Market Study Project

Original portfolio here: https://lms.ecornell.com/eportfolios/24241

This is a project I did during my marketing strategy course for Cornell. It features a market study of any industry and company of my choosing. Using this, I evaluated our:

  1. Market
  2. Consumers
  3. Competitors and brand
  4. Proposed new media plan
About
Welcome to Delgado Realty

Delgado Realty is a brokerage owned and managed by David Delgado, serving Fullerton and surrounding areas in southern California such as Anaheim, Whittier, La Habra Heights, Hacienda Heights, Brea, and Downey.

Delgado Realty Group
Corporate Office

1400 N Harbor Blvd Ste 640
Fullerton Ca 92835

Delgado Realty

The Market

Delgado Realty is a brokerage owned and managed by David Delgado, serving Fullerton and surrounding areas in southern California such as Anaheim, Whittier, La Habra Heights, Hacienda Heights, Brea, and Downey. Fullerton, where the office is located, consists of about 135,000 people and is home to a vibrant music scene. According to the 2010 United States Census, about 73,127 people (54.1% of the population in Fullerton) lived in owner-occupied housing, while the other 43.6% lived in rental housing units. The median income and number of people purchasing houses is expected to increase over the years as the amount of entertainment, companies, and young couples look to move into the area that is not as expensive or as crowded as a city like Los Angeles.

Customer base

As briefly mentioned above, Orange County is not as expensive as Los Angeles so that makes it an ideal place for people on a budget. However, that is not the only type of people wanting to move there. Some micro segments that might consider purchasing property in Orange County include:

  • Families
  • Young couples and singles
  • Empty nesters
  • Startup companies
  • College students
  • Disneyland enthusiasts

Competitors in the Market

Century 21

2270 Rosecrans Ave, Fullerton, CA 92833
(714) 870-7650 | century21.com
 
Keller Williams Realty
17822 E. 17th St, Ste.101, Tustin, CA 92870
(714) 426-3800 | kw.com
 

Coldwell Banker

4130 W Commonwealth Ave, Fullerton, CA 92833

(714) 292-5285 | coldwellbanker.com

 

Re/Max

16131 E Whittier Blvd, Whittier, CA 90603

(562) 947-2867 | remax.com

 

Katnik Brothers Real Estate Services

140 Centennial Way, Tustin, CA 92780
(714) 486-1419 | Katnikbrothers.com
 

First Team

18180 Yorba Linda Blvd #501, Yorba Linda, CA 92866
714) 996-6070 | firstteam.com
 

Activity, Interest and Opinion Analysis 

Competitor reviews color-coded for activities, interests and opinions:

*Wordpress removes all of my format, but the color-coding is available via the original file for your viewing pleasure. (available again here).

Competitor 1 Reviews (Keller Williams Realty)

Review 1:  Mike was great to work with.  He answered all of our questions, gave us great advice and really held our hand through the purchase of our 1st home.  I was impressed with the way he was available to answer emails, texts and phone calls.  I will definitely use Mike again.

Review 2: Ramon Sanchez and his team (including Veronica) did a wonderful job throughout my very difficult process. Ramon was just the right person to help me sell my property. He was referred to me by my father because over the years he raved about the great relationship he had built with Ramon over the years. When Ramon and I first met Ramon was professional, friendly, and honest. He likes to get to the point and is extremely knowledgeable. He came prepared and explained thoroughly the step by step process for selling my property. That same day we started the process and immediately listed the property.  Ramon was constantly updating me on the status of the listing. They were always very helpful and willing to work around my busy schedule. Ramon and his team kept me in the loop during the whole process especially when dealing with requests, appts, inquiries and other little things that come up when selling a home. He always returned my calls, emails, and texts right away. There were a few complications during the process, but Ramon was on top of everything and very responsive. He reassured me we would sale my property as he promised me and my family. He didn’t fail me! We finally got a good offer on my property and Ramon and his team handled the closing process very well. He even went above and beyond the call of duty several times and did an amazing job in getting my property sold. I felt that he had my best interest at heart and was willing to go out of his way in order to provide the best service and keep his client happy. I would highly recommend Ramon and his team for all of your selling and buying needs. I strongly felt I was in good hands.

