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Local Realtors
2020 – 2023
Strategic and Business Plan
Executive Summary
Established in 2010, Local Realtors services a large part of the Melbourne metropolitan area
Our principal purpose is to provide high quality service that satisfies our clients’ needs.
We draw on our established relationships with industry and other stakeholders to ensure that our services are appropriate to the demands of our clients and consistently meet their expectations.
Quality is maintained in compliance with the Realtors’ code of ethics and through our continuous improvement system.
Mission
Local Realtors provides high quality services to property sellers and purchasers.
Values
The core values underpinning our activities are:
- Sustain excellence in customer service
- Promote innovation across all of our business operations
- Embrace difference and diversity
- Demonstrate integrity and equality of opportunity in all activities
- Operate with openness and accountability
The market
The housing market and the real estate industry have been unstable for several years, and the outlook is for continued unpredictability. There has been a dip in mean housing sale prices across the board, and investors are looking elsewhere to make their money.
The current, historically low, interest rates mean that purchasing a house is within reach of more people than ever before. Historically high rents in the inner city mean that paying a mortgage on a house in Melbourne’s suburbs can be cheaper than renting in town.
Overall strategy
Local Realtors intends to support a number of initiatives that will establish the organisation as THE real estate agent that first home buyers turn to.
This involves an investment in staff training and in marketing.
Our staff will continue to provide exceptional client service, oriented towards helping the first home buyers through the process of property purchasing.
The company’s specific objectives are set out on the following page.
Strategic Objectives
Over the next three years, Local Realtors will pursue the following specific business objectives:
Personal objectives for owner:
- Hire an additional agent before workload cuts into time necessary for marketing and company direction
- 20 invitations to area speaking engagements in 2020
Business objectives:
- Exceed $1.7 million in revenue in 2020, $1.9 million in 2021, $2.2 million in 2022.
- Exceed 700 leads in 2020
Strategic objectives
- Be ranked in the top 5 real estate agencies for first-time home buyers in Melbourne Homes Magazine
- Achieve 100% customer satisfaction
Tactical objectives
- Customer testimonials of at least three sentences written by 75% of successful home buyers
- Increase number of agents employed by Local Realtors to four by the end of 2020.
Marketing
Local Realtors seeks to make the process of buying a first home a relief for clients, offering them such great service that all of their fears associated with the process will disappear. Through this, Local Realtors hopes to make home ownership, and the financial, emotional, and psychological value that comes with it, happen for as many people as possible. Ideally, the ideas and process of how customers are treated at Local will be shared with similarly-minded real estate agents in other towns and states so that the reach of the company’s impact goes well beyond its locale.
A couple signing up with Local Realtors will find themselves surprised from their first interaction about the level of care and thoroughness. Through simple language and some probing questions, the real estate agent will unearth the couple’s desires for their home as well as their fears. The Local agent seems to have seen it all before, yet does not come off as cocky or dismissive of these fears – such as the couple’s fear of being taken advantage of, of buying more home than they can afford, of learning about issues with the home only after the closing, or of spending more than they should. On the contrary, the Local agent will provide information and assistance that shows the couple from the start that there is no need to be exceedingly anxious through this process. That anxiety will slip away as the couple’s trust for their agent builds and it will be replaced by a feeling of excitement and adventure as the couple starts to see each home as a possibility.
A Marketing Plan is being developed that details the current and new marketing programs and practices of Local Realtors which will lead to establishing and consolidating this reputation.
Situation Analysis
| Strengths | Weaknesses |
| Price, value and quality Clear understanding of client requirements Delivery mode suitable for client requirements Committed to quality ethical practice Ability to adapt to changing market conditions Competitive pricing Friendly organisational culture | Difficulty in finding skilled salespeople Lack of leadership and management skills of existing workforce Lack of diversity in workforce |
| Opportunities | Threats |
| Target market experiencing growth To target other States and Territories Low mortgage rates | Changes in Industry legislation Possible adverse effects of government policy changes High level of competition from other real estate agents Predicted uncertainties in the world economy impacting level of demand for property purchases Failing to satisfy clients’ expectations Unskilled workforce |
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"96% of our customers have reported a 90% and above score. You might want to place an order with us."
