KA5021 - Property Agency and Market Research

What will I learn on this module?

The module will focus on the marketing process from initial receipt of instruction to successful completion of the transaction. This will be for the letting of a commercial property on the basis of a new lease and will include:

• Receipt of Instruction
• Inspection
• Rental Valuation
• Reporting to the client
• Marketing Plan
• Marketing Period
• Negotiation of terms
• Agreement of Heads of Terms
• Preparation of Draft Lease
• Completion

You will also be introduced to real estate research methods in order to be able to analyse market data. You will be expected to relate the detailed marketing process to the local property market. The legislation and professional body guidance framework controlling the role of an agent will be considered and related to market examples to help you to understand the requirements. Throughout the semester you will also be introduced to a range of topics including:

• The principle Legislation affecting the marketing of property
• Letting by Sub Lease and Assignment
• Freehold Sale
• Sale/Assignment of Long Ground Lease
• The use of IT in marketing
• Researching real estate

How will I learn on this module?

The module is delivered through a combination of interactive lectures and seminars. In lectures you will receive material which is core to the syllabus whilst in seminars you will have the opportunity to explore this material in greater depth through worked examples and discussion upon which you will receive formative feedback. Outside of formal teaching sessions you will be encouraged to carry out further investigation into the current practices and problems using appropriate forms of data and sources. This is to encourage independent learning and to help prepare you for your final year studies and/or placement year.

If you are in employment your workplace will be the main learning environment, in effect acting as a framework for property agency and market research. However, tutor support will be available via drop-in sessions throughout the module study period. If you are in employment it is recognised that there is the need for modes of blended learning delivery, experiential assessment, and opportunities to combine work and study through independent study, embedded learning opportunities, and relevant communications technologies. Lecture capture will be used to elaborate on the content contained in any teaching material along with audio recording and notes to support presentations on key topics.

How will I be supported academically on this module?

Your main support is via summative assessment.

Written feedback will be given on each assessment submission and will be given within the university timings and will give you more guidance on how to improve your work and your transferable skills.

Support will also include formative feedback from the tutor during interactive lectures and seminars. In addition, the module tutor will respond to any questions posed via the module’s discussion board at the University’s eLearning Portal so that the whole group can benefit.

If you are in employment your workplace will be the main learning environment, however, tutor support will be available via drop-in sessions throughout the module study period. The eLP, telephone and email will be used as a means of communication once the initial briefings have taken place and work-based visits will be made by tutors if appropriate.

What will I be expected to read on this module?

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

Core Texts
RICS (2015) RICS professional measurement 1st edition, May 2015
RICS (2011) UK Commercial Real Estate Agency Standards
RICS (2010) Money Laundering Guidance for Members
RICS (2009) Blue Book: Residential Estate Agency Standards
RICS (2007) Code of Measuring Practice 6th Edition
RICS (2007) Code for Leasing Business Premises

Further Reading
Murdoch, J (2003) Law of Estate Agency 4th Edition Estates Gazette
Newman, M (1997) Marketing in Commercial Property. The Lavenham Press
Norwood, G (2005) 21st Century Estate Agency Estates Gazette
Stonehouse, J (2014) Agency (with Dunhill, A and Williams, R), chapter in Real Estate Concepts – A Handbook, editor E Jowsey, Routledge, London
Zankel, M.I. (2001) Negotiating Commercial Real Estate Leases Mesa House Publishing
Websites

Costar Focus - www.focusnet.co.uk

Edina - www.edina.ac.uk/digimap

Estates Gazette - www.egi.co.uk

Isurv - http://www.isurv.com

Property Week - www.propertyweek.com/data

RICS - www.rics.org

What will I be expected to achieve?

Knowledge & Understanding:
• ML01: You will be able to follow client instructions to successfully market a commercial property to let on a new lease.
• ML02: You will be able to explain the process of the marketing of different legal interests in commercial property, the effects of relevant lease clauses and apply the principal legislation and professional guidance in relation to the marketing of property.

Intellectual / Professional skills & abilities:
• ML03: You will be able to collect and analyse appropriate information including valuation and comparable data, planning issues, building matters and legal factors in order to justify marketing recommendations and to take a letting to satisfactory completion.
• ML04: You will demonstrate organisational skills in a group project and undertake successful negotiations in a role play situation.

Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):
• ML05: You will understand and apply core principles of good, ethical practice in research and will be able to demonstrate the capacity for independent, evidence based thinking and decision making.

How will I be assessed?

Summative assessment: this module is assessed by two assessments.

The first assessment, worth 50% of the module, will be an individual presentation. This will assess your ability to undertake market research and advise a client based on this information. The second assessment will be a group project. The students will be provided with a property to market from the initial instruction to completion of a letting.

The assessment will assess ML01-05.

Formal feedback will be given within the university timings and will give you more guidance on how to improve your work and your transferable skills.

Formative assessment: informal feedback will be provided within the seminar activities allowing you to use it to improve your work.

Pre-requisite(s)

None

Co-requisite(s)

None

Module abstract

‘Property Agency and Market Research’ will develop an appreciation of the process involved in the property marketing of both freehold and leasehold interests. You will also be introduced to real estate research methods in order to be able to analyse market data. This module aims to develop your understanding of Property Market Research and how it is important in both the built environment profession and the business world. Assessment is through two assessments and both are supported through teaching sessions and access to discussion board where any queries are answered by the module tutor.

If you are in employment your workplace will act as a framework for property agency and market research to develop your skills and knowledge.

Course info

UCAS Code K440

Credits 20

Level of Study Undergraduate

Mode of Study 3 years full-time or 4 years with a placement (sandwich)/study abroad

Department Architecture and Built Environment

Location City Campus, Northumbria University

City Newcastle

Start September 2024 or September 2025

Fee Information

Module Information

All information is accurate at the time of sharing.

Full time Courses starting in 2023 are primarily delivered via on-campus face to face learning but may include elements of online learning. We continue to monitor government and local authority guidance in relation to Covid-19 and we are ready and able to flex accordingly to ensure the health and safety of our students and staff.

Contact time is subject to increase or decrease in line with additional restrictions imposed by the government or the University in the interest of maintaining the health and safety and wellbeing of students, staff, and visitors, potentially to a full online offer, should further restrictions be deemed necessary in future. Our online activity will be delivered through Blackboard Ultra, enabling collaboration, connection and engagement with materials and people.

 

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