In The Netherlands, the Real Estate Assessment Act regulates the yearly appraisal of all Dutch real estate. Municipal real estate is a sizable, and thus important, segment of this real estate market. This results in assessed values that are used for official purposes and taxes. The Dutch municipalities also use these assessed values for their budgeting plans and in their considerations concerning their real estate portfolio (e.g. disposal). The act provides quality requirements these assessed values have to meet. One of these requirements is that the appraised value corresponds with the market value of the real estate objects.
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2007, the Ministry of Housing and Spatial Planning took the initiative to issue the social building blocks: real estate for facilities. This has been the first attempt to deal with social real estate professionally as an asset. In 2008 the professorship of public real estate started with its first Barometer for Social Real Estate. In 2009, I advocated in Real Estate Magazine that research into social real estate is necessary from the perspective of Corporate Real Estate Management (CREM) through new development models and more (PhD) research.In anticipation of the municipal elections of 2010, research by the research group Municipal Real Estate showed that social real estate was not a matter for the election programs of the political parties. This was a prelude to the funded RAAK subsidy application towards marketed municipal real estate for carrying out practice-oriented research. In 2012, this research led to the externally funded research group Social Real Estate. After that, the Social Real Estate professorship profiled itself in different areas. Extra media publicity has been generated primarily thanks to the attention of minister Stef Blok in 2014, when he received the first copy of the book Barometer Maatschappelijk Vastgoed (Social Real Estate): Corporate Social Responsibility at our annual congress, the round table meeting with State Secretary for Health, Welfare and Sport Martin van Rijn in 2015 and the informal conversation with the Minister of Education, Culture and Science Jet Bussemaker in 2015, as well as the many publications of the lectorate. In the 2016 debate with civil society with the Prime Minister Mark Rutte when handing over the book Barometer Maatschappelijk Vastgoed (Social Real Estate) 2016, a round table meeting in 2017 with Minister of Home Affairs and Kingdom Relations Stef Blok, aldermen and directors Real Estate of Municipalities in The Netherlands, have contributed to social and economic knowledge utilization for future and existing real estate professionals. At the PROVADA 2017 we co-organized ‘Shrink: Emptiness and Space for Innovation and Change’ session, where the Minister of the Home Affairs and Kingdom Relations Ronald Plasterk presented his vision on this subject.
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The value of the public real estate portfolio is estimated to exceed the biggest Dutchprivate investor ten times. In spite of its importance, it seems that this municipal real estate is not always managed in a professional way. This paper is about how a more developed and researched discipline – corporate real estate management (CREM) – can add value to a less developed and researched discipline – municipal real estate management (MREM) – to contribute to their professionalisation.
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This contribution concerns the province of Drenthe in the Netherlands, focusing on four municipalities in the southeast of Drenthe where real estate vacancy is a top priority of ministers and interested parties. This study introduces questions, ideas and solutions. The municipalities are developing and are responsible for the developments in the field of economic developments, community real estate, vacancy and reallocation. But what is the uniting force? The skill in managing community real estate lies in asking questions and having patience with answers. Answers may develop by asking questions and entering into the dialogue with the community. Municipalities are continually attempting to establish a balance between the opportunities of interested parties and those of themselves. A balance between public values, legitimacy and organization (capacity). Einstein discovered surprising answers because of the many questions he asked. Always asking questions stimulates personal knowledge, expertise and skills. Just like sailors running a tight ship who are always on the lookout for wind and currents. The study in economic developments, community real estate, vacancy and reallocation was carried out by the readership for Community Real Estate with 77 professionals in four municipalities with a total population of 195,000 and a surface area of approximately 1,200 square kilometers, comparable to the province of Utrecht
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Population ageing has become a domain of international discussions and research throughout the spectrum of disciplines including housing, urban planning, and real estate. Older people are encouraged to continue living in their homes in their familiar environment, and this is referred to as “ageing-in-place”. Enabling one to age-in-place requires new housing arrangements that facilitate and enable older adults to live comfortably into old age, preferably with others. Innovative examples are provided from a Dutch social housing association, illustrating a new approach to environmental design that focuses more on building new communities in conjunction with the building itself, as opposed to the occupational therapeutic approaches and environmental support. Transformation projects, referred to as “Second Youth Experiments”, are conducted using the Røring method, which is based on the principles of co-creation. De Benring in Voorst, The Netherlands, is provided as a case study of an innovative transformation project. This project shows how social and technological innovations can be integrated in the retrofitting of existing real estate for older people. It leads to a flexible use of the real estate, which makes the building system- and customer preference proof. Original article at: https://doi.org/10.3390/buildings8070089 © 2018 by the authors. Licensee MDPI.
