A Case Study on Bproperty PDF

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A Case Study on BpropertyEnvironment and BusinessCourse Code: BUS- 503Section - 02Group AssignmentSubmitted To:Dr. Rafiuddin Ahmed,Associate Professor, BRAC Business SchoolBRAC UniversitySubmitted By:Group GName IDMalabika Paul 21264026 Mayeesha Mursalin Chowdhury 21364039 Sabiha Naureen 20264030 Ja...

Description

A Case Study on Bproperty

Environment and Business Course Code: BUS- 503 Section - 02 Group Assignment

Submitted To: Dr. Rafiuddin Ahmed, Associate Professor, BRAC Business School BRAC University

Submitted By: Group G Name Malabika Paul Mayeesha Mursalin Chowdhury Sabiha Naureen Jawad Ahmed Nawzihadul Islam

ID 21264026 21364039 20264030 21164110 21264099

Submission Date: 23rd December 2021

Background of the Company (B-Property) Bproperty is one of the most promising real estate start-ups. The e-commerce real estate platform "Bproperty.com" has amassed over 23 thousand property listings in just over two years after gaining significant traction. Bproperty.com is a new type of business endeavour that provides full legal and financial assistance to purchasers as well as marketing assistance to real estate and land developers in a single location. Bproperty is a new name that is creating waves in the world of real estate. Bangladesh's real estate market has always been on the increase, with new participants joining the market on a regular basis. They come in the shape of developers, raw material suppliers, and, of course, individual land owners who are constructing their own homes. For the average person, the problem is with transactions. Bproperty is an online property portal holding the largest collection of property listings in Bangladesh with the intent to create an online and offline marketplace where sellers, buyers, landlords, tenants, developers and real estate investors can engage in completing any real estate transaction securely and efficiently. Bproperty is a trusted real estate specialist with in-depth knowledge of Bangladesh's real estate market, capable of guiding any individual or corporation, regardless of their interest in real estate, to make the best decision to meet their real estate needs. Choice and openness are the most important, but not only, distinctions. On the Bproperty website, there are over 30,000 current listings that users may search through to discover a property that meets their requirements. When a customer approaches Bproperty for property guidance, every procedure, stage, and objective is made explicit to put the client at rest and ensure thorough knowledge.

What exactly is Bproperty? Bproperty is an online property portal with the largest collection of property listings in Bangladesh. Bproperty is a trusted real estate specialist with in-depth knowledge of Bangladesh's real estate market, capable of guiding any individual or corporation, regardless of their interest in real estate, to make the best decision to meet their real estate needs. Bproperty is a subsidiary of the Emerging Markets Property Group (EMPG), a worldwide corporation dedicated to the development of the real estate market in a number of significant nations. Bayut, situated in Dubai, is one of the brands collaborating with Bproperty.

What distinguishes Bproperty from brokers?

When dealing with anything as life-changing as real estate, trust is crucial. A terrible bargain may deplete a person's life savings, as well as time and raise emotional stress. Brokers in Bangladesh have a negative reputation as property mediators because of their unplanned, untrustworthy, and pricey practices. Choice and openness are the most important, but not only, distinctions. On the Bproperty website, there are over 30,000 current listings that users may search through to discover a property that meets their requirements.

Getting in touch with Bproperty: The most accessible medium for Bproperty is their web platform, "www.bproperty.com." Bproperty may also be found on other social media sites such as Facebook, YouTube, LinkedIn, Instagram, Pinterest, and Twitter. They have a big collection of blogs and videos, with more being posted on a daily basis. These include real estate postings, property information, hot listings, property videos, LIVE! broadcasts, and interesting information. If a client chooses a more personal approach, B-property's Head Office is located in Gulshan 1, with walk-in markets in Banani, Mirpur, and Uttara, as well as upcoming marketplaces in Mohammadpur and Rampura.

7PS of B-Property Bproperty assesses their brand's offering and implements a more successful property marketing plan by using the seven Ps of the marketing mix theory to sell property. Bernard H. Booms and Mary J. Bitner enlarged the four Ps of marketing mix theory – product, price, location, and promotion – to the seven Ps of marketing, commonly known as the services marketing mix, in 1981.

Product: Accepting the improper listings into the real estate sector can also leave clients with properties (items) that take a long time and effort to sell. Conduct research to learn about the target market and what they desire. This helps to guarantee that B-Property List only includes the most desirable attributes. Bproperty offers a platform for property owners to promote their property

and even advertise it for them. Given the high consumer demand for B-property's real estate solutions, developers that sign up with Bproperty have their own landing page on the internet, and Bproperty aggressively markets the developer's inventory to create sales more effectively and efficiently.

Price: This is the cost of the goods or service to the client. As a real estate agent, if a client fails to price a house right, no amount of promotion will help - the property will not sell. Having a pricing plan in place and educating B-property's vendors on buyer behaviour will assist them handle the emotional rollercoaster that is usual. Property values may also fluctuate. Understanding an area's seasonal sales cycles and rental migration patterns is vital so that Bproperty can advise customers on when demand for their property will be highest and a better price will be attained.

