What are the challenges in the Real Estate Management profession?

Category: building surveying, energy management

Real Estate Management

 

Real Estate Management profession covers a wide range of roles in many different sizes of organisations, in the public, private and voluntary sectors. Like any other profession, it faces many challenges.

Real Estate Management: asking the challenge question

We held a very successful webinar at the end of September on The Future of Building Asset Management which gathered speakers from RICS, BBA, OVO Energy and South Yorkshire Housing Association. More than 100 people registered for the event, coming mainly from the building surveying sector, local authorities and housing associations.

We were keen to understand their challenges so that we can help them overcome them. When registering, they had to answer a simple question:

“What challenges do you face in your profession?”

 

Real Estate Management: answers to the challenge question

Luckily the webinar participants agreed to answer. Knowing that their answers would remain anonymous, they provided candid and honest comments.  These were collated, de-duplicated, and classified in themes.

Challenges clearly lie around data, internal and external relationships with interested parties, time management, understanding and meeting clients’ requirements, compliance in an evolving legislative and technological environment, costs and finances.

Interestingly the practical elements of managing buildings and their fabric was the least mentioned.

Real Estate Management challenge: Data

Collecting robust and consistent data.
Access to good building information.
Accurate data.
Access to comparable data.

Real Estate Management challenge: Internal and external relationships with interested parties

Dealing with contractors.
Local authorities’ representatives.
Managing lifecycle works against hard facilities management services.
Managing a portfolio that is administered by all sorts of departments under one roof.
Making decisions affecting the course of project it would take.
Interdepartmental Communication and Planning.
Conflicting pressures.

Real Estate Management challenge: Time and time management

Real Estate Management challenge: Understanding and meeting clients’ requirements

Knowing what the client’s risks are.
To offer clients value for money in the changing economic environment.
Engagement.

Real Estate Management challenge: Compliance in an evolving legislative and technological environment

Shifting legislation.
Compliance.
An ever changing market.
Need to understand latest technology for asset management.
Converting theory into something tangible.
Improve my general knowledge in the building survey industry.
Knowledge.
Overcoming technical challenges.

Real Estate Management challenge: Costs and finances

Cost.
Finances.
Finding funding for organisation.
Reduced team size.
Delivering sustainable and manageable income stream for surveying team.
Market failure in terms of price signals to attributing value to sustainable property assets.

Real Estate Management challenge: Managing the fabric of buildings

Ageing Buildings.
Water Ingress.
The diversity of cases.

It is not our intention to provide an answer to all these challenges, as some of them are outside our control. Our technology, teamed with intuitive bespoke software however may be able to alleviate the severity of these challenges so that you work in a much less stressful condition.

Do you face similar challenges? Or do you experience others that are not listed above? We are keen to know.

Contact us to discuss.

Register for our next webinar on Tuesday 29 November at 1 pm: Miranda Plowden, South Yorkshire Housing Association Business Development Director, shares her views and experience of managing building assets. For full details and to register, click on the button below.

Register for webinar.