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This thesis provides an examination of judgement autonomy of Dutch commercial real estate valuers in relation to client orientation. The valuation of commercial real estate such as offices or retail properties requires in-depth analysis due to its uniqueness by location, building type and usage details. Essentially, a register-valuer is qualified and instructed to assess a property value to one’s best cognitive effort and inform others of this outcome by means of a valuation report. In the Netherlands, concerns over independence risks and client-related judgement risks of valuers have been raised by regulative authorities as the Dutch Central Bank (DNB) and the Dutch Authority for the Financial Markets (AFM). A significant part of these concerns followed the 2008 financial crisis, which appeared to be at least partially driven by unreliable and incomparable valuations of Dutch commercial real estate (AFM, 2014; DNB, 2012; 2015). Among other things, these concerns led to the instigation of the Nederlands Register Vastgoed Taxateurs (NRVT) in 2015. NRVT is a new Dutch central register of valuation practitioners set up in order to improve self-regulation, quality control and compliance of valuation practitioners. Currently, the chamber for commercial real estate valuation holds about 2,000 commercial valuation registrations (NRVT, 2020). The introduction of NRVT, and other measures taken, reflect an instrumental view towards enhancing professionalism of Dutch valuers. This view is based on a systematic orientation to professional conduct in which good practice is primarily objectively determined (Van Ewijk, 2019). However, Wassink and Bakker (2016) point out that individuals make personal choices in order to deal with work complexity. Insight into and reflection on individual choices is part of what is referred to as normative aspects of professionalisation: what norms prevail in individual judgement and decision-making and why (Van Ewijk, 2019). In this regard, insight into judgement reasoning of valuation practitioners may contribute to normative levels of professional development of valuers. The need for such is expressed through community concerns over how individual judgement autonomy may become subdued due to instrumental-driven developments taking place in the sector. The combination of authoritative concerns over professional quality in the Netherlands and lack of (scientific) insight on how client influence affects judgement in valuation practice poses a problem: How may practitioners address client-related judgement bias risks and improve valuation accuracy from this viewpoint, if little is known on how such risks may occur in daily practice? The seemingly scarce scientific insights available in this regard in the Netherlands may also prevent educational programs to adequately address valuer independence and objectivity risks in relevant training programs. In order to address this knowledge gap, the present PhD research examines the following research problem: 169 Summary “How does client orientation affect professional judgement autonomy of commercial real estate valuers in the Netherlands?” The term ‘client orientation’ should be broadly interpreted and may refer to valuers’ perception, understanding and meaning given to alleged, actual or anticipated client-related aspects. Information on such client aspects is not required for the performance of valuation instructions. It should also be noted that this research examines the context of how client orientation may affect valuer judgement reasoning patterns during work practice, yet not its effect in terms of decision on final value opinion.
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Purpose: Board members and real estate managers (decision makers) play an important role in the decision-making process in nursing home organisations. This study aims to provide an understanding of underlying attributes and benefits sought by decision makers when making nursing home real estate decisions. Design/methodology/approach: Decision makers from seven different nursing home organisations in The Netherlands were interviewed using the laddering technique to determine the individual requirements, the considerations of the decision alternatives, the relevant attributes and benefits and their mutual relationships. Findings: This study details the motivations behind real estate management decisions in nursing home organisations. The findings show that apart from financial considerations, decision makers strive to enhance the quality of life and satisfaction of users with their real estate decisions and seek to include residents and employees in the process. These benefits are connected to the goals of well-being and innovation in health care. Furthermore, functionality, physical and functional flexibility and technology are key considerations when undertaking corporate real estate (CRE) decisions, to ensure that real estate management aligns with the strategic goals of the nursing home organisation. Practical implications: The insights of this study can support decision makers in healthcare facilities to create strategic value with their real estate. Understanding how to obtain certain benefits from nursing home real estate may result in a better realisation of organisational objectives and user needs. Originality/value: This study reveals the decision-making process in a nursing home context. Moreover, the laddering technique is used as a new method to explore and gain a deep understanding of CRE decision-making processes.