Place or positioning: This is the site where the client may obtain the goods or service. This can be a physical site (bricks and mortar) or a digital presence (B-property's online shopfront), but it is usually a combination of the two in real estate. Each of them is 'touch points,' or methods and locations where customers of Bproperty interact with the brand.

Promotion: It's crucial to realize, especially in this day and age, that real estate businesses and agents have lost a key branding channel. Enter digital marketing, which consists of a combination of online display advertisements, social media marketing, and search ads. A solution designed to not only discover passive as well as active customers in a certain location – but also to help Bproperty establish its brand and reputation online.

People: People who are directly or indirectly involved in the product or service's commerce are vital. Marketing is a collaborative endeavour, and B-property's whole staff is either directly or indirectly involved in how properties are sold. Bproperty ensures the capacity to deliver the finest service by building a healthy culture and providing training for staff across the organization. Training can also assist to retain employees and, as a result, enhance your agency's brand in the market.

Physical evidence: Any tangible depiction of a product or service used in the contact between a real estate agent and a buyer or renter is included. Creating templates and standardizing procedures for B-property's marketing will assist eliminate mistakes, reduce the time necessary to generate new content, speed approval processes, and assure consistent brand message.

Process: Processes deepen Property’s relationship with customers by putting systems in place that teach staff how to successfully engage with them and give a platform for consumer feedback. Although each real estate customer has a unique need or desire, the core processes should ensure that each client receives the same quality of service. Then, inside the service, there should be clearly defined places where a client's desire may be met in order to give a one-of-a-kind experience.

Background of The Case Study The purpose of the case study is to investigate the operation of the country’s leading real estate company Bproperty.com. In this case study we have discussed the overall business, marketing, financial and investment strategy of Bproperty.com. Here we also come up with the possible challenges, issues as well as the possibilities they are going to face in near future. Mark Nosworthy is the CEO Bproperty. Mark leads a strong team at Bproperty who are doing their best to provide the best service to the customers of Bangladesh. They are very much concern about the trust issue in any property transaction. Bproperty is considered as only property solutions provider in Bangladesh. They promise to make property search, renting & buying easier than ever. They offering the easiest ways to buy, rent or sell properties through both online and offline. They have large number of services for their customer under primary and secondary service with home loan and interior service. 360degree marketing technique they are currently following as their marketing strategy.

Business Strategy of B-Property Bproperty is considered as only property solutions provider in Bangladesh. They promise to make property search, renting & buying easier than ever. They offering the easiest ways to buy, rent or sell properties through both online and offline.

Bproperty is considered as one of the best real estate solution service providers in Bangladesh because this only service where people can visit or contact for any type of property-related queries, needs, and services. They have services available for buyers, sellers, landlords, and tenants.

Bproperty make the overall searching, buying & selling system effortless to their customers so that they can easily do their job. They mainly categorized their services under two sections. These are:

Primary Service: Primary service is all about land selling and buying. They help land owners to find out the possible buyers and at the same time they also looking for the right customers for the lands to buy. Secondary Service: Secondary service includes the following things:

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Rent: They basically focus on both residential and commercial property for rent in Bproperty website. They always seek for the best deals to rent which is based on customer expected fare & specifications.

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Buy & Sell: This part also includes both residential and commercial properties. People, who are interested to sell property, can easily mention in their website and Bproperty members will help them to find the best buyers later on.

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Supporting Services: this is all about legal and financial support for property. Bproperty also help to make the legal papers and come up with detailed information. Here members of Bproperty will discuss about the investment in real estate and the process of home loan services as well.

Additional Services: They also provide some additional services. These are: 

Property Verification: Bproperty never compromise with the quality that is why they always check and verify necessary things through their experts in regular basis so that they can deliver the best to the customers.

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Legal Support: Bproperty has their personal legal support assistance who basically handles Legal papers and items for the customers. legal experts are always there to check all paperwork as well as help customers to understand all the necessary legal terms and conditions.

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Financial counsel: Bproperty has also some financial assistance, which are basically the most renowned banks and financial institutions of Bangladesh (our country perspective). These financial assistances help to provide their clients with special rates when it’s all about loan and also to make buying property easier and affordable.

Home Loan and Interior Service: They also provide home loan service and Interior service to their clients which are absolutely unique in terms of real estate in our country. They are providing home loan services with a very easy process. They have their own calculator in website from where customer can easily calculate and also get some idea about the payment process for loans.

Bproperty also provide home interior service. Here customers can choose service for both the residential and commercial sectors.

Target Customers and Market: Bproperty basically provide renting service to the whole Dhaka district so here consumers belong to Dhaka district. They cover city corporation areas and some thanas (Dhaka) to provide buying and selling. They also provide service to Chottogram, Narayangonj, Gazipur.

They target 15-60+ for renting purpose and 25-50+ for selling and buying purpose. Lastly, the economic status of targeted consumer is SEC A1, A2, B1, B2 and C. Here the major segments are the Tech Savy People.

