Patrícia Schrippe
Universidade Federal de Santa Maria, Brazil
E-mail: pschrippe@gmail.com
Flaviani Souto Bolzan Medeiros
Universidade Federal de Santa Maria, Brazil
E-mail: flaviani.13@gmail.com
Andreas Dittmar Weise
Universidade Federal de Santa Maria, Brazil
E-mail: andreas.weise@ufsm.br
Submission: 15/12/2014
Revision: 24/12/2014
Accept: 18/02/2015
ABSTRACT
The paper aims to
diagnosis the Strategic Management practices in real estate agencies in the
city of Santa Maria – Brazil. For this, a questionnaire was developed by the
authors with aid from Google Docs tool and was sent through an electronic mail
to all real estate agencies, from which 25 agencies responded, representing
about 56.8% of all agencies contacted. The main finding is the inefficiently
structured strategic management in the real estate management, which includes a
series of aspects, such as strategic planning, indexes, SWOT analysis and employees
training. Thus, the major implication of this paper is contributed broad
diagnosis the strategic management operation in real estate agencies in the
city of Santa Maria – Brazil.
1. INTRODUCTION
Globalization
has strongly changed how the activities are managed (TOO; HARVEY; TOO, 2010).
It provides opportunities for further approximation between markets of
different countries, or even from different sectors. In this sense, a collapse
of the real estate sector has been a key factor of the world financial
instability (AMONHAEMANON et al., 2013; BOUCHOUICHA; FTITI, 2012; DRIESSEN; VAN
HEMERT, 2012). Therefore, it has generated an increased focus of the real
estate situation including: quality financial information, performance
evaluation, methods and strategies (ARKESTEIJN; VOLKER, 2013; GLASS; SCOTT;
PRICE, 2013; PINTO, 2013).
Strategies
in real estate have been studied in a lot of aspects, biases and areas (e.g.
development of models appraising of housing, energy-efficient analysis, spatial
planning and governmental leverage in the market). In the theme of housing,
Johnson Jr. et al. (2012) develops a model appraising the strategic values of
foreclosed properties for Community Development Corporations (CDCs). Other
study in the area of housing acquisition is the one of Bayram, Solak and
Johnson (2014), they built a stochastic model for the acquisition of foreclosed
housing. In order to respect the issues of the environment such as build
buildings energy-efficient, a strategic work was developed by Quitzau, Hoffmann
and Elle (2012) with focus on activities engaging sustainable transitions in
buildings. Strategic spatial planning is other area in focus of study in the
last years, one example of that is the study of Todes (2012), where the
utilization of management strategy were presented by the author as a way to
organize the spatial planning in the City of Johannesburg. In the theme of
Strategic Environmental Assessment of urban areas, Rojas, Pino and Jaque (2013)
study was developed using as a basis the European Planning Directive to apply
it to the metropolitan area in Chile.
Brazilian
real estate’s market in contrast of the world tendency, in special the U.S.
reality, has been booming (BIANCONI; YOSHINO, 2012; CHANG, CHOU, FUNG, 2012).
The key factor of this booming is the habitation government program “My house
My Life” (“Programa Minha Casa Minha Vida”) through an estimate of all cities
in the country have the same construction cost than the big centers like the
city of São Paulo (BIANCONI; YOSHINO, 2012). Nevertheless, a property well
located is more sought and economically more interesting. A chain reaction then
started.
In
this booming function, Brazilian real estate agencies in a short time had to
adapt their strategies, structure, staff, and financial flow. The real estate
industry has become more attractive; therefore numerous real estate agencies
were opened and are now managed by former employees of the real estate
agencies, as well as by professionals coming from different fields.
However,
this overheating real estate market is pointing signals of decrease with
projections of slowing (MILAN; QUADROS, 2013). Thus, the aim of this paper is
to answer the following affirmation: Real estate agencies are prepared to deal
with a downturn in the market?
