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Small Business Management

University: University of Suffolk

  • Unit No: 11
  • Level: Ph.D./Doctorate
  • Pages: 13 / Words 3212
  • Paper Type: Business Plan
  • Course Code: N/A
  • Downloads: 10703
Organization Selected : Instant Assignment Help USA

Introduction to Small Business Management

The real estate sector involves the management of property. The development of this sector has increased with the rising rate of urbanization in the state. London's real estate includes properties with natural resources, water, and minerals. It is a very large globally recognized sector. The growth and development of this sector is based on environment. This concept requires lots of amount of investment by individuals or groups of persons. The present is based on Lindsay Temple Small agent of London which is one of the small real estate agent of London. They are engaged in the business of dealing with properties. They purchase particular properties at a reasonable rate and sale them to people who are looking for the same at a specified rate including their rate of profit margin. Agents of property are act as mediator among purchasers and real owners of real estate. Lindsay Temple Small agent searches for property and then offers the same for sale or rent in London.

Identification of London real estate agent and reasons for the choice of this firm.

Real estate agents are engaged in the business of dealing in property for selling and letting. They are professionals who having license in dealing real estate sector. Those agents play an important role in real estate transaction. The main purpose of them is to receive commission from both buyers and sellers. They are totally depending on commission which is based on their ability to help clients and other people as well. Various types of duties have been imposed on them which are depends on buyer and seller. These are the mediator among them who advice clients for purchasing of house and set purchasing price for them. They search house on demand of purchasers and try to meet price of house with demand rang of people. They promote property through advertising, social networking and other forms. Agents prepare wish list of people and try to search real estate property accordingly.

Lindsay Temple Small is the small agent firm of London. The main purpose of this firm, is to deal in real estate sector and provide property to people according to their taste and preference. The rate or price of the house must be able to meet expectation of buyer. They play a role of mediator among buyer and real owner of the property. They perform such activity in order to receive commission for the same from both side buyer as well as seller. The rate of commission is fixed by them only and before conducting such function they have to communicate such rate with parties. Before starting activity, all parties are bound to comes in the contractual relationship with each other and try to fulfil duties which are imposed on them. They have to opted various types of methods and techniques for the purpose of aware people of availability of property and prices as well. For purchasing house at reasonable price most of people are take a help of agents, in order to confirm rate, location, facilities and many other things which are provided by real owner of house to new buyer.

Lindsay Temple Small agent is selected for the study of present report because it is more popular then other and having grater rang in international market. The cited firm is selected as small business which having ultimate control over real estate sector. Transaction related to cited sector are done by this sector for the same purpose they receive commission. They play an significant role in the growth and development of this sector. The entity opted various types of policies, methods and procedure in order to attract large number of customers and try to provide property on the basis of their level of expectation. They provide an information regarding availability of house, services, actual rate etc. through internet, advertisement by internet and social media platforms. Members and leaders of this firm have to deal within the limit which are specified for them in order to smooth functioning of it. Buyers having trust on them regarding knowledge of house which they are going ton purchase from market. Cited firm construct its own plan and strategies for conducting activities and try to implement them within stipulated time period. Staff members have to use their collective efforts in order to attain their long term as well as short term goals and objectives. Use effective tools and techniques for maintain their performance in international market. This entity positively contributes in the growth and development of real estate sector through buying and selling of house in order to meet expectation of people.

Analysis of opportunities and threats of Lindsay Temple Small agent of London.

Real estate sectors receive lots of opportunities and threats while entering into international market as an agent. They receive various types of advantages or benefits through conducting business. With the help of opportunities companies are able to enhance their work quality and performance. But entities have to use them in effective way. It consists positive changes in competitive environment. Effective market growth can be achieved through this process which is beneficial for them. Get ability to attract larger number of customers and proving services according to the taste and preferences people. Opportunities are able to having impact on the existence of firm and try to increase their performance as well in international market. They have to avoid threats in order to achieve their set of target and objectives as well. Because they are able to shrink market share of entity which is not beneficial for them. Threats including increasing rate of competition, shortage of material which is useful in the premises, economic short coming etc. The cited firm have to appoint employees who having appropriate skills and knowledge which are able to fulfil objectives and goals of them. They are responsible to provide effective and good quality of customer services which are attract people and maintain performance of firm. Try to reduce competitor's capabilities for decrease their work quality.

