FUTURE DIRECTION OF REAL ESTATE EDUCATION FOR THE CERTIFICATE PROGRAMS AT NATIONAL INSTITUTE OF VALUATION (INSPEN)

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FUTURE DIRECTION OF REAL ESTATE EDUCATION
FOR THE CERTIFICATE PROGRAMS ATNATIONAL
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
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Research BackgroundMotivation 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.

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Research BackgroundMotivation 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.

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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.

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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.

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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).

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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 two-year 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.

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Course Structure
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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
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Recognitions (Accreditation Organization)
Registered with the Ministry of Education
Recognized by Malaysian Public Service as equivalent to the Polytechnic Certificate, Ministry of Higher Educations
Supported by Board of Valuers, Appraisers and Estate Agents Malaysia (BOVEAM)
Recognized by Royal Institution of Surveyors Malaysia
Recognized by Royal Institution of Chartered Surveyors (RICS)
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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 (UiTM) 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.
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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 INSPENs existing certificate
  programs dedicated to the field of real estate.

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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 INSPENs 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.

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Research Objectives Questions

• To review the real estate education from the
  perspective of employability, employers
  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?

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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?

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Literature Review
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Literature Review
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Literature Review
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Literature Review
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Theoretical Frameworks
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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
  (Cronbachs Alpha)
• Reliability of Industry Survey- 0.958 (Cronbachs
  Alpha)
• Total respondent (n167, 104 Graduate Student
  63 Industry)

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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)

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Overall, the survey results indicated that, Real
Estate Valuation subjects are considered as much
important by industry and also students
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).
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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.

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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.

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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 non- working executives who are
already in the real estate industry. This is to
be studied by INSPEN.
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THANK YOU
National Institute of Valuation
(INSPEN) Valuation and Property Services
Department (JPPH) Ministry of Finance Malaysia