Wilson Moore Real Estate Agency Commerce Essay
The report is written about Wilson Moore Estate and letting that is managed by one person who is the owner. The Wilson Moore is oriented to residential property. This business is engaged in primarily for profit.
Fallowing topics included in the report which reflect agency “life” are: History of Company, Type of business organisation, Organizational structure, Product and service, Customers, Communication system, External and Internal factors that affect photo studio, SWOT/PEST analysis. In the end of report you find conclusions and recommendations.
Terms of Reference
On 8th October 2012, my Business Management teacher Vivienne Bates requested a 2500 word report on the organization where I completed my Work Experience Module for FETAC 6 Certificate in Ballsbridge College of Further Education. This was to be submitted by the 5th December 2012 and recommendations were requested. I chose Wilson Moore Estate and Letting Agency situated on Charlestown Shopping Centre, Finglas, Dublin 11.
Method of Procedures
In order to obtain relevant information, the following procedures were adopted to acquire the information in the report:
I had to do my work in Wilson Moore estate Agency for 300 hours from September 2012 as part of my Advanced Business course in Ballsbridge College of Further Education.
I was given information about agency by owner Christina Wilson and other colleagues. As part of my research I also used an internet. The agency has its own web page: www.wilsonmoore.ie
Wilson Moore Real estate agency offers services of selling, purchasing and renting out of residential properties. Generate lists of properties which going to be sold or let out, including details such as location and features, photos of the property. Property is advertised in various ways. Prospective home buyers or tenants have access to see the property they are interest. Agency staff is intermediaries between buyers and sellers, tenant and landlord. They also play the role of negotiator. Vendors and landlords are advised on prices, market conditions, and other related information. Agents should prepare documents such as purchase agreements and deeds, loyalty contracts, although ensure that all contracts are fulfilled.
What is the environment and how you can analyse it?
The business environment is determined by many factors: the position of specific companies, product/service market, neighbours, infrastructure, business traditions and more.
The marketing environment is doing a significant impact on the companies. There are two main marketing environments: micro and macro environment.
Companies can influence the micro-environment, but do not have any possibilities to influence macro-environment. A strong domestic economy, as well as clear and stable political, legal status allows the company to successfully plan your business and achieve good performance.
Environmental analysis of give name of your company
Some sales and letting agents work in a typical office environment, another spend much time away from office and are showing properties to customers, travelling to see properties for sale or for rent, and meeting with prospective clients.
Micro Environmental Analysis
A key element of the organization's internal environment is a human being. People who work in the organization are the most significant factor in achieving company goals.
Vidinė verslo aplinka
apima visą organizacijų vidų ir santykius tarpusavyje, tarp vadovų ir darbininkų. Tai labai svarbu norint pasiekti šiltus ir jaukius santykius organizacijos viduje.
Vidinę aplinką formuoja jos tikslai, struktūra, uždaviniai, technologija ir dirbantieji žmonės.
The internal environment is highly dependent on members of the organization of business communication, from disciplinary business etiquette.
The primary business objective is to customers, users; organization depends on their success, so they can be considered part of the business
The buyer is a natural person or legal entity who wants the other person to purchase a product or service and is committed to pay for it the money.
Pirkėjas – tai fizinis arba juridinis asmuo, norintis iš kito asmens įsigyti prekę ir įsipareigojantis už ją mokėti nustatytą pinigų sumą.
There are a signifant number of people with good jobs who will be able to get loans,
Investors compete with first-time buyers to buy residential property during the property boom, one of the factors blamed for spiralling prices. But those investors have left the market.
Every property market needs investors, said Mark FitzGerald, who believes the Budget took a balanced approach to encouraging both first-time buyers and investors.
Cash buyers account for between a third and a quarter of sales at the moment, according to agents, but real activity in the housing market won’t start until buyers can get loans.
There is a shortage of the three and four-bedroom houses in traditional inner suburbs in north side and Southside Dublin – the kind of properties its clients are looking for – on the market.
Iintermediaries are firms that help the company to realize and sell goods or services to customers.
Wilson Moore is intermediary itself; company is as a middle men between vendor and purchaser; landlord and tenant, but the company also has another mediators: solicitors
Solicitors, architects, surveyors
Competitors are market participants that offer potential buyers identical or similar goods or satisfy the needs or service. Usually a number of companies trying to sell the same product or service, so between companies standing rivalry for the customer. Organization's existence depends only on the ability to find customers for their products or service. Competitors are always side by side, when company is searching for consumers, so this fact cannot be ignored. Here is one way out - know a competitor; know his intentions, aspirations and work better than the competitor, meet users' needs better than the competitor, try to gain a strong position in the market.
As every business Wilson Moore has as well as direct and indirect competitors that make a huge impact on agency's life, development, survival. Here in Ireland are about 1400 real estate and letting agencies, which consists of enormous competition for Wilson Moore. Although the company is relatively young in property business sector, but has achieved impressive results. Wilson Moore is in the top 10 estate agents in Dublin. So the main competitors are companies like Cherry Fitzgerald, Savills, DNG, GWD, Mason, Lisney, and many others. Indirect competitors for property sector and Wilson Moore as well are people them self, they want to sell or let out their property without agencies. The reason is that people are lack of finances and try to save any penny.
