Strategic Clan 3 / Strategic plan 4
jfraz0024
pt_1_new_product.edited.docx
Bus/475 Integrated business Topics
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Running head: NEW PRODUCT ESSAY |
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In today’s world of banking and real estate, we have seen such turbulence to the industry since the financial meltdown. Nevertheless, due to the resilience of a determined nation accompanied by significant political guidance we were able to recover from all of the turmoil. Now that the industry seems to be standing on solid ground and people are becoming more and more aggressive about purchasing homes and investors are again willing to lend funds, the marketplace has become a vibrant environment. With that said the rules of economics remains true where supply and demand will determine the value of any product. When manipulated correctly it makes for an excellent opportunity to capitalize in the market. This essay is dedicated to identifying the company’s vision and how we envision ourselves in this arena. I’ll be discussing what the company will provide its clients to distinguish apparent differences separating ourselves from our competition.
The Vision
Top Tier Property Professionals (TTPP) is an organization created to encompass all of the expertise that has been obtained over a 15-year span in real estate. Throughout this time, many role and various positions and have obtained several different licenses and certifications. For example, TTPP is a licensed Mortgage Banking Lender as well as a licensed real estate brokerage. TTPP performs notary operations as well as other legal functionalities. Our boutique works with residential to commercial properties and for our more sophisticated clients, real estate investing and development. We’ve envisioned our establishment to incorporate all of these facets to work collectively under one roof. Although many processes are uniform and practiced throughout the industry, the focus is to remove the corporate stigma and emphasize on creating a more warm and personal atmosphere for our clients. Our clients are our most valuable asset so whether a high-end corporate executive with a net worth upwards of 5 million dollars or a young single school teacher looking to purchase her first home, we feel that all of our clients should receive white glove treatment. From prospect to customer, customer to a client we aim to fulfill all of the requirements to perform real estate truncations as a one-stop-shop. With this business model, we can deliver financial relief to our clients by eliminating additional fees from outside entities and have transparency with tracking the process.
The Mission
Sell this House, Design and sell, Property Brothers, Love it or list it are all television shows that we are familiar with. Needless to say, the real estate arena although very lucrative can be extremely competitive. Unlike other industries where a company or individual may bring a unique skill set or expertise to the table, real estate professionals all share the same two objectives. Those two objectives are homes and clients. When and how you marry the two is where you separate yourself from the pack. Although we’d like to stay true to our business model (Warm and personal), a corporate approach is still needed. The world is always evolving, and technology is no longer a luxury but a necessity. According to "U.s. Smartphone Use In 2015" (2015), "Insert the quotation” (para. Today nearly two-thirds of Americans own a smartphone, and 19% of Americans rely to some degree on a smartphone for accessing online services and information and for staying connected to the world around them — either because they lack broadband at home, or because they have few options for online access other than their cell phone.). Knowing how frequent people indulge themselves with information from the internet and to have that resource in the pocket or pocketbook, we have identified this opportunity to pinpoint new customers. TTPP will be rolling out a project management group of information technology specialist (I.T.) who will team up with marketing to spearhead this opportunity. Technology has made people very impatient and unwilling to tolerate anything else other than results right away. So to fill that void will launch our new project called "The Virtual Rider."
“Virtual Riders / Product."
If you are not familiar with what a rider is, please allow me to explain. I'm sure you have seen for sales signs for homes in your neighborhood. Just beneath the for sale sign, there is an additional sign attached with the name of the agent or perhaps a phone number to reach the agency. Those signs are called riders. TTPP has decided to take this signs to a whole new level. With the help of our technical engineers we want to design these signs to say by bringing these riders to life. Let paint a scenario. A young couple is driving through the neighborhood when the wife spots a beautiful colonial style house on a corner lot with a manicured lawn. She notices a for sale sign out by the mailbox and immediately turns to her husband to say pull over to get the agents information off of this sign. He agrees and is also very fascinated with the house as well. Instead of taking down a phone number our rider says text "Yes" for a virtual tour. She instantly reaches into her handbag and grabs her smartphone and text yes to our number. Meanwhile, several things are happening. Once the text is received, our dashboard retrieved her phone number and alerts our sales team that there is a motivated buyer showing interest in one of our properties. The new system will return the text with and additional text that will provide a link. Because she is on her smartphone, she can tap the link and be redirected to a virtual tour of the home. The tour will require some additional information from the customer such as name, phone number and email address. The information is then stored in our database for further marketing purposes. The tour will include each room and the specs of the home (asking price, taxes, school district…etc.). Once the virtual tour has been viewed, the system will automatically send out a new text asking the patron if they like the house and if they would like to schedule a physical walkthrough with one of our agents. Assuming that the couple likes the house and wants to move forward, they can reply back "yes." The next step in this sequence is where were separate ourselves from the competition. Before you go out and shopping for homes, you would need to be pre-approved from a lender. Once a “yes” response is received by the system it will reply “have you been pre-approved”? Assuming that the couple needs to be pre-approved and another link will be sent to their smartphone that will redirect them to short 6 question survey. The answers are then crossed- referenced with the information already provided and a pre-approval letter emailed to the buyers and the listing agent in a matter of minutes. Internally there are several things taking place. First, we have a new potential client looking to purchase right away. Second, we can provide financing for this home with our in-house finance team. Lastly, whether the customer for some reason doesn't like that particular home we began a marketing campaign by emailing property list of similar homes in the area. Ultimately our client has viewed the house online and scheduled a walkthrough. The pre-approval was complete initiating the mortgage process. All the while our legal team is waiting confirmation from the buyer to immediately draw contracts. This progression normally takes several days but because we have streamlined the process this can all be conducted simultaneously in a matter of minutes.
Summary
With this innovation to our way of doing business, the company believes that merging the two worlds of real estate and technology can indeed push our business into hyperdrive. This will help to create seamless tractions and save countless hours and human resources. Our mission supports our vision in becoming a boutique realty firm that caters to its clients giving them the most pleasant experience possible. Wall Street vs. Main Street caused a huge wedge between the people and the entire industry, so building trust and confidence with our clients is our number one objective. Adding the IT facet to the equation will prove to be money and efforts well spent. Technology is showing no signs of slowing down so as an organization the plan is to embrace it.
References
· U.S. Smartphone Use in 2015. (2015). Retrieved from http://www.pewinternet.org/2015/04/01/us-smartphone-use-in-2015/
· The Impending Opportunity In Real Estate Technology. (2016). Retrieved from https://techcrunch.com/2015/02/10/the-impending-opportunity-in-real-estate-technology/
· The Wall Street-versus-Main Street narrative is about to flip. (2016). Retrieved from http://www.businessinsider.com/things-lining-up-for-main-street-2015-11
· Five years after the crisis: Main St. vs. Wall St.. (2016). Retrieved from http://money.cnn.com/interactive/economy/wall-st-main-st-lehman-occupy/
