PRJ6026CM Inter Professional Project | Self-Reflection on the Market V

Inter-professional Project

This report aims at exploring the inter-professional more so that of the Real Estate Specialist in construction and building context. In this report, two sections are evaluated which include part one and part two. Part one of this report appraises the property market value by depicting the appropriate analysis and computation of the amount which compliance with real estate standards as well as that of the tenants’ regulation. On the other hand, section two of this report evaluates the self-reflection on the market value appraised in section one by exploring its weakness and strength.

Role of Construction Managers

There are various critical and key roles which construction manager undertakes in line

1. a) With the construction and real estate. These roles include
2. b) Assisting in the management of finances pertaining the construction works and projects
3. c) Hastening the construction works by keeping checks to ensure that it is completed in time
4. d) Ensuring the construction work compliances and conforms with the set budget
5. e) Monitoring and ensuring that all the costs as well as the productions in line with construction and effectively managed.
6. f) Also, resolving all the matters arising from the makeable contracting parties

Role of Quantity Surveyor

1. a) Quantity surveyor act as the overall consultant for the construction cost for the general project being undertaken by the organization
2. b) Quantity surveyor plays a fundamental role of keeping a close eye on all the ongoing project finances.
3. c) Quality surveyor also assists in establishing and developing the estimations for the insurance replacement regarding the building
4. d) It is the role of quantity surveyor to oversee the cost of any building project right from the initial estimate up to the final acquisition of all material.

Role of Real Estate Specialist

Real Estate manager is task with various responsibilities as well as duties when they are undertaking during the construction project.

1. a) Real estate specialist plays the role of serving the real estate office
2. b) Real estate officers serve as real estate agents as well as leasing of building units
3. c) They play a role of establishing as well as identifying real property that are in excess thereby recommending a plan for disposal of that property.
4. d) They also maintain the statistic of real estate property and interest to help in providing information hence make recommendation concerning development disposal and utilization of the real estate property.

Real Estate Property Market Value

Rental Context

According to Turvey (2017), the rental value of a property is defined as the suitable property market value which the client or the landlord uses in establishing the figure at which the property is leased or rented out.  Moreover, it can entail either the paid considerations in line with the occupant rights or the overall return to being received by the landlord in due course. Preferably, the value determined for leasing the property shall comply with the real estate as stipulated in the license. The science, as well as arts on the other side, defines it as the intended amount which one need to pay while renting a property with similarities in both the real property as well as the area conditions. Thus, it means that properties with similar conditions situated in the same location must have same market value as stipulated in the building and real estate regulations.

Analyzing and Computing Property Market Value

Fields and Uffer (2016 p.1486) reported that appraisal of real estate property market value is a core and vital aspect which need imminent understanding from both the tenant and the landlord of the property. In this case, the similar market technique is used to depict and evaluate the study on the market value. Firsts and foremost, the comparative market analysis is defined as the present market value study which aims at giving the property a figure at which it can be leased or rented out. In most contexts, the comparative market value of a property tends to be a subjective aspect which can only be determined after conducting the appraisal on the property. Notably, it is essential to understand that both the residential property and the real estate market evaluation are computed using the same approach and principles. This is principally conducted by gathering data on the existing properties within the locality and comparing them to the scrutinized figures obtained from the regulation on the same area (Boeing and Waddell 2017 p.457).

Analysis Steps

The following are some of the core and vital approaches and steps which are used in the appraisal and evaluation of the study on the market value. These steps mainly discussed as per the below

First and foremost, it is crucial to list all the approaches and systematic property analysis in terms of the subjective and objective characteristics. These characteristics mainly include

1. Location and neighbourhood area
2. Square footage size

• Land area

1. Numbers of lots in terms of bathroom and bedrooms
2. Makeable rooms in the house
3. Number of house floors

• Construction age
• Presence of luxurious features  as well as amenities such as garden, swimming pool, balcony, fireplace and veranda

1. Proximity to the nearby roads, schools, public transportation as well as marketplaces
2. Recent improvements

Furthermore, it is essential to appraisal and identify all the properties in the areas which were sold recently. The identification of these properties should be conducted within a radius ranging from one to about three miles with respect to the property being studied (Adnan et al. 2017 p.12).  The analysis also should incorporate all the houses recently sold or leased from the period of up to 3 months and if need be extended to six months. In this stage, all the properties which have similar characteristics in terms of age, size, location as well as other features are grouped and studied.

Computation of Market Values for Property

There are three steps and methods which can be adopted in developing and designing the market values for the property intended to either be leased or rented out. These steps mainly include

Web-Based Automated Tools

According to Eraker et al. (2015) indicated that sites such as Trulia, Zillow, and RentBits often offer definitive information and data on the values at which local properties should be appraised.  Some of the information obtained from these sites includes historical data on rental, the physical property size, and breadth photographs showing the value data for the property. RentRange.com indicates all the makeable automatic market values associated with the rent determinations for the various localities. In most cases, the information and data are often available on the websites can be applied with respect to the regulation and compliance standards (McGlinn et al. 2017 p.165).

Outlets of Traditional Media

This avenue helps most of the landlords to gather and be informed on the daily updates regarding the market values for leasing and renting of their properties.  This information is critical and vital to the stakeholders and house owners who are often unfamiliar with the current trends in the market values. In essence, most of the property owners do forgo for the web advertisements, and thus, this avenue gives them in-depth information. Some of the approaches which are used in this context include local newspapers, oral communication, local advertisements and Craigslist (Fields and Uffer 2016 p.1486).

