LOGO FUTURE DIRECTION OF REAL ESTATE EDUCATION FOR

LOGO FUTURE DIRECTION OF REAL ESTATE EDUCATION FOR THE CERTIFICATE PROGRAMS AT NATIONAL INSTITUTE OF VALUATION (INSPEN) Sr. Mohd Haris Yop National Institute of Valuation (INSPEN) Valuation and Property Services Department (JPPH Ministry of Finance Malaysia www. inspen. gov. my 1

Research Background Motivation To Conduct Study §Research in the Real Estate Education (REE) is evidently lacking in Malaysia. It is essential that conduct a study of such kind to somehow close the glaring cavity of the knowledge gained by the graduates and the industry expectation in some ways. §REE is established with an aim to educate future college and university leavers as well as equip them with strong foundation of knowledge and principles of real estate industry that would promise and sustain a steady and productive professional career in such practice. 2

Research Background Motivation To Conduct Study §Consequently, inquiries such as the effectiveness and practicality of the existing curriculum and its content regarding educating future real estate course leavers as well as the readiness of these graduates in facing real problems of the professional world continue to loom till the present day. 3

Research Background §The National Institute of Valuation (INSPEN) is established with a function to execute higher educational programs with a particular emphasis on the needs and wants of the aforesaid industry. The vision of INSPEN is to realize a high quality form of education and diversification of skills in career in real estate through basic real estate education at the aforementioned establishment. 4

Research Background §With the same vision in mind, the current study is conducted with hopes to assist Academic Centre in developing dynamic programs and paving future directions of real estate education for Certificate Programs at INSPEN as well as preparing graduates for the better professional opportunities in the real estate industry. 5

Research Background §INSPEN was registered as an educational institution in 2003. Certificate programs at the National Institute of Valuation (INSPEN), Valuation and Property Services Department (JPPH), Ministry of Finance (MOF), are established to produce semi-skilled employees for the ever-demanding real estate industry. §Concurrently, programs offered : § Certificate Real Estate Valuation (CREV), § Certificate Property Management (CPM), § Certificate Estate Agent (CEA). 6

Research Background §CREV was officially founded at Academic Centre on 2006, becoming the first real estate certificate programs in Malaysia, followed by the CPM and CEA programs which were recently enunciated in 2008 and 2010 respectively. §All programs are of full-time basis consisting of a twoyear learning period on core and elective courses spanning over five academic semesters, as well as a semester entirely stipulated for industrial training to develop students’ real-life competency and practicality. 7

Course Structure 8

Courses Vision & Mission Certificate in Real Estate Valuation (CREV) Certificate in Property Management (CPM) §To create ethical and committed graduates to serve the country and nation. §To produce semi professional manpower highly capable in conducting valuation, property management and estate agency. §To produce workforce to Government Departments, Statutory Bodies, Local Authorities and Private Sector. §To place INSPEN graduates who have been appointed by the Malaysian Public Services, at par with technicians in other disciplines in terms of salary scale and others. §To provide opportunities to INSPEN graduates to pursue further education. Certificate in Real Estate Agency (CEA) §Professional route to be a Registered Estate Agent §Accredited by the Board of Valuers, Appraisers and Estate Agents §Industry-based learning 9

Recognitions: (Accreditation Organization) Registered with the Ministry of Education Recognized by Malaysian Public Service as equivalent to the Polytechnic Certificate, Ministry of Higher Education’s Supported by Board of Valuers, Appraisers and Estate Agents Malaysia (BOVEAM) Recognized by Royal Institution of Surveyors Malaysia Recognized by Royal Surveyors (RICS) Institution of Chartered 10

Recognitions : (Local and Overseas University) University Technology Malaysia, (UTM) INSPEN graduates are recognized to enroll into the Diploma in Property Management. MARA University of Technology, Malaysia (Ui. TM) INSPEN graduates are recognized to enroll into the Diploma in Estate Management. Queensland University of Technology, Australia (QUT) Enable the students to complete in 2. 5 years of the QUT Bachelor of Urban Development (Property Economics) degree. University of Western Sydney, Australia (UWS) INSPEN graduates are provided with credit transfer. Enable the students to complete in 2 years of the UWS Bachelor of Business and Commerce (Property) degree. 11

Research Statements §Since the graduation of the very first batch of students of Certificate Real Estate Valuation (CREV) in 2006, there has been no formal research conducted and feedbacks received from either graduates or their respective employers regarding the relevance, expediency, strength and shortcomings of INSPEN’s existing certificate programs dedicated to the field of real estate. 12

