Can you provide a detailed marketing plan for a Realtor?
A.
Following is a sample of Marketing Plan for a Realtor.
Marketing Plan for justLetak!Property 2017-2020
Part 0 - Executive Summary
justLetak!Property is a Regional Property Realtor with the vision of Improving Living and Property Investment of Average Men on the Street. The firm's mission statement is "Property for Everyone, Everywhere".
The way forward for realty in a young growing nation like Malaysia- especially in suburbs of the country is land utility. Demographic pattern of Malaysia shows the potential explosive growth of the middle age group now to the next 30 years (2010-2040). These age groups constitute the population of highest earning potential and thus, the cumulative savings which could be used for investment in real estate. Realty practice primarily depends on land as land development will provide property supplies, and thus stock for realtor to sell.
Averagely, as a young growing economy, Malaysia still has ample supply of land. From supply analysis, this constitutes the potential for primary market, largely controlled by housing developers. However, the supplies will also be for secondary subsale as people upgrade and start owning more investments in real estate. Although real estate has been speculated and controlled in the hand of a few, this scenario will gradually expand to more stocks and more options for property investors.
The aspiration of the firm is to go down to every corner of the country, to educate the people on the ground with regards to property investment. At the same time, it is to foster a nationwide network of data with regards to property value and its availability for investors throughout. As the demand supply equilibrium of the property market is very much dependent on the demand side (Hamid, 2007), analysis of past transactions and values indicates that demand creation is key to success in Estate Agency Practice.
Estate agency practice will soon evolve into a multi-discipline practice with added values from the increased professionalism of the real property market. The number of practising estate agents will surely grow with improved services and use of ICT. Increasing government intervention and ethical standards will enhance transparencies and investors' confidence. There will be pressure on the existing agency firms to innovate to cope with the increasing competition and new entrance of multi-disciplinary practices. A consortium of professionals will thus evolve to offer a broad spectrum of services, encompassing finance, investment, valuation, marketing and property management.
In line with the creation of demand, the industry will foster knowledge base building and enhancement of ability of investors in analyzing investment and buying decisions. Estate agents who are into high-tech, high knowledge based selling will be ahead of the competition as the property industry becomes more risky and convoluted with regulations and innovative products. Such scenario will garner energy towards group practices, and stand alone estate agents will be streamlined to join force to offer better value added services.
Lastly, electronic media and ICT will have indispensable role in the success of property business. Developers would likely promote their products with the help of specialized broad based Estate Agency firms, saving cost from their own sales force. Agents will work with their clients on a long term basis rather than 'once in a life time' deal currently seen. There will be more property traders who are in for investment or speculation rather than purchase for own use.
This scenario is supported by the increasing population of rich working middle age group in the next 20 to 30 years (till 2040) as shown by the demographic pattern of Malaysia. The target groups will be high income technocrats like doctors, teachers, and executive professionals who will continue investing and carry on life long property investment.
Estate agency firms would likely work on a national level as investors are more fluid. Thus, knowledge and professional management is key to greater customer acceptance. This is pertinent to the fact that repeat investors are attracted to successful and sustainable formula of a firm and its innovation on a long term. Inevitably, this is only achievable with a network of well trained agents and negotiators.
Another new trend in the estate agency practice is the incorporation of ancillary services e.g. valuation, property management (collection of rentals) and handling of the strata titles property. Additional education and certification would be required to equip the future agent for this multi-discipline work. This competition will foster evolution of the agent, and well managed network, training and marketing would be key to success of a firm.
Hence, the strategies of justLetak!Property are:
1. To create sustainable network by training negotiator and junior agents in the peripheral regions of 'hot spots' where value and transaction number are high (TEAM BUILDING)
2. To equip the network with value added services so as to maintain and retain potential high-performance and sub-specialized agents for a long term relationship (QUALITY DATA)
3. To develop a system of ICT to communicate with GEN Y (30-35 years old) clients in long term for sustainable network of customers (TECHNOLOGY)
The control and monitoring of progress by the firm is a gradual process. In line with the strategies of mobilizing ICT network. A system of training will be based on the Estate Agent Examination by LPPEH, coupled with the Marketing Plan to each an every individual network agent.
Milestones like LPPEH Examination Outcome and qualifying of Estate Agent license will be indicative of major progresses in the firm. Eventual monitoring will be from the sales and commissions registered with the launch of this firm. Until then, the control mechanism will be very much based on LPPEH examination.
The immediate milestone is the qualifying of the principle agent in late 2017 and achieving a total 10 REA in 2020. By then, the market size for Estate Agency Practice would have increased to RM100 billion assuming an annual growth rate of 5% in the property industry.
Target in 2020
The firm's aggressive target is a market share of RM1.4 billion or 1.4% of the total business, corresponding to RM560k annual commission for each REA/PEA/REN.
However, if the market is still dominated by REN, a conservative target of RM370 million or 0.37% of total business, corresponding to RM148k annual commission for each REA/PEA/REN.
Continue to Part 1 here.
Ref:
Abdul Hamid Mar Iman, 2007. Property Supply and Demand. Pernerbit UTM. Page 27.
