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- Lindqvist, Sylwia
(författare)
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Transaktionsprocess och transaktionskostnader för småfastigheter : en internationell jämförelse
- 2006
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The study deals with real estate transaction for one-family houses and aims to compare and analyse the transaction processes and costs in six countries: Sweden, Finland, Norway, Poland, England and USA. The study identifies the main features of the normal transaction in each country and tries to measure the costs of the process. A basic description of the role of the real estate agent/broker is presented, referring among others to legal role of the agent/broker and the requirements for being allowed to work as real estate agent/broker. The conclusions of the study are that transaction processes differ considerably between the countries and that transaction costs vary. Only in Sweden and Norway, can and may a real estate broker carry out the whole transaction while in Poland, England and USA either a notary, an attorney or an otherwise authorized person is also required in the process. In Finland a purchase witness is required to confirm the purchase. It is difficult to arrange the countries in a clear way according to their rules, because even if a group of countries resemble each other in some aspects, they differ in others. There is no clear connection between how large part a real estate broker plays in the process and the broker’s education level. The total transaction costs excluding taxes vary from approx. 3-3.5 % of selling price in Norway and Sweden and up to approx. 8-8.5 % of selling price in USA and Poland. The transaction cost is, for example, lower if the recording system is well arranged, if a real estate broker has a bigger part in the process and the conveyancer, the professional who assists in the legal transfer of property, is impartial. The cost can also, but not always, be lower if only one real estate broker works with one commission and if the real estate broker is impartial, i.e. is enjoined to assist both parts in the process. In the countries where a real estate broker has a higher level of education and plays bigger part in the process, the estate agents remuneration is not higher compared to other studied countries
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| 4. |
- Blomé, Gunnar
(författare)
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Kundnära organisation och serviceutveckling i bostadsföretag
- 2006
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The purpose of the study is to increase knowledge of how to provide service in municipal housing companies in Sweden, and of various organisational models for the customer-centric organisation. The principal issue of the study is how housing companies can organise their resources in order to create an efficient and customer-centric organisation. The term customer-centric organisation comprises customer service, letting, and local administration. Customer service is often designated as the housing company’s fault reporting service and includes, for instance, the reporting of faults in dwellings, noise problems, complaints etc. Letting incorporates processes connected with estate agency, marketing, taking possession and vacating, internal exchanges, housing strategies, options, and tenant selection. Local administration incorporates processes connected with day-to-day operational administration, i.e. the provision of service with regard to remedying faults and making repairs. The study’s theoretical points of departure have their basis in research into public housing and the field of service management. The empirical supportive data used in the study is a two-year case study of rganisational changes at Malmö municipal housing company, MKB Fastighets AB (MKB), and a supplementary interview study at four other municipal housing companies. The case study was conducted with the help of observations gleaned from MKB’s internal evaluation group, interviews with management and frontline staff, and a questionnaire survey of frontline staff in MKB’s customer-centric organisation. The supplementary study included interviews with both frontline staff and management. MKB’s organisational change can be divided up into two different phases: the test organisation and the team organisation. The departure point of both organisations was area-based customer service, letting, and local administration. The test organisation entailed MKB creating one single function to manage all these activities. Due to higher administration costs, less visible local administration, and recruitment problems, the test organisation was abandoned. In its place, the team organisation was created, which in many respects consisted of the same concept, but differed in that the area-based customer service, letting, and local administration were shared between several people in a joint local work-team. MKB’s new ways of organising its customer-centric organisation are defined in the study as a holistic model, entailing that all contact with customers was self-managed from a local area office. The results show that the team organisation cultivates a proximity to the customers, also improving customer responsibility and collaboration between frontline staff. It can also be pointed out that the customer-centric organisation needs to be developed further. Among other things, the expertise of frontline staff can be further adapted in order to meet customer requirements. At the same time, it is of great importance to the outcome of the organisational change that the organisation’s overarching parts are coordinated in a manner facilitating the work of frontline staff in the provision of service. The same will apply if the housing company uses contractors in, for instance, property maintenance, grounds management, and heating, ventilation and sanitation installations. If the housing company’s aim is to become customer-oriented, then joint resources will have to be concentrated on the customer process and this process will have to take centre stage in the company’s strategic management decisions.
