Wednesday, December 4, 2019

Business Sustainability In Estate Industry â€Myassignmenthelp.Com

Question: Discuss About The Business Sustainability In Real Estate Industry? Answer: Introduction The research proposal highlights sustainability in the real estate for players in New Zealand. The paper pays attention to the housing industry in this country. Like in every other nation around the globe this is one of the oldest industries. There is a significant improvement over the years driven by market demands thus increasing the traders involved. Additionally, the business has dominated all around the country making it a viable research area. Increase in competition has led to some businesses inability to keep up with the others. Aim of the Research The survey aims at finding out whether investors considering getting into the real estate industry in New Zealand have a viable chance of achieving the set target based on the sustainability in the field. As such, the study considers strategies employed by business people to maintain relevance in this area of interest. Objectives of the Study The main objective of the research is to find out the sustainability of businesses in the real estate industry. As such, different aspects of sustainability such as financial, social, and political will be thoroughly investigated. Test factors affecting business continuity. The specific underlying agents responsible for the way in which enterprises respond are scrutinized. To find out viable solutions for players in the industry having difficulties in sustaining their entities as well as understand some of the activities that may be responsible for their downfall. Sustainability of businesses in the real estate Industry In business, sustainability can be defined based on many different aspects. Consequently, a relationship between an enterprise and the people interacting with it can be considered as well as its impacts on the physical environment within the region it has been established. In case the relationship between either of the two is not healthy, the investment is deemed unsustainable (Bansal Desjardin, 2014). Interaction with external physical and social environment determines the success of such an entity. Social sustainability defines fair practices on projects such as ensuring the population within the locality of the project is benefited by the project and the target market treated to fair prices with consideration of the unequal distribution of resources in the demography (Shen et al, 2007). Environmental sustainability in this field is achieved by use of resources without diminishing the chance of having the same in the future or reducing the quality available to the residents of the area of operation (Shen et al, 2007). Bansal and Desjardin also claim that in business, ability to self-preserve in all dimensions including financially over a long period is the ultimate measure of sustainability. Investors in real estates industry, like in any other enterprise should carry out an extensive research on an enterprise, before putting their resources into it. According to Warren-Myers, G., 2012, although most investments made are guided by the market value it is not quantifiable how it consequently affects sustainability. The housing sector is faced with irregularity in terms of locations and costs therefore for one to understand possible outcomes they have to collect data on their target market as well as the geographical area they venture in. Companies complying with all laws in the industry especially those touching on environmental aspects end up increasing their profits. Apparently, use of renewable energy, such as solar and the wind, reduce the cost incurred by investors thus improving their viability (Nidulomu, Prahalad Rangaswami, 2009). In this industry, there has been a recurring theme in many countries around the globe where there are dominant players while small enterprises find it difficult to grow. According to Abidin (2010), failure to carry out research, as well as complying with the set standards make it hard for new investors to thrive in the market. Players should emphasize on quality over quantity while carrying out their desired projects because long term success is based on how consumers are able to trust their products (Shen et al, 2007). As such, companies that have had collapsed buildings find it hard to even get licenses in most regions because such mistakes can be fatal to residents. Housing sector contributes directly to urban development in cities around the world. However, some countries lack an elaborate plan of strategies to be employed with time to achieve this crucial goal (Tosics, 2004). As such, proper plan and predictions are absent and could lead to misguided development in areas that may otherwise unsuitable for similar projects. Assess Factors Affecting Business Sustainability Diverse factors affect housing industry and determine how long an entrepreneur can manage to run their business. According to Chourabi et al (2012), one of the factors is the technology used or its state in interest. Companies that can afford heavy machinery are often associated with economies of scale hence they are advantaged in competition with small scale traders who cannot afford the same. The type of