Real Estate Management
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DepartmentFaculty of Civil Engineering
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Program code6211LX059
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Field of studyBusiness and Public Management
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QualificationMaster of Business Management
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Duration1.5
About
REAL ESTATE MANAGEMENT
| Degree | Master of Business Management |
| Length | 2 years (4 semesters) |
| Study language | Lithuanian |
| Start | 1st of September |
| Entry Qualification | To this programme applicants are accepted from the fields of: Business Studies, Management, Civil Engineering, Power Engineering. |
Construction and real estate sector is under constant exposure to economic, political, legal, social, technical, information and technological environments, therefore it is essential for modern professionals working in this field to be equipped with as much complex knowledge as possible. In order to stay competitive in the market, they need not only predict market trends but also initiate change.
Construction and real estate market is constantly facing challenges such as changing economic and business conditions, the emergence of new technologies and changes in environmental requirements.
Property management is the maintenance of residential, commercial, industrial real estate, including apartments, detached houses, apartment buildings or, for example, shopping malls. This usually involves managing assets that belong to another party or entity. Asset manager acts on behalf of the owner to preserve the value of the asset while generating revenue.
The aim of this study program is to provide scientific knowledge that is crucial to deal with theoretical and practical issues of real estate management. Such specialists have the ability to carry out research, know the limits of application of analytical methods and can evaluate research results and their reliability.
What competencies shall I acquire?
The Master of Real Estate Management program is designed to master the following skills:
- to manage and apply innovative ideas in an unusual, complex, unpredictable working environment, exposed to multiple interactive factors;
- to apply asset and business valuation and management methods, make and implement decisions based on incomplete or limited information in the face of various market and technological uncertainties;
- to analyze business strategic perspectives, plan real estate financial investments, measure and control performance results, manage real estate development projects and introduce innovations.
What are my possible career pathways?
- Working in the field of real estate appraisal, trade, rental, development companies, banks, municipalities, insurance companies, building management organizations, other institutions of various profiles.
- Pursuing doctoral studies.
Study subjects
1 Semester
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STVNM17211 9 credits
Real Estate Brokerage and E-Business (with Course Project)
Module aim
To provide knowledge of real estate brokerage activities and practical brokerage skills in buying, selling and renting real estate, provide knowledge in e-business sufficient for graduates to work in the real estate business companies.
Module description
Functions of the real estate agents, work types and areas, acquisition, provisions in agent contract, agent’s expose, agent’s advertisement, search for clients, broking in agreements of both sale and purchase as well as in rent contracts, causality, amount and loss of commission, agent and competition, national regulation of agent business. State regulation of business agents in the U.S. During the training students receive practical tasks.
Business intelligence and data analytics. consultancy in the digital era, global information systems and knowledge management applications in organisations. Online collaborations. digital transformation and platformatisation. Digital strategies and e-business models; research methods for digital management; E-Business applications and realising value from e-business; Electronic commerce technologies; Security and Security solutions; E- business system integration; Governmental regulation; Impact on markets and retailers; Digital logistics and impact on supply chain management; Digital Marketing and the social impact of e-commerce; Distribution channels; Global trends and examples of new e-commerce systems. Neuromarketing concept, tools, segmentation, positioning and application in construction and real estate. -
STVNM17210 6 credits
Real Estate Management (with Course Project)
Module aim
To introduce students with real estate management aims and tasks, peculiarities of various types real estate management as well as current trends in real estate market.
Module description
Essence and aims of real estate management. Peculiarities of real estate, its legal regulation. Real estate market, analysis of its segments. Pecularities of different types of property management. Efficient use of real estate: search for alternatives, analysis, assessment and decision-making. Exceptional use of real estate options. Real estate portfolio management. Strategic plan of real estate management. Real estate management in aspect o sustainable development. Real estate projects:reconstruction, modernization and conversion. Worldwide practice.
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STVNM17213 6 credits
Facilities Management
Module aim
The purpose of the subject is to acquaint students with the importance and benefits of the facilities management subject and relate it to the specifics and needs of the facilities management sector, to provide thinking and practical work skills for the subject.
Module description
The study subject introduces students with the goals and tasks of facilities management, the planning process, and facilities management activities of maintenance and service organizations, principles of building operation organization in European countries and new technologies and concepts in the field of facilities management.
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STVNM17212 3 credits
Master Graduation Thesis 1
Module aim
To distinguish scientific problem, provide a theoretical rationale, plan further thesis preparation.
Module description
Master Graduation Thesis 1 – initial stage of Master’s thesis preparation. Topic and scientific research problem is selected. Students review scientific literature, research papers, examples of good practice, patents, prepare report, where provide the topicality of solved scientific problem, the object, aim and objectives of research, structure of thesis, state of the art review.