Identify Micro factors that affect your company- try and have four factors
Publics- community, media, stakeholders
Macro Environmental Analysis (try a minimum four points)
Socio - cultural environment is the element of the macro environment, it reflects the society’s influence on the company, and could impact decisions and implementation of the company.
This element of the macro environment is considered one of the most complex, requiring long-term information storage and coherent data analysis.
New technology is making its way into people's lives a very fast pace. Quite often the emergence of new technologies encourages the collapse of the old ones. Each technological breakthrough is the ability to meet customer needs, which is a key objective of the marketing.
Technological progress has changed not only the pricing but also the accounting and billing procedures with clients; mass media and communication tools almost always becomes an advertising carriers.
Wilson Moore is using technology in many ways: Each employee has a computer that has a direct connection to the Internet, telephone on your desk
Wilson Moore offers the facility of producing a unique ‘virtual tour’ video of your property to be displayed on all websites within 24 hours.
An organization cannot be indifferent to economic trends. The country's economic situation changes in demand, supply, and its priorities. Energy prices, inflation, stock, credit, etc. depends on the economic situation.
Currently, there are drastically fall in real estate prices. Many people, who do not even dreamed of being able to afford housing, today can fulfil their dreams. However it applies to those who buy for the cash, unfortunately much harder to get a loan, when prices are falling.
Interest Rates, Unemployment,
Politics and Law
Politics, government, legislators, courts have considerable impact on the business. This affects the amount of tax or benefits, greater or lesser duties, requirements for hiring workers, and more. As well political stability attracts investors and capital from abroad, however when the political stability is decline the capital begins to ‘’run’’ country.
Wilson Moore is not an exception; it is directly affected by the political and legal factors, for example:
Many real estate agencies work more than a standard 40 hour workweek, but Wilson Moore agency has fixed working hours, and do not exceed the limits which are provided by labour laws.
New buyers will not be entitled to get mortgage interest relief after 2012. That mean, that people who will buy houses after 2012 be fully abolished until 2018.
Nauji reikalavimai landlordams.
It shows the importance of external actions that organization cannot control and which influence is very important for decision making
SWOT (introduce SWOT what is it?)
SWOT analysis is used in the strategic planning of the company. It examines the internal and external factors that may be helpful or unfavourable to the business.
Strong brand name
promotion + advertising
good relationship with a customers
good relationship with intermediaries
Employ more staff, if banks continue to lend money
Career in property sector
Recruiting staff is extremely difficult
People do not want to work in the property sector
More and more people bypass Agency Services
Banks do not lend monies
Stamp duty rates
Removal first time buyers
Upcoming payment for water meter
Reduction in rent supplement
Company's reputation has been achieved by hard work, by providing high-quality services and top class results. The strong brand name Wilson Moore got in 2010. It was decided that Wilson Moore has the most famous name from the 1400 estate and letting agencies that advertise with daft.ie and myhome.ie. Wilson Moore is most recognizable on the Westside and North side of Dublin.
Employees who are working for an Agency is reliable, responsible, well-versed in their job, help each other in carrying out duties. Not all workers have an education or experience to work in the real estate sector, but this is not a problem, because new staff be trained in the agency.
The Agency has many satisfied customers, so who was buying or selling a house, or those who wanted to lease or rent a living space. Numerous happy people are leaving good feedback about the agency's work in various web pages.
Also Wilson Moore has a good relationship with its intermediaries, such a solicitors, surveyors, architects, engineers, etc. But the first Wilson Moore is intermediary itself (company is as a middle men between vendor and purchaser; landlord and tenant).
Weaknesses: One of the weaknesses is that recruiting staff is extremely difficult; people do not want to work in the property sector. Here is a significant lack of professional in this sector because educational institutions prepare a very small amount of graduates. It is unpopular to studying the property economics, auctioneering, etc.
Another weakness is that more and more people bypass agency services. In these difficult times people are trying to save money, so they are trying to sell or let their property without agency.
Banks do not lend monies as easy as people would like to. For this reason agency is losing prospective buyers and investors.
Opportunities: Wilson Moore has no plans to expand, but if banks continue to lend money for people company will be able to employ more staff. Another opportunity is to work with WM that would be a good experience for people who want to pursue their career in property sector.
Stamp duty rates
Removal first time buyers
Upcoming payment for water meter
Reduction in rent supplement
Household charge Household Charge confirmed at €100 in 2012
DIRT Increasing from 27% to 30%
PEST (introduce PEST, how those factors impact the company?)
PEST analysis is……….and consists……………..it shows……..
PEST analysis most commonly done in preparation to establish a business in foreign countries or expand into other markets, and to determine the country's macro-environment. This analysis is also a useful strategic planning tool that may allow to understand the growth of the market and fall factors, business position, potential and direct operations.
Political elements ( what are the most significant factors and how will they impact the company)
Porters Five Forces ~: Questions to be asked for each aspect (5faktors): Put diagram, , switching cost, who has the power? Differentiation, Ask high/low
Nuolat kintanti ir nenuspėjama marketingo aplinka turi įtakos įmonės veiklai. Vykstančių toje aplinkoje pakitimų negalime vadinti nei lėtais, nei lengvai nuspėjamais. Ji gali pateikti didelių netikėtumų ir sukrėtimų. Taigi įmonė turi įdėmiai sekti visus aplinkos pakitimus, naudodama tam ir marketingo tyrimus, ir visas turimas galimybes einamajai išorinei marketingo informacijai rinkti.
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