Real Estate Portal Business Plan PDF

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co UNIV(RSITY45* PONTIFIC,A
m ICAI We ICADE
Alfredo Biel Turón QUOTATION

MARKS
v COMILLAS PONTIFICAL UNIVERSITY

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2)
) HIGHER TECHNICAL SCHOOL OF ENGINEERING (ICAI)
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ENGINEER IN INDUSTRIAL ORGANIZATION
END OF DEGREE PROJECT
RedInmobiliaria.com business plan
AUTHOR: Biel Turón, Alfredo
MADRID, June 2009
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INDEX.
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Index
INDEX....................................................................................................................................1
1. INTRODUCTION...........................................................................................................5
1.1. EXECUTIVE SUMMARY.........................................................................................5
1.2. PROJECT OBJECTIVES............................................................................................6
2.- ANALYSIS AND DIAGNOSIS.................................................................................8
OF THE SITUATION............................................................................................................8
2. ANALYSIS AND DIAGNOSIS OF THE SITUATION................................................8
2.1. ANALYSIS OF THE GENERAL ENVIRONMENT.................................................8
2.2. ANALYSIS OF THE SPECIFIC ENVIRONMENT (5 Porter forces).................35
2.3. INTERNAL ANALISIS........................................................................................49
2.4. QUALITATIVE DIAGNOSIS (SWOT)...............................................................51
3. PRODUCT AND MARKET.........................................................................................53
3.1. PRODUCT DEFINITION.....................................................................................53
3.2. MARKET DEFINITION:......................................................................................62
4. OBJECTIVES AND STRATEGIES:............................................................................63
4.1. SETTING GOALS:................................................................................................63
4.2. STRATEGY FORMULATION:............................................................................64
5. MARKETING PLAN:..................................................................................................66
5.1. PRODUCT POLICY:............................................................................................66
5.2. PRICE POLICY:....................................................................................................67
5.3. COMMUNICATION POLICY:............................................................................71
5.4. MARKETING POLICY:.......................................................................................75
AND OPERATIONS............................................................................................................77
6. PRODUCTION AND OPERATIONS PLAN:.............................................................78
6.1. SUPPLY:................................................................................................................78
6.2. LOCATION:..........................................................................................................80
7.- HUMAN RESOURCES PLAN......................................................................................82
7. HUMAN RESOURCES PLAN:...................................................................................83
7.1. STAFF NEEDED:..................................................................................................83
7.2. RECRUITMENT POLICY:...................................................................................84
7.3. ORGANIZATION CHART:..................................................................................84
8. FINANCING PLAN:....................................................................................................86
9.- ECONOMIC FINANCIAL PLAN..................................................................................88
9. FINANCIAL ECONOMIC PLAN:...............................................................................89
9.1. INITIAL INVESTMENT:.....................................................................................89
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9.2. ANALYSIS OF THE SCENARIOS:.....................................................................90
10. FORMAL LEGAL PLAN.........................................................................................98
10.1. LEGAL FORM:.................................................................................................98
11. BIBLIOGRAPHY:..................................................................................................101
12. ANNEXES:..............................................................................................................103
ANNEX III: ACQUISITION OF KNOWLEDGE.............................................................148
1.
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1.- INTRODUCTION.
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—MADKID
1. INTRODUCTION.
1.1. EXECUTIVE SUMMARY.
What is intended in this project is to launch a social network where its
members can, in a completely innovative way and, most importantly, for free,
advertise, search, give their opinion and seek advice about the Spanish real estate
sector. In turn, offering a series of services and payment tools to professionals in
the sector to get the greatest possible profitability from their ads.
This portal also integrates an expert system based on knowledge
engineering that allows an intelligent search for properties according to the user's
needs, thus increasing the functionality of the portal and of course providing it with
a very competitive added value.
The Internet is a global market where communication takes place between
people. Therefore, it is essential to first analyze the demand profile and then adapt
our service to it. In an environment where demand comes from users with different
requirements when buying, selling, renting or sharing a property, this real estate
portal must be able to adapt to each of these demand profiles.
Currently, one of the few portals that sees knowledge engineering as a
fundamental tool for success on the Internet is Google, where all the services
offered have been developed taking into account the knowledge of experts in the
field and with tools learning internals. It is worth highlighting the speed with which,
thanks to this type of techniques and its search engine, it has become the
undisputed leader of the Internet, ahead of Yahoo or MSN, which have been in
business for much longer.
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1.2. PROJECT OBJECTIVES.
.
The project has a double fundamental objective:
• Serve as a guide for the start-up of the company. This section must
cover all the necessary steps to do so, from choosing the legal form
of the company, name, drafting of the statutes, purpose, initial capital,
financing, etc.
• A second part, which includes a business plan that will be used as a
work tool for the management of the company during the next four
years, including the marketing plan, the supply and human resources
plan, and the financial economic plan.
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2.- ANALYSIS AND

DIAGNOSIS
OF THE SITUATION.
2. ANALYSIS AND DIAGNOSIS OF THE SITUATION.
2.1. ANALYSIS OF THE GENERAL ENVIRONMENT.
2.1.1. THE SPANISH REAL ESTATE MARKET - CURRENT SITUATION
After a period of sustained growth of 11 years, the Spanish real estate
market is currently going through a clear inflection point, marked by the
oversupply in the residential market and the drop in demand.
We are in the midst of market adjustment. The unfavorable economic and
financial situation, together with high housing prices, have caused a general
decrease in residential demand, which translates into a very sharp decline in
purchase and sale operations. The statistical data regarding prices, production,
transactions and mortgage loans clearly show that we are in a phase of severe
adjustment in the residential market, which has not yet hit bottom.
Supply is contracting to adapt to lower demand, housing production until
July 2008 has been reduced by more than half compared to last year. In a
context of oversupply, this contraction is positive as it paves the way for the
recovery of the balance between supply and demand. Likewise, prices have
slowed down or have decreased generally throughout Spain. The stock of
unsold homes pushes prices down, especially in those areas where there has
been construction has concentrated in recent years, such as the peripheral
areas of cities.
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For all this, it is necessary to increase the adjustment to facilitate the
reactivation, the supply tries to get closer to the demand through new and
attractive marketing channels, such as real estate consignments or Internet real
estate auctions. In this way, the setting of the market price is facilitated, which
is nothing more than the price at which the supply is willing to sell and the
demand is willing to buy. In many cases it is found that, when price reductions
of a certain amount occur, operations are closed. Residential demand for own
use continues to exist, as housing is a basic necessity and is sure to revalue in
the long term. The recovery of the residential market will be possible, as credit
normality returns and once the necessary adjustments have been made to the
supply to adapt it to the new demand context.
GRAPH 1: ANNUAL EVOLUTION OF THE HOUSING PRICE INDEX
*Source: Spanish economic situation report from the ECB