Review 3: I emailed her weeks ago seeking additional information on a house and other houses by the same developer… nothing… clearly she doesn’t want to sell a house.

Review 4: My wife and I chose Mayra as our agent for the purchase of our first home and highly recommend her services.  She is extremely knowledgeable and passionate about what she does and it shows throughout the entire transaction process.  We were so impressed that we recommended her services to my father-in-law and he is currently working with her on a purchase. During the purchase process we had dozens of questions, all of which Mayra took the time to explain until we were comfortable.  During the process we also did hit the expected occasional bump in the road and again on every occasion Mayra fought for our interest and got us right back on track. In conclusion if you are looking to buy or sell a home and want to work with a Real Estate professional give Mayra a call you will not be disappointed.

Competitor 2 Reviews (Coldwell Bankers)

Review 1: Eddie helped me land my ideal apartment in S. Pasadena as I relocated from North Carolina. His listing was in a great area, quiet neighborhood, good landlord and amazing neighbors. Eddie consistently and quickly returned my calls and responded to my emails. Eddie addressed all of my concerns and got minor issues resolved prior to move-in. It was great working with Eddie. I highly recommend Eddie Kanouse, Realtor.

Review 2: I called in to get set up with a realtor. The receptionist forwarded me to an agent immediately. I gave him all my info and what I was looking for. I asked him to send me some listings so me and my wife can browse the listings at the time. He told me he’d get me something in a couple of days. It’s been over two weeks and no call back or email. Pretty much sums up my experience with this office. I’ve always worked with coldwell banker for my real estate needs but from now on, not any more.

Review 3: Oh man, Noushine Rostamian is bad. She was incredibly dishonest and unprofessional in our recent interaction. This was perhaps the worst real estate experience of my life. Noushine was representing a landlord who was leasing a home. Her English language skills are severely lacking, which might have been part of the problem. She said she had a lease for us to sign and then said the landlord changed his mind. I have since learned Noushine was not honest about her communication with the landlord. Very, very shady. Steer clear!

Review 4: My husband and I met Pat and Rosie Cochran from this office at an open house. They were extremely personable as well as knowledgeable. As first time buyers trying to sort through the process we really needed people that we trusted and believed in. Pat and Rosie were with us every step of the way (and there were many steps!).  With a relatively small budget they helped us to find an amazing 1911 craftsman with gardens and a gorgeous view. They supported us through a number of bids and escrows—-they always looked after our best interests.  We could not have done it without them!

Review 5: The office is situated at the most convenient location with accessible rear parking lot in Pasadena. Upon entrance, the staff greeted me promptly and friendly. Jeffrey Rimerman has been assisting me in the process of house hunting.  As the first time buyer, he has been extremely kind, patient, and understanding to me.  He answers all my questions and provides me his knowledge and expertise in the real estate field. Furthermore, Jeffrey Rimerman is efficient with newly listed properties.  I am immediately informed by him and my client portal database, which he established for me.  More importantly, I have been able to view and visit the properties right away. Thanks, Jeff!  And if you are looking for a realtor who personalizes to your fit, Jeff is THE ONE!

Review Summary
Review # Activities Interests Opinions
1.1 Answered all our questions

Available to answer emails, texts, and phone calls.

Great to work with.
1.2 Sell my property

Referred by father

Immediately listed the property

Great relationship built [with the client’s father]

Came prepared

Explained thoroughly

Constantly updating [the client]

Always helpful and worked around busy schedule

Returned calls, texts, and emails right away.

Did a wonderful job

Professional, friendly, and honest

Had client’s best interests at heart

Willing to go out of his way to provide the best service

In good hands

1.3 Emailed agent weeks ago seeking additional information Clearly, the agent did not want to sell the house (as he/she did not contact client back)
1.4 Recommended agent’s services to client’s father-in-law

Had dozens of questions

Extremely knowledgeable and passionate

Agent took the time to explain until client felt comfortable

Fought for client’s interest

You will not be disappointed
2.1 Great area

quiet neighborhood, Good landlord

Amazing neighbors

Agent consistently and quickly returned calls and responded to emails

Addressed all concerns

Great to work with

Ideal apartment

2.2 Called to get set up with realtor

Asked him to send me some listings

Always worked with Coldwell Bankers, but not anymore.
2.3 [Agent] is bad.