To
answer the affirmation, this paper is an attempt to enhance the current
knowledge of the real state agencies strategies in Santa Maria / Rio Grande do
Sul – Brazil, that according IBGE (2013), living in there 273,489 inhabitants.
Additionally, the city has a strong federal and state public service in
consequence of its geographical position and economic development, with a GDP
per capita of R$ 15,720 for the year in 2010 (FEE, 2013). The town is
called "University City" due to the high number of higher education
institutions, being the third city in the country in number of masters and
doctors per capita. Another important peculiarity concerns the fact that the
Santa Maria has the largest military contingent in the country, including an
Air Force Base (CIDADE DE SANTA MARIA, 2013).
2. STRATEGIC MANAGEMENT
Strategic Management (SM) consists
of decisions on long-term goals and the resources and courses of action in
order to achieve these goals (PALM, 2013). The SM scope is focus in the overall
project management, with definition and sets about the course of the project
enterprise (UZZAFER, 2013). In this sense, the strategic management explains
competitive advantages, analyzing between others factors, the external aspects
(BOYD; HOLLENSEN, 2012).
In the practice, the SM stimulates
the development of the companies’ direct efforts, developing technology, restructuring
the staff, agreements and mergers between companies (ALTIOK, 2011). Nixon and
Burns (2012) related that the SM cycle, Figure 1, has activities framed within
the following steps: (1) development of a grand strategy, goal or sense of
direction; (2) formulation of strategic goals and plans to reach them; (3)
implementation of plans; and (4) monitoring, evaluation and corrective action.
Figure
1: Strategic management cycle.
Source: Morita, Flynn
and Ochiai (2011, p. 532).
The SM cycle, in Figure 1, starts
with the appointed of an enterprise vision, goals, strengths and weaknesses.
The second step is the formulation of strategies to respond to aspects that
have been raised in the first step. At the third step is the implementation of
the activities, defined at the previous step. The final step refers to the
coordination and monitoring of the strategic activities in the enterprise
(MORITA; FLYNN; OCHIAI, 2011). The structure shown at the Figure 1, must be
adapted based in the reality of the company.
Though, Mintzberg, Ahlstrand and
Lampel (2010) affirm that an enterprise does not need put on paper its
strategy. The strategy could be realized of the way that the enterprise is
manager.
However, the SM theories have not
clearly turned into tools to solve all enterprise challenges (PRICOP, 2012).
The SM has a general way focusing the raise competitiveness of the companies,
in view of judgment, reason and generally focusing in the enterprise future
(UZZAFER, 2013).
The Strategic Planning (SP) began to
be designed as a tool for organizational development in the mid-1950s, and was
used for more than thirty years in the private business sector, while in public
sector management was developing entirely on the basis of national constitutions
and laws (CAYMAZ; AKYON; ERENEL, 2013).
Presently, for Jennings and Disney
(2006), the strategic planning is a frequently used management process,
employed by managers in both the private and public sector to regulate the
allocation of resources in order to develop financial and strategic
performance.
Begun, Kaissi and Sweetland (2005)
consider the strategic planning as an important factor for organizations to be
able to have an effective operation. Therefore, Brews and Purohit (2007)
appoint that strategic planning must fit into increasingly competitive
scenarios.
Strategic planning offers a
potential to establish which strategic decisions are fulfilled on time,
fulfilling goals established. And the involvement of scenarios in regular
strategic planning process is the way to preserve the performance and
competitiveness of organizations, even though the environment shows
unpredictable turbulence (ZAHRADNÍÞKOVÁ; VACÍK, 2014).
Therefore, the strategic planning is
considered as an essential tool of management in an organization, and aims to
provide course and to guarantee that the suitable resources are available at a
right place and time for the pursuit of its objectives (ALDEHAYYAT; KHATTAB;
ANCHOR, 2011). However, Kaissi, Begun and Nelson (2008) remind us that a formal
strategic planning requires a considerable investment of time and other
resources, such as behaviors, capabilities and organizational competencies.
