Property and Valuation Management

This course thoroughly and professionally discusses the basic concepts of property management. Various scientific reviews are discussed and applied to support property management effectively and efficiently. The discussion includes an introduction to property management and business, real estate investment, real estate agency, property taxation, life cycle cost management, strata title management, highest and best use (HBU) property, property investment, property market analysis, and competition, location theory, building maintenance and operational management, asset management, regional asset utilization, and facility management. It is expected that students have gained the basic knowledge to manage, develop, and become property consultants.

Property valuation is a course that discusses the basic concepts, history, processes, and techniques of property valuation through approaches commonly used by practicing property appraisers/valuers. In this course, students are taught concepts about the characteristics of the property market. The idea of value, determinants of value, types of value, price, and cost, as well as essential principles that form the basis for giving an opinion of value, are also discussed. In addition, techniques or approaches in conducting valuations, such as the sales comparison approach, cost approach, and income capitalization approach combined with statistical analysis, regression, and discounted cash flow, as well as techniques for reporting the results of valuation analysis according to the standards outlined in the Indonesian Valuation Standards (SPI) and International Valuation Standards (IVS) are also discussed. Data identification and documentation are also part of the discussion of this course. In addition to valuation concepts and techniques, students are also taught how to identify and describe land and buildings as an important step in determining value. This is done through theory in the lecture room and field visits to several representative properties. In the final stage of the lecture, students are required to be able to make a complete valuation analysis and valuation report (narrative report).

This course is an introduction to the basics of business valuation practice. It starts with the basic concepts of business valuation, time value of money, capital markets, and money markets and instruments in them, and then discusses risk and return, market efficiency, capital structure, cost of capital, capital budgeting, capital budgeting with different project lives, project cash flow analysis, and fundamental analysis. The valuation of stocks and bonds is discussed in depth with case examples. Finally, the course provides an introduction to derivative securities and option valuation.

This course begins by providing an introduction to business law, business ethics, and guidelines for behavior in business. The definition of law is also discussed in this course. Then, it continues with legal principles in limited liability companies, principles of legal entities, and corporate social responsibility (CSR). This course also discusses how to establish a company, articles of association, amendments to the articles of association, company registers, and announcements. Furthermore, the procedure for authorizing the establishment of a limited liability company (PT) is discussed. The most important thing related to property management and valuation is the discussion of land rights and guarantees, business use rights, building use rights, use rights, and laws related to land, buildings, and strata titles. The course concludes with a discussion of business contracts and bankruptcy.

This course is essential in assessment, especially in the income approach. Students will be introduced to the scope of macroeconomics, macro data, national income, money and inflation, interest rates and exchange rates, open economy, economic growth, economic fluctuation, consumption, investment, business cycle, stabilization, and government debt. At the end of the lecture, a case of macroeconomic application in assessment will be discussed.

This course begins with a discussion of the philosophy of science and methodological concepts. Students are then invited to engage in discussions on the types and varieties of scientific research. Mastery of the characteristics of scientific research is essential. The subsequent topics include research topics, titles, research problems, research benefits, literature review, research hypotheses, research design, population and sample, variable operationalization, variable indicators, measurement scales, data analysis techniques, and the preparation of research proposals. The course also covers reporting research findings and publishing scientific work in international journals. As part of this course, students are required to prepare a research proposal and present it.

This course is a continuation of the Property Management 1 course. Property Management 2 is more practice-oriented, therefore the instructors are not only academics but also practitioners who are experts in property management, asset optimization, hotel management, mall management, industrial management, and property marketing. The course begins with an introduction to residential property typology, commercial building planning, industrial property management, commercial property typology, and public facility typology. Students are then introduced to the understanding and analytical skills needed for Regional Asset Optimization and the study of problematic property cases. The course continues with discussions on problematic property cases, optimization cases of USU properties, as well as other property optimization cases. Lectures delivered by practitioner lecturers will focus on the practice of property management in hotels, mixed-use properties, apartments, and industrial properties.

This course is a continuation of the Property Valuation 1 course. In this course, students will engage in an in-depth study of valuation cases using the market data approach, including land and residential property valuation, as well as a deeper exploration of valuation cases using the cost approach, along with discussions on depreciation in the cost approach. Further topics include mass appraisal, Rural and Urban Land and Building Tax (PBB-P2), and machinery valuation. The course also covers an in-depth study of valuation using the income approach and capitalization. As an application of the income approach, students will conduct office building valuation and hotel valuation. Analysis and working papers on Highest and Best Use (HBU) are also provided in this course, along with relevant case studies. Students are then introduced to Land Development Analysis and the Residual Method.

