Business

Running head: CREATING AN ECOMMERCE 1

CREATING AN ECOMMERCE 5

Creating an Ecommerce Name Institutional Affiliation

Prospective Small Business and Name

Property management is an excellent business idea. In the current world, most people maintain properties such as premises and agricultural land that they don’t dwell in as these properties are based in different states and cities (Berger & Roman, 2018). As a result, it becomes critical to have someone who can take good care of these properties, handle minor fixes as they arise, and act as a link between the renters and the owners. In that connection, I intend to establish a property management business by the name Maxwell Properties. Its headquarters will be based in Denver, Colorado.

Competition Analysis

In the current era, competition in property management is stiff, offering the American consumers reduced prices, quality services, and greater options to choose from (Wasihun, Schaeffer & Gebremedhin, 2019). Just like in other sectors, in residential property management, competition is very critical as it ensures creativity and innovation (Jackson, 2016). Nevertheless, competition in the real estate brokerage sector has been affected by various underlying factors, despite the recent technological innovations. Some of the factors affecting the real estate business include decisions taken by some brokers, estate agencies, and legislatures (Berger & Roman, 2018).

  In the United States, some of the key competitors in the property management business are established companies such as SVN CompassRock, Cushman & Wakefield and Open-door real estate companies. SVN CompassRock offers consumers with full-spectrum management, facility control, leasing, office reporting, accounting, and industrial investment opportunities (Pryor et al., 2017). This acts as a significant strength for the company as the largest competitor in this industry. Additionally, due to the changing trends in the property management sector, a strategic property management business will require an expanded picture perspective and great attention to maximize profits, manage operational expenditure, and provide tenants with a healthy environment (Jackson, 2016). As a result, partnering with big competitors such as SVN CompassRock, which provides unbiased and lasting solutions as well as customized plans developed to enhance the long-term value of the client’s assets, makes sense. The company also combines its real estate professionals with acknowledged best practices and quality industry platform to provide customers with transparent reports, strategic options and efficiency in maximizing vacancies, control costs and improve services (Pryor et al., 2017)

Although SVN CompassRock’s strengths have enabled it to excel in various ways, the company is still faced with some challenges, which have hindered it from offering excellent services to its customers (Wasihun, Schaeffer & Gebremedhin, 2019). SVN CompassRock is still running behind in technological innovations as they are still using outdated marketing strategies. Secondly, it does not have enough resources to move with new trends in marketing. Moreover, the giant company lacks the time, resources and expertise to compete effectively with the emerging businesses in the same industry. The well-established firm has also been unable to compete with the institutional investor-based business (Iverson, 2017).

Mission Statement, Purpose and Target Market

The mission of Maxwell Properties will be to emerge as the most successful property management business in Denver, Colorado. The business will incorporate quality, professional state of the art strategies, focusing mainly on marketing, advertising, and selling of new and reused luxury homes, underdeveloped and developed lands, residential properties, condominiums, homesites, business, and investment opportunities (Wasihun, Schaeffer & Gebremedhin, 2019). Moreover, Maxwell properties will maintain full-time and professional employees, who will always make efforts to offer the best quality services for our esteemed clients and customers (Jackson, 2016). The business will also be a creative and a technologically-driven with a people-oriented business providing personal satisfaction, opportunities and rewarding challenges to all customers within the firm. Buyers of new and reused luxury homes, underdeveloped and developed lands, residential properties, condominiums, homesites, business and investment opportunities will act as the primary target market for Maxwell Properties (Pryor et al., 2017)

Ownership and Legal Foundations

Maxwell Properties will be a sole proprietorship type of business, legally registered under the Real Estate Agents Act of 1985. This Act is a parliamentary provision that is meant to guide any person who, by way of marketing, negotiate for or act in matters related to selling, buying or letting of land and buildings erected thereon. The Act controls and regulates the professional behavior of such persons or business entities (Iverson, 2017). Maxwell Properties will be a law-abiding business through remitting taxes on time. I will act as the overall manager for the business through the help of three supervisors and six professional employees who will remain in the office to cater to the day-to-day needs of clients (Jackson, 2016). The management will be accountable for all financial transactions, claims and overall controller of the business operations in all prospective branches. The estimated cost of establishing the business will be $200,000, which will cater for office establishment and maintenance, client and site visits, advertisement, website development, machinery and other necessary equipment (Pryor et al., 2017)