Macroeconomic Context – Generalized Uncertainty
During recent months, the world economy has experienced a significant
deterioration in its economic scenario as a consequence of the financial crisis
and the deleveraging process of the private sector. In this context, the policies
of the central banks, although they have avoided the worst scenarios of total
collapse of the system, have not been sufficient. Although liquidity tensions in
interbank markets have been reduced, high uncertainty persists regarding the
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solvency of certain entities in the international financial system.
Added to this restriction are factors such as the continued adjustment of
the real estate market in some economies or the sudden decline in world
trade, biasing growth expectations downwards during 2009.
Although there is uncertainty regarding the impact that the ambitious fiscal
policy measures implemented by a good part of the governments of
developed economies may have, and the use of heterodox policies by central
banks to reactivate credit is not ruled out, it is is seeing how 2009 is being a
year of global recession.
This deterioration in the outlook for the world economy intensifies the
adjustment process of the Spanish economy beyond what was expected
three months ago. In this sense, the deterioration observed in the
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employment indicators during the last months of 2008 and early 2009 is
especially worrying, with very negative effects on consumer and business
confidence. The destruction of jobs has not only continued in the
construction sector but now also extends to other sectors of the economy
that are affected by the reduction in international trade and uncertainty. The
data throughout 2008 have shown a job destruction much higher than that
recorded in the economies around us, despite undergoing adjustment
processes similar to the Spanish one.
Graph 2: Labor Market in Spain
• Job creation, % (zda.)

■ Unemployment rate (Deha.)
Source: SEE BBVA according to INE and Eurostat
This general deterioration in the outlook for employment and, therefore,
for families' disposable income, has intensified the deleveraging process of
the private sector, which has increased its savings for precautionary
reasons. This desire on the part of domestic economies and companies to
reduce their debt levels
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results in a significant decrease in credit demand, whose growth will be
negative for the first time in many years. All of this will contribute negatively,
causing the Spanish economy to decrease by 2.8 percent in 2009.
Chart 3: GDP Growth
In this context of clear economic slowdown, consumer confidence is
already at the lowest level since 9/11 and with respect to entrepreneurs, it
should be noted that during the first half of this year 22% fewer new
companies have been created commercial than during the same period in
2008, while the number of corporate dissolutions has increased by 45%. As
far as the construction sector is concerned, during the first three months of
the year alone there were 119 declarations of bankruptcy, 147% more than
in the same period of 2007.
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The Real Estate Market – Insufficient decrease in the price level
Housing demand continues to show no signs of recovery since last
September 2007. In this way, investment activity in second homes remains
at minimum levels that have not occurred since the 1993 crisis, and
although it is true that there is a latent demand for first homes, the
expectation of lower prices, the fear of Future increases in the Euribor and
the tightening of the requirements of financial entities to grant mortgage
loans to individuals mean that today many fewer purchase and sale
operations are taking place than in 2007.
Residential production falls: As corresponds to a context of contraction in
the residential market, there is a severe reduction in production: if in 2007
projects were approved to build 651,427 homes, 24.7% less than in 2006,
between January and July 2008 residential production was 188,046 homes,
which represents an interannual decrease of 58% compared to the same
period of the previous year. We will have to wait a while for this adjustment,
which is expected to be greater in the coming months, to have its effects on
the market. For its part, the volume of homes completed until July 2008
amounted to 399,381 units, a level similar to the same period in 2007.
Progressively, the volume of finished product will also go
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decreasing, thus facilitating the recovery of the lost balance between supply
and demand in the new residential construction market.
Graph 4: NEW HOUSING PRODUCTION
Rental supply and demand increases : Rental prices, which have
remained stable, around 4.3% in recent years, are now growing above the
prices of housing for purchase. During the first half of 2008, an increase in
volume of this market has been clearly perceived, both from the point of
view of supply and demand. The government seeks to promote this market,
which has been much smaller than that of other European capitals, with
measures to both encourage the promotion of rental housing and the
conversion of the current stock of unsold finished housing into a supply of
housing for this use. In a context of high prices and tightening financing
conditions for home purchases, renting is beginning to be perceived as a
more profitable alternative. In this sense, the
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The rental market can represent a medium and long-term solution to the
current market situation.
Sales continue to decrease: In the first half of 2008, 317,362 housing
transactions were carried out in Spain, of which 146,511 operations, 46% of
the total, corresponded to new vacant housing. In terms of year-on-year
variation, these transactions have decreased by 14% so far this year. Used
home transactions, which better measure the market pulse because they
lack the private contract-deed time lag of new home sales, have fallen
38.2% year-on-year. In addition to the unfavorable economic and financial
situation, residential demand shows a severe crisis of confidence in the
sector, in view of the problems facing the main real estate companies. This
situation makes the reactivation of sales in the residential new home market
even more difficult.
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Chart 6: REAL ESTATE TRANSACTIONS OF NEW FREE