3. REAL ESTATE MARKET
Real
estate is the most important and expensive asset to achieve (LIN; LIN, 2011).
It is the major capital asset in the world and its size of capitalization is
larger than the common stock or bond markets (SHI; XU, 2013). The real estate
market is a dynamic and interconnected structure, which includes the creation,
transfer, management and financing of real property (GEIPELE; KAUŠKALE, 2013).
Real
estate has the respective peculiar characteristics: heterogeneity, high
investments, low liquidity and fix locations (COZZMEI; ONOFREI, 2012).
Complementarily, the real estate market includes: securitized market, the
commercial market and residential market (BOUCHOUICHA; FTITI, 2012). Other
important real estate classification is that investment can be ordered in two
groups, direct and indirect investment.
Direct
investments can be acquired through purchase of property, and the indirect can
be acquired through acquisition of shares or units of entities that hold the
real estate (HEANEY; SRIANANTHAKUMAR, 2012).
Historically,
investment in real state has not been one of the better options in market, due
the high capital tied, as well as the small performance ratios (LOUKO, 2004).
Real estate markets have been developing in a globalized and integrated manner
and it has been classified as globalized since the introduction of common real
estate investment vehicle.
One
cause of its change is the internationalization of real estate service
providers, so it has developed more transparent international benchmarks and
standards for better practices in real estate across the globe (HATEMI-J; ROCA,
2011).
Real
estate bubbles are phenomenon occult relatively (WEISE, 2009). Although real
estate positive and negatives asset prices bubbles are commonly associated in
the cycles of the readiness of investors to take risks (KAKLAUSKAS et al.,
2011).
Booms
and busts in real estate markets have been a subject of attention for policy
makers. In fact, central banks and the International Monetary Fund (IMF)
studied the monetary policy on the residential sector (BOUCHOUICHA; FTITI,
2012).
Facing
this reality, real estate agencies should be prepared to develop in this
mutably scenario, intent the cycles of the property and market for
competitiveness in this dynamic market.
In
many parts of world, the policies and marketization have a necessity of
integrated, efficient and professional real estate management (DORTLAND;
VOORDIJK; DEWULF, 2014). Furthermore the real estate managers have to attend
the current and futures demand of organization, dealing with the diverse
interests of the organization stakeholders.
The
real estate manager should work efficiently considering the acquisition and
understanding about the relationship of the market variables is important to
maximize the value of the portfolio (LIN; LIN, 2011). More than houses, lands and
apartments, the real estate portfolios include Real Estate Investment Trust
(REIT), which are propriety or proprieties assets. This market was created in
1960 in consequence of REIT legislation construction by the US Congress (TSAI,
2013). Consequently, several changes have happened in the world real estate
afterwards.
In
order to support the decisions, management tools could have efficient results
in organizations, such as: Strategic Planning, Scenario Planning, SWOT
Analysis, Balanced Scorecard, Benchmarking, and Quality Function Deployment
(QFD) (LAI; HUANG; WANG, 2011; ARKESTEIJN; VOLKER, 2013; FRANCO; MEADOWS;
ARMSTRONG, 2013; HALICI; ERHAN, 2013; MACCARRONE et al., 2014).
Aspect
and biases about the real estate management have been studied in the last years
e.g. mortgage lender behaviors (HOTT, 2011), bank lending restrictions (CHE et
al., 2011; CARLSON; SHAN; WARUSAWITHARANA, 2013), futures contracts (LEE;
CHIEN; LIN, 2012; SH; XU, 2013), housing price model (WEN; GOODMAN, 2013; SHIM;
BIN; HWANG, 2014) and more recently, green real estate (KRAUSE; BITTER, 2012;
ZHENG; WU; DENG, 2012; ENCINAS; HERDE, 2013).
Brazil
real estate management, such as the others fields about real estate has high
potential to be studied, because only a few studies in real estate and the
development economy have been published.
