This paper reports on my capacity to critically examine my professional working experience at a

specific specialism which is real estate, working at the role of a market researcher intern at Savills.
The overall structure of the study takes the form of two main sections. This paper first critically
addressed my individual strengths and weaknesses while working at Research and Development
department at Savills, design strategies to personally develop these characteristics, demonstrate
needed skills and factors in this business area regarding to a range of relevant research materials
of real estate major. The remaining part of the paper proceeds as a business report which present
the overall picture of the business evaluation where possible challenges and opportunities are
critically stated, forecasted and evaluate. There are several methods for the measurement of
business using in this paper for analyzing based on PRESTO analysis method. Hence, inventing
practical suggestions to solve the existing problems.
1.

Working at the Research and Development department of a property consultancy with real estate
services, my main task is contributing to the conduct progress of quarterly and annually market
report in Vietnam.

Frederick W. Taylor (2004) is always link to the scientific management to study the effect of
money or wage as the motivation principle for employees to work. Prior to his conclusion, Taylor
assures that if the corporation maximizes the profitability of its employees, they can produce their
highest nature ability and effort to attribute to the corporation (Locke, E. A., 1982). Taylor’s
conclusion is partly suits my situation where one of the reasons that I worked for Savills is that
they offer an allowance which is definitely a factors that I considered them among others
opportunity. In the working progress, the allowance was among the motivation pushed me
physically and mentally using all of effort to complete the tasks and follow up working methods
as being guided.

However, this interpretation has been overlooked when shows the monetary factor as the highest
motivation of working which is not true to everyone and every generation. The allowance is a part
but not all the reason that I work for Savills, personally, I have many other considerations which
can be represented relatively by the Herzberg’s work. While Taylor focused on human needs of
compensation decide the productivity, prior to the conduction of Herzberg (1959) extensive
research using the critical incident method for data collection on more than 200 engineers and
accountants about their experience of jobs (Boddy, 2008) which the target is exact the same work
characteristics as mine, he comes to the conclusion of two major factors called: Motivator factors
and Hygiene or maintenance factors. Through the work placement experience, I examined being
motivated at the same factors as Herzberg has concluded. Specifically, I regularly work spiritually
whenever getting the feeling of achievement and gaining compliment from the employers each
times I overcome the task’s challenges. The approach used in this theory is similar to that used by
McClelland (1961) when indicating the relationship between the need for achievement of
employees and the tough mission that they are willing to take. However, the Herzberg’s is different
from McClelland’s at one regarding to the psychological while the other refers to the training. One
of my strength is working well when being assigned tasks attached with the guideline of my
supervisors, I am satisfied taking the responsibility and handle duty by myself. Several theories on
the origin of goal-setting has been proposed shows that goals motivate individual by attracting
one’s consciousness, driving one’s attempt, increasing strong willingness and encourage planning
goal-attainment strategies (Locke 1997, 2007; Locke and Latham 1990, 2004).

In the real case, the harder and the more massive amount of assigned task lead to my higher
performance. In order to understanding in depth the current real estate situation, the action of
collecting data is required by various of techniques, for examples: making hundreds of phone calls
to the agencies, gather massive internet information distributing to an enormous statistics database
and field survey hundreds of spot locations per working day. Thought the tasks themselves are not
complex, they required the accuracy and expedition that make I have to set daily goal, allocate the
tasks into a fixed quantity and manage a timeline to complete it firmly.
In the working process, I realized that the duplicated tasks demotivate me with repeated skills so
that I proactively request my supervisors for job enlargement, altering to another tasks at a different
market. Factors found have been established in study of Job Characteristics Model (JCM) that
explains five key factors: skill variety, task identity, task importance, autonomy and feedbacks
have impact on employee’s attitudes and behaviors (Fried and Ferris, 1987).

By contrast, the Herzberg’s Hygiene factors emphasized the elements that non-motivated or
dissatisfied employees in working process which one of them is the matter of the relationship with
supervisor and with peers that associate with my experiences when my supervisor show her
depressed, distressed or displeased on my work. (Maidani, 2015).

Theories testing in my work placement experience present the limitations and gaps that they are
optionally correct but not wholly true because of the different in cultures (Wang Yu, 1991) via
research by laboratory experiments applied into real situation of China in particularly and Asia in
generally. To sum up, for the purpose of improving the professional work, I should proactively
look for a variety of motivation to maximize the work efficiency and being not affected by the
mental or psychological factors which depressed and dissatisfied while working.
2.

In the history of development economics, real estate has been thought of as a key factor in economy
growth also a contribution to well-functioning market economy (Liow and Ye, 2014). The housing
bubble in 2007-2009 is one of the most widely known event has originally caused a great recession
of economics and financial market worldwide (Orsholits, 2014). Real estate has received
considerable critical attention in a wide range of fields, hence, the property consultancy agents are
born to dig in depth knowledge and provide expert advice to the property’s holder decisions.

