Critical Success Factors and Key Performance Indicators for Real Estate Service Business in Nigeria

Abstract

The goal of this paper was to create a model of Critical Success Factors (CFSs) and Key Performance Indicators (KPIs), which can be used to keep track of service business activities for enduring real estate practice in emerging economies. As a reference to real estate specialists in emerging economies, the study reviewed and analysed relevant papers with respect to the subject matter in various industries, both locally and in developed economies. Appropriate theories were also explored in the paper, which were drawn from the field of business management that suggest how business performance is measured. Using the narrative method of literature review, the study identified successful applications of the models of CSFs and KPIs that can be applied to the real estate industry. Thus, the CSFs in real estate practice are reported as comprising STEEPLE and POET factors and the KPIs are reported as comprising financial and non-financial performance indicators. Corporate real estate management is comparatively new in the real estate industry of African nations such as Nigeria. The corollary is the collapse of many real estate firms with its untold negative effect on the real estate profession. Understanding CSFs and KPIs in service business is a major pathway to developing sustainable real estate practice. This study is a good primer for real estate administrators in emerging markets who want to use CSFs and KPIs to improve their companies' operational effectiveness. This paper's contribution to knowledge is in the originality of bringing to the fore, the applicability of the concepts of CSFs and KPIs for real estate service business management and performance measurement. Quantitative research on the subject is likely to yield further discussions