Real Estate: Improving Corporate Social Responsibilities - Assignment Example

?Project Real E Improving Corporate Social Responsibilities of Project Real e has recently been through changes and downfalls because of the economic difficulties in various areas. This is combined with changing trends that are highlighting the problems with the real estate industry, specifically with maintaining and selling homes. This project will look at a real estate company that specializes in selling homes and corporate buildings as well as corporate social responsibilities that are required. The change in corporate social responsibilities will then provide a deeper understanding of the abilities to succeed with real estate while fluctuating with approaches according to social, economic, political and cultural trends that are currently prevailing in the market. Rationale for Project The changes in real estate began in 2007 with markets that were no longer able to offer opportunities for moving in. The result was a decrease in the real estate industry, foreclosures on homes and price increases of homes. As this occurred, banks were unable to keep up with the economic fluctuations, leading into a recession within the economy (Warren, 2007: 15). The result with this particular problem has been to highlight the real estate industry and to try to find new solutions for building and maintaining the market because of the economic problems which have arisen. The particular problem with economics has led to difficulties with the way that real estate brokers are selling homes. It is noted that many are falling to false statements and added values with listings, just to get individuals to buy. This is combined with unethical practices of not stating the problems with homes and the difficulties which are occurring with the transactions that are taking place. The changes in the economy have created a direct shift with the approaches to ethics and selling within the market (Bernheim, 2012: 71). The economic fluctuations and responses from the market have led to a second backlash with the social trends relating to the real estate that is available. There are now criticisms that are related to the market based on environmental, architectural and social impacts which are not associated with the practices of most that are selling homes. The environmental approach is based on green movements that are not available for homes, leading many owners to decide not to buy specific homes. This is followed by architectural flaws that many are hiding with the buying of homes, which is stopping several from approaching the main situation. The approach is based even further on the social impact of the home, which is inclusive of finding the right neighborhoods and many which are looking at the real estate market as one which is no longer carrying an equitable industry. The challenge which is being placed over those who are involved with the social and cultural frameworks are then pressuring the real estate industry to change the amount of responsibility which is taken with buying and selling homes (Sardinha, Reijnders, 2011: 517). The current trends and approaches which are associated with the industry are pushing those in the real estate market to begin re-examining the ethics and amount of responsibility associated with buying and selling homes. The approach is to take social initiatives with the homes that are available, combined with looking at the trends and approaches to offer more to the individuals interested in buying or selling homes. This is combined with monitoring the initiatives to begin to change the options with how consumers respond and the way that the market is able to grow or decline. With this approach, more recommendations for sales will be made and those which are not looking at real estate after the fall which has occurred. The multidimensional approach which is required for this; however, makes it essential that the correct initiatives are taken to define and build the sense of corporate social responsibility among the real estate market (Chatterji, Devine, 2009: 530). Project Selection Model The basis of the project selection will be to add in a manager specifically for corporate social responsibility, combined with working with real estate professionals within a company to change the amount of responsibility that is taken. The use of specific resources and individuals leads to the use of the pyramid project model, as seen in Figure 1. Figure 1: Pyramid Project Model (Fox et al, 2010: 613). The approach taken will be to create a foundation that is based on structured project management. The project management will consist of hiring a manager, defining duties and placing the expected roles to change the corporate social responsibility that takes place. The following concepts of integrating and developing a system concepts while developing performance specification works as a framework and guideline with the mangers that are used to implement the specific process. The proposal review and analysis, system integration and audit then work together to define the ability to have the complete program in tact in the right manner while developing and creating continuous approaches with the needed program that is developed (Fox et al, 2010: 613). The evaluation, analysis and auditing is an essential part of the corporate social responsibility method, not only because of the need to change the system as it is developed. As trends change and grow, there is the need to develop the required responses for the projects that are taking place. Aims and Objectives The aims and objectives for this project are based on altering the way that the real estate industry functions in terms of corporate social responsibility, ethics and the responses to trends within the community. Specifically, the objectives will reach the following: 1. Increase the company’s corporate social responsibilities by 40% from the previous activity relating to 6 months ago. 2. Change the reputation of the company’s reputation in terms of social trends and expectations. 