HOUSING
Source: College of Registrars of Spain
Accessibility indices improve: After stabilizing the housing price/household
income ratio during 2007, this year 2009 shows a pronounced downward
trend. This is influenced by the decline in housing prices, already recorded in
the first half of 2008 and which is expected to increase in the coming months.
Likewise, the annual effort with tax deductions for the purchase of housing in
Spain begins a path of moderation this year, after reaching the maximum
level of 37.3% of households' annual disposable income at the end of 2007.
This variable has shown the continued rise in the price of money since mid-
2005. Despite its slight moderation in August, the Euribor rose again in
September 2008 to maximum levels in recent years, up to 5.384. As inflation
is channeled, the moderation of interest rates will become possible, with the
consequent improvement in housing accessibility, as is already being seen in
the second quarter of 2009 with the Euribor at 1.764%.
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Graph 7: HOUSING PRICE VS AVAILABLE INCOME
Lending activity declines : The mortgage market is shrinking due to both
lower demand and credit restrictions, which undoubtedly constitute the main
drag on the recovery of the Spanish residential market. The total outstanding
mortgage balance for the purchase of housing has had an average increase
in the first half of the year of 10.5%, approximately half of what it grew in the
same period of 2007. For its part, the year-on-year decrease from January to
July in mortgage loans granted for the purchase of housing has reached
32.4%. On the other hand, the rise in the Euribor and unemployment has
caused the delinquency of loans for the purchase of housing to have
multiplied by 2.5 in one year. Unemployment insurance means that non-
payments attributable to the increase in unemployment since the beginning
of the year do not become effective until a few months later, so we will see
the default rate increase in the medium term.
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Graph 8: MORTGAGE CREDIT FOR HOUSING PURCHASE
Prices are adjusting to the market : While official figures showed year-on-
year revaluations of new housing in Spain in the second quarter of 2008,
data from the CBRE agency indicate negative variations in prices in most of
the country, with the average at - 5%. Predictably, the average drop in
prices in Spain will be around 20% year-on-year by the end of 2009.
Currently, price drops of around 20% are already being recorded. 30%, in
second residence areas and in certain expansion areas of cities with clear
oversupply. The negotiating position of the buyer vis-à-vis the seller is
clearly more advantageous than years ago. Demand remains waiting for a
further price adjustment.
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The sooner this occurs, the sooner the reactivation of the residential market
will be possible.
Graph 9: ANNUAL VARIATION IN NEW HOUSING PRICES
Source: MVIV
The Tertiary Real Estate Market – Slowdown in demand
The revision of economic growth expectations together with the sharp
decline in consumer confidence is progressively weighing down business
activity and consequently the evolution of the parameters of the tertiary real
estate market. However, it should be noted that not all market segments
are behaving in the same way:
OFFICES:
Demand – During the first quarter of 2009 there has been a decrease
in demand for office spaces in Madrid and a certain stability in Barcelona.
The absorption in Madrid during this
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In the same period it stood at 253,000m², 26% less than in the same
period in 2008. Similar activity has been observed in Barcelona in the first
half of 2008, with around 221,000m² contracted, 3.1% more than in the
same period of 2008.
Offer – In Madrid, a total of 145,000m² of new leasable area have
come into operation throughout the first half of 2008, of which 71% were
pre-let. In Barcelona, on the other hand, 157,000m² of surface have been
inaugurated, of which 28% were also pre-let.
Rental prices – Despite the general increase in the vacancy rate in
Madrid and Barcelona, a fact that represents a change in the trend of the
last 3 years, the closing prices of the first half of the year show slight
increases in all areas of Madrid and in those areas of Barcelona that are
not the peripheral areas of the city (DEC and OUT). Average rental prices
in the center of the business district reach €37.6/m²/month in Madrid and
€23/m²/month in Barcelona. However, a lengthening of negotiation periods
between owners and tenants is beginning to be observed, which may
materialize in reductions in starting prices for the year 2009.
Investment Market – The probability that buildings located in
excellent locations and 100% rented will go on sale is greater than the
previous year given the increasingly foreseeable decline in average rental
prices in the medium term. Despite the lack of transactions during the first
quarter of the year, initial profitability rates are already between 5.25% and
5.5% in the most representative areas of Madrid and Barcelona. The
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buyer profile that is showing the greatest interest in the market continues
to be the national investor, although foreign institutional funds are once
again studying opportunities. The quality of the tenant and the duration of
the rental contracts are the variables that have the greatest weight in the
investor's decision process at this time.
COMMERCIAL:
Demand – We are witnessing a sharp decline in retail sales, which in
March fell on a seasonally adjusted basis (eliminating the effect of Easter)
by 5.5% year-on-year, a fact that represents the largest decline since
2004. This circumstance, together with the upward trend in
unemployment, will affect both the shopping center market and the street
premises market. The direct consequence is that the main operators have
significantly limited their expansion plans, especially the hospitality
industry, a segment most exposed to containment of spending by
households.
Offer – There are currently 72 Shopping Centers under construction
and about 45 licensed that will probably open before 2010. This fact could
mean that in said year
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17 million SBA is reached in Spain thanks to 117 new projects. However,
if the growth of the Spanish economy ultimately falls below 2% year-on-
year in the next two years, it will be very difficult for all of these projects to
be carried out given lower billing expectations. As far as the typology of
projects is concerned, it should be noted that given the poor performance
that leisure-based projects are experiencing, they will return to more
traditional food-based models. The medium-sized parks, on the other
hand, are experiencing a very positive moment, representing 40% of the
total surface area inaugurated so far this year and with great expectations
for the coming years.
Prices – A certain stability will be maintained in rental prices in
shopping centers for the next year, falling within an average range
between €18-€25/m²/month. As far as street premises are concerned, on
“High Street” the year-on-year growth in rental prices will continue above
inflation, thus in the most exclusive streets of Madrid and Barcelona they
already exceed €200/m² /month. On the other hand, in those decentralized
areas with a greater risk of unemployment, it is feasible that there will be
decreases in average rental prices.
Investment Market – During the first months of 2009 there have
been no significant transactions in the Shopping Center investment
market, a fact that contrasts with the 14 operations registered in 2007 and
which represented a volume of more than 800
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millions of euros. The buyer in 2008 is basically international and his
starting offer is significantly lower than the price demanded by the seller,
hence the absence of transactions during the first quarter. Investors are
thus looking for projects with more than 50,000m² of GLA with a good
location. Those of higher quality would be sold at this time with an initial
profitability rate of 5.5% while those that present greater management risk,
such as leisure centers, would be around 7.5%.
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2.1.2. INTERNET
The Internet “boom” at the end of the 90s caused the massive creation of
electronic commerce portals (e-commerce) that hoped to make their million-
dollar investments profitable in a very short time. However, the opposite
happened and in just three years - between 2001 and 2003 - almost 5,000
companies around the world disappeared, engulfed by the Internet. Experts
agree that the so-called “dotcom crisis” was due to the fact that these
companies focused only on investment and neglected the business itself,
being unable to attract customers. All of this, together with users' distrust of
electronic transactions, led to a crisis that also affected construction, with
numerous sector portals that went bankrupt (Rentamaquinaria,
Construplaza...). The current situation has not changed much either.
Regarding ecommerce, the public agency Red.es and the consulting firm
Nielsen/NetRankings agree that the growth of new technologies in Spain is
constant, but only between 60 and 61% of Spaniards have an internet
connection (10.4 M. of connected homes and about 30 M. of Internet users).
Currently, the Internet is the channel with the greatest future projection
and the medium in which the largest number of buyers are concentrated.
According to CIS data from March 2008, Internet penetration in our country
has already reached 14 million frequent users. Furthermore, in the last year,
the number of people who go to real estate portals in search of housing has
doubled (having already grown by 97% in the year
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former). Internet advertising provides immediate and high-quality results,
offering the user the most complete and up-to-date information.
The appearance of the Internet and real estate portals in Spain since 2000
represents a radical change in the search for real estate information, in the
process of buying and selling homes, a change of direction that everyone
(buyers, private sellers and professional agencies) faces. We have gotten
used to it in a natural way.
When the first real estate portals began to appear, many voices were
raised predicting the disappearance of all professionals in the sector,
since if the alternative existed on the Internet for free, the existence of
professional groups that charged for it made no sense. Time has shown
that these projections were completely wrong, far from reality: in the years
in which real estate portals have developed as the best source of real
estate information, the number of professionals has grown spectacularly.
In reality, the competition of
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agencies has not been the Internet or portals. The real competition for real
estate professionals is the doormen who charge owners to show the
buildings
Evolution in search
Classified ads have long been a boon for print media, but they have
become obsolete and no longer have the desired effect. Rupert Murdoch
announced some time ago to the executives of his company, News
Corporation, “the classified ads were rivers of gold, but sometimes the
rivers dry up. "I don't know anyone under the age of 30 who has read a
classified in a newspaper." The future is on the Internet.
We have not yet reached the Internet penetration levels of the United
States or some European countries, where the first option of more than
90% of people who carry out a real estate search is the Internet. In Spain
this percentage exceeds 50%. Internet use has multiplied by three in the
last six years. In 2000 there were four million users in Spain who connected
via modem, while today there are fourteen million, of which the vast majority
use broadband, whether by cable or ADSL.
In our country, portals have been a catalyst for a market that had been
using practically the same techniques for decades and that resisted
evolution. Currently, the search for housing has gone from requiring a
completely active actor to one that can be passive, that is, the person
looking for housing indicates their housing preferences and it is the real
estate portals that repeatedly send them the products that fit their needs.
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your needs. No more walking the streets or reading signs found on the
streets.
Another aspect that has represented a huge step forward has been the
incorporation of large doses of information into the product. This has led to
having a consumer who can plan their movements with much more
knowledge of all the factors that affect their purchase: they know better the
technical and formal characteristics of the property, they know if its price
adjusts to the reality of that specific local market. or the evolution of prices
in the area in recent years.
In the early stages of the Internet, the low speed of data transmission
only allowed the inclusion of little graphic material (some low-quality
photographs). But the arrival of broadband to most homes has brought with
it the incorporation of new ways of showing a home that only a few years
ago would have seemed like science fiction: first were virtual tours, 360-
degree photographic walks through the homes. that show them from
different points. With this technology, the potential buyer has not only had
greater access to the information that can be offered on the Internet, unlike
the few words that fit in a classified. Furthermore, what just a few years ago
seemed like a dream, visiting the inside of the house without having to go
see it, is today a common practice. What was once revolutionary is now so
common that no one is surprised anymore. But right now there is a new
alternative, which has come hand in hand with an improvement in speed
and data download: video. With the development of web pages where users
can watch thousands of videos, and with the incorporation of video in small
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formats (video cameras, recorders on mobile phones, etc.), today it is
increasingly within the user's reach to be able to Make a video of your home
and upload it to your ad on the Internet. We are already carrying out tests.
Video is the next best thing, high-quality videos that are viewed online
without having to download any additional programs. Currently, the only
information that a real estate portal cannot provide is the sense of touch.
The rest of the information is on the internet.
A large part of the success of these real estate initiatives on the
Internet, as well as many services that have been successful on the
Internet, is the enormous time savings they represent for the user. It seems
obvious, but the filtering of properties carried out on the Internet
(geographical, price, number of rooms, price per square meter, etc.) allows
the user to access only the product that interests them, so they can finally
stay with a reduced list of properties that initially meet your expectations to
visit before formalizing the operation. Some calculations estimate that
collecting all the information that is available on any of the main Spanish
real estate portals in a certain area would cost between 250 and 300 hours.
300 hours that the user saves.
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Second hand Households Madrid V All All

