Real Estate MSc

Core modules:

Land, Development and Ethics

A comprehensive understanding of land, planning development and ethics is fundamental to responsible and successful real estate projects. Land provides the foundation, while planning outlines the vision. Development brings the vision to life, and professional ethical standards ensure stakeholders have the necessary knowledge and skills to perform their duties effectively, professionally and ethically, in accordance with the professional rules of conduct and regulations. A strong grasp of these interconnected elements will empower you to make informed decisions, mitigate risks, and create sustainable, thriving communities. By aligning development goals with ethical principles, you will develop an appreciation of how development can have a positive and lasting impact.

The module aims to:

- Introduce you to the core knowledge and characteristics of land and development markets, with a particular focus on sustainability 

- Allow you to understand development appraisal techniques and how planning, design and risk influence developer profit and development feasibility

- Enable you to the understand the importance of professional rules of conduct and the complexities of dealing with difficult situations in an ethically appropriate and defensible manner

15 credits

Applied Real Estate Valuation

Valuation is at the core of the real estate industry. It underpins work across multiple specialisms, such as buying and selling real estate assets; managing investment portfolios; developing new real estate; regenerating areas to enhance resilience and improve the local economy and sense of place; and ensuring sustainability in the built environment.  

 

In this module you will be able to learn about the basic building blocks of valuation, the financial maths tools that will stay with you throughout your studies and career. These are presented to you using client-focused scenarios, with many opportunities to practise and gain familiarity through both supported problem-solving tutorials and a bespoke online tool with built-in help and guidance. The module then moves onto the next stage and you will see how you can use these valuation tools to undertake more complex and applied professional work. This stage focuses on the five methods of valuation (comparable, investment, profits, residual and contractors) that you will need throughout your career and that will give you the flexibility to specialise as your interests develop. Throughout this stage, interactive lectures will be used to explain worked examples with further scenarios for you to tackle to begin to develop and apply your knowledge and skills, as well as through weekly tutorials.

 

During the module, you will get to use industry data to prepare your own valuations, and you will be taken through guidance set out by the Royal Institution of Chartered Surveyors on working to the highest professional, ethical and sustainability standards.  

 

The aims of the module are to:

1.       Explain and apply the basic financial maths valuation tools to simple client-focused scenarios;

2.       Introduce and illustrate the five methods of valuation used across real estate core and specialist areas of work;

3.       Explore and demonstrate the importance of robust data collection, analysis and presentation within professionally-defensible valuations; and

4.       Guide you through the Royal Institution of Chartered Surveyors' standards to ensure work can be undertaken to meet the highest client-facing professional, ethical and sustainability standards.

15 credits

Real Estate Economics

Exploring and gaining understanding of the economics of real estate at the start of your studies will provide you with the foundations of knowledge needed across core and specialist areas such as valuation, development and investment. This module allows you to develop a deep understanding of the real estate market and you will be able to learn about how the market works, what influences it, and how it operates. The module also helps you to develop skills in analysing real estate data. 

This module presents a comprehensive exploration of real estate economics, starting with the fundamentals and moving towards more advanced analysis. It begins with foundational knowledge on the structure of real estate markets, micro and macroeconomic influences, and core real estate sectors, including sustainable practice. You will be challenged to think about and apply this knowledge with a global perspective, by participating in workshops focusing on international real estate activities and practices. You will hear from industry experts on topics such as globally important markets, emerging issues, and case studies of market change. The latter part of the module equips you with analytical skills, featuring workshops on commercial and housing market analysis. Throughout the module, you'll be able to engage in practical exercises to apply theoretical knowledge to real-world scenarios, preparing you for dynamic roles in the real estate industry.

The aims of the module are to:

1. Explore the structure and operation of real estate markets, including the linkages between real estate and wider economy.

2. Examine the impact of globalisation on real estate, including international market dynamics and practice.

3. Provide an understanding of real estate market analysis.

15 credits

Real Estate Investment

Real estate presents developers, investors and asset managers with both unique opportunities and risks. In this module you will be able to learn about the characteristics of real estate, the opportunities it provides for investors, and how it compares to other investment classes. You will be guided through the theories that can be used to inform investment decisions when building and managing a portfolio of real estate assets. You will get to use real estate data for UK and international global real estate markets to explore how these investment theories can be used in practice, and you will be able to develop and practise new skills to analyse a simulated international portfolio management task. Core principles and ideas are set out in lectures, and supported workshops will help you to develop skills in data analysis and understand how your growing professional specialist knowledge can inform your decision-making and analysis.

