RES 497 Week 4 Assignment: Outline for final paper

Outline for final paper

RES 497 Strategic Management of the Real Estate Enterprise

Introduction 

Body Paragraph 2: Every New Real Estate office should have a goal, a plan, or a mission for getting involved in this industry. There were so many people who got involved in the industry for the sole purpose of making as much many as possible. And I believe that these were the people that were the biggest culprits of deception. They would open a shop get as many deals done as possible before their reputation burned them and then they would close those doors and open a new shop with a new name and start all over again. A company that plans to be successful and around for a long time will need a clear mission and a clear vision.

• Thesis: Thanks to the growth of technology, the landscape of Real Estate has changed. From how we buy and sell Real Estate, to how we use the real estate we own. The market crash of 2008 has opened the door for new ways to conduct business in the real estate world, mostly to never find ourselves in such a predicament again.
  • Body Paragraph 1: Technology In the Real Estate Sector has its pros and cons. The primary advantage is that the sales process can move a lot faster than it ever had before. But there are cons; the number one con is being coned. I have found that with the right angle, a photo or video can be deceptive when it comes to room layout and size. In an article written by Ericson, the author states that the “National Association of Realtors report that 90 percent of home searches start online.” (Ericson, 2014) The second benefit in virtual tours is that the existing resident now does not have to be inconvenienced by open houses week after week.

  Mission Statement

  ANS REALTY’s mission is to improve the experience of buying and selling real estate by fostering a spirit of innovation and integrity.

  ANS REALTY’s promotes a culture of partnership in which all clients are represented in a collaborative environment by all its agents, thereby ensuring its clients have a competitive edge.

  ANS REALTY’s envisions itself as more than just a real estate brokerage; it is a lifestyle company committed to informing and connecting global communities.

   

   Vision statement

  The vision of ANS REALTY is to produce the highest possible standards of the real estate market while building our agency as the premier and preferred real estate company in Newport Beach and its surrounding areas.

   The satisfaction of our customers is the main priority of ANS REALTY. Our goal is to be a point of reference in everything related to Real Estate “if we cannot provide the service, we can find the people that will do it” setting ourselves apart. ANS REALTY continually explores new ideas and technology, to make the selling and buying of real estate faster, less costly, and more manageable.

  Body Paragraph 3: Environmental Scan

  “The general environment is composed of trends in the broader society that influence an industry and the firms in it.” (“Understanding Business Strategy Concepts Plus,” n.d.) Conditions in the global environment are outside the firm’s direct control; no firm can control demographic trends. They are essential for the company to consider in deciding on its strategy. Firms must pay attention to seven factors in the general environment: demographic, economic, political/legal, sociocultural, technological, global, and physical trends.

  Body Paragraph 4: Competitive Advantage

  After identifying entrepreneurial opportunities, entrepreneurs turn their attention to developing capabilities that will be the basis of the competitive advantages required to make a profit from pursuing the possibilities. It is my belief that as an entrepreneur, we need to pull on all our talents to make our business successful. The more diverse you are, the better.

  I have a lot of strengths, but the one that is mentioned the most would be my organizational skills. I am incredibly organized; I believe everything has a place, and everything should be in its place. I find being organized extremely useful when dealing with multiple files and clients. I am a multitasker by nature; I can juggle many things at once. This skill is also valuable when wearing various hats, as you are often due in an assistant position. I am a problem solver by nature. I like to figure things out, which can be useful in the Real Estate industry as every deal is different. Every lender, client, and home is different, which is what I like about the industry. I will never get bored learning something new. I’ve also been told I am an excellent trainer.

  Body Paragraph 5: Market Segmentation

  Every opportunity is open to me within the real estate industry besides Appraisal, because it requires additional focused education and training. The one-stop-shop is a trend we could you take advantage of. Buyers and sellers don’t want to have to worry about running to multiple companies to get deals done. They want one place where they can get everything, like Walmart. The fact that I have first-hand experience with lenders, banks, and how they work makes me a benefit and a useful tool in any opportunity.

  Body Paragraph 6: Financial Analysis

  Real estate is a complicated industry. Besides saving time and hiring for expertise, often the primary reason why people choose agents to act on behalf is out of legal necessity by the state. Starting a real estate brokerage requires a lot of training, time, and work. While the laws of each state differ, starting a real estate business can be done in three steps and can take up to two years without an adequate degree.

