What we do and can do for a living : Expanding the role of the real estate profession

Purpose – This paper aims to present the authors' opinions about the impacts of globalization on real estate profession and some essential changes of real estate business service. Design/methodology/approach – The arguments are based on the authors' interpretation and first‐hand experience of the contemporary business environment. A case study example to illustrate the changing requirements for professional real estate services in mainland China is provided. Findings – Economic globalization creates new opportunities in real estate market, product and service. It has the effect of blurring geographical and product boundaries. Real estate is increasingly integrated with the financial market. Global capital has transformed local property market practices. Real estate professionals have to re‐orientate themselves so that they can move up the service value‐ladder and avoid being marginalized under intense competition in a global market. Practical implications – Re‐orientation of professional practices involves an expansion of one's geographical and market knowledge beyond the home boundary. It also requires a dramatic change of mind‐set, work attitude, social awareness and lifestyle. Originality/value – The paper proposes a competence model. Professionals should sell “competence”, which is built on “service proper” (knowledge and skills) and “service infrastructure” (technology and organization).