MGT101A The Globalization of Real Estate Assignment Sample

Management Solutions for a Changing World

Contents

Introduction..

Findings.

Management of Concepts.

Ethical and Sustainable Practices. 

Communication.

Effectiveness in A Collaborative Working Environment

Ray White in Sustainable and Ethical Management

Ray White in Communication Management

Issues and Recommendations.

Conclusion..

Reference..

Introduction to The Globalization of Real Estate

The Australian real estate sector has been emergently developed as a significant and one of the most developing industries in the global market. The advent of globalization in almost every industry and industrial practice has also boomed the globalized force of the real estate industry (Rogers & Koh, 2017).

Ray White is one of the renowned and successful real estate and property consultants and companies in Australia with its establishment supposed to be since 1902. The company also operates 440 offices successfully across various corners of the world including New Zealand, China, Indonesia, Hongkong, the Middle East, and the USA.

Ray White real estate company deals with a number of verticals in the property and real estate sectors such as in residential, commercial, and rural properties in company with the hotel, marines, property funds and investments, and so on.

Findings of The Globalization of Real Estate

Management of Concepts

Ray White as a renowned real estate firm in Australia as well as around numerous countries, has not only created an impact on the Australian real estate market but also has raised a bar for the emergence and evident requirement of sustainable practices, ethical treatments, and welfare policies and reforms in its operational areas.

Ethical and Sustainable Practices

The real estate industry has the most urge towards the development of sustainability in its operational orbits as this industry has a great deal of influence on the environment, economy, and society i.e. the three pillars of sustainability (Priess et al., 2017).

Being one of the most lucrative real estate firms in the national as well as international range, the call for the espousal of sustainable and ethical exercises such as green buildings, green construction, etc. in the force of performance and functioning has a prominent scope. According to the sustainability reports of Ray White, the concept of sustainability and ethics has become a prime attribute in recent times for the sake of management and efficient maintenance of energies, environment, and green resources available in the environment.

Communication

Traditionally, the real estate firms had the scope for only its operational carriages and no deal with the relationship management theories and communication development practices. However, with the advent of global cross-culture values and integrated workforce approaches raised the vitality for the industry to engage in the networking and communication structures (Friedman, 2017).

Ray White Ltd. commits towards the provision of an open communication tool to its clients and prospects in order to achieve numerous objectives that are linked with the serviceability of the organization. The company focuses on achieving high-end technology assistance for providing its clients with ease of accessibility and reach, optimum quality delivery, and many more.

Effectiveness in A Collaborative Working Environment

According to Kauskale & Geipele (2017), real estate industrial sustainability deals with the balancing of various prominent aspects of economic, social, environmental, and technological attributes that have a reflection on the organizational and industrial applications and practices. The influence of these practices and follow-ups leads to a higher sense of customer attraction and retentivity towards the brand and its products.

Ray White in Sustainable and ethical management

Ray White adopts and utilizes the various factors for sustainability in its business operations intending to reduce negative impacts on green and ecological environment and to maintain the environmental sustainable health is not only in functional areas but also among human capital development.

The niche marketer in the Australian real estate industry, Ray White Ltd., has been observed to create a sense of sustenance in the overall system of work and environment in support of Sydney’s movement towards sustainable future (The Search for Sustainability, 2012).

Highlights of Ray White Sustainability

• Ray White takes into support, for the sake of adoption, development, and maintenance of sustainable business approaches, various institutes such as Sydney’s Sustainability movement, Institute for Sustainable Futures, etc.

• The company intends to develop certain sustainability measurable indicators that can assist the routine track of its progress and achievement of the targets in integration with the Sustainable Sydney 2030 program.

Ray White in communication management

Ray White believes in the power of effective communication and thus enables the effective internal as well as customer communication strategies with the aim that an effective and resilient way of communication in business aids towards driving of a robust relationship with clients (Ray White Now, 2020).