  In most states, including California and Texas, the entity must have a licensed real estate broker as the named managing officer in the business. Once you form your company entity, such as a limited liability company.

  There are Pros and Cons of Independent vs. Franchise Brokers. Franchise brokers pay dues in exchange for support to their parent franchisor, whereas independent brokers have more autonomy with fewer resources.

  Real estate transactions involve several moving parts, including loans, large sums of cash, contracts, contingencies, and liens — to name a few. States want to make sure home buyers and sellers are protected from fraud. Depending on the state, there are specific requirements for who is allowed to handle specific parts of the transaction. The most common player in the real estate transaction is the broker.

  Codes and regulations governing real estate change so often that the real estate industry is built around the brokerage model. Brokers are real estate agents that have completed additional hours of continuing education beyond the standard requirement. A broker is allowed to act as a single-agent business; however, due to increased workloads and legal complexities, real estate brokers usually have agents working under them.

  Although it may be difficult to visualize at brokerages with hundreds of agents, all real estate agents act on behalf of the broker who represents home buyers and sellers. But not every brokerage is built the same! You may have heard of brands like Coldwell Banker, Sotheby’s, or RE/MAX, but what are differences between these franchise brands and your local independent broker? In this article, you’ll discover the unique strengths and weakness between a franchise and independent brokers. Armed with this knowledge, you’ll have a better idea of how to choose the right broker.

  Body Paragraph 7: Internal Controls

  In the Real Estate Industry, several places need internal controls. But the two areas that spring to mind are Sub-Prime Mortgage Lenders and Appraisers. I hold them both primarily responsible for the 2008 crash. Had they been more regulated, we may not have seen such a deep decline in the market, and thus, the economic bubble may not have burst. Regulations and some type of oversight would be ideal. Or at least require the loan programs that are not standard to have to be reviewed by some third party community.

  References

  Amadeo, K. (2019). The Causes of the Subprime Mortgage Crisis, Retrieved from https://www.thebalance.com/what-caused-the-subprime-mortgage-crisis-3305696 

  Bainbridge, R. E. (2014). The Stormy Future of Retail Real Estate. Appraisal Journal, 82(2), 155–160. Retrieved from http://search.ebscohost.com.proxy-library.ashford.edu/login.aspx?direct=true&AuthType=ip,cpid&custid=s8856897&db=bsh&AN=96451935&site=ehost-live

  Ericson, C. (2014, March 27). PTCVoice: From drones to 3-D imagery, four ways tech is revolutionizing real estate. Forbes. Retrieved from http://www.forbes.com/sites/ptc/2014/03/27/from-drones-to-3-d-imagery-4-ways-tech-is-revolutionizing-real-estate/ (Links to an external site.)

  Ferguson, M. (2010). The “catastrophic change” in the U.S. real estate market (Links to an external site.). The Market Oracle. Retrieved from http://www.marketoracle.co.uk/Article22925.html

  Goodman, N. (2012). How successful leaders balance skepticism and openness (Links to an external site.). Entrepreneur. Retrieved from http://www.entrepreneur.com/blog/224942

  Pajarskas, V., & Jočienė, A. (2014). Subprime Mortgage Crisis in the United States in 2007-2008: Causes and Consequences (Part I). Ekonomika / Economics, 93(4), 85–118. Retrieved from http://search.ebscohost.com.proxy-library.ashford.edu/login.aspx?direct=true&db=bsh&AN=100189372&site=eds-live&scope=site

  Thorsby, D. (2018, September 28). The Future Of Real Estate – With Fewer Agents. U.S. News. Retrieved from https://realestate.usnews.com/real-estate/articles/the-future-of-real-estate-with-fewer-agents

   

  U.S. Bureau of Labor Statistics (2012). Real estate brokers and sales agents (Links to an external site.). Retrieved from http://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.html

  Weinstein, M., & Worzala, E. (2008). Graduate Real Estate Programs: An Analysis of the Past and Present and Trends for the Future. Journal of Real Estate Literature, 16(3), 387–413. https://doi-org.proxy-library.ashford.edu/http://aresjournals.org/loi/rees