Marketing Plan for justLetak!Property 2017-2020
Part 0 - Executive Summary
justLetak!Property is a Regional Property Realtor with the vision of Improving Living and Property Investment of Average Men on the Street. The firm's mission statement is "Property for Everyone, Everywhere".
The way forward for realty in a young growing nation like Malaysia- especially in suburbs of the country is land utility. Demographic pattern of Malaysia shows the potential explosive growth of the middle age group now to the next 30 years (2010-2040). These age groups constitute the population of highest earning potential and thus, the cumulative savings which could be used for investment in real estate. Realty practice primarily depends on land as land development will provide property supplies, and thus stock for realtor to sell.
Averagely, as a young growing economy, Malaysia still has ample supply of land. From supply analysis, this constitutes the potential for primary market, largely controlled by housing developers. However, the supplies will also be for secondary subsale as people upgrade and start owning more investments in real estate. Although real estate has been speculated and controlled in the hand of a few, this scenario will gradually expand to more stocks and more options for property investors.
The aspiration of the firm is to go down to every corner of the country, to educate the people on the ground with regards to property investment. At the same time, it is to foster a nationwide network of data with regards to property value and its availability for investors throughout. As the demand supply equilibrium of the property market is very much dependent on the demand side (Hamid, 2007), analysis of past transactions and values indicates that demand creation is key to success in Estate Agency Practice.
Estate agency practice will soon evolve into a multi-discipline practice with added values from the increased professionalism of the real property market. The number of practising estate agents will surely grow with improved services and use of ICT. Increasing government intervention and ethical standards will enhance transparencies and investors' confidence. There will be pressure on the existing agency firms to innovate to cope with the increasing competition and new entrance of multi-disciplinary practices. A consortium of professionals will thus evolve to offer a broad spectrum of services, encompassing finance, investment, valuation, marketing and property management.
In line with the creation of demand, the industry will foster knowledge base building and enhancement of ability of investors in analyzing investment and buying decisions. Estate agents who are into high-tech, high knowledge based selling will be ahead of the competition as the property industry becomes more risky and convoluted with regulations and innovative products. Such scenario will garner energy towards group practices, and stand alone estate agents will be streamlined to join force to offer better value added services.
Lastly, electronic media and ICT will have indispensable role in the success of property business. Developers would likely promote their products with the help of specialized broad based Estate Agency firms, saving cost from their own sales force. Agents will work with their clients on a long term basis rather than 'once in a life time' deal currently seen. There will be more property traders who are in for investment or speculation rather than purchase for own use.
This scenario is supported by the increasing population of rich working middle age group in the next 20 to 30 years (till 2040) as shown by the demographic pattern of Malaysia. The target groups will be high income technocrats like doctors, teachers, and executive professionals who will continue investing and carry on life long property investment.
Estate agency firms would likely work on a national level as investors are more fluid. Thus, knowledge and professional management is key to greater customer acceptance. This is pertinent to the fact that repeat investors are attracted to successful and sustainable formula of a firm and its innovation on a long term. Inevitably, this is only achievable with a network of well trained agents and negotiators.
Another new trend in the estate agency practice is the incorporation of ancillary services e.g. valuation, property management (collection of rentals) and handling of the strata titles property. Additional education and certification would be required to equip the future agent for this multi-discipline work. This competition will foster evolution of the agent, and well managed network, training and marketing would be key to success of a firm.
Hence, the strategies of justLetak!Property are:
1. To create sustainable network by training negotiator and junior agents in the peripheral regions of 'hot spots' where value and transaction number are high (TEAM BUILDING)
2. To equip the network with value added services so as to maintain and retain potential high-performance and sub-specialized agents for a long term relationship (QUALITY DATA)
3. To develop a system of ICT to communicate with GEN Y (30-35 years old) clients in long term for sustainable network of customers (TECHNOLOGY)
The control and monitoring of progress by the firm is a gradual process. In line with the strategies of mobilizing ICT network. A system of training will be based on the Estate Agent Examination by LPPEH, coupled with the Marketing Plan to each an every individual network agent.
Milestones like LPPEH Examination Outcome and qualifying of Estate Agent license will be indicative of major progresses in the firm. Eventual monitoring will be from the sales and commissions registered with the launch of this firm. Until then, the control mechanism will be very much based on LPPEH examination.
The immediate milestone is the qualifying of the principle agent in late 2017 and achieving a total 10 REA in 2020. By then, the market size for Estate Agency Practice would have increased to RM100 billion assuming an annual growth rate of 5% in the property industry.
Target in 2020
The firm's aggressive target is a market share of RM1.4 billion or 1.4% of the total business, corresponding to RM560k annual commission for each REA/PEA/REN.
However, if the market is still dominated by REN, a conservative target of RM370 million or 0.37% of total business, corresponding to RM148k annual commission for each REA/PEA/REN.
Continue to Part 1 here.
Ref:
Abdul Hamid Mar Iman, 2007. Property Supply and Demand. Pernerbit UTM. Page 27.
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