Introduction
Strategic planning is a systematic process that aids in creating goals for an organization’s future and determining the best way to accomplish them. Its main objective in the real estate business is to link three crucial areas: mission, vision, and plan. A real estate company’s mission statement should identify its primary goals, its vision should detail how those objectives will be attained, and its business plan should detail how those objectives will be implemented. As a result, Brookfield Asset Management’s approach focuses on high-growth, supply-constrained regions with high entry hurdles and appealing tenant bases.
Key Objectives
Brookfield Asset Management’s principal objectives are to maintain the company’s present activity levels, produce significant expansion, and build franchise value. Implementation includes investment strategy, growth investing, transition funds, and insurance products, all of which assist the organization in achieving its objectives (Brookfield: Investor day, 2022). In addition, the organization details the processes and procedures that make up the strategy that will be used to achieve the goals it has set for itself.
Market Development and How Your Ideas Fit
A market development that Brookfield Asset Management should consider is budgeting for marketing costs. Creating and adhering to a marketing budget is key to successfully growing a real estate company. Numerous channels, including real estate websites, email marketing, social media marketing, and postal marketing, are where Brookfield Asset Management invests its marketing budget (Smith, 2021). As a result, the company’s spending must be determined by its target market. Clients in a metropolis, for instance, would need internet marketing, whereas customers in a rural location might need a different strategy. Therefore, different markets require approaches that will maximize profitability.
Process Improvement
Brookfield Asset Management requires a process change that will help them cut costs. This can be accomplished through reorganizing procedures, improving organization, and increasing visualization, all of which will make it simple to recognize redundancies and other elements that ultimately result in increased overhead expenses. Due to this, unnecessary tasks will be eliminated because they will no longer be required. Due to the reorganization, the company will be able to reallocate its resources, resulting in lower overall costs and improved operational efficiency.
Development of People
The current strategic plan for Brookfield Asset Management needs to develop employees’ well-being and safety. This development can be done through three steps to ensure their safety and well-being and produce optimum performance. The first step is the identification of potential sources of stress. If the nature of the issue is not grasped, then no effort will be adequate. To foster better mental health in the workplace, a strategic plan must first identify workers’ stress sources (Raman, 2022). Second, the implementation of initiatives for the mental health of employees should be contained in the strategic plan. Finally, the strategy should recognize personnel for the effort they have put into work.
Product/Service
The real estate holdings in this portfolio come from a wide variety of categories, such as office, retail, multifamily, industrial, hospitality, triple net lease, student housing, and mobile housing assets. I plan on dispersing the portfolio’s holdings by updating subscribers monthly with a newsletter that summarizes the previous month’s blog posts and contacting relevant parties whenever I come across relevant property listings. In addition to providing a link to the complete listing, I will also provide photos of the properties, a video tour of the home, and a virtual staging of the property. There are also long-term initiatives to raise standards, which will help me to be more reliable in my delivery.
Key Performance Indicators (KPIs) to Measure Performance over Time
Metrics and KPIs in the real estate market are quantitative measurements of success. Many areas of business, from the efficiency of individual real estate agents to the profitability of investment properties, can be evaluated with the help of these measures (Brookfield: Investor day, 2022). The internal rate of return, interest coverage ratio, percentage of units sold in advance, annual growth in real estate demand, and the average cost of building per square foot are all indicators.
Recommendation
Brookfield Asset Management’s responsibility is to ensure a secure working environment for its staff. This can be accomplished by strictly adhering to the Occupational Safety and Health Act of 1970, often known as the OSH Act (Department of Labor Logo United States Department of Labor, n.d). The law was enacted in 1970 to protect workers from being killed or injured while on the job. Employers have the responsibility of ensuring that their workers are not exposed to any hazards known to the public, as this is a legal requirement.
Conclusion
Real estate companies, in general, greatly benefit from strategic enhancements. To ensure that the company’s products and services are of the highest quality, they often oversee the implementation of any necessary changes. These improvements enable Brookfield to concentrate better on what matters most to the business, respond to changing market conditions, improve current processes, and train and educate staff to develop cutting-edge new services and products.
References
Brookfield: Investor day. Brookfield Asset Management (BAM). (2022). Web.
Department of Labor Logo United States Department of Labor. OSHA Publications | Occupational Safety and Health Administration. (n.d.). Web.
Raman. (2022). How to improve employee wellbeing with 5 steps. Reflect. Web.
Smith, S. (2021). 9 real estate marketing strategies to expand your business: Bplans. Web.