new construction ■ Floors Malaga - 120.000 € 40m
Rent Chalets/ Melllla 200.000 € 60 m'
-Lofs Murcia m
>1
300.000 €
B0 m
Offices Navarre 1 400.000 € 100m*
Premises/Warehouses Heal yourselves 500,000 € 120 m2
Plots Asturias Yo 600.000 €
160m-
Garages Palencia + 1,000 000 € 200 m'
Operation: Property type: Province; Max price: Min size:
A sector that evolves
The application of new technologies has also meant a revolutionary
R • patir tu ül Ima search da de: Atico an Su Indala ra
change for professionals in the sector. In the real estate market there is a
before and after the expansion of the network and the connection to it of
millions of users. Today it is simply impossible to sell a house for an agency
or a developer like they did five years ago. The real estate professional can
no longer consider whether he uses the Internet or not. Anyone who doesn't
do it is already out of the game and has an unpromising future. An agency
simply cannot think of marketing its product portfolio today without the
Internet. It would be as if you wanted to work without a telephone or fax.
The arrival of the Internet will undoubtedly substantially change the way
homes are sold and bought in the coming years, also for real estate
professionals. We will probably see fixed commissions fall and a la carte
commissions will emerge, menus in which the owner will be able to choose
the type of service he wants from his real estate agent and how much he is
willing to pay for it.
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Does this revolution mean that the Internet will put an end to real estate
agencies? No, by no means, a real estate professional will always be
necessary for many sellers or buyers. In short, it will always be necessary
for someone to open the door of the house to show it to the final buyer.
Deadlines change with the Internet
The universalization that the Internet has brought to the real estate
world has caused an important change in the perception of the time that an
offer is on the market. Just five years ago the passage of time did not affect
an offer because a potential buyer could always pass through the portal, a
classified could always be discovered by someone interested. Today this is
over. The enormous diffusion that the Internet gives to a home for sale or
rent produces immediate knowledge among a huge diversity of potential
buyers. And if the seller does not manage to close the transaction shortly,
that product is clearly off the market. Probably the best option is to lower the
price.
There are still sellers who trust that, with the passage of time, a “white
blackbird” will arrive that meets their expectations. With the Internet, that
buyer simply no longer exists. If so many thousands of interested parties do
not make an offer, no one will come to make it no matter how much time
passes. The Internet will also modify the relationships between sellers and
buyers and in a scenario of real estate slowdown, if a property is advertised
for more than six months and has no buyer, it is overvalued. If in that time in
which it has been visited online by hundreds of people it has not aroused
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the purchasing interest of any of them, it is an unequivocal sign that the
price is excessive.
Online advertising investment vs. Offline
Advertising on a real estate portal is cheap. It is very cheap when
compared to any other support. And when you go into detail about the sales
made through different channels, the network has become the most
profitable investment, without a doubt. The measurement possibilities that
real estate portals are allowing are also educating advertisers, who no
longer accept the arguments of the centers and agencies when justifying
the huge advertising budgets of other media, such as television, radio and
traditional media. On the Internet, an advertiser can mathematically
measure how much economic return they obtain from each euro they invest
in a real estate portal. Unfortunately for other media, this experience is
quickly turning former disbelievers into true apostles of the network. And in
the coming years the competitive advantages of the network will further
affect the way advertising was traditionally managed, in any medium.
It is a reality that the big advertisers in the real estate world have been
aware of this change in the situation and have opted for a very important
investment in the Internet. All the major accounts are present on the main
real estate portals, and some are already beginning to dispense with paper
as advertising space.
The trend is unstoppable, during 2008 the percentage of the marketing
budget allocated to Internet advertising grew by 97%. Currently, 7 out of
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every 100 euros are invested in the network for marketing and advertising.
This is still a low figure when compared to the figures for the United States
or the United Kingdom (12% and 15%, respectively).
The slowdown in the real estate market will positively affect this trend. A
few years ago, developers claimed to ship apartments before even starting
construction, but now the tables seem to have turned. It is increasingly
difficult to sell promotions and marketing and communication tools are
becoming essential, especially those in which the measurement of
investment is evident.
That is why now, in the midst of a slowdown in the sector, the use of the
Internet has increased both to search for and advertise houses, thanks to a
much more convenient and economical formula compared to traditional
intermediaries.
While the real estate crisis has caused the closure of numerous
traditional intermediary agencies, specialized portals see their business
grow.
The reason: Given the excess supply, websites offer a more convenient
formula for buyers and more economical for companies.
According to the Nielsen NetRatings audience panel, real estate search
engines registered 1.7 million unique users in 2006, 2.2 in 2007 and more
than 3 million at the end of 2008.
In January of this year, the number of surfers looking for housing on the
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Internet amounted to 3.47 million, which represents 17% of the total Internet
audience in Spain.
More and more real estate developers are turning to this online tool to
market their products. It is estimated that companies in the sector attract
around 65% of their potential clientele through the Internet.
During 2008, between 15% and 18% of the sales of many new
construction developments were made through the Internet, which
represents a very high ratio compared to advertising investment. The
Internet has become a very profitable advertising medium.
The price for company advertisements is around 300 euros per month
per promotion compared to the 3000-6000 euros that claims in the press
cost. A great advantage is that the advertisement only appears in the press
for one day, while on the websites it is seen all month.
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As the sales period has lengthened, keeping an advertisement visible in
a newspaper is much more expensive. For this reason, the one that is truly
suffering from the crisis is the press sector. Portals have become an
advertising refuge that offer more presence for less money. The real estate
search engine is not a substitute for the agency but for the advertising
medium.
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2.2. ANALYSIS OF THE SPECIFIC ENVIRONMENT (5 Porter

