Assessing the general public's need for real estate advisory services: a case study of commercial real estate development in Kampala, Uganda

Abstract

Real Estate Advisory Services (REAS) provide guidance to investors in regards to real estate ensure risk management and maximization of returns in form of higher sales, increased revenues, bigger profits, reduced overhead or production costs, higher employee retention, better customer satisfaction, increased brand preference or fewer government regulations which enable an investor enjoy maximum profits from the real estate investment. Due to the high interest in real estate around the world, there is a high interest in REAS as the two move hand in hand. Uganda is also adopting high interest in REAS which enables maximum utilization of resources with great yields. REAS guide investors in management of their real estate investment portfolios thus minimizing risks in investments. However, the critical concern at the moment is whether real estate developers and investors are willing to take a risk and invest in the real estate advisory services. Thus the broad objective of this study was to assess the willingness of the general public in acquiring real estate advisory services. A combination of both quantitative and qualitative methods was used during the data collection process. The study population consisted of two categories. The real estate service providers (real estate service firms) and real estate users (public and private developers, government bodies and potential investors). Using purposive sampling, 35 participants were selected to participate in the study and a combination of both questionnaires and face to face interviews were used to collect data. The study reveals that real estate advisory services are in existence and in use. REAS were found to have positive benefits such as; provision of guidance to real estate developers and investors thus mitigating risk enabling them to maximize profits from the investments to investors, they are also a source of employment to the providers of real estate. On that basis, the study concluded that the real estate advisory services are essential for maximum productivity of an investment.