Professional Networks

It entails a number of contexts which include renter associations, real-estate clubs, and confined landlord associations. For the new members joining the networking and real estate marketing, it is important to understand the various local and regional contexts in line with the property renting and leasing. Professional networks are a fundamental baseline in the marketing and appraisal of the leasing value, and it gives the peers an avenue to evaluate and explore various databases. These databases form the essential reference when designing and establishing criteria for developing the marketing value. Thus, it is often recommended that all the house owners and the individuals in the real estate valuation join the professional networks as this offers an opportunity of scrutinizing and understanding the regional and local trends in the field (Yinger, Bloom and Boersch-Supan, 2016).

Take-off

Bill of Quantity and Final Budget

Part 2: Strengths and Weakness

Description and Evaluation of Tasks

The analysis of the tasks evaluation is fundamentally based on the information obtained from the relevant sites and the professional networks. This data gives a more in-depth understanding of the appropriate values which can be used to establish the reasonable rents to be paid for a given location. The task evaluation is, therefore, more comfortable and convenient as most data are readily available on the websites and the related areas. However, the process has imminent constraints since that obtained from the sites in most cases are mainly established out of estimation (Green and Haines 2015). Moreover, impending set standards are not stipulated for this data and thus, may compromise the market value (Artto, Ahola, and Vartiainen, 2016 p.258).

Critical Analysis of Processes and Issues

Critical evaluation of the concepts and elements used in establishing the market values and trends are classified into two groups that are objective and subjective characteristics. Some of the aspects considered in this stage include area location, the number of rooms, and the features of the house, square footage as well as the recent improvements. In essence, they give the portfolio for established the appropriate market value for the property more conveniently. Although these features and characteristics are fundamental and form the baselines, still they do not depict the actual value at which the house should be evaluated and the leasing price be established. This is because they do not give propriety on the actual value and quotation for the house (Haynes, Nunnington and Eccles 2017).

Evaluation of Personal Performance

Preferably personal performance in line with the market valuation in real estate is a core and vital aspects which were depicted in this evaluation. It formed the basis of the assessment and established that property value is more and easily understood based on the information which the house owner has in line with the norm. However, more information is required in terms of the professional networking and traditional methods in the market value computation (Stubkjær 2017 p. 11).

Action Plan for Professional Development  

The professional development plan adopted in tackling the issues related to real marketing value in real estate is depicted on a scorecard. The scorecard used in this analysis is based on amount, time, risks, area, prices and grade. This analysis aims at appraising the property in correlation with similar existing properties. It also aims at establishing the needed adjustments and performance of the property. Thus, this helps in ensuring that the houses in a given location have approximately market value determined at a fair price within that area. Also, the process tries and answers the most question in line with the market value; still it has a number of constraints. Some of these constraints may include the inadequate date on the grading as well as errors and omissions on the establishing the risks associated with leasing process.  This effects if not properly managed may affect the house owner in the long run. Thus, it essential to ensure that grading and risk analysis is computed and included in the market value when coming up with the leasing rates for a designated property (Haynes, Nunnington and Eccles 2017).

References

Adnan, Y.M., Daud, M.N., Alias, A. and Razali, M.N., 2017. Importance of soft skills for graduates in the real estate programmes in Malaysia. Journal of Surveying, Construction and Property, 3(2).

Artto, K., Ahola, T. and Vartiainen, V., 2016. From the front end of projects to the back end of operations: Managing projects for value creation throughout the system lifecycle. International Journal of Project Management, 34(2), pp.258-270.

Boeing, G. and Waddell, P., 2017. New insights into rental housing markets across the united states: web scraping and analyzing craigslist rental listings. Journal of Planning Education and Research, 37(4), pp.457-476.

Eraker, D., Dougherty, A.M., Smith, E.M. and Eraker, S., REDFIN CORP, 2015. Web-based real estate mapping system. U.S. Patent 9,213,461.

Fields, D. and Uffer, S., 2016. The financialisation of rental housing: A comparative analysis of New York City and Berlin. Urban Studies, 53(7), pp.1486-1502.

Green, G.P., and Haines, A., 2015. Asset building & community development. Sage publications.

Haynes, B., Nunnington, N. and Eccles, T., 2017. Corporate real estate asset management: Strategy and Implementation. Taylor & Francis.

Haynes, B., Nunnington, N. and Eccles, T., 2017. Corporate real estate asset management: Strategy and Implementation. Taylor & Francis.

McGlinn, K., Yuce, B., Wicaksono, H., Howell, S. and Rezgui, Y., 2017. Usability evaluation of a web-based tool for supporting holistic building energy management. Automation in Construction, 84, pp.154-165.

Stubkjær, E., 2017. Modelling real property transactions. In The Ontology and Modelling of Real Estate Transactions (pp. 1-21). Routledge.

Turvey, R., 2017. The economics of real property: an analysis of property values and patterns of use. Routledge.

Yinger, J., Bloom, H.S. and Boersch-Supan, A., 2016. Property taxes and house values: The theory and estimation of intrajurisdictional property tax capitalization. Elsevier.