decision making and the attributes by which the achievement of the criteria being measured. The thesis was outlined to consider only the effect of the property specific endogenous factors. The last section of the study, construction, applies the information got from the previous sections by creating a preference model for the decision making of property portfolio management. The process and value tree described in the study were constructed from the perspective of real estate owners who own properties only as an investment. As a result of the thesis, five criteria were formed by which the sorting of real estates is evaluated. The criteria were: a macro location that seeks to describe the macro environmental development, a micro location that takes a stand on how reachable the real estate is, a contract price that presented the income side of the cash flow, a repairing need that was included because it has a high effect on the outcomes, and the ability to develop which means the capability of a building to produce financial benefits with the development operations. The suggested attributes for the criteria were for macro location the new construction production of the property type in relation to the development of areal GDP, for micro location the transportation time and type from the areal center, for the contract price the average of the contract prices in relation to the area of each rental agreement, for repairing needs the repairing costs got from the long term repairing plan and for ability to develop was seen that best option to measure the achievement of it would be expert opinion. The study did not take a stand on the weights of the criteria nor the value functions of the attributes because it would require focusing on the single real estate investor whereas this thesis was desired to keep on the general level. As a whole, it was concluded that creating a universal model for sorting real estates is not possible because of the unique nature of the weights and value functions. Therefore it would be more appropriate to execute the model constructing process with the case investor. The process described in this study should, however, give readiness to create a preference model for the investors that were in the focus of this work. The preference model formed as a result of the process will propose an interest of sorting based on the endogenous property specific features. However, the model should be used only as an assistance in decision making so that the decision maker would use it to support his decisions
Diplomityö pyrkii konstruktiivisen tutkimuksen avulla soveltamaan monikriteerisiä päätösanalyysiteorioita (Multi Criteria Decision Analysis — MCDA) kiinteistöportfoliohallinnan päätöksentekoon. Teorioita sovelletaan työssä kehittämällä kiinteistöportfoliohallinnan päätöksentekoa avustava malli. MCDA on oppi metodeista ja lähestymistavoista, joissa eri vaihtoehtojen paremmuutta arvioidaan suhteessa päätöksentekijän asettamiin tavoitteisiin. Teorioiden käsittelemien päätösongelmien luonteeseen kuuluvat useat ristiriitaiset ja yhteismitattomat kriteerit, jotka tekevät päätöksenteosta erittäin haasteellista. MCDA:n tuoma arvo päätöksentekoon syntyy sen jäsennellystä ja selkeästä tavasta käsitellä päätösongelmaa, minkä johdosta päätöksentekijä tulee tietoisemmaksi itse päätösongelmasta sekä omista ja muiden sidosryhmien arvoista ja tavoitteista. Monikriteerisiä päätösanalyysiteorioita on sovellettu aiemmin esimerkiksi infrapuolella siltojen kunnossapitoprojektien valintaan. Kehitetyn matemaattisen mallin avulla pystyttiin analyyttisesti arvioimaan kunkin vaihtoehdon hyvyyttä ja poimimaan siltakannasta eniten päätöksentekijän tavoitteita vastaavat kohteet. Tutkimus toteutettiin kolmessa osiossa, joista ensimmäisessä selvitettiin MCDA:n perusteet määrittämällä kirjallisuuskatsauksen avulla päätöksentekijän preferenssejä mallintava MAVT-prosessi. Kirjallisuuskatsauksen jälkeen seurasi työn empiirinen osio, mikä pyrki haastatteluiden avulla selvittämään kiinteistöportfoliohallinnan päätöksentekoa ohjaavat kriteerit ja niiden toteutumista mittaavat attribuutit. Työ keskittyi käsittelemään vain kiinteistökohtaisten sisäsyntyisten tekijöiden vaikutusta kiinteistöportfoliohallintaan. Lopuksi empiriasta saatujen tuloksien pohjalta kuvattiin MAVT prosessi kyseessä olevassa kontekstissa ja kehitettiin esimerkkimalli kiinteistöportfoliohallinnan päätöksenteon tueksi. Esitetty malli on suunnattu yksityisille kiinteistönomistajille, jotka omistavat liike- ja toimistokiinteistöjä vain sijoitusmielessä. Tutkimuksen tuloksena saatiin viisi kiinteistöportfoliohallinnan päätöksentekoa ohjaavaa kriteeriä: makrosijainti, mikrosijainti, sopimushinta, kiinteistön korjaustarpeet ja kiinteistön kehittymiskyky. Sijainti kriteerit pyrkivät huomioimaan sekä makroympäristön kehittymisen että kiinteistön saavutettavuuden. Sopimushinta ja kiinteistön korjaustarpeet puolestaan kuvaavat kiinteistön kassavirran negatiivisen ja positiivisen puolen tärkeimpiä tekijöitä. Kiinteistön kehittymiskyvyllä tarkoitetaan kuinka paljon kehitystoimenpiteillä nähdään saatavan taloudellista hyötyä. Edelle mainittujen kriteereiden attribuuteiksi ehdotettiin makrosijainnille alueellisen BKT:n suhdetta uusiin rakennushankkeisiin, mikrosijainnille keskimääräistä matka-aikaa ja kulkuvälinevaihtoehtoja aluekeskukseen, sopimushinnalle kohteen sopimushintojen neliöillä painotettua keskiarvoa, korjaustarpeille pitkän tähtäimen suunnitelmasta saatavaa korjaustarvearviota ja kiinteistön kehittymiskyvylle asiantuntijan toteuttamaa arviota kiinteistön kehityskelpoisuudesta. Tutkimus ei ottanut kantaa kriteereiden painotukseen tai attribuuttien mittaustulosten pisteyttämiseen, koska työ haluttiin pitää yleisellä tasolla ja edellä mainitut toimenpiteet olisivat vaatineet työn rajaamista koskemaan vain yhtä kiinteistösijoittajaa. Kokonaisuudessaan nähtiin, että yleisen mallin kehittäminen kiinteistöportfoliohallintaan on mahdotonta, johtuen mallissa käytettävien painotusten ja arvofunktioiden yksilöllisestä luonteesta. Tästä johtuen preferenssimallin laadinta olisikin parempi toteuttaa käyttäen vain yhtä kiinteistönomistajaa. Tässä työssä kuvattu prosessi antaa kuitenkin työn kohteena olleille kiinteistönomistajille valmiudet luoda kvantitatiivinen malli oman päätöksenteon tueksi. Prosessin tuloksena saatava malli ehdottaa perustuen kiinteistön sisäsyntyisiin tekijöihin, miten kiinteistöt tulisi lajitella eri salkkuihin. Malli on kuitenkin tarkoitettu vain päätöksentekijän avuksi, ei päätöksentekijäksi