forces)
2.2.1. ENTRY BARRIERS
One of the most convincing arguments for starting an online business lies
in the apparent low barriers to entry. Normally, this is one of the most
common mistakes made by many administrators of large companies who
venture into the Internet, leaving mere financiers whose understanding of the
medium is zero in the hands of the feat.
A very common phrase is: “total, for 300 thousand euros that we invest in
the site, if it doesn't work in two years, it will close and leave.” The phrase
involves a thousand errors in forecasting, betting and planning that will not be
discussed in detail, but there is one obvious one that is usually the most
common in financial environments: not understanding the barriers to entry of
the online medium, which He has them. There are six barriers to entry for any
online business:
Knowledge of the environment
This is not an extension of a conventional business. To succeed, you
need an orientation to the environment, an understanding of its peculiarities
and an adaptation to its needs. If oranges are sold in a city market, it is not
enough to set up a website and this will mean that they also begin to sell
them online or a bank, it is not enough to set up a website and offer their
products on it.
Online knowledge has become the main barrier to entry in a business
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in which laymen with a lot of money want to know what is happening on
the Internet in a short time. It takes a long time to start understanding
things, taking into account that it is a constantly cutting-edge sector and
one in which you learn every day.
Knowledge is the main barrier to entry in the sector.
The competition
There is always room for novelty on the Internet, but some categories
are already saturated with competitors such as real estate portals, auction
pages or job portals.
In the same way that it is somewhat daring to plan the creation of a
Cola-flavored drink that does not provide anything new or innovative to
market it in Spain, there are certain online adventures that on paper seem
reckless. Now, on the Internet there is a certain lyric about it in which it
seems that anything is possible.
Legal aspects
The wave of events will bring more severe legislation. Sometimes
misunderstood and other times necessary. The fact is that regulation
constitutes an important entry barrier in many businesses and the Internet
may end up inheriting aspects related to greater legal interventionism that
in the long run complicates the bets in the medium.
Growth requires resources and investment
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Although it is true that you can start with minimal investments,
success on the network involves significant outlays as growth is
experienced. Servers, qualified personnel, technical developments,
maintenance, systems, security... in addition to those of any business in
terms of Administration and Commercial.
Search for new forms of financing
Classic financing models may not be enough to make an online
business profitable. The creation of new sources of financing is very
necessary when launching a web business and even more so now.
Imitation of the classic model is not enough
All the experience accumulated in the offline market logic is very
important. However, it may not be enough online. That is, a model that
works may not have the same dimensions of operation in the network and
vice versa. For this reason, the classic models with which certain
companies operate in their sectors are not applicable to the Internet world.
For all this, although for Internet businesses it has always been said
that the barriers to entry are small, marginal or non-existent, launching a
project is not difficult, every week a new real estate website appears. The
difficult thing is to attract users, solve a
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need, get clients, get paid, be profitable and, beyond subsistence, reach
income levels that justify the risk and investment.
Launching a website and starting a project is exciting and fun. The
difficult thing is to resist when it's not glamorous, it's not fun, it's not new,
you don't make money and you're alone. Jesús Encinar, CEO of
Idealista.com, compares internet businesses to mountains: "Everyone can
start climbing, but not everyone can reach the top."
Sadly it is true, the vast majority of Web initiatives remain in the
ocean of mediocrity and scarcity of traffic, resources and income.
Therefore, rather than talking about barriers to entry, we should talk about
barriers to success.
In 2008 there were 186,727,854 websites (31,497,803 million more
than in December 2007) according to a study by Netcraft.
p—P 2 U 0, n L CL # 2 = Q. E AE p L $ U CL U n4 n 283282 223.23 2 8 2.88 2,882 M

Source: NetCraft
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Therefore, the main barrier would be the significant amount of
capital, effort and knowledge of the sector that is required to develop and
launch a real estate portal that can compete with the ten most visited
Spanish portals. It must be taken into account that behind this type of
portals there are marketing, web positioning or development of IT solutions
companies and in some cases also construction companies.
2.2.2. COMPETENCE
It is a fairly saturated market with a lot of competition, due to the large
number of real estate portals that currently exist. At the head of the real estate
portals are Idealista and Fotocasa.es.
Graph 11: Ranking of real estate portals in Spain