Highlights of the Ray White communication strategies

• Ray White aims to develop an effective customer relationship and target a large pool of prospects for its profitability in the view of a coherent communication strategy and system developed, leading to fostered collaborative management and environment practices.
• The company focuses on developing a multi-layered communication program for the ease of communicated delivery to its prospects on time, involving the use of communication techniques like calls, SMS, and emails to costumers and prospects directly along with the use of social media platforms and digital tools of marketing for establishing a sound communication technique as it develops a transparent image of the business and its working in the views of the customer (Men, 2020).

Issues and Recommendations on The Globalization of Real Estate

Innovations in business practices and processes come with a list of limited yet reactive issues and challenges.

• The practices attained for the sustainability and development factor must have a strict adherence to formality and lawful implementations in support of the financial strengthening of the organizations (Trinkunas et al., 2017).

• Additionally, the organization or company in real estate, in aid for the sustenance must have control over the increased financial and cost capacities of its operations to not introduce the reason for decreased customer attention on its products as a result of high-cost amenities.

• Developing an efficient mode of communication with prospects becomes a vital part of relationship management, and hence the role for uplifting the communication sources from sales to after-sales becomes evident in the real estate industries is a challenge (Kazimoto, 2016).

• Ray White must efficaciously adopt social media for marketing communication as it has a great significant impact in the flourishment of communication and transaction of content, aim, services, and unique propensities of a firm to the clients, and hence provides a baseline to the prospects in making a suitable investing decision and brand engagement (Gomez, 2019).

Conclusion on The Globalization of Real Estate

The best way to get on top of customer experience requires a company or a firm to be proactively working towards emerging trends and business functions. The occupation of sustenance, ethics, and effective communication with clients and prospects creates a vast range of organization success and recognition.

The study overall explains that Ray White Ltd. has been an outstanding player in the field of sustainable real estate and constructive communication techniques and thus can be forecasted to develop an outrageous stand in the global real estate industry with the continuous intervention of emergent practices in the field.

Reference for The Globalization of Real Estate

Eeles, L. J. (2017). Customer care pie chart. Available at: https://sellerdeck.co.uk/2017/02/02/social-media-trends-watch-2017/

Friedman, J. P., Harris, J. C., & Lindeman, J. B. (2017). Dictionary of real estate terms. Simon and Schuster.

Gomez, M., Lopez, C., & Molina, A. (2019). An integrated model of social media brand engagement. Computers in Human Behavior, 96, 196-206. https://doi.org/10.1016/j.chb.2019.01.026.

Kazimoto, P. (2016). Challenges facing real estate investment and economic growth. International Journal of Research in IT, Management, and Engineering, 6(4).

Men, L. R., O’Neil, J., & Ewing, M. (2020). Examining the effects of internal social media usage on employee engagement. Public Relations Review, 46(2), 101880. https://doi.org/10.1016/j.pubrev.2020.101880.

Priess, P., Rajnoha, R., Losert, S., Vogel, S., & Teufel, H. (2017). Sustainable real estate development and its implications on statistical relations on the case from Austria. Journal of Security & Sustainability Issues, 6(3), 419-434.

Ray White Now. (2020). Real-Time Residential Market Insights. Ray White. Available at: https://raywhite.com/ray-white-now-2020/.

Rogers, D. & Koh, S. Y. (2017). The globalization of real estate: The politics and practice of foreign real estate investment. International Journal of Housing Policy, 17(1), 1-14. https://doi.org/10.1080/19491247.2016.1270618.

The Search for Sustainability. (2012). Available at: https://raywhite.com/the-search-for-sustainability/

Trinkunas, V., Tupenaite, L., Raslanas, S., Siniak, N., Kaklaukas, A., Gudaukas, R., Naimaviciene, J., Binkyte, A., Prialgauskas, D., & Tuncikiene, Z. (2017). Sustainable development of real estate: Decision support model and recommendations for the period of crisis. International Journal of Strategic Property Management, 22(4), 252-264. https://doi.org/10.3846/ijspm.2018.3680.

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