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| 6. |
- Eliufoo, Harriet K., 1959-
(författare)
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Knowledge creation and transfer in construction organisations in Tanzania
- 2005
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The project-based nature of construction organisations creates a learning opportunity from most of the activities carried by these organisations. Knowledge is being created in the course of carrying core and non-core activities in the organisation. For organisations to make the most of this knowledge, a mechanism for tapping has to exist. Such tapping can occur through the organisation’s various activities and organisations stand to benefit if these activities are done strategically not only to tap, but also to create and transfer knowledge and ultimately enhance performance. The study has henceforth analysed the knowledge transfer process of construction organisations in the Tanzania construction industry and explored how these organisations facilitate creation and transfer of knowledge. A survey in a pilot study in the year 2001 was conducted to refine and focus the study’s questions and propositions and a case study strategy of inquiry has been adopted for the main study. Four construction organisations in the Tanzania construction industry are studied. The analyses from findings support the propositions set forth in the study and among others establish: the specificity of the knowledge transfer process in construction organisations, the situational nature of the knowledge being transferred, the ephemeral nature of goals and the “selling of jobs” in construction sites influencing incentives for knowledge management initiatives. The study further establishes that there are inadequate attributes towards knowledge creation in the organisations. That: there is limited practice of on-the-job training, peer assist and learning by imitation; codification of procedures, rules, and checklists is done insignificantly or absent completely; networking of knowledge is poor; experience sharing and learning by doing is low. In effect the study proposes an optimal knowledge transfer process for construction organisations in Tanzania using an IDEF0 business process model, and explores the cost-effectiveness for organisations in the industry pursuing knowledge management initiatives such as the knowledge transfer process. Lastly, recommendations for construction organisations at policy and functional level are made.
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| 7. |
- Gunnelin, Åke
(författare)
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Real options in real estate
- 2000
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This is a doctoral dissertation presented to the FacultyBoard of the Royal Institute of Technology. The dissertationconsists of three self-contained essays on real option pricing.Essay I, written in Swedish, was presented at seminar andaccepted as fulfilling the requirement for a Licentiate Degreein Engineering thesis in 1995.Essay I: This essay studies the option to develop vacantland when the landowner simultaneously determines the optimaldensity and timing of a development. Williams (1991) andCapozza and Li (1994) have recently studied the landdevelopment decision from a realoptions perspective. Bothpapers assume that the production technology is of the commonlyused Cobb-Douglas type, but they use different assumptionsabout uncertainty over future rents and construction costs. Ananalysis of these models and their limitations is carried outand as a result valuation models based on other productiontechnologies than the Cobb-Douglas technology are derived.Essay II: McDonald and Siegel (1996) show that when thebenefit from an investment and the investment cost are assumedto follow correlated geometric Brownian motions, the optimalinvestment policy is given by a simple rule: Invest the firsttime the benefit-cost ratio reaches a certain level. In thisessay, which models the decision to change the use ofaproperty, the investment rule is found to be more complicated.Optimal redevelopment will take place for differentbenefit-cost ratios depending on the relative sizes of thevalue of the property in the different uses and the cost ofchanging the use. Also, for a given current benefit-cost ratiothe value of the option to change use will vary significantlydepending on the relative sizes of the state variables.Essay III: The relationship between the option to choose thecapacity of a real estate development and deliberateoverbuilding is studied in a simple model of investment underuncertainty. The model provides an intuitive measure ofdeliberate overbuilding: the difference between the number ofrental units the owner of an undeveloped site optimally choosesto produce and the number of units expected to be leased at thetime of the building's completion. Numerical simulations withreasonable parameter values show that in some economicenvironments, the optimal production strategy can be to producemore units than are expected to be leased at completion of thedevelopment.