infrastructure a company is willing to put in place also separates high-end properties that attract higher prices as opposed to the ones that do not apply the same. Institutions can be a barrier to sustainability in this industry where they do not set standard requirements, or fail to implement them when they are in place (Van Bueren Premius, 2002). In such a case, if other stakeholders are harmed by the state in which construction is done or their natural resources are compromised it should be blamed on those authorized to consider it. Market understanding should be the key driving force for any investments made to avoid cases of developing a region and fail to achieve the desired objectives. Schandler et al insists that it is necessary to engage the local people to solve conflicts that may arise from using the land in a manner contrary to their desired future. Additionally, such research gives the investor ideas of the market gap in which they can fill to increase competitiveness. Scandler et al claim that this is the most effective way to achieve both social and financial benefits. Businesses that are venturing in the industry that has been existent for centuries should have a strategic management plan in place. As such, they can understand the old trends and develop new exciting features so they can beat the veterans. New innovations and trying designs that are not in the market make these entries relevant in the field (Shen et al, 2007). The economy of a place is essential in sustaining industries, housing included (Cholurabi et al, 2012). As a result, a project can only be upheld if the financial status of the target consumers allows them to invest. Hence, viable business should be located strategically where demand is high to avoid instances where resources lay unutilized. Aribigbola (2011) insists that builders should put up affordable structures to feed the need in the market failure to which losses will be incurred since the revenue will be lower than cost. As a result, he insists that for countries that are still developing affordability of the property is the most attractive feature for potential customers. Proper manpower within a company is an asset that drives that business. Therefore, companies should make deliberate efforts while hiring talent to work for them since they are the force that actualizes the plan of the employer. For instant, if a company gives interior design tender to the most sought-after artist, chances of attracting buyers within completion are high. Solutions to Sustainability Problems Infrastructure development, especially in urban area poses a challenge to sanitation of that location, especially where some of the important aspects have been overlooked (Childers et al, 2014). Therefore, construction companies should be held responsible to uphold the dignity of these cities by improving facilities such as proper drainage systems. Authorities mandated to offer licenses to businesses need to have strict requirements to be followed before granting certification to the builders (Childers et al, 2014). An enterprise can be deemed self-nourishing if it effortlessly attends to requirements of all interested parties including their own finances, the external population as well as the physical environment. Bocken et al (2014) claim that for harmony to prevail, owners should relate with other interested individuals such that they aim to achieve a common goal for benefit of all. Additionally, resources should be used sparingly with emphasis on the use of locally available materials as opposed to importing. Recycling waste in a business reduce the cost that would otherwise be incurred in purchasing new products that they substitute and reduce the burden that the environment would carry if they are not recycled (Bocken et al, 2014). For a business to thrive it must aim to fill an existing market gap (Bocken Short, 2016). However, there are entrepreneurs that create a product that is not necessarily needed for survival and end up losing their resources. For continuity, one should only put their money in a field that is experiencing a vacuum since in such an industry chances of loss are minimal. Companys sales and marketing strategy is the major determinant of whether the company can survive in the long run or not (Bocken Short, 2016). In the current technology age where most shoppers look for products online, a company that lacks an elaborate internet advertisement may be disadvantaged by others in the same industry making it impossible to be sustainable in the long run. In the housing sector, some adverts may be more effective than others such that more trustworthy media such as television would yield sooner than some social media platforms frequented by youths who are not major a market. Therefore, investing in all the platforms where target customers can access the information has the direct impact on sales thus increasing their revenue. The technology used industry impacts on the quality as well as cost of production incurred to get to the final product the company is aiming at (Bocken Short, 2016). Therefore, in the housing sector investing in heavy machinery reduces the number of people that would otherwise be hired in absence of the assets. Long term, the cost is lowered hence