RES 497 Week 2 Assignment

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Ashford University *

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497

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Feb 20, 2024

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SWOT Analysis Elena A. Cooper RES 497 Strategic Management of the Real Estate Enterprise Margaret Vivoda October 17 th , 2023

Introduction This paper contains a SWOT analysis breakdown of my personal and professional skills. “A SWOT analysis is designed to facilitate a realistic, fact-based, data-driven look at the strengths and weaknesses of an organization, initiatives, or within its industry” (Kenton, 2023, p.2). In this paper, I will explain my strengths and weaknesses in the real estate field. I will also explain opportunities and treats to my field. Strengths According to Speth (2015), strengths are elements that positively influence an organization’s development and competitive position. One good strength to have in the real estate field is organization. Being able to make sure that everything has its place is a great way to make sure that you can find everything that you need. Making sure that all documents are in their correct file helps you to be able to find things quickly, can help you make deadlines and in doing so your self-confidence can get a boost. I have always been one of those people that loves making lists of what needs to be done. I also make lists and notes of phone calls just in case I need to look back at them. Being able to problem solve or switch gears. You never know when you might come across a problem that needs to be solved. Some problems need to be solved quickly and others you can take some time to find a solution. If you can’t find the solution and you need help, never be afraid to ask questions. This can also be good if there is something that you don’t totally understand. In my job as a settlement processor there were new programs, like Qualia, that we were learning and it was helpful to ask questions about it, rather than finding out how to do something on my own. It saves time asking for help and shows that you are not afraid to ask for help when it comes to something you are unsure about.

Another strength I have is being able to multitask. As a settlement processor you are handling multiple files and properties at one time. There are lots of documents and tests that are needed for each property, and they have due dates that must be met. In the process of getting documents and these things needed for closing on time can help you establish relationships with clients and other parties involved. I love being able to form these relationships with clients. The way that we treat our clients and other realtors can make them let others know about how we conduct business and make them want to come back and use us again. The last strength is that I have lived in this area for over 20 years, and I have a vast knowledge of this area. I would hope that this would help me to be able to suggest places in the area that would help the client based on their needs. Weaknesses According to Speth (2015), weaknesses tend to negatively impact on its development. The first weakness that I believe I have that could affect me in the real estate world is that I do not have any certifications or licenses. Even though certifications are not a necessity in this field, but they could help give you a leg up. The main training certification that would help in this field is the Real Estate Settlement Procedures Act (RESPA) for Compliance Professionals. This course talks about disclosure requirements and escrow accounts. Another weakness that affects my field is that there are not many luxury properties in this area. This means that you won’t get a lot of bigger clients. This is something that I think I would be okay with. I think that it is better to serve the single families and small-town people, than people that are moving from a city only to commute. Opportunities

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According to Speth (2015), opportunities can be exploited to improve progression and if used wrong can turn into weaknesses. Opportunities are something that can truly help your business if it is used in the right way. Also, it is something that you don’t want to use too much of either. One major opportunity is the use of new technology. Drones have been used more and more in the last few years in the real estate world. They have been used to fly over properties and take pictures and videos of homes. These pictures can help clients see the full property at one time. Virtual reality and walkthroughs became big during Covid, and realtors are still utilizing them. This is a great way for clients to view the property and make sure that it is something that could work for them before spending the time driving to a property that will not work for them. Another opportunity is having what is considered a one stop shop. The last company that I worked for was a settlement company. They were in the same office building as a mortgage company and a brokerage company with lots of realtors. I think that this is something that can help your company grow and tends to lead to more leads on clients. Having companies that go hand in hand close together can make it easier for clients to find everything that they need to in one spot. They meet with a lender to get prequalified for a loan and then they meet with a realtor to find a home and then the settlement company takes it to closing. It saves a lot of time and energy going from place to place and have to track down everyone. Threats According to Speth (2015), threats to your company can originate from external environments. These threats could harm your company and business if they are not taken seriously and corrected in a timely manner. The rise and fall of the interest rate can harm any business in the real estate field. Falling interest rates, even though a good thing, can bring more business to you and it could be too much for your company to handle, especially if you are a

smaller company. When it comes to rising interest rates, no one is going to want to buy or sell homes, so you are not going to have as much business, and it could hurt your bottom line. If you are a smaller company, then larger companies can become a major threat to your company. This is something that could hurt your company if you let it. Just because you are a small company doesn’t mean that you cannot do anything that they are doing. Yes, they may have the capacity to take on more clients than you, but being smaller you are able to put a more personal touch on your closings. Conclusion Throughout this paper, I have explained the potential that I have in the real estate field through a SWOT analysis. I believe that my professional and personal skills have been shown in this paper and implies that I have a great understanding of the settlement field and given the chance I could excel within a company. I do feel that I can improve on my weaknesses and learn to use the opportunities that are presented to me in a way that would benefit not only myself but the company that I am working for as well. I will also not let the threats get to me and make me loose focus on my clients and company.

References Speth, C., (2015). SWOT Analysis. Lemaitre Publishing. Retrieved from https://ebookcentral.proquest.com/lib/ashford-ebooks/detail.action?docID=4006313 Kenton, W., (2023). SWOT Analysis: How To With Table and Example. Investopedia. Retrieved from https://www.investopedia.com/terms/s/swot.asp#toc-what-is-swot-analysis

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RES 497 Week 2 Assignment

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