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STVNM17216 6 credits
Sustainable Development of Built Environment
Module aim
The aim of the subject is to develop students’ understanding of the sustainable development of the built environment, to provide practical skills for developing sustainable real estate projects.
Module description
The study subject introduces the concept of the development of a sustainable built environment, examines the factors affecting it, introduces the sustainable development policy of the European Union and Lithuania, rating and certification systems of sustainable construction and sustainable buildings, principles of circular economy in construction, sustainable building materials and wooden construction, discusses conversion of abandoned urban areas and their adaptation to public needs. A project-based learning method is used to develop practical skills. Working in groups, students examine the selected territories, analyze the real estate objects in them, create and evaluate their improvement solutions from the point of view of sustainable development.
Students must attend at least 70% of practical works at the scheduled time. -
STVNM17217 6 credits
Real Estate Economics and Finance
Module aim
The aim of the course is to provide the students with knowledge of real estate economics theory, main principles, economic forces of demand and supply, market trends, concepts and techniques for analysing financial decisions . To provide advanced practical skills for market analysis, financial decision-making in real estate development and investment projects.
Module description
The purpose of the course is to provide an economic and financial framework within which to explain and understand the issues related to real estate investment. It also examines the characteristics of real estate market, concepts and techniques for analysing financial decisions in real estate development and investment and relates them to real estate professional activity.
Theory and methodology of the subject is learned at lectures, by scientific and professional literature readings, case studies, discussions, practical tasks’ solutions. Specific and general skills are developed by team project – preparation of real estate investment project in a selected market segment. -
STVNM17214 6 credits
Real Estate and Construction Project Management
Module aim
This module aims to enable students to appreciate and use project management tools and techniques within organisations and to be effective at developing, leading and managing project teams. Students will develop an understanding of the broader context of real estate and construction project management and demonstrate their understanding of both theoretical models of real estate and construction project management and practical approaches to the subject, and develop leadership and teamwork skills
Module description
This subject will equip the students with traditional and advanced techniques necessary to manage real estate and construction projects in organisation and business context. It will introduce students to the key management processes. Topics covered included real estate and construction project planning, analysis and monitoring, project delivery methods, strategic project management, project risk management, role of the project manager regarding human aspects of project management, including team skills and leadership, stakeholder analysis, project value management, project risk and uncertainty management.
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STVNM17215 6 credits
Strategic Management in Real Estate and Construction
Module aim
The aim of the course is to introduce strategic management as a field of management, importance and value, and to relate this to the specific demands and constraints of the real estate and construction sector, provide students with knowledge and understanding of the subject.
Module description
The module introduces and develops the concepts of strategic management in real estate and construction and focuses on the application of the relevant strategic management conceptual methodologies. Module content: introduction to the strategic management, need for a strategy in real estate and construction, methodology of strategic management, strategic analysis of external and internal environment, alternatives of strategic decisions, decision making, planning and implementation, managing strategic change, strategic management applied to international real estate and construction. The group project takes the form of a strategic analysis and implementation plan for a chosen real estate/construction company.
2 Semester
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STVNM17223 9 credits
Real Estate Valuation (with Course Project)
Module aim
To acquaint students with the valuation methods, the value factors, land assessment, also with the income and cost methods to teach the practical assessment of real property that graduates can work in various real estate management institutions.
Module description
Concept of the value, analysis of different national markets value terms, advantages and challenges of big data for real estate, valuation methods, construction site preparation stage, the value of global factors, the value of individual factors, undeveloped and built-up land market valuation methods, contaminated land, residential valuation. Scheme of the income approach, net income and expenses. Multipliers, capitalization rate, and its assessment methods, the remaining useful life. Foreign countries’ experience in the valuation of lease agreements. The scheme of Cost method, replacament of cost methods. Depreciation calculation methods used in Germany, UK and U.S.
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STVNM17224 6 credits
Smart City and Analytics (with Course Project)
Module aim
To introduce students to the concept of the smart city and analytics; to discuss smart city models, conduct analysis of smart city systems, and familiarize students with various operational domains of smart cities where intelligent decision support is provided.
Module description
An introduction to the principles of sustainable urban development and evaluation indicators. Built environment data, innovation economy, and smart city infrastructure. Overview of theories on sustainable smart cities, intelligent systems, smart cities, and modeling and management of the built environment.