Sales Portal Company sales
2007 2008 I 2007 2008 Domain
9,40 12,00 0 9,40 12.00 C) www.idealista.com
7.00 C) 9,00 0 124.50 140.00 D eo.com
3,50 5,00 3,50 5,00 www.expocasa.com
2,30 3,00 2,30 3,50 www.globaliza.com
0,90 3,00 11.00 or 12.00 C) www.suvivienda.es
1,62 3,00 1,62 3,00 www.yaencontre.com
1.50 C) 2.00 C) 1.50 (1 2.00 C) www.atrea.com
1,90 2.00 C) 1,90 2.00 C) www.comprarcasa.com
0.90f) 2,00 (1 0,90 0 2.00 C) www.nuevosvecinos.com
0,70 1,50 0,70 1,50 www.ivive.com
Source: Alimerka market studies
Next, Idealista.com will be analyzed in depth because it is the market leader and
because it is the portal that offers the most services. This
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company offers its users a portfolio of more than 180,000 properties, with
around 7,000 new construction developments, receiving an average of 1.3 M.
of visits and 80 M. of page views per month. The latest data published by the
portal stated that in 2007, they doubled their income and reached 9.4 million,
with a net profit of 3 million. and this year its estimated income could rise to 20
million. With these figures, it is the most visited portal (9.4% of the audience)
and the one that obtains the highest income (22.7% of the total). In addition, it
has begun its international expansion with the opening of its real estate portal
in Italy last spring.
Title: Idealista.com home page
Source: Idealista.com
Its business model is practically the same as that of the rest of the
portals: 80% of its income comes from the monthly fees of between €100 and
€300 that its more than a thousand clients, including real estate agencies and
developers, pay for publishing a certain number. of their properties on these
portals, and the rest comes from advertising income. Idealista.com offers
comprehensive services in a differentiated manner, considering its two types.
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of clients, residential users and professional users. These services are
marketed in packages, each of which includes a set of subservices based on a
specific price.
Professional users are conventional real estate agencies. These clients
are offered, in general terms, on the one hand to include their advertisements
on idealista's own portal and on the other hand it offers many other
complementary services such as:
a.- Personalized attention from an account manager
b.- Management software
Title: Services offered by Idealista.com
c.- Telephone technical support until 8:00 p.m.
The services offered according to the contracted package are:
a.- Microsite: link to own website, corporate image and marketing phrase
or direct access url, cover with facade photo and corporate description and
search via quick links.
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b.- Advertising in advertisements : link to the microsite
c.- Area expert : When a visitor does a search by geographical area, the
real estate company with this contracted service is highlighted as an expert in
that area if it coincides with the physical location of a branch of the same.
Title: Idealista.com Area Expert
d.- Direct email capture from idealista : email at 7:00 in the morning on a
business day
e.- Buyer recruitment email : In the event of a contact originating from a
visitor to idealista.com for a specific area and who requests help from a
professional in the area, if you save your search profile, Idealista has the
possibility of sending this information to a real estate client in the area who has
this service contracted.
f.- Virtual visits for exclusives : Consists of photographic reports to sell
the best properties better and faster.
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Title: Idealista.com Virtual Tours
g.- Filter of individuals from public media : daily email starting at twelve
noon with the telephone numbers of individuals who are announced for the first
time in public media.
h.- Spaces for online advertising : Geographically segmented advertising
in fixed spaces that can be on the website itself or in idealista ads.
1 .- Development of one's own website : Idealista, apart from allowing
real estate advertisements on its own website through microsites, also offers
the service of developing the client's real estate website. Obviously there will be
a link to this page from the Idealista.com portal.
As can be seen, all these services do nothing more than try to favor the
meeting between demand and supply and expanding the quality of the
information offered with the consequent saving of time that
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means for the user, this being one of the main elements that are understood as
added value contributed by idealista to the real estate sector.
The price of these commercial packages is relatively economical for the
advantages that these services provide to their clients; Leader package: €395
with up to 75 ads to publish and the standard package: €275 with up to 50 ads.
With respect to residential users, understood as individual clients who
simply want to advertise a property, either for sale or for rent, the service
provided to them is the same, that of advertising on the idealista portal a
maximum of two ads for free.
Fotocasa, the real estate portal of the ANUNTIS SEGUNDAMANO
group, follows closely and is expected to reach an average of 1.2 M. of visits
this year, with 51 M. of page views thanks to its portfolio of 223,000 properties.
Among the services it offers, a real estate index, its own news channel and
360º photographs of the properties stand out. Its audience reaches 8.7%, while
its revenue share reaches 17%. Its owner emerged in 2004 from the merger of
ANUNTIS and SEGUNDAMANO, becoming the first group of classifieds in the
Spanish language, with a turnover of 124.5 million. in 2006 and 14.5 M. of
unique users and 1 M.
At a slight distance in number of visits, but large in income, there are
portals such as Expocasa, Globaliza, Yaencontré, Portae, Atrea or
Ivive, who manage visit and income figures that are quite close to each other.
Expocasa, in addition to offering an interesting section called “Preciómetro”,
which allows you to compare the evolution of the price per m2 of housing in
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Spain by population during the last year - something that is spreading and is
also offered by portals such as Fotocasa or Urbaniza-, It links to the group's
other portals related to home, DIY, decoration, cooking, pets and plants. In
March, its owner, FACILÍSIMO INTERACTIVE, created, in alliance with
BARCLAYS, the coastal property search engine for foreign citizens
Pearloverseas.
Globaliza, the oldest Spanish search engine portal, which has invested
more than €8 million since its creation in June 1997, also allows you to
incorporate real estate videos in your property ads.
Yaencontré has experienced significant growth in visits in the last year
to exceed one million monthly, with expected revenues of €5 million in 2009.
This year it relaunched its portal, incorporating the search for properties by
map through an agreement with Google Maps and promoting its “Localgest
Mobile” application, developed in 2006 together with VODAFONE and Black-
Berry, which allows managing properties from an electronic agenda. Portae, for
its part, is a portal for domestic and real estate services developed by the
ENDESA group, which in addition to real estate has an online store for home
products and computer equipment.
The rest of the search engines and portals present to a greater or lesser
extent the characteristics described above, focusing on specific geographical
areas, although with properties throughout the Peninsula, or trying to offer
something different capable of attracting the buyer.
Finally, the country's large communication groups have also wanted to
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take advantage of this online real estate boom, which have been creating their
own portals. Among them, Suvivienda stands out, with real estate information
and a home search engine, created by UNIDAD EDITORIAL, publishing
company of the newspaper EL MUNDO, which was launched in June 2006 and
had a turnover of 6 million. in 2008; Sacacasa, created by HABITATSOFT, a
company of the VOCENTO group - owner, among other newspapers, of ABC -,
presented at the end of 2006 and which promotes the properties of the Public
Rental Company (SPAVIV); and that of the PRISA group, launched in June
2007 and integrated into the EL PAÍS classifieds website.
2.2.3. CUSTOMERS
As it is a real estate social network where the publication of properties
by real estate agencies and their subsequent search by applicants is
completely free, it is important to differentiate users from clients.
Unlike the rest of the real estate portals in Spain where the clients are
the real estate agencies, which pay to publish their ads, in this portal the clients
are those people or companies that are given
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register in any of the services offered by the portal for professionals since they
are the paying users.
While the users will be those people or real estate agents who
exclusively use the free services such as publishing properties, searching for
properties or asking advice from real estate agents, that is, everything that the
current real estate portals in Spain offer for a fee.
This represents a big change in the way real estate portals act, since it
completely changes the rules of the game, now everyone can advertise for
free.
2.2.4. SUPPLIERS
As in all social networks, the content providers are the users themselves
who enter the content and share it for other users to see, which makes it free
content.
In the case of this portal, the content providers will be individual users or
real estate agencies that will upload property ads that will be seen by the
requesting users.
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2.2.5. SUBSTITUTE PRODUCTS
More than substitute products, substitute channels should be considered
due to the type of service offered, so all traditional media for advertising
properties should be considered, such as: The real estate agencies themselves
at street level, the written press, posters or even television and radio.
If the evolution of classified ads in the written press is analyzed, it is
perceived that little by little the Internet has been winning the battle to become
the leading channel for real estate advertisements.
According to the latest report on economic forecasts in the media,
prepared by Deloitte, the income of the written press from classified ads will fall
by 30% compared to 2008.
And it places special emphasis on the real estate market as can be seen
in the following table. The scope of online advertising budgets on real estate
websites rises to 34% of the total advertising investment:
Title: Spending on real estate ads 1999 - 2009

