Executive Summary
The Key Elements of the Plan for the SME
Businesses have adopted internet commerce due to the present boom of technical developments. The real estate industry has been quick to absorb these technologies. This study aims to genuinely help stakeholders understand the importance of e-platform concepts in the industry. The report also assists new entrants to real estate platforms in understanding the critical factors for their businesses to succeed. Furthermore, the research assists essential players such as real agents, property owners, telecommunications companies, and renters in understanding the function of real estate platforms. Finally, the article allows future researchers and practitioners to compare the qualities of e-platforms and optimal marketing strategies that might contribute to competition in the real estate market.
How Adopting New Technologies Will Help the SME Meet the SME’s Client’s Requirements
Housing, long viewed as one of the essential human settlement commodities, has recently become very personal and competitive. The residence guards against crime and promotes a healthy environment. On the home level, it is a barrier to behavioral patterns, while on the societal stage; it strengthens social relationships among its members. In economics, it resolves isolation from other demographic groups while reinforcing uneven access to employment. Overall, it is inextricably linked to issues of distributive justice.
Technology has freed numerous businesses from the constraints of advertisement in electronic or print media when it comes to reaching new and existing customers. The technological era made the world a global village in many spheres. Internet marketing encompasses a simple educational website, search engine advertisements, and online product sales. Electronic mail marketing is a simple and inexpensive approach to contact many individuals with newsletters, offers, or company information. Property.ca Inc. Brokerage’s implementation of a new dynamic website will transform operations and service delivery in the Canadian real estate market.
A website for a real estate agency is one of the most effective strategies to keep and attract consumers. Most people nowadays are incredibly connected and utilize various types of social media like Instagram, Facebook, and Twitter. All media platforms offer information consumers require when looking for different houses around town. Adopting a website at Property.ca Inc. Brokerage will enable easy access to clients’ requirements, business imperatives, and achieving the set goals.
The redesigned website improves SEO by providing more material to search engines for better access to the organization. The new website will also enable Property.ca Inc. Brokerage to ensure instant response to an email from customer inquiries and offers a competitive edge among other real estate players. It assures a more extensive audience reach because the website is accessible day and night. A significant benefit is having a website available seven days a week, 24 hours a day, without interruptions for vacations or weekends. Whereas the physical store is closed during the night, the online store may continue to sell and generate revenue by serving clients at any appropriate time. A website enables the organization to broaden its target audience and conduct business with clients who live in distant locations. Property.ca Inc. Brokerage will benefit from a website in terms of brand awareness and recognition. It will improve internet exposure and discoverability while also increasing brand recognition. Numerous backlinks from reputable sites to the company increase the firm’s reputation.
SME Business and Technology Current State Analyses
Key Business Information
Property.ca is Toronto’s most technologically advanced new real estate agency, providing customers excellent service in all facets of the company. This forward-thinking firm offers offices in the Distillery District, Leslieville, High Park, Vaughan, and special teams, MrLoft.ca and Condos.ca. Brokerage sector real estate search results with detailed price and survey statistics to assist consumers in making informed purchases.
Property.ca Inc. Brokerage is a leading accuracy estate firm that offers a personalized menu of high-quality services suited to individual needs to optimize the profitability and capability of the asset. The success in achieving these objectives, together with the well-regarded image, has allowed the brokerage firm to establish ties and collaborations with clients from all over Canada.
The Property.ca Inc. Brokerage focuses on the real estate industry in Canada, intending to link those who wish to buy a house to the market. The brokerage operates in the Real Estate industry and offers employment to over fifty employees in Canada.
- Mission: You offer full-service property investment services at a reasonable price to property buyers and sellers.
- Value Proposition: Offer less to acquire and sell your house.
- Target Audience: Price-conscious house sellers and purchasers.
Overview of the Company’s SWOT Analysis
First, the firm may function online and entice clients to utilize its products. The company’s client base will grow due to the website’s implementation. People nowadays prefer to use technology to acquire information and purchase goods. As a result, the organization is positioned in line with current internet business trends. Online operations assist the firm in lowering its operating costs.
Moreover, online channels save costs without severely impacting system performance. As a result, website adoption is among the company’s essential tactics. Second, the organization features an impressive, comprehensive, and thorough visualization system. It contains information about medium prices and price heating, among other things.
- Strengths – The firm focuses on conquering the domestic market that has been on a growth trajectory for the past decade. It has a vast sales network and youthful tech-savvy employees to help communicate with potential clients. The need to invest in a website is a strength because it shows the company’s willingness to transform and conform to the technological needs of the market.
- Weaknesses – The Company has done insufficient research, which hinders the development process. The Canadian real estate market also presents stiff competition for brokerage firms.