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| 9. |
- Hou, Yongzhou, 1970-
(författare)
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Urban Housing Markets in China
- 2009
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This thesis focuses on problems of prices and risks in the housing markets of urban China. What drives the dynamics of housing prices across regions is not only of great interest for academic researchers but also of first importance for policy makers. It is also interesting to pay attention to the issue of housing bubbles at a city level and risk allocations from an institutional view. To address the issues, the thesis applies both qualitative and econometric approaches in analyzing the urban housing markets of China. The first paper reviews articles mainly published in Chinese core journals. The existing studies are mainly concerned with such six topics as institutions, policy, land, finance, price and market. The first three topics involve the public housing allocation system reform, such fiscal and monetary tools as tax and interest rate, and the land reserve system. The housing finance treats such subjects of mortgages, bubbles and financial systems, while housing prices explore factors such as land prices, construction cost and exogenous forces like income. Finally, the housing market addresses housing circles and the relationship between housing demand and supply.In paper 2, the housing price dynamics is investigated at a national level and across regions by using the panel data with 30 provinces over 7 years (2001-2007). The empirical results suggest that the estimates for the fundamentals of income, user cost, housing stock and employment are robust at a national level, implying that there exists a stationary equilibrium relation in the long run between the housing price and the fundamentals above. The speed of price adjustment varies considerably across regions in the East, Midland and West.Then the housing markets in Beijing and Shanghai are examined in Paper 3 to quantify possible existence of a bubble in the two metropolitan areas. This article uses an integrated strategy involved with such fundamentals as interest rates, rent, income and GDP. The results show that Beijing might have been on the way of forming a housing price bubble between 2005 and 2008, and that there possibly existed a bubble in Shanghai from 2003 to 2004.By comparing the risk allocation in China with that in Sweden, Paper 4 explores the difference of actual risks taken by various actors. The banks and governments appear to take more risks in China, especially as the Chinese developers have a weaker financial situation than in Sweden. Households have more choices to reduce the risk by purchasing various kinds of insurance products and also by binding the interest rate.
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| 10. |
- Jaxell, Sarah
(författare)
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Varumärket och dess roll för fastighetsmäklarföretag
- 2006
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Licentiatavhandling (övrigt vetenskapligt/konstnärligt)abstract
- The brand and its role in real estate agencies This survey investigates how well known brands are in real estate agencies in Stockholm, Malmö, Helsingborg and Lund. The survey also aims to look into employees’ attitude towards their company’s brand. The degree of correspondence between the customers’ expectations and their actual experience after doing business with the company has also been studied. The results of the survey to companies show that there are differences in brand knowledge and the use of brand marketing depending on the type of company. Brand is a well known term among most of the companies that took part in the survey, but investments in brand marketing differs. Franchise companies have the best knowledge regarding brand as a term. This can depend on that working with the brand is centralized and that they have the conditions for efficient communication and through that get the customers to understand the company in the way that the company wishes. A smaller share among other chain companies, compared to franchise companies, considers that the brand is a well known term. Smaller firms have the smallest share that considers the brand being a well known term. To what extent the company focuses on its brand, depends on the amount of resources as well as how the company is organized. By using information material about the values, profile and marketing campaigns of the company and by giving internal education continuously, the company has the right conditions for creating a homogeneous internal communication that also leads to a homogenous external communication. Chain companies as well as franchise companies seem to have a more developed and active brand strategy. However, the internal communication process seems slower. The use of a central unit gives opportunities to create a homogeneous communication but this presupposes that the information reaches out to the whole organisation. Smaller firms are less active with using information material and internal education. These results can be caused by a smaller need for using information material in smaller companies since other communication channels might be preferred. Smaller companies tend to lack resources such as capital, knowledge and time for an active work with the brand and by that have it harder to compete with larger companies. At the same time larger companies with more resources have to organize the work correctly for being effective so the results of the brand work is well anchored internally. Regardless of how well you communicate the brand internally, one has to work on communicating the same thing to the customers and make sure that the customers will get the same image of the company that the company strives for. A homogenous brand demands that all personnel communicate the same qualities and values. To be professional, have great experience and market knowledge are qualities that the companies wish to communicate. In brand developing, some qualities might have to be strengthened. The survey shows that the companies want to improve in terms of thinking in new ways and increase their availability. To be able to offer good customer solutions is a quality the companies also want to strengthen. Understanding what qualities one thinks the company communicates differs with gender and age of the personnel. This can explain why the personnel understand and communicate the company’s brand in different ways.
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