Incredibly dishonest and unprofessional

Worst real estate experience

English skills are severely lacking

Dishonest about communication

2.4 Relatively small budget Extremely personable and knowledgeable

Needed people to trust and believe in

Agent was with us every step of the way

Amazing 1911 craftsman with a garden and gorgeous view

Supported clients through number of bids and escrows

 2.5 Greeted me promptly and friendly

Client portal established for me.

Office is located at most convenient location with accessible rear parking

Extremely kind, patient, and understanding

Answers all my questions and provides me his knowledge and expertise in the real estate field.

Efficient

Agent is the one!

Activities: Referred by someone/Recommended someone (2), Contacted agent (3), Budget (1)

Interests: Depth of knowledge (6), Importance of communication (5), Personality of agent (4)

Opinions: Ability to work together (5), Importance of honesty (1)

Conclusions: Psychographic lifestyle profile of the target customer— clients who need an agent that is very knowledgeable about the relevant area (buyer or seller). However, the communication ability and response times of the agent they are involved with must be great and efficient as well. If the personality and zeal of the agent is fantastic, then it is a plus but is not necessary to work together.

Customer profiles
  • First-time buyer: The reviews indicate that the clients prefer working with an agent with extensive knowledge in real estate and of the area they are interested in, but they also want someone who can call, text, and email back efficiently, which suggests that these clients may be young and/or first-time buyers.

Our Brand

Competitor Brand Promise

Coldwell Banker uses the slogan, “Making the Dream of Home Real.” This is evident in the company being in business since 1906, and having thousands of offices in 43 countries. They attribute this to their mission: “With industry-leading tools and the savviest pros in the business, our mission is the same as it was over a century ago: to ethically and honestly serve our clients so that they can achieve the dream of home.” (Source: https://www.coldwellbanker.com/)

Keller Williams Realty‘s mission is “To build careers worth having, businesses worth owning, and lives worth living.” Their brand promise is that when you work with them, they provide you, the client, with an experienced real estate agent who will always put your needs first so that you can have a smooth buying or selling process. (Source: http://www.kw.com/kw/TheDifference.html)

—–

The Delgado Realty brand promise
Delgado Realty’s brand promise is essentially that we guarantee we will sell your home (or that you will be happy with your purchase of a home), or our brokerage will buy it from you. It is a very bold promise, but one that grabs clients’ attention because it solves their problems. This is consistent across every social media platform that mentions Delgado Realty’s brand. (Source: http://www.daviddelgadorealty.com/)

Brand promise before AIO analysis: “You will be happy with the purchase or selling of your home with us or we will buy it from you!”

Brand promise after AIO analysis: “Delgado Realty: Your Real Estate Solution”. The brand still offers to purchase the clients’ property if they are unsatisfied after using our services, but we also promise that our agents are some of the most respected real estate agents in North America. They are quick and prompt to answer, pleasant to work with, honest, and extremely knowledgeable about real estate and the surrounding areas.

Proposed New Media Plan

Delgado Realty: Your Real Estate SolutionWe guarantee we will sell your home (or that you will be happy with your purchase of a home), or our brokerage will buy it from you! Our agents are some of the most respected real estate agents in North America. They are quick and prompt to answer, pleasant to work with, honest, and extremely knowledgeable about real estate and the surrounding areas.

Suggestions to improve site effectiveness:

  1. Figure out the conversion ratio from website to private consultation and/or phone call.
  2. Correct all spelling, grammar, and punctuation errors.
  3. Clean up the sidebar and footer links. Eliminate or organize them based on which pages the consumer spends the most amount of time on.
  4. Remove repetitiveness.
  5. Have updated materials; archive old ones.
  6. Change the entire layout of the website so that it is aesthetically more appealing and innovative.
  7. Display more beautiful pictures of clients’ homes.
  8. Rebrand the site so that it sounds less like a salesperson pitch. Don’t tell, show results.
  9. View the site on various mobile platforms to ensure that the quality remains as effective on the mobile as on the website.
  10. Compare before and after conversion ratio to see if rebranding was effective.
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