Guidelines for Managing a Successful Residential Real Estate Business

Abstract

Residential real estate is an important aspect of human life. The purpose of this research was to study the approach of guidelines for successful management of the residential real estate business; and develop into a structural equation model by using mixed-methodology research. Qualitative research by in depth interview from 9 experts and focus group with 11 successful businesspersons for approve this model. The quantitative data gather from management level in the 500 of real estate manager by using questionnaire, using statistical tests of descriptive analysis, inferential analysis, and multivariate analysis. The research shows guidelines for successful management of the residential real estate business composed of 4 aspects. The most important item of each aspects are as following: 1) Business Environment Analysis (  = 4.12) survey the community surrounding the project area to see what issues the community may demand from the organization's investment, such as closing the community's traffic channels, 2) Resources Management (  = 4.06) pay personnel appropriately to reduce the turnover rate and reduce the cost of recruiting new personnel, 3) Marketing Management)  (  = 3.95) position different projects for the target group to see that they are different and stand out. It is more interesting than the competitor's project, and 4) Development and Project Management (  = 3.77) analyze the cost and credit of the project. To determine investment direction, investment phase, project feasibility assessment Moreover, the hypothesis test showed that the difference in operation period revealed overall aspects that were not significantly different at the level of 0.05. The analysis of the developed structural equation model showed that it was in accordance and harmony with the empirical data and passed the evaluation criteria. Its Chi-square probability level, relative Chi-square, the goodness of fit index, and root mean square error of approximation were 0.078, 1.160, 0.963, and 0.018 respectively.