KA5021 - Property Agency and Market Research

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What will I learn on this module?

In Semester One the module will focus on the marketing process from initial receipt of instruction to successful completion of the transaction. In the first instance 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

In Semester Two 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 in some detail and related to market examples to help you to understand the requirements. In Semester Two you will also be introduced to real estate research methods:

• 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
• Research ethics
• The research process

How will I learn on this module?

During Semester One you will work in groups (or individually if you are in employment) to undertake a project to market a vacant commercial property to let on a new lease. This will require you to complete the full marketing process including conducting two role play negotiations with prospective tenants. The lecturers will take the role of one prospective tenant and a local surveyor, who will also provide the property, will take the role of the other tenant. This will involve reporting to your client and responding to their instructions.

In Semester Two the module will be in a more standard form of lecture and seminar but will relate to practical examples. 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 in some detail and related to market examples to help you to understand the requirements. IT in general will also be applied in the teaching of the module.

In Semester Two you will also be introduced to real estate research methods through lectures and seminars.

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 which is broken down into two parts. The first assessment is a Project assessed by:

• Marketing Report – Your formal recommendations on how to market the property.
• Negotiation – The negotiation with the local surveyor will be assessed, by them, which will stress the importance of this part of the Project.
• Oral Presentation – Presentation of negotiations with prospective tenants together with recommendations.
• Property File – Your working file containing all of your notes, correspondence and working papers. A Model File guide will be provided. The aim is to replicate the professional environment.

The second assessment in Semester 2 will be an individual coursework. You will be given a selection of topics from which you will be required to choose one to research how the profession is dealing with it. You will need to research your chosen area and speak with some agents to establish their views.

In addition to the two summative assessments additional formative assessment will be:

Semester 1 – The first part of the assessment is a marketing report. You will receive a response to your report with either instructions to proceed with the marketing of the premises or additional queries that need clarifying. This forms part of the summative assessment but it also acts as a formative guide for the remainder of the project. Throughout semester 1 progress on the Project will be monitored in seminars. You will also receive formative feedback at the end of the practise mock tenant negotiation meeting with the lecturer before you have your assessed mock tenant negotiation meeting with the surveyor.

Semester 2 – All of the optional topic areas set will be covered in the seminars where relevant tasks will be set and feedback given during the class.

Feedback will be a mix of written and verbal. The written will be general comments on your submissions but the formal correspondence we have with your group will give guidance on what you need to do. Both we and the surveyor will give verbal feedback following the role play negotiations and oral presentations.

Written feedback will be given on each coursework 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.

Finally, tutors 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?

How will I be assessed? (SRS 0006)
Please give details of all formative and summative assessment process indicating which MLOs will be addressed and how feedback will be provided.

Summative assessment: the assessment will be split between a project (50%) and a report (50%).

The first assessment in Semester 1 is a Project assessed by:

• Marketing report
• Negotiation
• Oral presentation
• Property file

The aim is to replicate the professional environment. The project will assess ML01-05.

The assessment in Semester 2 will be an individual coursework that will account for the remaining 50% of the overall module assessment. You will be given a selection of topics from which you will be required to choose one to research how the profession is dealing with it. You will need to research your chosen area and speak with some agents to establish their views. This coursework will assess ML02, ML03, ML05.


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 marketing of both freehold and leasehold interests in commercial and residential property. During Semester One you will work in groups (or individually if you are in employment) to undertake a project to market a vacant commercial property to let on a new lease.

In Semester Two 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 in some detail and related to market examples to help you to understand the requirements. In Semester Two you will also be introduced to real estate research methods which will help you understand, use and evaluate research methods to prepare you for carrying out your own research for the second assessment and also in preparation for dissertation.
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

Credits 20

Level of Study Undergraduate

Mode of Study 5 years part-time

Department Architecture and Built Environment

Location Ellison Building, Newcastle City Campus

City Newcastle

Start September 2018 or September 2019

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