Real Estate Organization Management
A real estate is a form of tangible assets which may be considered to be buildings, buildable land including warehouse, apartments, offices and retail space. Also, it may be termed as land and all fixed and immovable improvements like buildings (He, 2014). Challenges facing real estate may be based on their characteristic which may affect their value either positively or negatively. Features of real estate are divided into both economic and physical characteristics. Economic features include improvement, scarcity, permanency and area preference. Physical features, on the other hand, include non-homogeneity, immobility, and indestructibility (Mera & Renaud, 2016). The scarcity of land is a significant challenge that real estate organization faces in the manner that supply of land is limited and cannot be produced more than what exists in it.
Non-homogeneity of land is another challenge facing real organizations businesses in the sense that some parcels of land which may seem similar are not usually alike. For example, a 40 acres land in one region may have a higher value than another same size of property in another place. Therefore, the real estate managers will work tirelessly to ensure they obtain pieces of land in areas where many people may prefer to purchase lands such as outskirts of capital cities. Immobility of land is a challenge to real estate businesses in that property cannot be moved as it is immobile. This physical feature affects real estate law and markets.
To enhance productivity, engagement, and morale by managers, they should ensure that they apply the following strategies;
- Improvement. The building of companies in isolated areas where there are few or no industries will lead to increased standards of living due to the introduction of jobs. This value will impact on the neighboring community and hence, increase the value of real estate there as well.
- Permanency. Real estate management should include infrastructures such as drainage, electricity, and sewerage in their buildings such as apartments and offices as many people will prefer places with foundations intact.
Managing property by real estate managers is not easy despite how long an individual has been in that business due to day-to-day changes. Some of the management challenges experienced include; employee relations and motivation whereby, in employee relations, a manager has to screen, conduct an interview, hire and train workers that takes a lot of time. It can also be a challenge to a manager while matching qualified workers with appropriate tasks. (Head & Alford, 2015). A manager is required to monitor his employee’s interaction and productivity too thus, one of significant people management.
In the challenge of motivation, a manager has a responsibility of motivating his employees and build morale in them to ensure highest productivity from them (Epstein & Buhovac, 2014). Motivation may be built by developing incentive plans and mentoring that needs enough time and effort to be a success which might be a challenge to a manager as they are tasked with many more duties. The potential impact of these employee management challenges is that they can lower employee commitment towards achieving the set organizational success regarding quality.
As a manager of real estate organization, I would recommend effective communication between managers and employees. With two-way communication, the managers will be able to tell their expectations to their workers. Also, the workers will be able to express their feelings hence ensuring a better relationship which will lead to a better working environment for all. I would also recommend managers to build their workers motivation by developing incentive strategies for instance to ensure their commitment to the organizational success.
A manager can take various actions to enhance employee productivity, engagement, and morale which includes; designing economic incentives so that both senior and junior workers in an organization can benefit from them. With incentives to all the workers, all will feel recognized thus, working to their capabilities in their assigned duties. Respect workers as individuals, also, are another action by a manager of the people. The feeling of being respected is good (Renigier-Biłozor, Wisniewski, Kaklauskas & Biłozor, 2014). Concerning both parties within an organization, productivity will increase as a result of high levels of engagement by workers toward achieving the set goals due to morale created within them by respectful managers.
One of the insights gained from effective people management is that leadership is all about impact, influence, and inspiration to all. The effect is about getting results; influence involves spreading the passion for one’s work. Finally one should inspire fellow employees and target group. Another insight is that respect is an important aspect of an organization, greater productivity is expected.
The manager’s role in encouraging employee productivity and engagement include keeping people motivated and engaged through giving feedback, empowering employees, and holding one-on-one meetings with employees. A good manager should bring the best out of people by helping them realize something within themselves which they did not know existed through leading by example and being selfless. A good manager has an understanding of what people expect from him or her (Baronin, Yankov & Bizhanov, 2014). He or she knows what to do in the morning once he has arrived in the workplace and what to finalize with as he leaves the work, he knows what his employees are supposed to do each day thus, ensuring a successful organization.
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Mera, K., & Renaud, B. (2016). Asia’s financial crisis and the role of real estate. Routledge.
Renigier-Biłozor, M., Wisniewski, R., Kaklauskas, A., & Biłozor, A. (2014). Rating methodology for real estate markets–Poland case study. International Journal of strategic property management, 18(2), 198-212.