The real estate industry has emerged as one of the largest employer in most countries considering that it appears to be the greatest beneficiary of the continuous economic growth taking place globally. A large number of industries seem to be benefiting from the real estate industry and that appears to be the main reason as to why this industry poses a great multiplier effect on the global economy. This paper will offer an overview of Michigan realtor solutions in terms of the five forces analysis, explain the manner in which the industry strengths will be significant for the company and provide a reflection of why the industry is of great interest.
According to the five porter’s model, the real estate industry appears to be having a high competitive rivalry considering that various realtors and establishing and selling very luxurious and expensive houses in the United States. The threat to new entrants appear to be quite low considering that it is not simple for an individual to just get into the market by building or establishing luxurious houses. Moreover, the real estate’s industry appears to be built on the reputation of the realtors; hence, new companies will have to put in more effort as a way of ensuring that their names stick out in the industry. The threat to alternatives is relatively low in the real estate industry considering that people strive to own houses and the only alternative is living in other cities, but the substitute of owning a home is not there. The bargaining power of buyers today is quite high considering that large number of entrepreneurs have flocked the real estate industry leading to an upsurge of houses as compared to the number of buyers. The bargaining power of suppliers is considerably steep in the real estate industry because the cost of building suppliers among other has increased in the recent past; hence, it takes quite a long time to make profit.
In view of Michigan realtor solutions, the opportunities are plenty, which include the increase in number of persons who are looking for homes; hence, the market for real estates will always be there. The real estate industry is mainly characterised by networking considering that a company needs to reach as many people as possible; hence, my preferred working style that includes meeting new people is the most appropriate for this industry (Bailey, Muth, and Nourse 940). A good comprehension of the real estate taxation is also an advantage in the real estate industry that the Michigan realtor solution company will enjoy, as it will help to increase profits in the end.
During a recent mentor networking event, I learned that the real estate business is the best field to venture in considering that it offers plenty of opportunities to tap into the unlimited resources in addition to the fact that individuals are lining up for the best deals within the market. Passion, loyalty, and trust are the core values needed in this industry, which I possess; hence, I believe I can utilise them to ensure success within the industry. With good research and communications skills that are vital within this industry, I am in a position to attain the unexpected and even to surpass what has already been achieved within the real estate industry.
Works Cited
Bailey, Martin J., Richard F. Muth, and Hugh O. Nourse. "A regression method for real estate price index construction." Journal of the American Statistical Association 58.304 (1963): 933-942. Print.