3. Change the approach to the real estate development, specifically based on economic, environmental and architectural changes. 4. Become more flexible with community projects that are available while becoming aware of how the real estate company can take part and interest in the surrounding needs. 5. Find and manage opportunities in neighborhoods where real estate is located, specifically to highlight the concept of corporate social responsibility. The aims and objectives will be based on becoming more conscious of the real estate that is associated with the neighborhoods and the current trends of the time. Combining these together will create a variety of alternative approaches that are associated with corporate social responsibility and the current trends that are being looked into in terms of the real estate industry. Work Breakdown Structure The first step which will be taken will be based on defining and creating corporate social responsibility policies and procedures. Currently, the practices used for corporate social responsibility are undefined, flexible and are based on experimentation and responding to the industrial climate. This is combined with foundational structures and the organizational structure that is required to change to meet the needs of corporate social responsibility and growth within the industry (Idowu, Fiho, 2009: 1). For the real estate company to have the right set of corporate social responsibility alternatives available, there is the need to implement a foundation for the practices. Defining the policies and procedures, expectations from the staff and different programs that may be established will then lay a firm foundation with the work that is required from those who are working within the industry. The approach to policies and procedures will be followed by incorporating a manager that is responsible for overlooking the projects for corporate social responsibility. The dividing aspects of the manager will be based on looking at different pieces of real estate, incorporating current policies and practices of the real estate firm, incorporating social trends and connecting new programs and development that is associated with the firm. The various job roles that will be given to this manager will be based on creating and developing programs while offering initiatives that are associated with the other real estate agents and brokers that are working within the firm. By making this a full time opportunity for the real estate company, there will be the ability to highlight the responsibility taken while developing more options for the firm. The work development of the manager will be divided into specific tasks to ensure that corporate social responsibility is implemented at the correct level. The first will be based on training and development of the policies and procedures within the company. The manager will be required to gather everyone else in the firm together to define the corporate social responsibility and the procedures which are taken to change the real estate industry. The importance of this is to begin changing the perspectives about corporate social responsibility and how this will alter the demands that are in the real estate industry. This will further assist with the acceptance of change toward more projects for corporate social responsibility while developing the needed demands for the projects which will be implemented (Idowu, 2009: 15). The training and development will be followed by specific programs that respond to the economic, environmental and social trends. A specific area of management will be based on expecting houses for environmental concern. Potential upgrades and opportunities will be created in specific neighborhoods to begin changing the environmental concern. This is followed by the economic approaches, specifically with the changing demands in the economy. Developing programs to assist with those who are struggling financially to offer home ownership can develop a different approach to the needed social and economic trends. The development will be based on responding more to the current trends and needs within real estate while creating even more approaches to the market that changes the perspectives of potential customers or those who are interested in real estate. New programs, inspections and developing neighborhood value can then provide even more opportunities to those who are interested in the program. Cost Estimates Project Cost Hiring of Manager $60,000 / year Training and Development Program $3500 Environmental Inspections / Upgrades of Homes $50,000 New Programs for Economic Hardship $30,000 Total $143,500 The cost estimates are based on developing new programs and policies while beginning to become more proactive with the real estate that is already associated with the company. This particular amount is one which is expected to come back to the corporation, specifically with individuals recognizing the unique programs while having personal initiatives and objectives met when working with the company for upgrades and needs when moving into real estate. Time Schedule The time schedule will be based on the milestones offered. Project Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Change policies and procedures Training for new policies and procedures Hiring of a manager Training and development with manager for CSR Implementation of environmental program Advertising of environmental program Implementation of economic program Advertising of economic program Evaluation and analysis It is expected that after one year, the different strategies for corporate social responsibility will continue to develop and move into a project life cycle that offers