- Opportunities – The market allows opportunities to make profits as businesses improve from the recent recession. The profitability and the high growth in the real estate industry are signs of a promising future.
- Threats – The cost of business operation in Canada are increasing, and competition is also growing while profitability has been reducing. The market has also been experiencing unstable property prices in the recent past.
SME’s External Issues
The real estate industry is continually evolving, bending, and reforming each year, much like the rest of the globe. When it comes to the elements influencing commercial and residential real estate, they include government regulations, socioeconomic considerations, demography, and technology. An examination of the Canadian real estate business reveals that the reasons that generally cause home prices in most locations only explain a small portion of the increase. The economy, interest rates, demographics, and government regulations are all regarded to play a significant role in determining housing costs.
The forecast for the availability of capital which is a critical concern for real estate investment and growth plan was one of the most significant adjustments. Different loan and equity financing sources are projected to be less available than in recent years. Based on this year’s study, there are numerous reasons why corporate capital would not be as available as before for Canadian real estate.
The Russian-Ukraine conflict is bad for Canadian real estate. The disagreement is anticipated to increasingly worry about inflation rather than growth, raising risks to the rates outlook. If there was some possibility that the Bank of Canada would pause its planned run of interest-rate rises from 2022 to 2023, which would raise mortgage rates, that opportunity has undoubtedly vanished. Because of the conflict, it is difficult to envisage the housing market getting more vibrant than it is today due to a slew of uncertainty.
Critical IS/IT Information
It is apparent that data, and technology in general, have played and will likely play an essential part in the industry’s continuing development. There is a need to make more data-driven judgments going into the future. Data enables real estate experts and organizations to aggregate information and analyze patterns to provide the utmost up-to-date views while allowing present and future property ownership to be transparent. Although all of the fantastic insights data can bring, many people still equate technology in the real estate industry with virtual home tours. In truth, technology will continue to affect corporate and domestic real estate in Canada in various ways.
Technology impacts every aspect of property listings, feasting from employing drones to gather aerial photographs to leveraging big data to construct markets that exhibit information on house value patterns, technology impacts every aspect of property listings. Virtual tours will remain widely used in property viewing and photography, as well as computer-aided designing to exhibit space combinations and the utilization of Artificial Intelligence to deliver more focused search results.
Digital Adoption Analysis and Recommendations
The commercial real estate business needs to be more active in accepting technology. Although most sectors have acknowledged the necessity, numerous commercial real estate businesses still continue to do business the traditional way. Real estate firms must adopt new ideas and techniques to be competitive. Although economists debate whether Canada is technically in a depression, it is clear that many Canadian businesses are struggling economically. The real estate business must brace itself for a slump.
Users must grasp both the project technology’s advantages and how to utilize it for successful adoption. The organization should communicate early and frequently to ensure users understand the need for the latest technology, how it benefits the organization, and how it will improve productivity. Then, provide practical training that covers how users interact with the innovative technology and offers instruction on all essential features. Other ways include using statistics to demonstrate the effect and highlighting the advantages of new technology.
Implementation
The vendor should be hired to implement the company’s website. They will be in charge of all aspects of the project, from assisting with the brand makeover to gathering comprehensive requirements, creating the design and development guidelines, installing the content management system, and debugging. The company has a role to play but should delegate responsibility for the vendor’s performance. The advantage of this technique is that it ensures the vendor is deeply familiar with their technology and knows what they can and cannot achieve. Hiring a vendor to implement the website saves time and ensures that all operations are done in a professional manner. The company is also able to monitor the return on investment after a certain period.
Optional elements
The optional property can override an element type’s basic behavior. A wide variety of components supports the essential attributes, and incident attributes can enable element types to define scripts that execute under specified conditions. If anything the organization needs does not operate as expected in the content management system, the ideal provider will be forthright and honest about it to increase trust.
Key digital solution characteristics
Digitalization decreases transaction costs by streamlining and speeding up access to data and communication between employees, vendors, and networking. Digitalization may improve SMEs’ forecasting ability, streamline operations, enhance vendor and consumer networks, and ease business. Visitors to a real estate website may search via several categories, such as property type, amenities offered, and pricing. It makes it simple for folks looking for any property in the region.
A nice feature of a real estate site is that prospective customers may look at it whenever they want, using their cell phones or laptops. It is optional to pick up a paper edition of a magazine to locate residences in the neighborhood. People may also use a website to set up a notification that will notify them when new postings are read online. Clients of a website are much more inclined to devote more time to it due to the amount of information on the various homes in town that they can readily access. It spares them energy and time because they do not have to travel around the city seeking housing possibilities.