The Future of Real Estate Education: A Multi-Faceted Perspective

Abstract

This paper is the culmination of efforts by a group of participants at the 32 nd Annual American Real Estate Society Conference in Denver who met to discuss the future of real estate education, and its authors represent the diversity and breadth reflective of the field itself. Previous literature, spanning more than 50 years, has consistently maintained that the issues related to the study of real estate are too complex to easily resolve, resulting in a lack of consensus regarding an accepted body of knowledge. This paper is unique in that it not only identifies issues and challenges inherent in today's academic climate, it also provides for a collection of options, both applied and aspirational, that build on existing and potential structures. Indeed, the authors do not believe that there is one best model for the future of real estate education, nor that we should expect there to be. Rather, this paper is an important addition to the existing body of literature for its identification of solutions that embrace the breadth of both practical and academic knowledge in the expansive and ever-evolving field of real estate.

What is real estate? Five ontological questions for the discipline

“…To solve the problem of undefined BOK, it is instrumental to consider the role of professional associations. In their multi-faceted prospects for real estate education, McGrath et al (2020) pointed out that professional associations could expand the scope and diversity in real estate education. They gave the example of Realtor University that had been established by the National Association of Realtors in the United States.…”

“…Similarly, Schulte (2003) analysed research outputs presented in the ARES, ERES and IRES conferences to establish that finance and investment are the dominant topics in the BOK of real estate research. More recently, McGrath et al (2020) did a comprehensive review of real estate education and concluded that: "It may be time to expand the traditional understanding and definitions of real estate, address the reputational issues of the industry, and redefine real estate education" (p. 52). In this study we attempt to fulfil the call.…”

“…In a recent paper, McGrath et al . (2020, p. 41) made a fundamental observation on the contemporary challenges to real estate industry and discipline.…”

Bridging the gap in real estate enterprise: the impact of mentoring on entrepreneurial intentions of real estate students in Nigeria

“…McGrath et al. (2020) identified the significance of experiential learning approaches, essentially case study learning through mentoring in the effective teaching of real estate.…”

“…In this light, Sweeney (1993) averred that mentorship is one of the key ways the career and psychosocial functions required for effective real estate services are acquired and transferred. Besides, studies such as McGrath et al (2020) have noted that despite the recognition of the study of real estate being grounded in practical application, the traditional lecture is still the primary mode of delivering real estate content in most universities across the globe. This limits the cognitive and engagement ability of these students upon graduation.…”