growth for the real estate firm with the responsibility that is developed. By doing this, there is the ability to offer even more options and rewards to those who are looking at real estate industries. Costed Strategy The approach taken with the strategy is based on the combination of the product market strategy and the business model which is used. The business model is one which is developed with the initiative to sell real estate with various brokers and agents that are trained with the same approaches. This is combined with the product market, which is continuing to fluctuate because of economic, social and environmental concerns. The strategy is one which is based on gaining interest toward the real estate professionals by adding in value through corporate social responsibility. Adding these two together offers a highlighted product market while allowing this to fit into the industrial needs that are associated with this time frame. By incorporating both of these levels within the industry, there is the ability to create a stronger approach to the market while developing more approaches to the cost leadership which is initiated within the corporation. The result will be a transaction which takes place between the product strategy and the business industry standards that are beginning to fluctuate and change. The corporate social responsibility will help not only with attracting loyal customers because of the value added services but will combine this with remaining ahead of corporations that are not implementing these policies (Zott, 2008: 743). Quality Management System The quality management system will be inclusive of a multidimensional model used to evaluate, analyze and change any of the problems which are associated with the main system. The quality management will first be based on feedback from the real estate agents and brokers that are required to implement the system. This will be followed by feedback from the manager that is providing the corporate social responsibility duties. The amount of feedback from clients buying homes and prospects will be furthered, specifically with the advertisement of new programs that are expected to bring in new prospects. The amount of growth and interest in the different programs will provide insight into what needs to change and how effective the new programs are (Hang, 2011: 5). The quality management system will then move into analyzing and changing the gaps that are not allowing individuals to move into the system and which are not providing needed developments for those that are associated with corporate social responsibility. This will help to strengthen and change the programs while allowing the programs to continue to move forward in terms of offering more opportunities for those that are associated with the program. Quality Control System The tools which will be used for quality control will be based on the standards and initiatives which are being incorporated. The risk that is associated with the project is with information about either the buildings that need environmental changes or the individuals which are a part of the economic program. This is combined with the quality that the manager needs to create for different programs while allowing this to become associated with the real estate agents that are expected to make this a part of the standards. The quality control will be based on investigating the environmental expectations and economic hardships of individuals. Specific surveys and controls will be placed on each of the programs, specifically so the wrong investments or initiatives are not taken. This will be combined with implementation of the characteristics with the individuals looking for real estate and the responses based on the economic trends that are associated with the real estate program. Combining these aspects together will provide even more opportunities to those who are working within the main program (Eichholtz, Kok, 2009: 64). At the same time, the standards and quality control will help to define the policies and procedures of the business for corporate social responsibility while allowing the investments to offer even more in terms of available real estate. These will combine together to assist with the social responsibility of the company and the interest from outside investors. Project Team Performance The shareholders in this particular project include executive management, senior managers, customers, financial institutions, special interest groups and company investors. The project team that is associated with the performance will consist of a main manager that will work with the various brokers and agents that are within the company. It is expected that the senior managers and possible special interest groups will also be notified of the corporate social responsibility changes. By adding in communication at all levels and asking for assistance from shareholders, investors, customers and special interest groups, more opportunities will become available through the real estate firm. The project team performance that is associated with the shareholders will be linked with the initial training and development that takes place from the company and the project development manager. This will be combined with continuous communication and initiatives that are expected to be a part of each individual’s responsibility. Investigating different homes, taking care of the quality control with both the real estate and the prospective buyers and ensuring that continuous communication is used with the corporate social responsibility manager will be some of the expected duties. Each individual that is working within the team and the project will be expected to become more conscious about the environmental, economic and social concerns. This will continue with implementation of changing priorities, objectives and transfers of the real