Online Adv. Total Adv. Online Share
1999 $ 116.20 $9,274.33 1.3%
2000 yes 245.66 $10,528.03 2.3%
2001 yes 395.71 $11.169.84 3.5%
2002 $ 580.62 $11.166.57 5.2%
2003 yes 971.10 $11.762.51 8.3%
2004 $ 1,159.36 $11 202.02 10.3%
2005 yes 1,801.52 $11,308.46 15.9%
2006 yes 2,105.68 $10,703.95 19.7%
2007 yes 2,657.39 $10,289.24 25.8%
2008 ¥ 2,928.44 $9.654.51 30.3%
2009 $ 3,096.15 $9.037.45 34.3%
Source: Borrell Associates Inc.
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2.3. INTERNAL ANALISIS
As has already been seen, there are currently many real estate portals
that offer an online platform to publish and search for real estate ads, which
cover the costs by charging advertisers and advertising in them. However, there
is no service that offers the possibility of advertising properties for free, much
less offering the possibility to both advertisers and applicants of communicating
via the web in the way that is done on a social network, as well as another type.
completely innovative intelligent property search.
The objective is to offer this service free of charge and in the most
efficient way where expenses are supported by offering a series of professional
services for real estate agencies that will be seen later.
Additionally, the aim is to create a real estate social network where the
different users are linked by areas, neighbors, friends and professionals, so that
they can know the opinion of other users and experts in the area about the
different properties that are advertised. The objective is to recreate on the
Internet the social condition of buying and selling real estate.
If this objective is achieved, the users' attachment to the service will be
high, because even if a competitor also decides to offer the same service, the
user will remain where their community of acquaintances is based. It is the same
case that occurs in the rest of the world with Facebook: “I use Facebook
because my acquaintances use it and I find it very simple and useful to interact
with them.”
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The exclusive service offered to users is the main value generation aspect
of the company, so the most important areas of the business are the technological
area, the marketing area and the commercial area. Likewise, the most significant
activities in the value chain are marketing and services since they are the sources
of competitive advantages over competitors.
The key is that these activities generate value both for users looking for a
property and for professionals in the sector. For the user looking to buy, rent or
share a property, it represents a large database where they can search in two
different ways: limiting by area, as is done today in all real estate portals or through
an intelligent search engine that is based on the real needs of the user. It also
offers the possibility of asking other users and professionals in the sector for help.
For professionals who publish ads, it is a free way to promote their
properties, something that is highly demanded by the sector due to the great
decline in sales, or to promote themselves as an expert in a certain area by
resolving doubts and giving advice to the rest of the community. . As mentioned
before, it is also offered, as mentioned before, a payment service to increase both
the visibility of your properties and market studies of supply and demand by area.
2.3.1. COMMERCIAL AREA
The aim is to establish relationships with each real estate agency that
wishes to appear on the portal, so that all their properties can be published for
free and once they are convinced of the need to use our platform to make their
property offer known to the public, convince them of the improvement they could
experience by hiring the services for professionals offered by the portal.
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From this point of view, the power of acceptance vis-à-vis real estate
agencies will be greater the more users who use the service. These users will be
interested as long as they find the service useful, attractive and, above all, free.
User acquisition will be a task that will be addressed from a marketing plan
that highlights the advantages that using the portal brings them, so it should not
be a very complicated task, especially for users who are not very experienced
with the use of the Internet.
2.3.2. TECHNOLOGICAL AREA
In such a competitive sector, it is essential to offer an easy, fast and
intuitive service, in order to be perceived as another possibility and this can only
be achieved by offering great quality and efficiency in our social network as well
as in our applications, information complete as possible about each of the real
estate offers, with more general data, characteristics, quality, surrounding
information and more multimedia content.
2.4. QUALITATIVE DIAGNOSIS (SWOT).
Strengths:
• Well defined strategy.
• Free service.
• Structure with low costs.
• Differentiating and innovative aspects.
• Successful social network model in other sectors.
• Solid loyalty model.
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• Effective and economical marketing model.
Weaknesses:
• It is not your typical engineering-oriented business. Little experience

of the founder.
• The free service may be abused and not get a sufficient proportion of
users interested in paying for services for professionals.
• High commercial and marketing effort.
• Very complex sector due to the high degree of competitors.
Opportunities:
• The Internet provides the capacity for distributed communication

(ease of access).
• Attractiveness of the sector (€300 million in business volume) and

clear need for an efficient market.
• Possibility of changing the rules of the sector.
• Constant increase in Internet use in Spain *
Threats:
• Possible concentration of real estate agencies.
• Plagiarism by a competitor.
*
The Internet penetration levels of the United States or someEuropean
countries have not yet been reached, where the first option of more
than 90% of people who carry out a real estate search is the Internet. In Spain this percentage exceeds 50%. Internet use has multiplied by
three in the last six years. In 2000 there were four million users in Spain who connected via modem, while today there are fourteen
million, of which the vast majority use broadband, either by cable or ADSL.
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• Aversion of real estate agencies to losing a percentage of their

margin, if they stop being intermediaries.
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3.- PRODUCT AND MARKET.