Marketing Strategy, Profit making & Investment:

The first target of Bproperty was to familiarize people with their services but now they are aiming toward being a household name for any property related solution with their wonderful campaigns throughout the Dhaka city. Lastly, there’s no doubt that Bproperty is so conscious of innovation (product & service), better customer service, technological advantage as business strategy and that is reason for which they are become the leading real estate company in Bangladesh.

SWOT Analysis: Strengths: 

8 area offices (marketplaces) in Dhaka and 1 in Chittagong capture a wide variety of consumers in both the capital and the country

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Authenticity

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First ever real estate solution provider in Bangladesh

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Both online and offline service

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Enough customer service

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Enough legal and financial service

Weaknesses: 

Not able to manage, train and operate agents of all possible regions

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Not able to introduce a digital map (for properties) for the lack of data

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Not available with necessary photos for interior area of buildings.

Opportunities: 

Can provide service to some other major cities like Sylhet, Rajshahi, Noakhali.

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Can add interior service in service portfolio.

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Can build real estate database.

Threats: 

Possible threats can be builders and individual brokers in near future.

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Possible threats can be other real estate solution provider

PESTEL Analysis PESTEL Analysis comprises of the factors that derives from external environment and no organization or business entity has any control over it rather they have to strategize according to changes in the external environment. There are six factors of the external environment of a business and those are:  Political  Economic  Social  Technological  Environmental  Legal factors Bproperty is no exception to the reach and effect of the above factors. How they affect the business of Bproperty are explained below:

Political Factors: Political factors such as government and political situation, encouragement from government, favorable bills, stability in the country etc. play a significant role in affecting the business activities of Bproperty. These factors could result into a profit-making scenario and could also be a cause for huge loss in the business. Even though these factors have the power to impact the business severely, they remain out of control for Bproperty, just like any other business entity. If political efforts are made to encourage new businesses and then this can be seen to be a positive option for property and real estate business organizations like Bproperty. Several other political factors are:  Corruption in the country and in real estate industry  Trade regulations & tariffs related to Real Estate  Taxation - tax rates and incentives  Existence of favored partners Economic Factors: Macro-economic factors are inflation rate, savings rate, interest rate, foreign exchange rate which determines the level of demand for real estate and investment Bproperty will get in their operation. Several other factors to consider while conducting PESTEL analysis for Bproperty are:  Property and Real Estate industry growth rate  Economic system and economic growth rate  Skilled workforce and unemployment rate Social Factors: Understanding many social factors and customers will help them design their strategies. Attitude and mindset towards the industry will determine the performance of the organization. Factors to consider while conducting PESTEL analysis for Bproperty are:  Attitude of general population towards giving property to real estate companies  Class and power structure in the society of Bangladesh  Living condition and pattern

Technological Factors: Technological factors in a business environment provides the scope to progress and better in the operational performance that will result into better outcome. Therefore, to survive well in the property and real estate industry, it is crucial for Bproperty to conduct research on technological factors that could affect the business and will help to stay up to date in order to compete well with the market competitors. Environmental Factors: Environmental factor of the property and real estate industry is the concern that evaluates the impact of housing and development plans all around the country and how it may affect the environment surrounding the business. If the operational activities of Bproperty will hinder the regular life’s harmony, cause environment pollution, endanger surrounding species etc., this will turn into bad news for them as people are emphasizing more on these issues. Other technological factors to consider while conducting PESTEL analysis for Bproperty are:  Laws related to air/water pollution  How people in Bangladesh conceptualize environment friendliness  Attitudes toward and support for renewable energy Legal Factors: In this industry Bproperty must evaluate the legal factors that may affect the business greatly like news law and legislations, data protection etc. These legal boundaries will help them understand the dos and don’ts better to survive well in the market and refrain from getting trapped in legal issues that may harm the goodwill. Several other legal factors are:  Health and Safety law  Anti-trust law in Bangladesh  Consumer protection law Analyzing all the above-mentioned factors associated with the property and real estate industry will help Bproperty to get insights about what is happening around them and understand the factors that are well beyond their control but carefulness can help to utilize them well in favor.

Marketing Strategy of B-Property Back in 2015 when this organization started its official journey the scenario of property and real estate industry was very different than what we see today. Now a days people greatly depend on property solution providers like Bproperty and they cater to the needs of customers seeking real estate services, with a promise to make property search, renting & buying easier than ever. The changes occurred through continuous effort to remain trusted and different sorts of marketing activities to be an industry giant.

Social Media Marketing Activities of Bproperty (TTL) Search Engine Optimization Bproperty has an outstanding website that pops up in No.1 which is very well organized where they have all their services listed systematically that allows the customers to find whatever they need very easily and can be translated in both Bangla & English. The efficient use of SEO lets Bproperty create a good brand awareness, highest possible engagement and authenticity of the brand among potential customers. Pop-up Ads/Paid Promotions Bproperty has huge i...