James Olayinka Ogunbiyi
@ui.edu.ng
Lecturer, Department of Estate Management
University of Ibadan, Ibadan, Nigeria
RESEARCH INTERESTS
Behavioral Real Estate, Real Estate Business Administration, Housing Studies, Rural Land Economics
Scopus Publications
Scholar Citations
Scholar h-index
Scholar i10-index
Scopus Publications
James O. Ogunbiyi and Timothy T. Oladokun
SAGE Publications
The paper evaluated key indicators adopted by practitioners to drive the performance of real estate consulting firms of estate surveying and valuation in Lagos, Nigeria. Using probabilistic sampling technique, the study empirically found that, to achieve effective performance, estate firms considered annual revenue and return on investment crucial to their operations (financial indicators). The study also found that the non-financial indicators that were key to performance in the real estate business included improved standards, workplace satisfaction, and prompt payments for executed jobs; clients' satisfaction, referrals, and revenue increase. Established and aspiring real estate professionals will find the study beneficial in defining performance strategies for their respective firms. In other words, this study will assist real estate practitioners in determining where they should focus their efforts in order to prosper in business today and through the next decade. The study was an exploratory evaluation of the use of KPIs as a major driver of performance in the business of estate surveying and valuation.
Timothy Tunde Oladokun and James Olayinka Ogunbiyi
Emerald
Purpose This paper aims to identify external factors that are critical to the success of estate surveying business in Lagos State, Nigeria. Design/methodology/approach Primary data were collected with the aid of questionnaires from estate surveying firms in the study area. Using a sampling interval computed as 1.93-2, 186 firms were selected from the 359 estate surveying firms based in the study area. The sampling interval required that, after the first selection, every subsequent second estate firm in the group (List) was selected for the survey. Data collected were analysed with the aid of criticality assessment index method such as the Relative Criticality Index and Criterion Criticality Score. Findings The result showed that it was critical for an estate surveying to interdepend with surrounding businesses and maintain good corporate social responsibility for it to succeed. Also, good social relations of the practitioners with the society was found to be an external factor critical to success. In addition, the study found the need to use the advantage of ICT for real estate marketing as an external technological factor for success. It was also found that the economic situation of the immediate locality of the firm and the economic buoyancy of the nation at large influenced both the planning for and the execution of real estate activities of the firm. Research limitations/implications Limiting the findings of the study to external factors alone could subject the findings of the study to bias. Further research targeted at identifying internal factors will provide a balanced view. Practical implications The study will serve as useful tools for existing and upcoming real estate practitioners to chart a performance course for their businesses. It will help estate surveyors to understand what to place more emphasis on if they will succeed in business. Originality/value The findings from this study will provide the estate surveyors and valuers and the professional body with data on things that are critical to their success in business and enhance the practice of real estate management.