Part 1:

Agency name: XYZ Corporation

Start date: 17th September 2024

Completion date: 26th September 2024

Research and develop one prospecting strategy for the Sydney Metropolitan Area

Services provided by the agency

• The organisation assists in the process of diverse portfolio management in case of property dealing
• Specialising in residential property management for clients
• Rental information management to the employees
• Property purchase and selling assistance to the clients

Resource used

Corelogic.com.au, (2023). The long game 30 years of housing values. Retrieved from: https://www.corelogic.com.au/__data/assets/pdf_file/0015/12237/220829_CoreLogic_Pulse_30years_Finalv2.pdf [Retrieved on: 18th Sept 2024]
Lawcouncil.au. (2024), Property law in Australia. Retrieved from: https://lawcouncil.au/legal-practice/our-committees/australian-property-law#:~:text=The Australian Property Law Group,major areas of property law. [Retrieved on: 18th Sept 2024]
Ryan-Collins, J., & Murray, C. (2023). When homes earn more than jobs: the rentierization of the Australian housing market. Housing Studies, 38(10), 1888-1917. https://doi.org/10.1080/02673037.2021.2004091

Geographical area

Sydney Metropolitan Area

Socio-economic climate of the area

The diversity can characterize the socio-economic climate in Sydney, especially in the field of employment and income level. There are several income groups living in the same city along with widespread opportunities for employment. Sydney is a place where the average household income is one of the highest in the whole of Australia (Ryan-Collins & Murray, 2023). This is because of strong employment opportunities in Sydney especially in the educational, healthcare, finance and technology sectors. Not only the employment opportunities and economy but also transportation and connectivity are strong in this area. Therefore, due to these facilities of living, housing affordability in this area become a challenge.

Figure 1: Search result
(Source: Self-developed)

Figure 2: The value of residential houses in Sydney in the last 30 years
(Source: Corelogic.com.au, 2023)

The above figure carries evidence that in 1992, the value of residential houses was 221,770 USD and in 2022, it became 1,346,190 USD (Corelogic.com.au, 2023). The house value has increased by 1,124,420 USD in the last 30 years. The significant factor is that the unit value has risen by 340.1% while the value of residential property has risen by 507.0%. This difference leads buyers to find alternative options in outer suburban areas. As a result, in Western Sydney economic transformation have been witnessed. New investment opportunities have been created in both residential and commercial developments (Zhang & Gurran, 2021). Meanwhile, it is the pandemic situation that shifted the preferences of people, especially after remote work habits in post-pandemic situations. It leads towards a shift in residential preferences that makes people choose larger properties especially those which are further from the mainland city. It helps in the development of Western Sydney by grabbing the attention of investors, especially in the real estate business.

Growth conditions and prospects in the region

Figure 3: Search results
(Source: Self-developed)

There is a high level of real-estate business growth in the region as the demand for people including students and working employees for living in the metropolitan area of Sydney is rising (Ryan-Collins & Murray, 2023). Currently, the level of rent in a few regions of the Sydney Metropolitan area is higher than the salaries people receive from working in this area (Searle, 2020). This provides information about the demand in public regarding an option of moderate and low-cost rent in the region.

Figure 4: Increase in the income from housing as compared to business in the Australian metropolitan area
(Source: Ryan-Collins & Murray, 2023)

The planned introduction of the Western Sydney International (Nancy-Bird Walton) Airport in 2026 will increase the number of people in this region through an increase in the opportunity to travel (Jazbec et al., 2020). Learning about the process of the overall work and gaining an idea about the demands of common people is necessary. The development of an idea about the Australia Property Law can help contractors in the development of better housing areas for people willing to settle in the region for study and job-related purposes (Lawcouncil.au, 2024).

The high rate of existing homes in the region and an overall low scale of developing new housing apartments and facilities can be seen till 2015 (Ryan-Collins & Murray, 2023). The overarching objective of creating better accommodation facilities for the people in the Metropolitan Area after the development of education and job opportunities has helped in starting the housing development process (Searle, 2020). Apart from that some people are considering the process of remote working in the region as an effective idea of business.

