Virtual Property Manager: Providing a Simulated Learning Environment in a New Program of Study

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Virtual Property Virtual Property Manager Manager © © : : Providing a Simulated Learning Environment in a Providing a Simulated Learning Environment in a New University Program of Study New University Program of Study Andrew T. Carswell University of Georgia

description

This presentation was given at the Education and Information Systems, Technologies and Applications (EISTA) Conference in Orlando. It provides details on a program that was created to help simulate the types of issues that a residential property manager would normally face in his or her job, such as building lease-up, marketing, budgeting, crisis management, and personnel hiring, among several other things. Results are given from an experiment that tested satisfaction with the simulation in both competitive and non-competitive environments, as well as the potential for the simulation to attract students to a "Residential Property Management" concentration. The University of Georgia is one of only about 6-8 colleges and universities that offers such a concentration.

Transcript of Virtual Property Manager: Providing a Simulated Learning Environment in a New Program of Study

Page 1: Virtual Property Manager: Providing a Simulated Learning Environment in a New Program of Study

Virtual Property ManagerVirtual Property Manager©©: : Providing a Simulated Learning Environment in a Providing a Simulated Learning Environment in a

New University Program of StudyNew University Program of Study

Andrew T. Carswell

University of Georgia

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VPM : An IntroductionVPM : An IntroductionWhere are we going today?Where are we going today?

• Introduction of classroom/university setting

• Discuss changes within property mgmt. industry

• Provide illustration of VPM dynamics

• Outline research questions, survey instrument, and research design

• Share results• Conclusions

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Introduction of Property Introduction of Property Management Within the University Management Within the University

and Classroom:and Classroom:How it all got startedHow it all got started

• Description of HACE/FCS• UGA starts Res. Prop.

Mgt. (RPM) program in 2004

• Secured funding from GAA $300k

• Growth of RPM in other accredited institutions

• Evolution of UGA’s program

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Changes Occurring Within Changes Occurring Within Apartment IndustryApartment Industry

• Competition with homeownership• Competition within the apt. industry itself• New emphasis on education• Increasing technology push• Growth of REITs• Segmentation of the renter population• Owners becoming more hands-off regarding

management• Increasing complexity of housing regs. & state laws• Drug trade within complexes• Slow movement back into the city

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Overview of VPM DynamicsVPM Dynamics

• Each student responsible for his/her own building

• Multiple goals/targets involved• Student expected to accumulate knowledge on

aspects of successful mgmt. experience• Collaboration with industry at various stages

along the way• The importance of “showing up”• Competition-based game with reward incentives

at the end

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Research Questions Involved in Research Questions Involved in StudyStudy

• “Is there an interest in VPM as a teaching tool? Does it spark an interest in your enrolling in RPM courses?”

• “Is there a difference in satisfaction levels of the simulation between HACE and non-HACE majors?”

• “Does the introduction of a competition-based system affect performance or satisfaction levels of students?”

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Survey Instrument and Research Survey Instrument and Research DesignDesign

• Likert scale questionnaire (anonymous)

• Students were chosen from an introductory level course

• Random division of students into (non)competitive groups

• Neither group knew about the differences between the two groups

• Females outnumbered males by > 2:1 ratio

• Non-HACE students outnumbered HACE students

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Initial Survey ResultsInitial Survey Results

• Mean scores > 4 regarding interest and appeal of the game

• Positive results overall for such things as ease of use and navigability

• Simulation does not necessarily suggest students would assume RPM as a major

• Males more likely to rate VPM as an effective teaching tool than females

• HACE students significantly more interested in both VPM and in entering prop. Mgmt. courses/major

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Detailed Survey ResultsDetailed Survey Results

 

Non-Competitive Group "Strongly Agree"

Competitive Group "Strongly Agree"

My interest in RPM has increased as a result of playing the VPM© game.

0% 14%**

I felt that I learned something about property management through playing this game.

7% 25%*

I believe that this game is an effective instructional tool. 18% 32%

Playing the VPM© game was more interesting than the typical classroom experiences I have had at the university.

43% 46%

I put in a lot of intense effort during my time playing the VPM© game.

14% 43%**

This game was easy to understand and navigate. 14% 32%

* t-test indicates significant difference from non-competitive group at the .10 level** t-test indicates significant difference from non-competitive group at the .05 level