4. METHODOLOGY
The
methods used for the realization of this study consist of a quantitative nature
research, descriptive type, with regard to objectives, being developed by
multiple case studies regarding the technical procedures, in real estate
enterprises of Santa Maria - RS - Brazil. Regarding the data collection plan,
the research follows the script presented in Figure 2.
Figure 2: Stages of the research. Source: Elaborated
by authors.
The
instrument was prepared with the aid of Google Docs tool, composed of ten
close-ended affirmations in Likert scale, with issues concerning competitive
strategies adopted by companies in the real estate sector of Santa Maria, in
the year of 2013.
This
questionnaire was sent through an electronic mail (e-mail), to all the real
estate of the city, which returned a sample of 25 companies’ respondents,
representing about 56.8% of the total real estate, excluding the autonomous
brokers. The results were tabulated by crossover data and analysis making use
of descriptive statistics.
5. RESULTS AND DISCUSSION
The
first, second and third affirmations appointed similar results around the
comments that SP are not defined, however 78% (affirmation 2) comments that SP
is not applied, so 22% (affirmations 1 and 2) of the agencies have a SP defined
but unused (Table 1).
SWOT
Analysis, on managers vision are not applied in right way in 80% (affirmation
3) of agencies, and least in 4% (affirmation 3) of them the managers considers
that is applied in completely right way. 16% in the affirmations 2 and 3,
answer indifferent, that situation increase a doubt if they really have any
notion about these tools, or in the point of vision of the manager these
subjects are not relevant (Table 1).
The
fourth and seventh affirmations comment about the index that the real estate
agencies use and 76% (affirmation 4) have an inefficient Index System, or in
the vision of the manager are indifferent. A similar results have been
obtained, 72% (affirmation 7) of interview appoint that the productiveness
index do neutral or not do advantageous in the agency. Only 12% consider their
productiveness index is partially advantageous. One critical point is the 0%
(affirmation 7) in agree completely for productiveness index advantageous.
The
fifth affirmation, 76% disagree or answer that is indifferent if the employees
in some level have an efficient training, only 4% consider that the training is
efficient for their employees.
Mutually
the fifth and seventh affirmations appoint a lack of interest of the managers
in their employees, in one hand does not offer a sufficient training for their
dealing with the market adversity, in other hand they do not keep up their
productiveness.
Furthermore,
the sixth affirmation appoint 87% of the managers classified their SM System as
inefficient or indifferent, and only for 4% of them said that the SM System
implanted in their agencies is completely efficient. The first affirmation
appoint that 56% of the respondents comments that in some level, the real
estate agency do not have a Strategic Planning defined, and only 12% agree
completely that they have a Strategic Planning defined in their agency.
Yet,
affirmation 10, relative to an adequate SP, showed 60% comments that in some
level it is not adequate, and 24% appoint that is indifferent, in the other
words, 84% of the agencies declared that the Strategic Planning is inadequate.
No one has a completely adequate SP, however 12% comments that they have a
defined SP, so why have a defined SP if it is not adequate?
The
eighth affirmation appoint that for 80% of managers, the Financial Management
is indifferent or in some level inefficient in their agencies, only for 17%
said this area is partially or completely efficient. The ninth affirmation
appoint that for 76% of managers, the Administrative Management is indifferent
or in some level inefficient in their agencies, only for 12% this area is
partially efficient and no one marked it as
completely efficient. These indexes show that Financial Management and
Administrative Management have similar and alarming performances in these
agencies. However, the Financial Management has a small better performance. The
results, previously commented, are shown in the Table 1.