Research Statements § As demands are imposed by the industry itself, this step is expected to ensure that the existing courses are solid enough and exhibit the kind of values and knowledge ability sought after by the industry. § Another issue brought to light is the current way of preparing INSPEN’s graduating learners of their respective programs with innumerable skills and knowledge of the industry to ready them for the real world and eventually meet professional satisfaction. 13

Research Objectives & Questions § To review the real estate education from the perspective of employability, employer’s satisfaction as well as student competencies. § What are the areas of studies that have been done upon real estate graduates? § What are the main findings regarding real estate research? 14

Research Objectives & Questions § To identify the relevancy of existing subjects in meeting the current and future direction of real estate education provided by INSPEN certificate programs. § What are the current subjects taught in INSPEN certificate programs? § What are the industry requirements expected in relation to the importance and relevancy of the subjects taught? § What are the students’ experiences in relation to the importance of the subjects taught from the perspective point of employability? 15

Literature Review 16

Literature Review 17

Literature Review 18

Literature Review 19

Theoretical Frameworks 20

Research Methodology § Distributing Questionnaire Survey § INSPEN Graduate Students – 2004 until 2013 § Industry – Government Officer, Valuer, Property Manager, Estate Agents, Developer, ect. § INSPEN Graduate Students § Industry (Employee) § Analysis using SPSS § Pilot Testing § Reliability of INSPEN Graduate Students – 0. 952 (Cronbach’s Alpha) § Reliability of Industry Survey- 0. 958 (Cronbach’s Alpha) § Total respondent (n=167, 104 Graduate Student & 63 Industry) 21

Main Findings § To identify the relevancy of existing subjects in meeting the current and future direction of real estate education provided by INSPEN certificate programs. § In term of importance and relevancy of the subjects should be taught. Real Estate Valuation clearly topped the list. This subject was rated mean score 4. 72 and 4. 88 from students and industry response. Second-rated importance and relevancy of the subject is Industrial Training (mean score 4. 68 and 4. 61). Majority of despondence say that industrial training is beneficial. § The next top ten most importance and relevancy subjects are : Property Law (4. 55), Property Investment (4. 46), Property Management (4. 44), Town Planning (4. 41), Property Development (4. 38), Facilities Management (4. 28), Land Economic (4. 25) Property Marketing (4. 23) 22

Overall, the survey results indicated that, Real Estate Valuation subjects are considered as much important by industry and also student’s prospection. This results and finding indeed is consistent with the finding of previous studies: for example studies on Graduate Real Estate Education in Hong Kong by Wadu Mesthrige Jayantha & Yat Huang Chiang (2012), Hishamuddin Mohd Ali et. al. (2008) and Zarita Ahmad et. al (2010). 23

Main Findings • There are 17 skills and abilities provided. Overall, there is an encouraging result whereby, industry total mean score is 4. 159 and student mean score is 4. 269 respectively. • The result shown the higher knowledge skill in property is technical knowledge was rated 0. 17, however a small difference of score negative 0. 26 to 0. 51 on Mathematic skills, fluent in English and written skills. • Among others skills, have a small skill difference 0. 03 to 0. 05. 24

Recommendations § The curriculum needs to be reviewed regularly in consultation with employers of graduates. An advisory committee consisting of senior professionals, academics’ from related discipline. § There was a strong opinion that INSPEN should target those who were already in the industry, and interested to go back for career advancement (a part time students) § Among the soft skills expected of personnel in real estate education are interpersonal skills; skills in report writing, communication skills; presentation and oral skills and decision making skills. § Moreover, they should be creative; have some exposure to professional ethics; are capable of handling complaints and feedback; know the art of negotiation; and are capable of managing basic human relations. 25

Conclusion The programs proposed by INSPEN are more acceptable by both the public and private sectors once it is accredited. However, some modifications to the course structure in respect of the amount and level of content, practical training and additional courses are needed. There was a suggestion that INSPEN should conduct higher level courses especially on part-time basis at the post-graduate level. This is for working executives seeking career advancement. There was also a suggestion that INSPEN should offer courses beyond the certificate level in partnership with universities and conduct part-time courses for working and nonworking executives who are already in the real estate industry. This is to be studied by INSPEN. 26

LOGO National Institute of Valuation (INSPEN) Valuation and Property Services Department (JPPH) Ministry of Finance Malaysia THANK YOU 27