OpenAgent is a small firm which helps Australian to sell homes. It was founded in 2012 and headquarter of the company is located at Alexandria, New South Wales. OpenAgent uses an online platform that allows customers to search and compare real estate property. The CO-CEO of OpenAgent is Marta Higurea. The firm consists of 90 employees. OpenAgent operates in the real estate industry and the firm captures the online market. They assist the clients to sell their valuable properties (OpenAgent, 2019). They give personalized professional support to match the client with the right agent.
Political factor is an important factor to identify the causes that influence the OpenAgent’s profitability in the market. The political environment of Australia is stable and secure for real estate business. Thus, the organization has no risk from the political environment of the nation.
Australia is the 13th largest economy in the world and the company tax rate is 30 per cent. The economic growth of Australia supports business growth of the real estate industry (Kauškale & Geipele, 2017). OpenAgent is using real estate industry growth rate and industry's economic indicators for the development of the business.
Australia is a multicultural country which represents different needs for different kinds of community. The mass migration in Australia boosted the business of real estate. Most of the Australian population is educated and working so they easily identify the online platform of OpenAgent.
Australia is advance in technology and it is also adopting innovative technologies for faster development. OpenAgent uses the latest technology to sell the assets of the clients and also helps the clients to meet with the right real estate agent. The firm is investing in technologies to match the rising demands of the clients.
Climate change is the most disturbing challenge and water pollution is spreading diseases in Australia. All these major factors are affecting the business of OpenAgent (Derbyshire & Wright, 2017). Australian shows less interest in properties due to environmental changes.
The OpenAgent Company has to follow consumer law. The firm needs to follow the privacy law that how the firm is handling the personal data of its clients. It follows the Fair Work Act 2009 that controls the employment law in Australia.
Sophisticated data science: OpenAgent uses predictive analysis which includes statistics, data mining and artificial intelligence. The firm is having millions of data points so they can use it for their advantage and will be able to perform better in the industry.
Commission: OpenAgent is using innovative technology to drive competences and it is able to generate revenues from different places rather than traditional commission.
New entrants challenging traditional model: OpenAgent is working with new business model and it is challenging the traditional business model of real estate (Ashley & Tuten 2015).
Automation: The OpenAgent firm is using artificial intelligence and algorithms to identify potential customers.
Competitors: The Company is having many competitors as they are also using a digital platform. Many competitors in the industry indicate that there is lots of demand for real estate services.
Customers: The target customers of OpenAgent are young generation and educated people.
Suppliers: OpenAgent firm provides services to customers. The firm does data mining to take personal information about potential customers and uses artificial intelligence to communicate with the customers.
Public: OpenAgent always maintain goodwill among the public. The media person and the local public are responsible for the image of the firm. OpenAgent takes care of public needs and then fulfil the demand of the customers.
Marketing Intermediaries: OpenAgent does not use any marketing intermediaries because it directly interacts with the customer through digital mode (Alford & Page, 2015).The digital modes are Facebook, Twitter and the company's website.
Employees: The firm has three talented sales leaders and a bunch of talented sales consultants.
The major competitors of OpenAgent are Realstate.com and Domain.com. These two competitors allow buyers to find properties according to their interest. They also help with the loan, rates and advice. The competitor reduces the business of OpenAgent because they allow buyers also on the same platform with the sellers.
Alford, P., & Page, S. J. (2015). Marketing technology for adoption by small business. The Service Industries Journal, 35(11-12), 655-669.
Ashley, C., & Tuten, T. (2015). Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement. Psychology & Marketing, 32(1), 15-27.
Derbyshire, J., & Wright, G. (2017). Augmenting the intuitive logics scenario planning method for a more comprehensive analysis of causation. International Journal of Forecasting, 33(1), 254-266.
Kauškale, L., & Geipele, I. (2017). An integrated approach of real estate market analysis in sustainable development context for decision making. Procedia Engineering, 172, 505-512.
OpenAgent .(2019). Find and Compare Real Estate Agents – OpenAgent. Retrieved from https://www.openagent.com.au/
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