This course discusses the concepts of business valuation, the business valuation process, business environment analysis, financial statement normalization, and controlling adjustments as essential foundations before studying business valuation using various approaches. Afterward, each approach to business valuation will be examined. Discounts and premiums are also discussed, along with fairness opinions. The course includes analysis of cash flow and growth estimates, terminal value, and value enhancement. Students will analyze property valuation for business valuation, asset-based valuation, and intangible asset valuation. This course is integrated with case studies in business valuation.

This course introduces students to financial statements, accounting information systems, the accounting cycle, and the preparation and completion of accounting reports. It also provides an in-depth discussion of cash accounting, receivables, inventory and its valuation, as well as fixed assets and their valuation. Finally, the course covers the statement of changes in equity, including its presentation and types.

This course discusses land economics and spatial planning, covering topics such as Land Economics 1, Land Economics 2, planning law as a development tool, economic development and spatial planning, urban development, land evaluation, land classification, land property rights, land surveying, urban society and city planning, city identification, and stages of urban development. The course also examines land and property case studies, as well as Spatial Planning Organization.

The Entrepreneurship Practice course teaches students the fundamental aspects of entrepreneurship, such as business idea development, market analysis, strategic planning, risk management, and the creation of sustainable business models. In addition, students will learn how to identify and evaluate business opportunities, as well as how to overcome challenges and obstacles that may arise in the entrepreneurial process. Throughout the course, students are encouraged to develop creativity in generating innovative ideas that are relevant to the market and have the potential for success. They will also be given the opportunity to design a comprehensive business plan that includes marketing strategies, financial analysis, human resource management, and overall business operations.

In this course, students will be introduced to the scope of the code of ethics and guided to internalize it as part of their personal and professional character. Ethical practices in various countries are explained, along with codes of ethics in several professions. The Indonesian Valuer’s Code of Ethics will be emphasized as a key focus of this course. The course also introduces the concepts and general principles of valuation. Further discussions on Ethics and Indonesian Valuation Standards will cover: types of properties; market value as the basis of valuation; other bases of valuation beyond market value; scope of assignment; valuation implementation; valuation reporting; valuation analysis in land acquisition for public purposes; definition and analysis of intangible asset valuation; business valuation; financial instrument valuation; and highest and best use (HBU) analysis.

This course is an elective designed for students who wish to deepen their knowledge of property management, particularly in the areas of property marketing, property design, and property financing. The topics covered include the scope and basic concepts of marketing, environmental analysis and market segmentation, marketing mix, marketing strategies, pricing strategies, promotion, marketing plans, advertising strategies, personal selling activities, the estate agency industry, agency services, as well as property regulations and taxation. The course also includes an analysis of customer satisfaction and loyalty.

This course is an elective designed for students who wish to deepen their expertise in property valuation. The topics covered include valuation cases of apartments, oil palm plantations, biological assets, land valuation using the income approach, office building valuation, shopping center valuation, simple property valuation, partial land rights valuation, hotel valuation, industrial forest plantation valuation, mining valuation, single machine valuation, and comprehensive personal property valuation.

This course is an elective for students who wish to deepen their knowledge of business valuation. The materials covered provide advanced insights to complement the knowledge and understanding previously acquired in Business Valuation 2.

This course is an elective for students interested in the field of plantation valuation. As is well known, Indonesia—particularly North Sumatra—has significant plantation potential. Therefore, this course will cover the valuation of oil palm plantations, along with case studies related to plantation valuation.

The Research Publication course focuses on disseminating research findings conducted by researchers in order to communicate the results to others.

The Research Results Seminar is an academic forum that provides students with the opportunity to present their research findings in accordance with research methodology. Academically, students are required to defend their work in an open discussion session under the guidance of their supervisory team and examiners. Students will also receive valuable feedback from fellow seminar participants and faculty examiners.

This course examines the principles of writing research results, starting from obtaining permits, data collection, data analysis, thesis writing, and manuscript preparation for publication, as well as presenting research findings in a seminar.

This course is a continuation that provides a comprehensive assessment of students based on the thesis work they have previously completed.