Having experience working for the Research Department at Savills, one of the world’s leading
property agent, this prospective section intends to select PESTLE model to identify, explore and
critically evaluate the main challenges and opportunities of the industry; predict the foreseeable
future scenarios and some solving responses to the current disadvantages of the business. The
evidences and thesis are conducted then collected from credible sources.

As mentioned, this paper using PESTLE analysis model to perform the situation of Vietnamese
market in particular for the reason that PESTLE is originally conducted base on the foundation of
the SWOT analysis and being influenced by Michael Porter’s Five Forces analysis. The PESTLE
firstly solved the weaknesses of five forces analysis by considering government actions one of the
directly affect factors on the business. Therefore, this section firstly aims to investigate the
interrelationship between the political situation of the country and the real estate sector in Vietnam
in order to study how the government decision might lead to the change of the business result. 25
years recently, there has been a massive revolution in Vietnam land administration and policy that
make the urbanization land demand develop at the peak speed due to the production and the social
and economic infrastructure enlargement such as buildings, roads (Nguyen, 2009; IER-UNDP,
2007;Quang and Kammeier, 2002).
Policy factors:

One of the most significant factors determine the action of a government is tax policy and this also
currently a challenge of real estate market. Vietnamese government raises property tax, charge tax
on land use and tax on the transfer of land by a proper structure and administrated value which
have meaningful result to the fiscal and non-fiscal benefits however the big trouble to the property
holder.
Economic factors:

In the first quarter of 2019 as statically presented in the Savills quarterly report, Vietnam maintains
the stability in the growth of economics. The GDP counted in the fourth quarter of 2018 reached
7.1% and being stable at 6.8% in the first quarter of 2019 which ranked to be the highest in ASEAN
2019-2023 forecasting. Furthermore, the inflation and currency exchange rate is at the most stable
period compare to the previous time which is totally an advantage to the market. According to the
Bloomberg News (2011), the State Bank of Vietnam who manage the monetary adjusted the
USD/VND exchange rate by 9.3% which causes momentous aftermath to real estate market at that
time since the transaction mostly transferred into U.S dollar. In additional, Vietnam and foreign
relations well emerges leading to the foreign investment increases and the Foreign Direct
Investment inflow is forecasted to be prosperous in foreseeable future. Stable economy is the
motivation for property market evolve gradually. In the most recent report on the opportunity of
property sector relate to the real estate market, Savills implies that new projects increase rent,
bright future for office lending, serviced apartment declines in price for grade B and C, supply for
apartment rising, hotel slightly emerges, villa and townhouse shows impressive performance in
both major cities Ho Chi Minh, Hanoi and second-tier markets such as Hai Phong, Da Nang and
Nha Trang. Etc (Savills, 2019).
Technology factors:

One of the tremendous opportunity for the business is the evolution of the internet and various
forms of technology are invented (Jud, Winkler and Sirmans, 2002). Previous studies clearly
indicate that the real estate has benefited from innovative technology. The virtual reality (VR) with
the 360-degree video and 3D virtual tour helps the property owners expand customer target to
attract both local and abroad customer easily (Mahdjoubi, Moobela and Laing, 2013). Besides,
many recent studies have implied the significant data management platform called the cloud thanks
to its efficiency processing data, transferring materials and preventing the disadvantages of the
paper work. (Li,Li, Liu, Qiu and Wang, 2009). Vietnam’s population are 33% millennials who are
consumed and spread information via smartphones and other technology devices, e-commerce
therefore has a huge potential to attracted 33% population purchasers. A statistic research from
Google Temasek estimated there is a surge up to 40% oa for e-commerce from 2018-2025.
However, there are some concern is the high cost of innovating the oldest technology that business
has to face. (Li,Li, Liu, Qiu and Wang, 2009).
Legal factors:

“Law on Investment” and “Law on Real Estate Business” adopted by the National Assembly of
Vietnam are the two equipment to make certain to the equality right to domestic and foreign
enterprise. The law’s purpose to regulate the investment recognition to assure the limitation of
ownership which a foreign firm be able to hold. Moreover, laws are set to limit the foreign
investors engaging in several buying and leasing or subleasing construction infrastructure.
However, these two law are eased up not too stressful in order to give support and motivate
investment into the real estate market. (Vien, 2010).

Environmental factors:

Environment and real estate are knit close relationship, however there are remaining problems that
the market is suffering the incapacity supply equivalent to the increasing demand for infrastructure
and accommodation purposes. The allocation of property using are mostly centered at urban area
while the rural and suburban land are wastefully unused. The other case is that the agricultural land
is being constructed commercially to build infrastructure with the unrestricted lisences. (Zietz,
Sirmans and Friday, 2003)

Together these studies provide important insights into my motivation factors help me to show my
strengths and find my weakness while working at Research and Development department at Savills
referenced from a range of relevant research materials and models of organizational behaviours
which helps me to solve my problems and point out the way to work better. The remaining part of
the paper proceeds as a business report which present the overall picture of the business evaluation
where possible challenges and opportunities are critically stated, forecasted and evaluate in each
parts of PESTLE. In view of all that successfully describe my work experience working in the real
estate industry.

Word count: 2000

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