It is nearly impossible for a business to not have any competition unless the services are extremely unique and the competitor is unable to replicate. In live/work apartments, we often face what is called the monopolistic competition, where a large number of companies exist and are competing within the same market size. As the entry barriers are not too high, many companies can easily penetrate into the market. Unfortunately, companies without proper resource management will not long stay in that market for long. The ability to attain a proper position in the market, on time payments, and the trust of the both seller and buyer will be the only competitive advantage to stay in the industry. There are many companies which are real estate related business in Las Vegas. The competitors are offering an array of services in the real estate industry at their best and looking deeply it is known that their business is growing with time. Many competitors provide these with the most advanced techniques, are accredited at the highest international level, and are staffed with experts that can offer unique solutions to improve processes in service conservation and regulatory compliance.
Some of the Major Key players in estate business of Las Vegas:
Loftworks is a warehouse, office, loft living development with charming Mediterranean elevations that include balconies, awnings, and beautiful landscaping that all come together to create a live/work environment that does not exist in today’s industrial developments.
Foreproperty is a vertically integrated real estate company with 25 years of experience developing, building, and managing apartment communities and mixed-use developments across the United States. With corporate offices in Washington, D.C. and Las Vegas, in addition to seven development offices across the country, they have cultivated an investment strategy that is adaptable and geographically diverse.
Highland Lofts: Located near the prestigious residential Hancock Park area, close to trendy Melrose Avenue and Larchmont Boulevard restaurants and shops (and just around the corner from Melrose Lofts), Highland Lofts are convenient to Universal Studios, Beverly Hills and downtown Los Angeles.
This three-story complex features 27 live/work open space loft town homes. Each unit offers 2 bathrooms and a full kitchen-approximately 2000 square feet of live/work space: high ceilings and exposed wood beans, hardwood floors, 12′ high windows, exposed cinder block surfaces that provide quiet and privacy, additionally, each unit has a private balcony. The ground level provides a private entry parking garage for two cars and there is a utility area with a sink and washer/dryer hook up. Some units have a store front entrance facing Highland Avenue.
Our Divergent will face competition from the above mentioned and other companies providing real estate business in the field. Our company will compete with them and enter into the list of the top real estate business companies of Las Vegas. We are focused on developing in the minds of customers to use our services before availing services of other competitors. This will be our achievement if the desired goals are attained. Still, there is a long way to go.
6.2 SWOT Analysis
SWOT Analysis of Divergent is given below.
• Relationship selling: We intend to get to know our customers; our direct sales efforts will seek to maintain a relationship with our customers.
• Diversified customer base: We intend to obtain orders for our services from a broad customer base. This will ensure a lack of dependency on one customer.
•Trust and goodwill of customers: Divergent provides highly renovated, facilitated live/work apartments and has potential to win the trust and goodwill of their customers.
•Focus on a need: Divergent focuses on the exact needs of its customers will make it popular amongst an independent entrepreneur, innovator and freelancers who needs work space inside their residence.
•Strong backing: Divergent has a strong backing support from the previous experience of the company owner and highly potential staff.
• Targeting: Targeting the correct customer for our services is one of our major strengths.
•By living on the same property that one works, commuting is non-existent; a better balance of one’s professional life and personal life can be achieved; occupants invest financially and emotionally into a community.
•Inter connection of all divergent community members to interact with each other
•Live/work boosts the economic development of the communities
•Good understanding of the target market.
•An enthusiastic company with a robust and infectious leader.
•Higher level of available resources.
•An effective and productive team.
•A lot of field experience.
•The limited initial capacity of the company.
•New position in the market.
•We have skilled Labor-intensive industry.
•The difficulty of establishing brand equity as a start-up company.
•The introduction of new organizational practices and personnel who have not previously worked together presents a challenge to the organization.
•Absence of organizational policies.
•An easily scalable business model.
•The economy is expected to grow Las Vegas.
•There is a good growth potential because we can add more services as the company grows.
•Technology makes sector business more efficient and effective.
•Service. As our intended target markets are in relatively accessible areas, we intend to be able to meet their requirements in the shortest possible time.
•Current drive by the government towards encouraging the participation of indigenous entrepreneurs and diversification of the economy presents an opportunity that we may fully utilize.
•An effective use of the new ways of communication.
•Our competition may be large real estate organizations.
•The entrance of new competitors.
•A price war with competitors.
•Competitors have superior access to the consumer market.
•Established network of competitors.
•The possibility of another starts up companies generated by healthy economic growth, establishing in the market.
•Changes of the real estate positioning environment.
•Changes in the real estate market.
•Changes of the potential buyers´ preferences.
•Eventual legal modifications.