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Fusch, Christina. "Risk Management Strategies for Sustainable Rental Real Estate Profitability." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7292.

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Some rental property owners lack risk management strategies that enable them to budget for sustainable profitability. This study provides rental property owners with risk management strategies for sustainable profitability to maintain business stability during market volatility and create stable, well-maintained housing for tenants. A mini ethnographic case study was conducted to determine the key risk management budgeting strategies rental property owners in the greater Seattle area have used to achieve sustainable profitability for at least 10 years. Enterprise risk management was applied to assess the role risk played in small rental property businesses and budgeting for sustainable profitability. Participant observation, interviews, and document review were conducted with rental property owners who had achieved sustainable profitability for at least 10 years. Data analysis software was leveraged to code the data and identify 4 key risk management budgeting strategies that contributed to sustainable profitability. The rental property owners included these 4 risk management budgeting strategies into their business: incorporating risk identification, response, and monitoring into firm strategy; cultivating a risk management network that effectively enabled them to mitigate risk; risk response to industry regulations; and creating a positive social change impact. Building on the results, 4 models of risk management budgeting were created for rental property owners searching for strategies to achieve sustainable profitability. The rental property owners in the study applied these 4 risk management budgeting strategies to achieve sustainable profitability and contribute to positive social change such as improving the well-being of tenants and communities.

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Błaszczuk, Krzysztof (Krzysztof Aleksander). "Investment opportunities in green technology real estate projects." Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/72882.

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Thesis (S.M.)--Massachusetts Institute of Technology, Sloan School of Management, 2012.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 40-41).
The real estate sector accounts for more than a third of global greenhouse gas emissions and potentially provides great opportunity for carbon reduction. Energy efficient and green buildings have a huge potential in transforming the property sector, and investors could benefit from that transformation through the greening of their real estate holdings and investing in green technology real estate developments. My work will further define this opportunity by investigating the real estate industry's relationship to sustainability and global greenhouse gas emissions through perspective of energy markets, demographical changes and different technologies in the energy efficiency sphere. Additionally my thesis will provide summary of research regarding willingness to pay for efficiency and sustainability measures both in the residential and commercial part of the market. Finally I will analyze main factors affecting demand and forces shaping investment opportunity.
by Krzysztof Błaszczuk.
S.M.

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30

BARBOSA, LUCIANA SALLES. "ECONOMIC FEASIBILITIES IN THE REAL ESTATE INVESTMENT MARKET: RISK MANAGEMENT AND REAL OPTIONS." PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2005. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=7064@1.

