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Changing landscape of undergraduate real estate education in Germany Determinants of success for real estate bachelor programs – a case study approach. Verena Rock, Heike Dietz, Gabriel Müller, Svenja Schulze Hochschule Aschaffenburg, University of Applied Sciences ERES 2011. Agenda.

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Changing landscape of undergraduate real estate education in GermanyDeterminants of success for real estate bachelor programs – a case study approach

Verena Rock, Heike Dietz, Gabriel Müller, Svenja Schulze

Hochschule Aschaffenburg, University of Applied Sciences

ERES 2011

agenda
Agenda

Changing landscape of undergraduate real estate education in Germany:

Determinants of success for real estate bachelor programs – a case study approach

VR

2

I

Introduction and Research Approach

II

Literature Review

III

Competition Analysis

IV

Survey Results: Students‘ View

V

Interview Results: Practitioners‘ View

VI

Conclusion

introduction and research approach
Introduction and Research Approach

Success factors for undergraduate real estate programs in Germany

VR

3

  • Introduction of bachelor and master programs led to significant changes in the German education system
  • Undergraduate real estate education: well-established players had to redesign their programs while new competitors appeared on the scene
  • Real estate students - first time in years - are faced with a wide range of options to choose the right course of studies
  • German employers reflect their requirements and think about new ways to focus on bachelor trainees
  • Goal of the study: elaborate main determinants of success for real estate programs to help bachelors succeed in the industry
  • Analysis of competitive landscape for German undergraduate real estate programs
  • Focus: empirical case study of the newcomer Hochschule Aschaffenburg
introduction and research approach1
Introduction and Research Approach

Research Approach

VR

4

Changing landscape of undergraduate real estate education in Germany

Market analysis for r.e. education

Literature on r.e. education

Case Study Approach

Univ. of Appl. Sc. Aschaffenburg

(qualitative, descriptive analysis)

Empirical Survey:

Students‘ Perspective

(quantitative, descriptive, rather testing hypotheses)

Expert Interviews:

Practitioners‘ Perspective

(qualitative, generating hypotheses)

Determinants of success for u.g. bachelor programs

literature review
Literature Review

Literature on success factors of real estate degree programs

GM

5

  • Most of research is done in US
  • Lack of European research activity
  • Nappi-Choulet dealing with French real estate education
  • Schulte and Rottke concerning German real estate education
  • Often surveys used for deduction of results
  • Especially surveys with professionals conducted
competition analysis
Competition Analysis

German Real Estate degree programs

SS

6

1

HS Aschaffenburg

HS Zittau/Görlitz

Uni Regensburg, HWR Berlin, HS Biberach, Hochschule 21

Hochschule Anhalt

Uni Stuttgart, Bauhaus Universität Weimar

HfWU Geislingen, HAWK Hildesheim/Holzminden/Göttingen

HS Mittweida

HTW Berlin

EBS Universität

1

specialized degree programs have not been analysed

competition analysis1

SS

Competition Analysis

Characteristics of German real estate degree programs

Duration:

6 to 8 semesters

Final degree:

Bachelor ofArts

Trends:

 Universitiyof Applied SciencesareNo. 1 supplierofestatedegreeprogramms

 integratedinternships

 possibilitytogoabroad

Tuitionfee:

150€/semesterto 500€/semester

Participants:

30 to 225 per semester

students view
Students‘ view

Survey Basics

SS

8

  • Empirical Survey
  • Sample: Real estate bachelor students from 3 study tracks
  • Timing: April to May 2011
  • Answers from 63 out of 116 (response rate of 54.3%)
    • 1st term: 12
    • 2nd term: 31
    • 4th term: 19
    • n.a.: 1
  • Gender: 67.7% female, 32.3% male
students view1
Students‘ view

Survey results: The Bachelor Market – Students heard of or applied for…

SS

9

Other:H21 Buxtehude, Hamburg, Hochschule Zittau/Görlitz, Hochschule Anhalt, FH Darmstadt

n=63

students view2
Students‘ View

Survey Results: What are the most important elements of the program‘s content?

GM

10

Preferred content of real estate bachelor program

  • Rank 1: International real estate law
  • Rank 2: Real estate valuation
  • Rank 3: Real estate investment
  • Rank 4: Real estate finance
  • Rank 5: Commercial properties
  • Rank 6: Real estate asset management
  • Rank 7: Development
  • Rank 8: Planning and building legislation
  • Rank 9: Brokerage
  • Rank 10: Tax, residential properties, accounting
students view3
Students‘ View

Survey Results: Desired field of operation after university

GM

11

Other: Center Manager, product manager, not decided yet

students view4
Students‘ View

Results – International focus of bachelor studies

GM

12

  • Most students want to study at least one semester abroad (73.6%)
  • Costs are the only obstacle against going abroad
  • Foreign languages should be a compulsory part of the entire curriculum
  • But: No strong preference for r.e. lectures in foreign languages
  • H-AB has mainly been chosen for its international focus

Multiple answers possible, n=63

students view5
Students‘ View

Survey Results: Success factors of a real estate bachelor program

GM

13

  • Success factors for r.e. bachelor program (students‘ view)
  • Rank 1: Full scope of program‘s content
  • Rank 2: Expertise of professors
  • Rank 3: Practical relevance, practical orientation
  • Rank 4: Possibilities to study abroad
  • Rank 5: Wide scope of majors / indepth studies
  • Rank 6: Field trips, site visits
  • Rank 7: Real estate library
practitioners view
Practitioners‘ view

Basics

HD

14

  • Expert interviews
  • 14 selected experts from different fields of the real estate industry
  • Answers from 5 out of 14 (response rate of 35.7%)
  • Industry fields of respondents: Portfolio management, mortgage bank, developer, investor, Asset & Property management
  • Average working experience: 11 years
practitioners view1
Practitioners‘ view

Results

HD

15

  • Important bachelor program contents:
    • Financing and investment
    • Legal and institutional framework conditions
    • Focus on European market
    • Others: economic basics, accounting, knowledge on sales structures
  • No exclusive preference of diploma or bachelor courses
  • Personal and professional expectations
    • Cultural and personal open-mindedness
    • Knowledge of different framework conditions
    • Independent but also team-work
    • Analytical and conceptual thinking / personal soft skills
practitioners view2
Practitioners’ view

Results

HD

16

  • No absolute preconditions for hiring
    • Specific real estate bachelor programs
    • Foreign languages
    • Foreign experience
  • Preferring students from the universities EBS, Nürtingen-Geislingen, IREBS and Aschaffenburg
  • Supporting different universities (e.g. financially)
  • Suggestions for general improvements of u.g. r.e. education
    • More practical experience
    • International quality and knowledge

Bachelor programs are relatively well-known and high valued, but many points should be improved

conclusion
Conclusion

Synopsis

VR

17

conclusion1
Conclusion

Real Estate education in Germany - Lessons learnt

VR

18

  • Results of the case study:
    • Success factors differ between students and practitioners
      • Students favor the full spectrum of international r.e. studies, but their perception changes over time
      • Employers favor soft skills and sound analytical basics, esp. in finance and investment
    • Common understanding: practical education is key
  • Competitive landscape in Germany: Increasing focus on international aspects in real estate education (even though industry does not follow yet?)
  • Questions remaining:
    • Does the picture change with students from other universities?
    • Must the real estate tool kit be taught at university or can it be learnt on the job?
    • If real estate is local, does undergraduate r.e. education have to be global?