 The module will also explore important and contemporary topics in real estate investment, and you will be challenged to think about areas such as how sustainability is shifting the investment landscape, and how behaviours can affect decision-making and investment outcomes. The module will allow you to develop skills in combining your real estate investment knowledge and analytical skills in a professional report responding to a client-based portfolio management task.

 

The aims of the module are to:

1.       Introduce and explore the characteristics of real estate and the opportunities and risks this provides.

2.       Examine how investment theories can guide decision-making.

3.       Enable development of digital numeracy skills and the application of these to data analysis and portfolio management scenarios.

4.       Encourage skills in professional report writing and provision of evidenced recommendations for portfolio management.

15 credits

Employability and Professional Skills

As professional skills become increasingly vital for workplace success, this module will allow you to develop a range of supporting skills that will enhance your learning experience at Sheffield and prepare you for a successful career.

The module has two elements: 1. Cultures of Learning and Professional Skills - understanding how we teach at Sheffield, how to get the most out of your study and how to develop key generic professional/soft skills 2. Employability Skills - preparing you for careers within planning, design, real estate, GIS and related professional areas.



The aims of this  module are: 

1. to provide a range of supporting skills for home and international students, which will help you get the most out of your learning in Sheffield

2. to prepare you for professional employment and career development at the end of your studies.

Core modules:

Investment Valuation

This module builds on the principles of valuation introduced in the Autumn Semester. It focuses on the valuation of office, retail and industrial real estate, together comprising the most common type of commercial real estate, dominating the landscape of the built environment. The investment method of valuation, introduced in 'Applied Real Estate Valuation', is revisited and the basic principles are extended to allow a more advanced analysis of value. This is important as client requirements increasingly diverge with respect to investment criteria, and as economic and sustainability contexts shift.

 

In this module you are introduced to the Discounted Cash Flow (DCF) approach to real estate valuation, an approach increasingly important for members of the Royal Institution of Chartered Surveyors and offering transparency for clients and sensitivity and scenario analysis in the light of future uncertainties. Each week you will participate in interactive lectures where principles are introduced and explained through the use of client-focused scenarios, and you will have the opportunity to develop your knowledge and skills in DCF, supported by weekly tutorials. This module is based on developing DCF spreadsheets using excel, enabling you to develop employability skills in the areas of digital numeracy and commercial awareness. This approach explicitly places valuation within economic and political contexts, allowing scenarios to be explored as these wider contexts shift. You will be able to learn how to respond to different scenarios and client requirements. For example, you will see how DCF can be effectively used to assess the viability of improving the sustainability of real estate and how to respond and provide strategic advice to clients in the light of the challenges this brings. You will be guided through how to provide advice to clients considering purchasing real estate and how opportunities can be evaluated against target rates of return. Using feedback provided during 'Applied Real Estate Valuation' in the first semester, in this second semester module you will be able to deepen your skills in preparing and presenting a client-focused professional valuation report.

 

The aims of the module are to:

1.       Enable you to develop skills in developing and using DCF valuation techniques in response to client requirements.

2.       Reflect on the basic valuation inputs and extend the analysis to better reflect asset characteristics and economic contexts.

3.       Allow you to deepen your skills in carrying out and presenting valuation work with regard to the highest professional and ethical standards.

15 credits

Property Law

Managing real estate assets is fundamental to their successful operation and ongoing viability. It is therefore core to the success of places and resilience in the built environment. Yet the complexities and legal systems involved in this management is little understood by many professionals involved in safeguarding the future of places. The liabilities of real estate owners and occupiers underpin the investment performance of real estate assets and in this module you will be introduced to this fascinating area.

 

You will be able to learn about a range of important areas for real estate professionals, such as the property law issues that can prevent or restrict new developments, and the legal responsibilities for asset managers, and how these issues can impact on property values. You will get to study and understand how to avoid acting with professional negligence in your career, and how to recognise and appreciate legal rights and obligations, including of buyers, sellers, landlords and tenants. Lectures are used to set out different issues and will use examples and case law to illustrate problems that can occur and how to recognise and avoid these. You will be able to develop and deepen your understanding through supported tutorials, where you will be able to ask questions and practise responding to client-focused scenarios.

 

The aims of the module are to:

1.       Illustrate the importance and complexities of property law in asset and place management.

2.       Explain and use examples to show how statute and case law underpin legal obligations of real estate professionals.

3.       Consider how property law relates to the broader legal and fiscal background and prevailing market conditions, and how this impacts on real estate.