This course covers micro-courses that include:
1. A human-centred cognitive buildings
2. Blockchain and the built environment: potentials and limitations
3. Construction robotics, drones and the possibilities of their using
4. Digital twins and affective computing in built environments: an investigation of the characteristics, applications, and challenges
5. Adaptable and affordable housing for climate change adaptation
6. Smart cities, Society 5.0 and Construction 5.0
7. Green house by using IoT and cloud computing
8. Big data analytics predicting sustainable and healthy housing -
STVNM17225 6 credits
Real Estate, Insurance and Taxation
Module aim
To acquaint students with the real property law, insurance history, concepts, building insurance, insurance contract award procedure insured, uninsured event, the sum, insured value, a franchise, the parties’ rights and obligations with tax functions, the determination of the tax base, valuation for taxation purposes, the land values and property tax comparisons, to teach practical analise of property that graduates can work in various real estate management institutions.
Module description
Real estate (RE) law sources and classification system. Civil Code, the grant of a right conception of the types of property rights and encumbrances. Property rights concept. Types of obligations. Persons obligations change. Obligations and the obligations of termination. Insurance history, the concept of insurance object, forms, branches and groups, insurance policy, property insurance: risk, insurance contract award procedures, insurance, insured events, the insurance object, the location, the insurance value and the amount of the excess, the insurer’s maximum limit of liability insurance payment, the terms of the insurance contract, the parties’ rights and duties, the payment of insurance benefits. Tax functions and properties, RE tax base: the object of taxation basis of taxation, RE taxation system in Lithuania, RE valuation for taxation purposes, the mass assessment of the land value and property tax comparison, foreign countries with different property tax systems analysis.
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STVNM17226 3 credits
Master Graduation Thesis 2
Module aim
To master contemporary methods of scientific research, to gain practical experience in their application, to perform scientific research in qualified way and evaluate the results.
Module description
In Master Graduation Thesis 2 the selected scientific problem of research is solved, including formulation and justification of resaerch methodology, selection of quantitative and / or qualitative research methods, and conduction of empirical research, summary and interpretation of results. Research work report is prepared.
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STVNM17237 6 credits
Development of Energy Efficient Buildings and Renewable Energy Sources
Module aim
To introduce the concept of sustainable construction development. Explaining the necessity of environment and energy saving in buildings, also, development of renewable energy sources in their application in buildings. To get acquainted with energy needs assessment methods and diversity of renewable energy technologies. To present the newest concepts of energy efficient buildings in coherence with the sustainable development of territories.
Module description
The concept of sustainable development, construction sector and sustainable environment. Environmental protection,
ecological and energy saving issues designing the new buildings, in renovation of buildings and renewing built-up areas. Energy efficient and a positive energy balance of the houses. Environment and energy saving building materials and technologies.
Renewable energy sources: hydro, wind, solar energy, geothermal energy, biomass energy. Assessment of energy needs in commercial and residential buildings, selection of optimal energy technologies. EU and Lithuanian legislation to the energyefficient buildings. -
STVNM17228 6 credits
International Real Estate Market Analysis
Module aim
Aim of the subject – to provide students with up-to-date knowledge, understanding and practical skills of international real estate market analysis to assess opportunities for international activities.
Module description
Topics will emphasize the importance of strategy and implementation in cross-border real estate (RE) investment and include: the rationale, opportunities and risks of international RE investing; the macro factors that influence the performance of RE markets across countries; market specific factors that impact RE investment performance; market analysis techniques; the qualitative aspects of identifying and achieving successful projects. Classes will combine a lecture on specific aspects of global cross-border real estate in the first half of the course and international case presentations in the second half of the course. For practical skills development students will have to propose a new RE project in foreign country using the knowledge and tools acquired in the field course. It could be a residential development project, a new regional mall, an acquisition of an office building, etc. Project reports will be in the form of a business plan intended to be presented to the class.
3 Semester
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STVNM17238 24 credits
Master Graduation Thesis
Module aim
Prepare a Master’s degree thesis for complex real estate sector problem solution.
Module description
Master’s thesis integrates acquired interdisciplinary knowledge and skills while studying Real Estate Management Study Programme. It deals with scientific problems related to real estate management. In Master’s thesis students summarize previous research results, develop and evaluate alternative solutions and provide scientifically based decisions, conclusions and recommendations.
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STVNM17227 6 credits
Real Estate Investment and Development
Module aim
To introduce the real estate development and investment process, to acquire real estate development and investment management theoretical and practical knowledge necessary for independent work.
Module description
The module consists of theoretical lectures and exercises, individual work. Theoretical lectures, students will get acquainted with the real estate development and investment process, developers and investors, real estate and investment market research, development and evaluation of investment and financing, development and investment risk, real estate’s sustainable development management, real estate developme management, land development, residential, administrative, industrial and commercial real estate development and international real estate development. Performing independent tasks – analyze literature and decide practical situations, and prepare specific tasks. Application of data base of best practices, internet of things, calculators, software and intelligent systems, data and text analytics in real estate investment and development
Statistics
| Metric | Value |
|---|---|
| Enrolled students | 6 |
| Enrolled to FT | 5 |
| Min FT grade | 8.49 |