Staff members of this entity are responsible to use various attractive ways of communication in order to aware their targeted customers. With the help of this process cited real estate firm is able to enhance their performance in international market and try to expand their business as well. Opted different types new technologies and implement them in effective way. Opportunities are considered as positive element for firm. For the same purpose, they have to build team management. Through team working, tasks has been divided among members and distribute between them on the basis of their skills and knowledge. All necessary information needs to be convey to staff members in order to aware them about regular activities of firm.

On the other hand, threats are considered as negative element for the firm. In order to overcome them, firms have to take high level risk through which they can attain goals and objectives. Needs to done changes in preferences of potential audiences and provide property on the basis of their expectations and demand as well. Use appropriate methods or procedure and implement them in effective manner. Have to done modification according to the requirement of the firm.

Also, staff members have to analyse their strength and weaknesses as well for evaluate their actual performance in current market. Every person who is working in firm having different capabilities in order to attain their target. Through which they can reflect in a group and increase work quality as well. Various types of resources are available in entity, members need to use them in effective way. Try to build effective as well as productive real estate team management. Determination of individual competences is play a vital role in the existences of company.

Opportunities of Lindsay Temple Small agent of London.

Decreasing competition- Increasing rate of competition is able to reduce work quality and performance of the firm. Also, it lost market positioning as well. For overcome this problem form have to take reasonable step reduce competition from market. Real estate's sector is increasing day by day which enhance this level in market which is not beneficial for the existing companies. Leaders and managers of real estate organization have to frame plans and strategies which are able to attain their long term as well short-term goals and objectives. Use appropriate techniques for attract large customers and try to change their set of minds as well.

New technologies

Implementation of new technologies is important part of cited small firm. They have to complete this process in effective way. Use upgraded technologies for enhance its performance in international market. It is considered as positive element for entity.

Effective ways of communication

The word communication is stands for transfer of information from one person to another. There are various types of ways which are used by companies in order to communicate their information to people. Ways of interaction that can be use be opted by firm such as internet, advertisement, road shows etc. Information are related to availability of property in different places. Agents play an important role in real estate sector. They are responsible to search property according to the rang and location of customer. After complete searching try to interact with people in order to aware them about that property.

International strategies

Here, strategies are framed and implement related to real estate sector. These are international in nature in order to achieve their set of target and objectives as well. This is the forecasting process but helpful for companies for a future time.

Threats of Lindsay Temple Small agent of London.

Take risk

Real estate sectors have to take high level risk in order to expand their business in international market. Through this process they can overcome their weaknesses and maintain their strength in effective way. If cited firm take risk then it can able to overcome level of fear and enhance their performance.

Legal modification

Changes in legal terms is the biggest threat for firm. Effective changes in tax rates, rent of house of property, capital gain and so on. The term modifications stand for some changes in existing activities and functions. Staff members responsible to do legal modification according to the requirement of company (Business Management (Small Business Enterprise) Foundation Degree Level 5, 2017). They have to follow rules and regulation which are imposed as per the provision of legal terms. They are legally bound to provide best quality of property to their customers. Try to meet expectation or demand of people.

Preferences changes of customers

Agents are work for their customers. They search and deal of property with the real owner on behalf of their consumers. So that, if eventually changes the preferences of potential buyer this having impact on its existences.

Changes in market

Small agents are deals in real estate market. This process having impact on the existence of firm. Most of the modification are not beneficial for them but they have to follow or accept in order to continue their performance in real estate market.

Positioning environment

Various changes or modifications are also created among real estate sector. This can have impact on the existence of firm. Positioning environment is play vital role in this sector which is beneficial for them. Through this process, the performance or work quality has been decreased which is not beneficial for them to attain their set of target and objectives as well. For overcome this threat they have to use effective tools and techniques which having impact on them.

Evaluation of team management and development of real estate sector

Real sectors have to complete their task or goals within team work. Through this research, it has been depicted that team management is play a significant role in real estate sector. The work has been divided among members according to their skills and knowledge. Leaders and managers are bound to provide proper training to their employees and improve their work quality as well. These sectors have to opted various types of tools and techniques which are able to positively contribute in growth and development of company. Higher authorities of Lindsay Temple Small agent of London have to follow plans and strategies which are framed by them and try to implement them in well and efficient manner. Motivate employees to perform task within team working. Through this process continuous growth and development of real estate sector can be achieved.