Prospecting strategies

• The introduction of a digital marketing process by application ofGoogle ads can help in finding effective properties for people in the metropolitan region of Sydney (Ryan-Collins & Murray, 2023). Apart from that introduction of new property advertisements in front of possible buyers in the region can help in the system of business development.
• The process ofe-mail marketing can also help in the process of customer community management in the case of property management.

Relevant information

The development of an effective customer community is necessary for learning about the requirements of the clients. This information helps in providing effective services regarding property in the Sydney metropolitan area.

Developing prospecting strategy in the area

The introduction of Google Ads and E-mail marketing can help in the development of the customer community. This community can help in gaining information about shifts in property prices and information about customers demand.

Resources

• 50 to 80 skilled staff and construction workers
• Machine learning tools for staff briefing

Cost: 1 million AUD is necessary

Maintaining compliance with the property and business management law is necessary to conduct property-related business in Australia. Apart from that, maintaining ethical compliance with the people involved in this work process will be necessary.

The involvement of 50 to 80 staff is necessary in this business venture.

Recommendations

• The development of an effective consumer community is necessary for learning about the shifts in customers' demand and regulation changes in the overall property market of Sydney.
• Gathering information on the property market from news and government articles is necessary for the verification of the rates of properties in the region. Effective information regarding the rate of auction clearance in the region is also necessary in the region (Easthope et al., 2022).

Part 2:

Figure 6: XYZ Corporation management profile
(Source: Self-develop)

The XYZ organisation has been dealing in the business of property assistance for 5 years. The employee strength of this organisation is 50 including property managers, support staff, and administrative personnel. This organisation is helping its customers in sectors like diverse portfolios, specializing in residential, commercial, and mixed-use properties. The current revenue for this organisation is 5 million AUD.

Expected growth protection

Based on the information on property demand in the Sydney metropolitan region the growth of business is inevitable for the XYZ organisation (Ryan-Collins & Murray, 2023). Based on the demand in the area minimum of 5% and a maximum of 12% growth of the organisation can be expected.

Boosting human resource capacity in the agency for better business

Each of the staff working in the company should be trained according required skills of the organisation. Boosting their capability to handle 3 clients each can help the organisation in helping 150 clients to find homes in the metropolitan area of Sydney.

Conclusion

Boosting the number of skilled staff in the organisation from 50 to 100 is necessary for providing property-related service to a large number of customers in the business.

Part 3:

Based on the current portfolio of the XYZ organisation the company provides advice to the customers regarding property purchase and selling advice for customers. The demand for the service in the City Metropolitan area is good however introduction of a diversified service can be an effective future business development of XYZ organisation. Providing service to customers regarding property rental in the region can help many office-going people and students find accommodation in the metropolitan area of Sydney. An increase in the number of customers is also possible in this process. This process can help the company widen its business portfolio. The diversification of business can become possible from the increase in investment in the business. Providing effective service to the clients and maintaining a strong line of communication can help the real-estate business in getting referral programs in the overall business. According to Khan et al., (2022), business referral by effective customer service effectively helps a business in the process of marketing.

Conclusions:

It can be concluded that communication development with customers in the overall business and management of the overall business according to Australian regulations is necessary in the market by the XYZ organisation. An increase of the business portfolio by investment and the introduction of new skills in the business can certainly help 8in boosting the business.

Recommendations:

Based on the information on portfolio mix better investment planning and diversification of business can help the XYZ corporation is boosting its business. The introduction of skilled workers in the organisation can also help in boosting the overall business performance in the organisation.

Are you struggling to keep up with the demands of your academic journey? Don't worry, we've got your back!
Exam Question Bank is your trusted partner in achieving academic excellence for all kind of technical and non-technical subjects. Our comprehensive range of academic services is designed to cater to students at every level. Whether you're a high school student, a college undergraduate, or pursuing advanced studies, we have the expertise and resources to support you.

To connect with expert and ask your query click here Exam Question Bank