Real Estate Management This article consists of 6 pages and 1300 words. In order to have full access to this article, email us at thedocumentco@hotmail.co.uk
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There has been considerable improvement and development in the real estate sector across the world with more and more people being interested in investing in this sector around the world. With time and technology, Building Information Modeling, BIM, has been observed to have played a game-changing factor in the architecture, construction and engineering industry around the world. (Ristimaki and Singh, 2014). This has not only increased the efficiency, but also the use of BIM applications and tools has helped the REM industry to lower their total costs, delivery time with high level of quality and productivity. (Azher et al., 2008)
The literature reviews and research conducted by a number of researchers suggested that the use of BIM has helped the Real estate sector in all aspects. A number of companies around the world have benefited from the use of BIM by employing into their construction and designing activities. (Azher, 2011). A research conducted by Glick and Guggemos (2009), suggested that the effective implementation and management of BIM has been observed to play a vital role in supporting the integrated project development, integration of people’s approach, practices and systems into process of collaboration, hence IBM has been seen optimizing the possibilities from the perspective of the project’s lifecycle.
IBM has been observed as a game changer in a positive way for the real estate industry, but some of the researchers are of the different opinion with respect to the operational and maintenance benefits of the application. Research conducted by Becerik et al. (2011), was of the opinion that although the usage of IBM is rapidly growing and increasing in the construction and design phases, there are very few examples of the benefits of IBM for the maintenance and the operational phases of the project lifecycle. Similarly, a study conducted by Holmstrom et al. also suggested that there has been a very slow development in the tools and applications of the BIM with respect to the operational and maintenance phases of the project. A reason as indicated by the researcher is the fact that the stakeholders and the real estate markets are demanding and focusing more on the construction and designing phase.
Kiviniemi (2013) also suggested in his research that there should be more focus on other phases of the REM, where there should be more focus on exploiting and using BIM in other phases than designing and construction to gain maximum returns from the investments. This creates the need for the stakeholder in the REM to focus on capturing the value. A reason why it has been neglected could be the unawareness of the benefits that BIM could bring to REM, or the operators and stakeholder of REM are not able to extract the potential benefits from the usage and application of BIM or they might not even be interested in utilizing the benefits of it.Real Estate Management.
The literature suggested that there has been a lot of focus on delivery of the project in REM rather than increasing the value of the overall project lifecycle. A study conducted by Andersson and Jonsson (2013) found out that BIM can be beneficial in capturing the value by using Facility Management (FM), where the operator can increase the control of the assets in order to increase the value of the project. Similarly, a study conducted by Eastman et al. (2011) also emphasized on the significant and potential benefits including the high quality and the better performance of the buildings for the owners could be achieved by using the BIM tools and the processes in the REM project.
Real Estate Management The application and use of BIM are categorized and divided into different concepts of management in the REM. These include Corporate Real Estate Management (CREM), Asset Management (AM), Property Management (PM) and the Facilities Management (FM). The usage of BIM in all these management concepts differs in accordance with the ownership arrangements of the building. (Brown et al., 1993)…….
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