Developing a Practice-based Body of Real Estate Knowledge: A Delphi Study

Abstract

We explore the activities that constitute the body of knowledge of real estate practitioners in order to represent practice better so that practice can be improved and real estate education can be aligned with industry requirements. We developed a new action-based model of practice into which activities were placed. The model emphasizes the application of skills in practice. Data were collected using a modified Delphi technique with a panel of real estate experts practicing in the United Kingdom. Fifty activities were identified of which 33 were established as core to practice. Some differences between practitioner views and academic views were identified. We conclude that more practice-based knowledge should be identified and used for professional accreditation, real estate education, and practitioner development. The model structures the developing body of knowledge thus connecting the parts that constitute the real estate profession and demonstrate the true worth of real estate practice.