Real estate management involves the operational control and responsibility bestowed in an organization or an individual person over some given assets.
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A real estate manager needs to apply science, pseudoscience and ideology of the day to day operations so as to achieve their desired goals.
Successful real estate managers require epistemological knowledge relevant to the estate in order to execute their mandate as well as responsibilities successfully. Epistemology is concerned with the nature, sources and limits of knowledge about a particular field.
The managers need to understand the link between empirical, rhetoric and social constructivism in order to be successful. Pseudoscience is usually the rhetorical part of management where the managers depend on their guts to make decisions.
The nature of pseudoscience is untested and is a limited way of gaging things, although it is very important in real estate valuation and development and also when buying new estates on the market (Kvanvig 2008).
Social constructionism applies ideologies that are as a result of the society. It requires the real estate manager to jointly adhere to the social setting of a given society in order to achieve effective communication.
Thus, it implies that one will not communicate elaborately with a given group of people without prior knowledge of their social environment.
The ideology also relates to the laws of the state the real estate manager intends to have their property, the manager should at all times ensure they understand the state and county laws that directly affect the real estate business.
Real estate managers apply the concept of ideology to deal directly with tenants who belong to a certain social class and before entering into managerial contracts, real estate managers are required to understand the social setting of the location of the property to be managed. This will adequately prepare the managers on the kind of clients to expect.
Prior knowledge of expected tenants will subsequently help the real estate managers prepare on the best communication methodology to employ in dealing with the same tenants.
Thus, it is important for real estate managers to carry out a thorough scrutiny and assessment of the social setting before finally agreeing to take over as managers of the property in discussion.
Managers who plunge into estate management without prior knowledge end up in constant wrangles with tenants. Sometimes the worst scenario may occur; no tenants at all.
Science is often considered a recipe for finding the ‘truth’ about some the issue of real estate management is a business venture and subsequently involves a huge capital investment.
A real estate developer takes over a dilapidated building and renovates it back to life before finally leasing it out to tenants. All these activities require a critical asset valuation and budget allocation to avoid non-profitable involvements as well as good background knowledge of real estate law.
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Scientific knowledge will help the manager formulate hypotheses and work on them to ascertain the viability of the contract.
For instance, real estate managers dealing with buildings require scientific knowledge on the lifespan of such buildings as well as susceptibility to natural catastrophes like flooding and lightning strikes.
Science knowledge thus helps estate managers to ascertain their willingness to enter certain contracts (Shermer & Gould 2002).
Finally, real estate managers also require knowledge on pseudoscience. Pseudoscience is defined as concepts that resemble science but are not science since they cannot be proven by evidence. Pseudoscience facts are Systematic and abstract just like science, but they lack Intuitive hypotheses.
Pseudoscience is often confused for cultural beliefs. For instance, a building may be prone to destruction by strong wind due to poor architectural design making it be linked to cultural phenomena.
Pseudoscience ideas are taken naturally and self-evidently true, but in real sense, they are social constructs like a conspiracy theory (Shermer & Gould 2002).
Therefore, real estate managers need information on such like incidences to ascertain the extent of information provided in relation to the condition of the asset to be managed. Pseudoscience may also be an important source of knowledge when analysing the social inclination of a given society.
It helps reveal the cultural perspectives of a given society and their views in relation to properties present in specific areas.
Real estate management has undergone several positive evaluations and is currently rated among the most lucrative managerial ventures. It is quite evident that epistemological knowledge is prudent in the good relations between the estate managers, the asset and the tenant.
The knowledge thus becomes a compulsory acquisition and a necessity for any real estate management firm that expects to survive the competition.
In conclusion, the understanding of these principles is relevant in the acquisition of the appropriate data, proof, evidence, facts and hypothesis that aid in real-life practice as a real estate manager.
Thus, a manager with the above knowledge is able to understand how to formulate strategies, ensure sustainability, and oversee proper building maintenance through professional practice as well as property development.
Kvanvig, J 2008, The Value of Knowledge and the Pursuit of Understanding, Cambridge University Press, Cambridge.
Shermer, M & Gould, J 2002, Why People Believe Weird Things: Pseudoscience, Superstition, and Other Confusions of Our Time, Holt Paperbacks, New York.