the companies employing opposite strategies realize different profit margins. End products may be different based on the technology used to produce them and the consumers in many cases prefer better quality. Companies experiencing hardships in thriving in the industry should carry out research as to what factors may be contributing to the situation (Poland, 2011). The surveys should involve consumers, employees as well as consultants in the field to identify areas that require improvement. Research should leave a place of suggestions of alternative methods that are more consumer-friendly. Research Methodology and Methods The qualitative research method is popular in field research because the data collector can get in touch with the real people and get their insights on the topic of interest (Mark et al 2005). Quantitative survey, on the other hand, involves a large volume of data in most cases which can be scientifically proven. In this project, I am going to use the qualitative method which will involve engaging people in interviews guided by formulated questions. Methods Use of Questionnaires Data mining from published work. Research Instruments and/ Tool Pens Sheets of papers Spring files Flash disks Printer Binding Material Internet Wi-Fi Participants The research aims to incorporate fifty questionnaire respondents picked randomly from three different towns in the country. The cities excursions are aimed to be carried out in towns within office hours. I aim to engage participants as they fill out the form to get a deeper insight of the opinion of the respondents. I intend to complete the exercise between two to four weeks. Ethical issues Willing participants are encouraged to be part of the study in which case if one decides to complete the forms halfway and quit to attend other personal activities or simply because they decide to stop it is allowed. Personal information section to be filled during the survey is not under any circumstances to be exposed to a third party or paper sheets be discarded where the data can land in the wrong hands. Personal opinion and data on the survey will be treated with utmost confidentiality for the purpose of the research. Under no circumstance can the researcher use the collected data for another research apart from the one being undertaken. Time Schedule Time of Completion Research Project Milestone Identification of the research topic Completion of proposal writing Presentation of the project proposal Data Collection Data Analysis Full project presentation Limitations of the study Cases of an unwillingness of some people who might be well informed on the topic to participate in the survey may arise. Some participants may provide inaccurate data thus affecting the quality of the findings. There is an inadequacy in research because a sample of fifty participants representing the wide housing industry because the time frame of the project is not enough. References Abdini, N. Z. (2010). Investigating the awareness and application of sustainable construction concept by Malaysian developers. Habitat International, 34(4), 421-426. Aribigbola, A. (2011). Housing affordability as a factor in the creation of sustainable management in developing world: the example of Akure, Nigeria. Journal of Human Ecology, 35(2), 121-131. Bocken, N. M. P., Short, S. W. (2016). Towards a sufficiency-driven business model: Experiences and opportunities. Environmental Innovation and Societal Transitions, 18, 41-61. Bocken, N. M. P., Short, S. W., Rana, P., Evans, S. (2014). a literature and practice review to develop sustainable business modelarchetypes. Journal of cleaner production, 65, 42-56. Childers, D. L., Pickett, S. T., Glove, J. M., Ogden, L., Whitmer, A. (2014). Advancing urban sustainability theory and action: Challenges and Opportunities. Landscape and Urban Planning 125, 320-328. Poland, D. What is Sustainability? (2011). Chourabi, H., Nam, T., Walker, S., Nahon, K., Scholl, H. J. (2012, January). Understanding small cities: An integrative framework. In System Science (HICSS), 2012 45th Hawaii International Conference on (pp. 2289-2297). IEEE. Mack, N., Woodsong, C., MacQueen, K. M., Guest, G., Namey, E. (2005). Qualitative research methods: a data collectors field guide. Nidumolu, R., Prahalad, C.K., Rangaswami, M. R. (2009). Why sustainability iTime Schedule key driver of innovation. Havard business review, 87(9), 56-64. Schadler, S., Rohr-Zaenker, R., Finkel, M. (2011). Designing sustainable and economics attractive brownfield revitalization options using an integrated assessment model. Journal of Environmental Management, 92(3), 827-837. Shen, L.Y., Li Hao, J., Tam, V.W. Y., Yao, H. (2007). A checklist for assessing sustainability performance of construction projects. Journal of Civil engineering and management, 13(4), 273-281. Tosics, I. (2004). European urban development: Sustainability and the role of housing. Journal of Housing and Build Environment, 19(1), 67-90. Van Bueren, E. M., Premius, H. (2002). Institutional barriers to sustainable construction. Environment and planning B: Planning and Design, 29(1), 75-86. Warren-Myers, G. (2012). The value of sustainability in real estate: a review from a valuation perspective. 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