Read, D C and Sanderson, D C (2020) Obstacles to comprehensive real estate asset management. Journal of Financial Management of Property and Construction, 26(1), pp. 49-62. ISSN 1366-4387
Abstract
Purpose: Motivated by behavioral theories of the firm, this study aims to consider the extent to which knowledge gaps, organizational inertia and conflicts of interest prevent large real estate investment management firms from approaching asset management in a comprehensive manner. Design/methodology/approach: Results of 93 semi-structured interviews conducted with real estate practitioners working in the USA are thematically analyzed. Findings: All of the aforementioned factors are found to influence real estate asset management practices and serve as potential obstacles to operational excellence. Research limitations/implications: The qualitative analysis is limited in the sense that it focuses exclusively on the perceptions of real estate practitioners in the USA who work for relatively large organizations. However, it offers compelling evidence that comprehensive asset management is difficult under the best of circumstances, and becomes even more so in the presence of knowledge gaps, organizational inertia and conflicts of interest. Practical implications: Those working in asset management or with asset managers must be mindful of the obstacles discussed if they hope to encourage and facilitate process improvement. Originality/value: The study contributes to a small but growing, body of research examining the challenges large real estate investment management firms face when trying to derive value from their asset management platforms.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | asset management; process improvement; real estate; strategy; theories of the firm |
| Index terms: | platform, conflicts of interest, presence, real estate, interview, manager, process improvement, real estate investment, face, strategy, asset management, evidence, qualitative analysis, practitioner, methodology |
| Subjects: | psychology, real estate economics, environmental science, economic analysis, data collection methods, evaluation and assessment methods, research design and methodology, practitioner, asset management, professional ethics, management, research methods, digital design |
| Topics: | Business Strategy, Research Practice, Roles and Professions, Sustainability, Procurement, Digital Applications, Urban Studies, Legal Issues, Organizational Design |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here