Diversity of Owners, Users, Buildings and Letting Structures - Assignment Example

The paper "Diversity of Owners, Users, Buildings and Letting Structures" is an outstanding example of a management assignment. Real estate managers work in a diversity of settings, with users and owners from various backgrounds. According to Rowh (2003), to undertake real estate counseling and other services, real estate managers tend to have skill sets and a knowledge base that is common for all their various types of clients, residential buildings, commercial structures for letting, and other constructions.

The professionals are required to have extensive knowledge about the field, to provide sound advice relating to clients’ requirements, and thus promote the latter’s confidence in their high-value dealings. Real estate managers’ skill set and knowledge are to some extent based on their educational qualifications and special certifications obtained through professional associations. However, the professionals’ previous experience in the field is particularly important for the development of skills and knowledge, for building a track record “that can be used in attracting clients and indicating competencies” (Rowh, 2003, p.95). In relation to corporate real estate concerning buildings leased, rented or bought for business purposes, three particularly important knowledge concepts valued by corporate real estate managers include “the use of real estate market interpretation, general tools of analysis as opposed to specific tools, and relationships with other personnel and the public” (Epley, 2008, p.65). The interpretation of real estate markets are categorised into topics including the conduct of a location analysis; identification of phases of the real estate cycle; the conduct of a site analysis; recognition of the impact of demographics; use of market data to set rents; the access and interpretation of market data; and the employment of market feasibility, appraisal, as well as highest and best use, states Epley (2008).

Bodies of Knowledge form a unique attribute of different professions. “Usually, built environment professional Bodies of Knowledge are not codified” (Heywood and Kenley, 2008, p.2). On the other hand, they are more informal and improvised and are based on the professions’ practices.