15 credits

Real Estate Planning and Development Project

Real estate development involves several interconnected factors such as land acquisition, design and planning consent, construction and marketing / disposal. It requires developers to make informed decisions based on multiple appraisals of market, planning, financial and risk factors. Planning in particular plays a crucial role in shaping real estate development projects. It provides a framework for decision making, can promote sustainable development and ensure development projects contribute positively to the built environment. At the same time, planning can also impose constraints that can limit the scope and nature of projects. Studying the real estate development process will enhance your ability to analyse complex problems, develop effective solutions, and learn valuable decision-making skills.  

The module builds upon the principles of land and development introduced in the Autumn semester. It focuses on the interrelationship between real estate development and spatial planning and explores the main aspects of development appraisal.  You will work towards producing an assessment of the planning potential and viability considerations for a real-world development site in an integrated way that fully accounts for the relevant institutional and legal frameworks. The module therefore includes coverage of: market research, planning appraisal, financial appraisal (including financial appraisal using residual and cash-flow methods), sustainability considerations, sources and methods of development finance, sources and management of risk and uncertainty; and the influence of the planning system on real estate development and investment.

The aims of the module are to:

- Enable you to assess development potential and understand the various influences upon it, including planning policy and design considerations

- Allow you to develop a solution that offers the greatest likelihood of a successful outcome

- Develop your appreciation of the theoretical and practical justification of the solution

- Allow you to deepen your skills in project management, development appraisal, financial analysis and the clear presentation of complex information in professional business report form

15 credits

Innovation and Digital Transformation

The real estate profession is changing and in recent decades, real estate use, operations and service have evolved significantly as a result of demographic and socio-cultural changes and the advancement of digital technology. This module will introduce you to a wide range of innovative systems, digital tools and platforms that underpin contemporary real estate use and services. You will also be able to develop soft employability skills such as creativity, entrepreneurship, teamworking, collaboration and problem-solving. 

The module allows you to understand the links between various segments of the real estate value chain and to appreciate the environmental, social, economic and physical (ESEP) inefficiencies and challenges within the sector. You will be introduced to a wide range of advanced digital tools such as Artificial Intelligence, Internet of Things, blockchain, virtual reality and drones and you will be able to learn about how these tools are creating a new ecosystem of digital technology within the real estate sector (commonly referred to as PropTech). You will also be challenged to critically reflect on existing innovative systems and digital tools within the real estate sector and to identify opportunities for more effective and efficient systems and approaches. The module will also introduce you to emerging concepts such as the sharing economy and operational real estate which have developed in the last couple of decades. Your learning will be supported by case study analysis, group discussions, workshops and guest presentations from industry experts.

Learning will be delivered through a combination of problem-oriented, collaborative and project-based learning approaches which will enable you to develop skills such as creativity, communication, strategic thinking, entrepreneurship, teamwork and problem solving.  

The aims of the module are to: 

Introduce you to the full spectrum of the real estate value chain and the links between them; 

Explore the emerging areas of real estate practice and their roles and functions in real estate markets;

Explore the various environmental, social, economic and physical inefficiencies and challenges within the built environment sector and demonstrate the role of innovation and digital technology in addressing them;

Support you to develop problem-solving, innovative, and creative skills that can enable various dimensions of solutions to a wide range of challenges in the built environment industry.

15 credits

Core module:

Real Estate Research Project

This core module is a major research project that offers you the opportunity to develop and manage an individual empirical research project of specialist surveying concern. During the module, you will get the opportunity to develop and apply research skills and develop an appreciation of the issues involved in managing a real estate research project, which may include sourcing and analysing property data in a research context. You will have the opportunity to gain experience in the key stages of undertaking a research project, including identifying a topic; conducting a review of existing knowledge; identifying research questions; selecting methods; designing and conducting a project of specialist surveying concern; and presenting the outcome of the project in a logical and coherent written format. In taking this module, you will be able to deepen your knowledge and experience of conducting research in an area of specialist surveying concern. 

The module aims to give you the opportunity to experience conducting an original research project with supervisory guidance. More specifically, it aims to:

- Enable you to develop skills in topic selection and refinement; research design skills and project management;

- Let you develop an understanding of the role of research in relation to theoretical and practical dimensions of the surveying discipline;

- Allow you to further and deepen knowledge in a chosen field of specialist surveying concern;

- Offer you the opportunity to build on knowledge of specific research methods and analytical techniques and develop skills in independent research.

60 credits