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COORDENAÇÃO DE APERFEIÇOAMENTO DO PESSOAL DE ENSINO SUPERIOR
Investimentos no mercado imobiliário envolvem grande aporte de capital e baixa liquidez, não sendo incorporados de forma instantânea, apresentando lento payback, além de diversas incertezas econômicas relativas à demanda, preço/m2 e velocidade de vendas, que aumentam o risco percebido dos investidores. Foi analisada a viabilidade econômica de um lançamento imobiliário na cidade do Rio de Janeiro identificando as opções reais relevantes ao empreendimento como a aquisição de informações, opções de adiamento e abandono do projeto, permitindo ao incorporador a escolha de decisões que maximizem o valor de seu empreendimento. Estima-se o valor máximo pago ao proprietário do terreno em função do direito de exclusividade. Ao considerar estratégias de opções inseridas na metodologia de fluxo de caixa descontado, diminui-se exposição de risco (Value-At-Risk) do empreendimento em 50 por cento e aumenta o valor do empreendimento em R$ 3MM. É importante, estabelecer uma cultura empresarial que empregue a teoria de opções de forma a proporcionar um efetivo gerenciamento de risco do empreendimento.
Real Estate investments are characterized by high capital outflows, low liquidity and short payback together with economic uncertainties related to demand, price/m2 and sales speed that increase the risk perceived by investors. It is often the case when the property developer and the land owner sign an agreement where the former obtain the exclusive property rights to construct on the land for a certain period of time against an initial payment. This contract introduces in the real estate investment project the option to wait or abandon development depending on the information gathered from the market during the expiration period. It was analyzed a real estate investment in the city of Rio de Janeiro where the previous Real Options are identified and valued, allowing a better management of the decision process and an effective risk management for the company. It was estimated the ceiling price for the exclusive property rights. The adoption of the Real Option Strategy shows a reduction of 50 percent in the Valueat- Risk with respect to the traditional valuation (that does not considers the real options embedded) and the value of the project increases R$ 3MM.

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Ng, Fat-ling. "Licensing and regulation of property management companies : a study from the perspectives of incorporated owners of domestic premises and property management companies in Hong Kong /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B35808780.

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Feng, Tony S. M. Massachusetts Institute of Technology. "Property-level performance attribution : demonstrating a practical tool for real estate investment management diagnostics." Thesis, Massachusetts Institute of Technology, 2010. http://hdl.handle.net/1721.1/62050.

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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate , 2010.
Cataloged from PDF version of thesis.
Includes bibliographical references (p. 141-142).
Real estate investment firms have the ever increasing need for understanding their firm's strengths and weaknesses, their performance relative to their peers and competitors, and for developing assessment tools for facilitating more informed investment and management decisions. One potentially very useful tool to further these objectives, a tool that is so far underutilized and underappreciated, is investment performance attribution analysis. Such performance attribution may be broadly characterized as the partitioning of the total investment return of a particular manager or portfolio in order to quantify and help to understand and assess the components and determinants of the overall investment performance. Traditional investment attribution analysis, adopted from the securities investment industry, has focused primarily on the portfolio level, where property selection and allocation factors are the two primary attributes of total return that can be parsed and benchmarked. In the case of real estate investments, property-level investment functions such as operational management and asset transaction execution, which are not captured by a traditional attribution analysis, also play a major role in the overall investment returns. During the past two decades a system to drill the investment performance attribution down to a deeper level, separating the asset "selection" component into further breakouts, including income return and components of the capital return (cash flow change and yield change), have been propounded by influential firms such as the Investment Property Databank (IPD) based in the UK. In a 2003 article David Geltner proposed a system for property-level performance attribution (PPA) based on the since-inception IRR of each individual property investment. This thesis furthered Geltner's work on PPA by an in depth exploration of the application of the IRR-Based Property-Level Performance Attribution analysis based on a large-scale, real-world-based case study of a complete set of actual core-asset round-trip transactions completed by several internally managed funds in the institutional investment industry. Furthermore, this thesis explored the use of PPA for organizational management diagnostics, and thereby demonstrated the potential of using the PPA analysis as an investigative tool for developing plausible hypotheses about a firm's investment management strengths and weaknesses.
by Tony Feng.
S.M.in Real Estate Development

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Nyström, Marcus, and Anna-Viktoria Lind. "Within Real Estate Diversification and Investment Strategies." Thesis, KTH, Fastigheter och byggande, 2012. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-98404.