estate according to the concerns that are being displayed throughout the company. Making this a part of the communication and procedures while overlooking and changing different aspects of the project team performance will help to boost the levels of responses and the overall reputation of the real estate company. Monitoring Evaluation System There will be two monitoring evaluation systems that will be used with the projects that are implemented. The first will be based on the operational performance that takes place. This will consist of changes in the transactions which occur, communication from agents to the managers and the overall performance that takes place within the company. This will be followed by the financial performance that takes place. The corporate social responsibility should gather attention of potential customers while allowing the trend to become a part of the transactions which take place. If the finances do not increase, then changes within the program also need to take place. The monitoring and evaluation at these two levels will assist with changing and transforming the program while ensuring that there is an increase in performance based on the corporate social responsibility which is a part of the company (Zentes, Morschett, 2012: 61). Steps to Close the Project The steps to close the project will be based on the evaluation of each transaction which occurs. Corporate social responsibility is one which is continuously developing with the businesses that are implying the correct policies and procedures. However, each real estate transaction will be closed similar to a traditional transaction. There will be additions with the environmental prospects that are added into the home as well as programs that are associated with economic hardship. Adding these into the legal and contractual systems and ensuring that they are associated with the records of the real estate transactions will show the responsibility taken within the company. This will be followed by surveys, analysis and feedback over the project procedures, specifically to identify what changes can be made in the future while implementing new concepts that are a part of the projects that are developed in response to the current trends. Obstacles The first set of obstacles with the particular program is based on the need to correctly implement the policies and procedures while allowing the training and communication within the company to work effectively. Change management is one which is known to lead to the highest risks in companies, specifically because of resistance, belief systems and alterations which are integrated into the business. To change this, there needs to be organizational and economic motivation from the management of the projects and from the training and development which occurs. By focusing on this, there is the ability to develop and implement the change without the resistance which often occurs within companies (Singh, 2007: 312). The risks that are based on the change within the company are furthered with the ability to manage and monitor the process. The responses to trends that build into corporate social responsibility also imply that the processes are experimental and are not widely used within real estate. The risk comes from the ability to build the new programs and to manage these in an effective way so they are not problematic for those that are associated with the business. The monitoring is furthered with this, specifically because of obstacles toward communication or implementation of the correct processes. It is expected that the programs may not have the correct procedures when beginning to work with the changes which occur. To lower these risks, specific systems will be developed before beginning the programs. After completion, an analysis of the problems with the system will be evaluated and upgraded, specifically to continue lowering the risk and building into the correct opportunities with the process created. Recommendations The ability to have corporate social responsibility within real estate is one which can begin to change the economic and social conditions that are stopping real estate from growing and developing at this current time. The opportunities which are available with implementing new programs within a real estate firm also provide even more responses that will help to develop the real estate industry while providing a competitive edge to the consciousness of the real estate company. By initializing new programs, policies and procedures for real estate, there will the ability to further develop the initiatives needed for current trends while providing new levels of insight into the business. This will in turn offer even more opportunities for growth in real estate while beginning to change the way in which products and services are offered from this industry. Incorporating specific programs, including environmental and economic responses, there will be the ability for the corporate social responsibility to lead the real estate company into new opportunities and developments while instigating different perceptions associated with real estate trends. 12 pages – 6 sources – Harvard References Bernheim, B. 2012. “Do Real Estate Brokers Add Value When Listing Services Are Unbundled?” Programs in Real Estate 62 (1). Chatterji, AK, DJ Levine. 2009. “How Well Do Social Ratings Actually Measure Corporate Social Responsibility?” Journal of Economics and Real Estate 517 (2). Eichholtz, P, N Kok. 2009. “Why Companies Rent Green: CSR and the Role of Real Estate.” European Real Estate 73 (2). Fox, L, J Carta, PS Strain, G Dunlap. 2010. “Response to Intervention and the Pyramid Model.” Theory and Practice.5 (2). Hang, Z. 2011. “Multiple Project Management System of Real Estate Enterprises.” Electric Technology and Civil Engineering. 7 (2). 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