Systemic Stakeholders’ Management for Real Estate Development Projects

Purpose: This paper aims to investigate the stakeholder management system, within the real estate industry, and in light of the theories on negotiations and decision-making processes. Design/Methodology/Approach: This article critically reviews research from real estate and management literatures to systematize what we already know about stakeholder management within real estate development projects. Findings: The literature has indicated analysis as an external stakeholder should follow the following steps: i) identify the external stakeholders, ii) estimate their needs and interests, iii) analyse the potential impact these can have on decisions about the project, iv) evaluate solutions for the implementation of the project while respecting the interests of the stakeholders. Originality/value: The influence of these subjects on real estate development projects is increasingly crucial to the success of the project itself. Therefore, it is important to identify additional management tools that allow the real estate firms to reduce problems and disputes arising from the injury of the interests of the external stakeholders. The paper is developed through a critical recognition of the literature. Discussion of literature review’s results and implications for future research follow. Finally, a theoretical model for a systemic stakeholders’ management is developed. Keyword: Literature Review, Conceptual Paper, Stakeholders’ Management, Real Estate Development Projects, Conflict Management Introduction The scholarly attention to the managing of construction projects, over the past years, has been flourishing (Abatecola, Caputo, Mari & Poggesi, 2013). The design and construction of real estate work can affect a variety of interests. The creation of better roads, better housing and better living standards could be included among the positive effects. However, construction projects inevitably involve a degree of deterioration and change at local level, which is not limited only to the construction site. The representatives of these affected interests are called project’s stakeholders. A stakeholder, therefore, is any individual or group of individuals, which may influence or be influenced, regarding the realization of the purpose of an organization (Freeman, 1984). They can be divided according to whether they are internal or external to the organization itself (Gibson, 2000): those who are affected by the project in significant ways, but are not directly involved with the project such as local residents, the community, the public interest, other companies are called external stakeholders. Global Business & Management Research: An International Journal