Table 1: Strategic situation of real estate agencies
in Santa Maria-RS
|
Disagree completely |
Disagree partly |
Disagree |
Indifferent |
Agree |
Agree partly |
Agree completely |
The Strategic Planning (SP) is defined |
8 (32%) |
2 (8%) |
4 (16%) |
0 (0%) |
6 (24%) |
2 (8%) |
3 12% |
The managers apply Strategic Planning |
1 (4%) |
10 (40%) |
4 (16%) |
4 (16%) |
2 (8%) |
4 (16%) |
0 (0%) |
SWOT Analysis is correctly |
2 (8%) |
6 (24%) |
8 (32%) |
4 (16%) |
3 (12%) |
1 (4%) |
1 (4%) |
Some Index System is apply |
2 (8%) |
6 (24%) |
2 (8%) |
9 (36%) |
2 (8%) |
2 (8%) |
2 (8%) |
Employees have an efficient training |
5 (20%) |
3 (12%) |
7 (28%) |
4 (16%) |
4 (16%) |
1 (4%) |
1 (4%) |
The Strategic Management System is apply efficiently |
2 (8%) |
7 (28%) |
9 (36%) |
4 (16%) |
2 (8%) |
0 (0%) |
1 (4%) |
The productiveness Index is advantageous |
1 (4%) |
8 (32%) |
6 (24%) |
3 (12%) |
4 (16%) |
3 (12%) |
0 (0%) |
The Financial Management is efficient |
3 (12%) |
7 (28%) |
5 (20%) |
5 (20%) |
1 (4%) |
1 (4%) |
3 (12%) |
The Administrative Management is efficient |
6 (24%) |
6 (24%) |
5 (20%) |
2 (8%) |
3 (12%) |
3 (12%) |
0 (0%) |
The Strategic Planning is adequate |
1 (4%) |
13 (52%) |
1 (4%) |
6 (24%) |
3 (12%) |
1 (4%) |
0 (0%) |
This
research pointed out the strategic inefficiency of Santa Maria’ real estate
agencies. In the entire strategic themed affirmations, the classification in
the manager’s view strongly concentrated in disagrees completely or
indifferent, these sums in the worst range – varying from 72% (affirmation 7)
until 87% (affirmation 6). In other hand the research could not find a group
that concentrated in the best practices, seeing that in 4 affirmations (2, 7, 9
and 10) the classification of agree completely had not punctuation.
6. CONCLUSION
This
study has provided an insight into the real estate agencies in the city of
Santa Maria. The importance of this study is focuses on the details of a number
of factors relating to the strategies adopted in real estate, whereas, the real
estate market has grown strongly in the last years in Brazil.
The
prognosis of the real estate agencies researches strategic management, appoint
lot of difficulties actuals and futures; is possible to affirm weakness in
their formal administration and strategic management. However, Mintzberg,
Ahlstrand and Lampel (2010) avow that is possible an enterprise have strategy
only on the managers and owners way of manager their business.
Nonetheless
Ansoff and McDonnell (1993) and Zimmermann (2011) related that the enterprise
needs incorporate in their SP the internal and external aspects, such as the
threats and opportunities, in the sense of make better decision for the future.
In
the present research, only 1 of 25 managers of real estate agencies appoint
that the Strategic Management system is apply completely efficiently, and for
no one the actual Strategic Planning in its agency is completely adequate, and
the most part of answers was located in disagree or indifferent part of use SM
tools. Based on this information, is possible to affirm that the agencies are
not strongly strategically prepared.
Therefore,
the main contribution of the study indicates one concerning reality: the
interviewed agencies are not interested in developing a structured strategic
planning and using its tools. In view of this situation, the strategic position
of the real estate agencies in our research would be extremely threatened if a
downturn in the market starts.
The
real cause of this not used of SM concepts and tools, although, not was
researcher. In this way, is possible that they use a strategic different tool
or the managers do not have knowledge enough about SM apply in real estate
agency. In the twice possibilities, more studies are desired.
It is
noted that although the economic outlook was positive for real estate agencies
in recent years, many of them could be enjoying a stronger financial and
strategic position, had it in their strategic scope using tools of Strategic
Management. In a situation of economic downturn, maintaining the current
strength of the surveyed agencies is unlikely.
Ideas
for further research are the creation and implementation of a strategic
methodology that could facilitate the strategic management and the creation of
scenarios of use of strategic planning in Santa Maria real estate agencies.
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