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The efficient portfolios for the period 1993 – 2010 based on IPD data have a major portfolio weight in residential properties in the three largest regions Stockholm, Gothenburg and Malmo. The portfolio with the highest risk adjusted return (measured as the highest Sharpe-ratio) combines a large portfolio weight in residential properties with a small weight in industrial properties. During the time period of 2005 – 2010 a majority of the listed real estate companies held a real estate portfolio far below the efficient frontier based on the corresponding IPD data. These companies can increase their total return without taking on any more risk by using the concept of diversification. When including all available diversification categories two out of seven companies can be said to have an efficient real estate portfolio. When we excluded the outperforming residential asset class, however, none of the companies’ portfolios were in fact efficient. The real estate market is inefficient and thus results in the IPD data being less useful as it is based on transactions occurring in this inefficient market. Investors can, in this market, easily find properties with another risk and return profile than what IPD indicates is the market risk and return for a particular property type in a certain region. The inefficiency of the market, together with the IPD data being less useful, thus makes it difficult for the companies to focus on diversification in their investment strategy. Moreover, there are several reasons that explain the discrepancy between the actually held listed real estate portfolios and the optimal portfolio based on IPD data. Since each property is heterogeneous and possesses unique risks, investors are not able to accurately quantify the risk of each investment and thus rely more on their gut feeling. This also results in investors focusing on single investment opportunities rather than looking at all investments from a portfolio perspective.

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Ono, Takanori. "Corporate portfolio management within Japanese diversified trading & investment companies : what role does real estate play?" Thesis, Massachusetts Institute of Technology, 2012. http://hdl.handle.net/1721.1/77126.

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Thesis (S.M. in Real Estate Development)--Massachusetts Institute of Technology, Program in Real Estate Development in Conjunction with the Center for Real Estate, 2012.
Cataloged from department-submitted PDF version of thesis. This electronic version was submitted and approved by the author's academic department as part of an electronic thesis pilot project. The certified thesis is available in the Institute Archives and Special Collections.
Includes bibliographical references (p. 81-83).
This paper discusses possible optimal corporate portfolio composition for Japanese trading and investment firms from stakeholders' (specifically shareholders and employees) value maximization perspective. Based on the historical returns of diversified business units of 4 subject companies, performances of individual business units and three portfolios (current, tangency, and "suboptimal") are analyzed and compared. The study suggests adjusting suboptimal portfolio composition based on each business unit's systematic risk and excess market return relative to its systematic risk and industry average. A firm also needs consideration on how the composition adjustment would affect diversification benefits the firm now enjoys and also on its overall management strategy. Key words: corporate portfolio management, diversification, stakeholder theory, portfolio theory, CAPM, Index model, accounting beta, Jensen's Alpha, Treynor ratio, multi-factor model.
by Takanori Ono.
S.M.in Real Estate Development

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35

何學強 and Hok-keung Paul Ho. "Strategic issue management of real estate development in turbulent environments." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2001. http://hub.hku.hk/bib/B43895037.

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Ho, Hok-keung Paul. "Strategic issue management of real estate development in turbulent environments." Hong Kong : University of Hong Kong, 2001. http://sunzi.lib.hku.hk/hkuto/record.jsp?B2521178x.

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37

Lam, Tsui-shan Joyce. "A study on the causation and prevention of corruption in the property management industry in Hong Kong /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B38026557.

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38

Ma, Fung-sze Carol. "A study of factors that are important for providing quality service in property management industry." Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B42905588.

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39

Öhrn, Anna. "International Real Estate Investments : – The Practice of Currency Risk Management." Thesis, KTH, Fastigheter och byggande, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-123998.