Team efforts

If staff members are working as a team and use their collective efforts then they are able to attain goals and objectives of firm in well and efficient manner. For this purpose, leaders and managers have to motivate their employees for use their collective efforts in firm. In real estate organization, they jointly search property with the help of using appropriate individual skills and knowledge and to communicate information related to house property to their customers.

Benefits of team efforts are as aligned below

Easily search property

With the help of working in a group, members can easily search property according to requirement of customer and communicate relevant information to them. It can able to consume time of the company.

Easily attain target

Through team management companies able to easily attain their target in effective way.

Coordination among members

When people work in a team, that time they interact with each other and share so many views and information as well. Through this process, coordination has been improving between staff members which is beneficial for firm to attain long term success.

The effective entrepreneurial process must be opted by them firm in order to maintain growth and development of real estate sector. They need to frame strategies and plans in order to meet their target. This process consists various factors and methods which are as aligned below: -

Identify behaviour of members

Understanding the behaviour of employees is important element of company. Through this can easily maintain performance of them and able to identify their strength and weaknesses as well. After this allot work according to their capabilities and skills. Human factor is the main element of real estate sector in order to search property for their customer.

Search property

The main function of real estate's sector is searching of property in different areas. After that communicate information to customers which are related to property such as location, rang, facilities and much more. This process is helpful for people as well as companies. For the same process, agents receive commission from both the parties weather buyer or seller. The rate of commission has been fixed by agents themselves and before conducting transaction they need to properly explain to both parties.

Comply with legal requirement

At the time of purchasing and selling of house various types of legal requirement needs to clear by parties. They have to conduct payment of taxes equal to the amount mentioned under provision of taxes. Real estate sector has to comply with rules, regulation and provision which are imposed on them as per provision of law.

Identification of environmental factors

Both external and internal environment having impact on the existences of firm. But real estate sectors have to identify those factors in order to evaluate that which factor are able to maintain their performance and which are not able to contribute in growth and development of an entity.

Framing of planning

Leaders and managers are responsible to frame plans and strategies which play an effective role in growth of real estate sector. Prepare proper schedule and try to follow for attain their set of target and objectives as well.

Personal reflection on present research

As a researcher, while researching in this report I have learned so many things which can be used in my long-term learning process. Through this I can able to enhance my knowledge and skills related to real estate sector. Above report is related with real estate sector and also define function of agents. I have research so many things related to agents. Able to understand actual function of agents. My concentration and understanding level has been increased through this process. I used so many techniques for conducting research and gathering information related to topic. Team working is beneficial for the company. I can able to working in a team and try to maintain coordination with other members. Team management skills are increased through this process which is helpful for me in long term learning. Receiving lots of information related to Lindsay Temple Small agent of London which play an vital role in real estate business.

CONCLUSION

From the above report, it has been concluded that real estate sectors are deals in the house property. These are able to provide property to their customer according to their expectation or demand. Lindsay Temple Small is the agents of London which search property on behalf of customer in against commission which they receive from buyer and seller as well. The main purpose for chosen of this firm is that, it is more popular than others and people aware about that. Researchers analyse opportunities and threats of the small real estate firm in order to identify current position and market share. Build team working among members to maintain coordination and healthy working environment within premises. Use appropriate tools and techniques for communicate important information with their targeted customers and aware them as well. Growth and development of firm is based on entrepreneurial process which have to opted by cited firm. Also conduct personal reflection on research which is undertaken in this report

REFERENCES

  • Adams, J.H., Khoja, F.M. and Kauffman, R., 2012. An empirical study of buyer-supplier relationships within small business organizations.Journal of Small Business Management.
  • Bridge, S. and O'Neill, K., 2012.Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan.
  • David, F.R., 2011.Strategic management: Concepts and cases. Peaeson/Prentice Hall.
  • Falkenbach, H., Lindholm, A.L. and Schleich, H., 2010. Review articles: environmental sustainability: drivers for the real estate investor.Journal of Real Estate Literature.
  • Garcia, M.R. and Flannery, W.T., 2010, July. Role of the Small Business Development Center assistance network in establishing and sustaining high value-added industries in Latin America. In Technology Management for Global Economic Growth (PICMET), 2010 Proceedings of PICMET'10. IEEE.
  • Gill, A. and Biger, N., 2012. Barriers to small business growth in Canada.Journal of Small Business and Enterprise Development.
  • Goss, D., 2015.Small Business and Society (Routledge Revivals). Routledge.
  • Heller Baird, C. and Parasnis, G., 2011. From social media to social customer relationship management.Strategy & leadership.
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