Internship Graduation Thesis for the study International Business Management at the HU University of Applied Sciences (Hogeschool Utrecht).
I passed this thesis with an 8 and received the title ''Best Academic Student 2020'' for having the highest grade for the final thesis and oral defence.
Th...
This thesis is written as completion to the bachelor International Business Management, at the
Hogeschool Utrecht, University of applied sciences. During my internship at IQI Global in
Malaysia, the activity rate of the new real estate negotiators was researched.
This research aimed to give recommendations on how to increase the activity rate for the fiscal
year 2021 to ultimately increase profitability.
I would like to express my gratitude for the support and guidance I have received during the
process of writing this graduation thesis. First of all, I would like to thank IQI global for having
me as their intern. Additionally, I would like to thank all my colleagues for creating a warm and
enjoyable workplace. In specific I would like to thank my company supervisor and COO Nabeel
Mungaye and my supervising lecturer Khalid Raihan for their guidance, support, and belief in
me.
Saskia Hoekstra,
June 2020
Kuala Lumpur, Malaysia
2 Saskia Hoekstra – 1701442
, Table of Contents
Glossary of Terms and Definitions .............................................................................................. 5
Executive Summary .................................................................................................................... 6
Chapter 1 – Introduction ............................................................................................................ 8
1.1 Introduction to the client ................................................................................................. 8
1.2 Problem definition............................................................................................................ 9
1.3 Research objective ......................................................................................................... 11
Chapter 2 – Literature Review .................................................................................................. 11
2.1 Training........................................................................................................................... 11
2.2 Leadership, engagement, & performance...................................................................... 12
2.3 Incentivization ................................................................................................................ 12
2.4 Others ............................................................................................................................. 13
2.5 Principle-agent problem ................................................................................................. 13
2.6 Critiques and gaps .......................................................................................................... 14
Chapter 3 – Methodology ........................................................................................................ 15
3.1 Research Design ............................................................................................................. 15
3.2 Participants..................................................................................................................... 15
3.3 Instruments .................................................................................................................... 16
3.4 Procedure ....................................................................................................................... 16
3.5 Data analysis ................................................................................................................... 17
3.6 Ethical considerations .................................................................................................... 18
3.9 Limitations and constraints ............................................................................................ 18
Chapter 4 - Results ................................................................................................................... 19
4.1 Database analysis ........................................................................................................... 19
4.2 Questionnaire analysis ................................................................................................... 19
4.3 interviews ....................................................................................................................... 22
Chapter 5. Discussion ............................................................................................................... 27
5.1 Current situation ............................................................................................................ 27
5.2 Performance determinants ............................................................................................ 28
5.3 Obstacles ........................................................................................................................ 29
Chapter 6. Conclusion .............................................................................................................. 32
6.1 Sub-questions ................................................................................................................. 32
6.2 Main research question.................................................................................................. 34
6.3 Further research ............................................................................................................. 34
3 Saskia Hoekstra – 1701442
,7. Recommendations ............................................................................................................... 34
7.1 Establish an HR department ........................................................................................... 34
7.2 Establish strong partnerships with new developers ....................................................... 36
References................................................................................................................................ 37
Appendices ............................................................................................................................... 41
Appendix A: new REN process flow ...................................................................................... 41
Appendix B - Conceptual Model ........................................................................................... 42
Appendix C – Questionnaire new REN training .................................................................... 43
Appendix D – Interview guide .............................................................................................. 45
Appendix E– Interview Informed Consent Form .................................................................. 46
Appendix F – Procedure Table.............................................................................................. 47
Appendix G – Quantitative Data collection code book......................................................... 48
Appendix H – Survey Likert Scale overview .......................................................................... 49
List of Figures
Figure 1 – Team structure and hierarchy (source: IQI Database)............................................. 10
Figure 2 - Activity rate per year (source: IQI Database) ........................................................... 10
Figure 3 – Explanatory sequential research design .................................................................. 15
Figure 4 – Instruments ............................................................................................................. 16
Figure 5 – Country scores on power distance .......................................................................... 15
Figure 6 – Activity rate per year ............................................................................................... 19
Figure 7 – Objectives ................................................................................................................ 19
Figure 8 – Content and information ......................................................................................... 20
Figure 9 – Delivery .................................................................................................................... 20
Figure 10 - General ................................................................................................................... 21
Figure 11 – REN training grade ................................................................................................. 21
Figure 12 - % of participants with experience .......................................................................... 21
4 Saskia Hoekstra – 1701442
, Glossary of Terms and Definitions
• Agent = Real estate negotiator. An individual who helps their clients to buy/rent or
sell/rent out properties
• REN = Real Estate Negotiator
• RENs = Real Estate Negotiators
• New REN Training = New Real Estate Negotiator Training
• Break egg = Closing a deal for the first time by a new real estate negotiator
• Active agent = Real estate negotiator who broke egg/closed their first deal already
• Inactive agent = Real estate negotiator who did not break egg/close their first deal or
those agents who did not sell property for six months or longer
• Lead clash = Agents contacting the same prospects to sell property to
• Movement control order (MCO) = A measure taken by the federal government of
Malaysia in response to the Covid-19 Pandemic
• Override commission = Commission leaders earn as a passive income, on the sales
made by agents they recruited
• Performance determinants = Performance determinants are the factors that enable
new real estate negotiators to close deals
• Obstacles = Obstacles hinder the progress of the new real estate negotiator in closing
deals in the first six months. Obstacles are interrelated to the determinants because
these factors also determine the performance.
5 Saskia Hoekstra – 1701442
, Executive Summary
This research is based on the activity rate of the new real estate negotiators associated with
IQI and the determining factors and obstacles related to this. The research aim is to provide
recommendations on how to increase the activity rate by the end of 2021. Hence, the main
research question is: ‘’What steps should IQI take to increase the agent activity rate from 33,4%
to 40% by the end of Fiscal Year 2021?’’ To highlight the relevance, a more active workforce
will increase the activity rate and therefore profitability. This will strengthen IQI’s overall brand
image and position.
A literature review was carried out to highlight what experts said to be determining factors for
success in the real estate industry. Examples are adequate leadership and incentivization,
training, and experience.
Three sub-questions were created to answer the main research question. These sub-questions
outline the current situation, and performance determinants and obstacles perceived by new
real estate negotiators. A mixed-method approach with an explanatory sequential research
design was used to collect and analyze data to answer these research questions. First,
quantitative data in the form of a questionnaire was collected and analyzed. Subsequently,
qualitative data in the form of interviews were collected and analyzed.
From the data analysis, it could be concluded that the Covid-19 pandemic significantly
influences the performance of the agents and therefore the activity rate. Furthermore, the
results indicated that the REN training serves as an adequate foundation for new real estate
negotiators to start their career. However, there is a need for continuous training and
guidance. Additionally, various performance determinants and obstacles faced by the new
RENs were established by the data and are strongly interrelated with one another. Many of
these factors correspond to the factors found in the literature.
The main performance determinants are received training, time spend on these training
programs and the job, and the motivation of the new agents. Examples of perceived obstacles
6 Saskia Hoekstra – 1701442
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