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Globalization is a fact in a lot of businesses today, something that is also relevant in the real estate industry. The currency differs depending on where investments are made and as a result of this real estate investors also face currency risks in addition to all other real estate related risks they already need to manage. The management of currency risk can have different forms, and the purpose of this thesis is to find out how, if and why real estate investors, especially Swedish, hedge this risk. To create an understanding of the issue, a summary of some theories on the currency market and real estate market can be found in the thesis. Only a small amount of research exists on the subject in Sweden and the theories are mainly from foreign studies and the currency risk management from other business sectors. These theories, combined with the research questions, have formed the questions for the interviews this study is made of. Debt in the local currency of where the investment is made can be seen as a natural hedge for the currency risk. Reduced loan-to-value (LTV) ratios from banks for real estate investments have led to a situation where loans, which can cannot be used to the same extent. That makes it more interesting to find out which other instruments are being used to avoid the currency risk and if the real estate investors wants to avoid it at all. The purpose of this thesis is to find the answers to these questions. The interviewed consultancy firms and banks as well as the investors themselves state that the currency risk is a risk that should not occur in Swedish real estate investments on markets with a different currency. The reason for this is that the real estate assets should be the primary focus of the business. To hedge this risk, bank loans and currency futures are the most frequently used instruments by Swedish real estate investors.
Globalization is a fact in a lot of businesses today, something that is also relevant in the real estate industry. The currency differs depending on where investments are made and as a result of this real estate investors also face currency risks in addition to all other real estate related risks they already need to manage. The management of currency risk can have different forms, and the purpose of this thesis is to find out how, if and why real estate investors, especially Swedish, hedge this risk. To create an understanding of the issue, a summary of some theories on the currency market and real estate market can be found in the thesis. Only a small amount of research exists on the subject in Sweden and the theories are mainly from foreign studies and the currency risk management from other business sectors. These theories, combined with the research questions, have formed the questions for the interviews this study is made of. Debt in the local currency of where the investment is made can be seen as a natural hedge for the currency risk. Reduced loan-to-value (LTV) ratios from banks for real estate investments have led to a situation where loans, which can cannot be used to the same extent. That makes it more interesting to find out which other instruments are being used to avoid the currency risk and if the real estate investors wants to avoid it at all. The purpose of this thesis is to find the answers to these questions. The interviewed consultancy firms and banks as well as the investors themselves state that the currency risk is a risk that should not occur in Swedish real estate investments on markets with a different currency. The reason for this is that the real estate assets should be the primary focus of the business. To hedge this risk, bank loans and currency futures are the most frequently used instruments by Swedish real estate investors.

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Harris, Jane Leslie. "Opportunities to enhance shareholder value through real estate asset management." Thesis, Massachusetts Institute of Technology, 1989. http://hdl.handle.net/1721.1/66721.

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41

Li, Chung-yin Priscilla. "Environmental management standards and certification for property management : do they add value? /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B35808937.

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Cheung, Yiu-ming Sammy. "Quality of life an identification of property servicing needs and assessment of property servicing value in Hong Kong real estate market /." Click to view the E-thesis via HKUTO, 2002. http://sunzi.lib.hku.hk/hkuto/record/B42576945.

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Lau, Hoi-keung John. "Motivation of middle management staff in property management company : a comparison between subsidiary companies of a developer and independent management companies /." View the Table of Contents & Abstract, 2006. http://sunzi.lib.hku.hk/hkuto/record/B38027604.

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Tse, David. "Conditional Systematic Risk of Equity Real Estate Investment Trusts." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1128.

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Ellis, Bruce W. C. (Bruce William Christopher), and Andrew 1963 Weiss. "Real estate financing alternatives in a high risk economy." Thesis, Massachusetts Institute of Technology, 1988. http://hdl.handle.net/1721.1/39950.

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Balodimas, Maria V. (Maria Vasiliki). "Strategic alignment in a residential real estate brokerage company." Thesis, Massachusetts Institute of Technology, 1996. http://hdl.handle.net/1721.1/10376.

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Vozáb, Václav. "Process analysis of department of management and real estate management of supermarket company." Master's thesis, Vysoká škola ekonomická v Praze, 2012. http://www.nusl.cz/ntk/nusl-142176.

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This thesis deals with realization of process analysis of department of management and real estate managnement of a supermarket company. The goal of this work, addressed in the practical part, is to map the processes in terms of business process diagrams with description of these processes, identify potential inconsistencies and eventually recommend a revision of current documents. The theoretical part explains the concepts of process management, process, process analysis and procedure of mapping process. There are also described and evaluated basic methods and standards for process modeling.

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Wu, Hei Catherine. "A study of personalized service : the impact on the development of property management company /." View the Table of Contents & Abstract, 2008. http://sunzi.lib.hku.hk/hkuto/record/B40697241.

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Tang, Chun-yin Kenneth. "Evaluation of the total quality management in property management sector in Hong Kong." Click to view the E-thesis via HKUTO, 2009. http://sunzi.lib.hku.hk/hkuto/record/B42556156.

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McKinney, Steven B. "Substitute costs a method for determining ecological service values in stormwater management /." Birmingham, Ala. : University of Alabama at Birmingham, 2009. https://www.mhsl.uab.edu/dt/2009p/mckinney.pdf.

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Thesis (Ph. D.)--University of Alabama at Birmingham, 2009.
Additional advisors: Robert Angus, Paul D. Blanchard, Sarah Culver, Alan Shih. Description based on contents viewed June 3, 2009; title from PDF t.p. Includes bibliographical references (p. 48-51).

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Dissertations / Theses on the topic 'Real estate management'

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