Real Estate Brokerage Firm example essay topic

Statement of the Problem: This research project will investigate the market in the Northern Virginia area to sustain a new Fairfax Realty Incorporated real estate brokerage firm. Fairfax Realty has been in existence for 14 years and has expanded from one brokerage firm to 7 real estate brokerage locations and 2 real estate settlement companies. The research will establish if is will be profitable to open more branches. The second consideration that this research will have is determining the best locations in the DC metropolitan. Background information on the problem: There is an interesting set of circumstances to consider when establishing the placement of a real estate brokerage branch.

Not only, does there need to be a market for customers whom are seeking homeownership. There also has to be a pool of real estate agents that can sell the homes. There is steep competition to attract the top producers to sell for your branch. The way in which Fairfax Realty has to court the most talented agents by being completely unique. Other real estate franchises charge ridiculous fees for everything from signs to administrative work. Fairfax Realty decided to charge no extra charges for anything.

Other real estate franchises require agents to perform desk duty on a rotating basis. This practice hinders one of the most valuable assets to any real estate agent flexibility. Fairfax Realty remedied this concern by hiring full time receptionists and administrative staff. Other real estate franchises hold mandatory Tuesday sales meetings. Fairfax Realty agents have no mandatory meeting at all. All the sales support they need is given threw the Managing Brokers and for the most part these coaching sessions are one on one addressing the needs of specific transactions.

The Methodology of the Research: The data will be gathered using a variety of different avenues and by using the Multiple Listing Services, as well as, other computer software that is available only to licensed agents to perform the composites of each area. The demographics of the buyers will be researched in formulating the proper marketing materials. The surveys will be collected in a very similar way to the census. The questions on the surveys will be open and closed ended. The survey will be given face to face so that the information will be readily available for use. Responses to each item will be scored using a scaled method to make it easier to find correlations.

In areas were the populations speaks a certain language, there will be bilingual staff to assist. The surveys will be printed in a number of languages and dialects to accommodate the diversity in the Northern Virginian population. Description of the population / sample : The research project will be conducted from January 2003 to January 2004. I believe that is it completely necessary to research for an entire year because real estate is so cyclic.

The sample will consist of 250 residences from each county in Northern Virginia. These homeowners and prospective homeowners data will be collected through a variety of different ways mainly by information obtained by Fairfax Realty, Inc., the US Department of Commerce, the Bureau of Census, HUD and the Housing Authority. The surveys will not go too deeply into detail. The main focus is are you going to buy or sell in the near future? If you have recently done so, what where the deciding factors went into how you choose an agent and a brokerage firm. THE STRATEGY BEHIND DATA COLLECTION: My strategy is simplistic; it is to meet the needs of the homebuyers in the Northern Virginian area.

The information that will be collected will be the primary source of reasoning in the next strategic business move, this why it is imperative that there is a number of various methods utilized in gathering information. I feel that there the real estate market is very understudied even though it is an essential staple the United States economy. To me this means going out to the homes of past homebuyers and contacting prospective homebuyers. It is also critical to have bilingual surveyors that can speak comfortably with people from many different backgrounds. I have decided to utilize other sources such as HUD and the Housing Authority to gather information this is important because the more unbiased the information the more useful.

I am attempting to find out why homebuyers use brokerage firms in a natural state and when the questions / atmosphere is too staged than the answer tend to follow a marked pattern. It is not the intention of Fairfax Realty to create a situation that serves as a false go ahead to build an additional franchise but we want to look at the fact and make a decision based on the truth and what is best for the organization as a whole as well as the customers. Dependent and Independent Variables descriptions: The independent variable is the homebuyer because home will be brought regardless to any other factors. The dependant variable is the brokerage firm / realtor and all the things that those things encompass such as location, usefulness, etc. DIVISION OF HOUSING-NEEDS ASSESSMENT Website at web UNIVERSITY OF PHOENIX website at ecampus. phoenix. edu.