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Na de diverse thematieken van de afgelopen jaren Trends en ontwikkelingen in maatschappelijk vastgoed (2011), Onderzoeken en visie (2012), Onderzoeken en perspectieven op maatschappelijk en financieel rendement (2013) en Maatschappelijk Verantwoord Ondernemen (2014) kunnen we de scope van de 8e Barometer Maatschappelijk vastgoed verbreden. Dit hebben we gedaan door (inter)nationaal te kijken naar onderzoek over en ontwikkelingen van maatschappelijk vastgoed en in het bijzonder gemeentelijk vastgoed en zorgvastgoed. Deze internationale ontwikkeling van de Barometer Maatschappelijk Vastgoed wordt door actoren in en rondom maatschappelijk vastgoed gezien als interessant, actueel en belangrijk. Met deze stap van de Barometer beoog ik om vanuit andere contexten en culturen - door bijdragen over andere landen en met buitenlandse auteurs - te kijken naar ons eigen maatschappelijk vastgoed in Nederland en inzicht te geven in de problematiek en oplossingsrichtingen van gemeentelijk vastgoed en zorgvastgoed. Daarbij is een herverkaveling van vastgoedbelangen een gedachtegang voor de toekomst. De internationalisering wordt ook onderschreven door de RICS die wereldwijd actief is vanuit New York, Sao Paulo, London, Brussel, Dubai, New Delhi, Singapore, Hong Kong, Tokyo, Beijing en Sydney. Afgelopen jaar zijn er nog een aantal andere (internationale) ontwikkelingen geweest. Zo verscheen eind 2014 mijn proefschrift Materieel Immaterieel: besturing van woningcorporaties in samenhang met maatschappelijk vastgoed vanuit de RSM Erasmus Universiteit Rotterdam (RSM/EUR), één van Europa’s top business scholen voor het onderwijs en in de top 3 voor toponderzoek. Vanuit het lectoraat zijn we ook een structurele samenwerking met Odisee Hogeschool en Universiteit Brussel aangegaan. Het internationale karakter van het lectoraat in 2015 wordt naast het verschijnen van dit boek ook onderstreept door een drietal presentaties, twee abstracts en een geaccepteerde paper over maatschappelijk vastgoed voor het internationale congres van de European Real Estate Society (ERES) 2015 in Istanbul. De Barometer Maatschappelijk Vastgoed bestaat dit jaar uit vijf delen (I) gemeentelijk maatschappelijk vastgoed, (II) koplopers gemeentelijke vastgoedbedrijven, (III) het Rijksvastgoedbedrijf als referentiekader, (IV) ontwikkelingen in maatschappelijk vastgoed en (V) internationaal onderzoek maatschappelijk vastgoed.
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Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research evidence. A synthesis of available research will establish consistency in the current knowledge base on valuer judgement, identify future research opportunities and support decision-making policy by educational and regulatory stakeholders how to cope with judgement bias. This article therefore, provides a systematic review of empirical research on real estate valuer judgement over the last 30 years. Based on a number of inclusion and exclusion criteria, we have systematically analysed 32 relevant papers on valuation judgement bias. Although we find some consistency in evidence, we also find the underlying research to be biased; the methodology adopted is dominated by a quantitative approach; research context is skewed by timing and origination; and research evidence seems fragmented and needs replication. In order to obtain a deeper understanding of valuation judgement processes and thus extend the current knowledge base, we advocate more use of qualitative research methods and scholars to adopt an interpretative paradigm when studying judgement behaviour.
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