3. PRODUCT AND MARKET.
3.1. PRODUCT DEFINITION.
The product consists of offering a free social network where you can
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advertise, search, give your opinion and seek advice about the Spanish real estate
sector, in a completely innovative way, in addition to having a series of paid
services for professionals and an innovative smart search engine. Going by parts,
this product is divided into two:
3.1.1. FREE SERVICES:
Free services: These services are those offered by all real estate portals
today plus a revolutionary smart search engine (for more information see
Annex I: “DEVELOPMENT OF AN INTELLIGENT REAL ESTATE PORTAL” )
Advertiser access control to the system:
To provide security to the system against unauthorized users, any user
who wishes to publish advertisements on the portal must enter their data in
the system and access their personal area using their email and a password.
Advertiser property management:
Each advertiser will be able to enter all the ads they want for free,
whether they are for sale, rental or sharing homes, premises or garages and
to manage them they will have a personal area within the system that will
allow them to: Register new ones ads, modify or delete ads, see the number
of visits that each ad has had, see the comments that other users have
written about each ad or modify your personal data.
Property control system:
To maintain data consistency and make it easier for both the user to
search and the advertiser to manage their ads, each ad will be assigned a
status. Each ad can be: Active, Duplicate, Sold or rented or Expired.
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Property search :
The portal is intended to allow its users to search for properties
throughout the national territory using maps, that is, by clicking on the areas
that interest them until they limit the search to a specific area or several areas
of the same city. In this way, the aim is to ensure that users carry out their
searches in the most intuitive and precise way possible. Once all the
properties that meet the requirements specified by the user have been
presented, the user can sort them by: price or size.
Title: Traditional search on RedInmobiliaria.com
Source: RedInmobiliaria.com
All this in terms of the basic search that this system allows. The user is
also offered the possibility of performing an intelligent search based on the
weighting of the importance and value of the search parameter fields
according to the user's profile and their purchasing power. (For more
information see Annex II: “Example of intelligent search” ).
Regarding the presentation of each advertisement, it should be noted
that apart from the data and images entered by the advertiser, the system will
display a Google Maps map showing the location and area of said property.
Title: Example of advertisement map
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Source: Google Maps.

3.1.2. SERVICES FOR PROFESSIONALS:
These services are divided into three different types, all of which can be
combined with each other:
Advertising on the portal:
Unlike the rest of the portals that have fixed rates for each of the types of
advertising, as we will see later, RedInmobiliaira.com will offer advertisers a
tool for managing advertising campaigns on its portal that provides the
advertiser with multiple possibilities to capture users with full control of
profitability, being able to always direct their budget to the actions that
generate the greatest benefits.
The advertiser will choose the keywords in which they want to advertise,
such as: “Sale - apartments - Chamartín” or “Rent – premises - Valencia” and
will bid on them, for example 3 cents per click. When publishing the ads, the
search engine will take this bid into account along with other factors that
indicate the quality and relevance of the campaign and, through an algorithm,
will determine where the ads will appear.
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The types of advertising offered to advertisers are:
Home page button: space to reinforce the advertiser's brand image and
achieve notoriety on one of the most visited home pages in the real
estate sector.
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Geographically segmented banner: located to the right of all the
maps of the chosen areas, it is segmented in depth, achieving very
high click rates.
Banner in second-hand listing: appears in second-hand property
listings and can be segmented by sub-region within each province.
Banner in the list of new construction: it exclusively heads the list of
newly built homes in a certain province or region.
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•MADRID
Sky in the property sheet: located on the right side of the property
characteristics sheet.
Ad promotion:
The latest marketing and advertising studies confirm that in any
online search, users almost only pay attention to the first ads on the first
page.
Currently, real estate portals offer their advertisers a series of types
of promotions, which help them improve the position of their
advertisements, by showing the results of searches, reserving the first
positions in the results lists for this type of promotions. . In this way, search
results are manipulated, seriously harming users, who can see how the ads
that appear in the first positions of their searches have nothing to do with
what they are looking for.
The tool offered by RedInmobiliaria.com, as for the previous point,
advertising on the portal, allows advertisers
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Promote your properties only for searches that interest you by choosing
keywords and bidding on them.
When displaying the results, the search engine takes into account
the keywords of the search and evaluates the bids of all the ads that
correspond to those keywords and displays on one side the six most
relevant promoted ads for the user who is searching. .
In this way, search results are not manipulated, only paid ads that
match the search performed are displayed and the advertiser of said ads
only pays if the user views the ad.
Analysis and market studies in real time:
The Internet is a global market where communication always occurs
between people, which is why it is essential to first draw the demand profile
and then adapt the offer.
Therefore, this portal, thanks to the structure and parameterization of
its database, allows the market to be constantly audited and provides useful
information to the seller through a “real-time reporting” tool that helps its
users to better understand new market trends. , buyers, potential areas to
sell, rent or share, as well as endless data about the areas
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where your ads are advertised to get the most out of each of them.
Here are a series of examples:
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•MADRID ICAI W ICADE «
3.2. MARKET DEFINITION:
The market for real estate portals on the Internet is a fairly saturated market
with a lot of competition, due to the large number of real estate portals that currently
exist.
In 2007, this sector obtained annual income of €53 million, income that
basically comes from the two sources mentioned before: advertising and advertising;
through banners, which are static or dynamic advertisements that link to the
advertiser's website, and by positioning; by charging a fee to the client for appearing
among the top positions when performing a search.
Title: Example 3 of e map planned announcements of the main

real estate portals and search engines
Source: Alimerka market studies.
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4.- OBJECTIVES AND STRATEGIES.

4. OBJECTIVES AND STRATEGIES:
4.1. SETTING GOALS:
The main objectives of this portal for the first year can be summarized in two
points:
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• •MADRID
Get 40% of real estate agencies to advertise their properties on this
portal. And of this 40%, at least half also use some of the payment
services. Responsible: sales and marketing department.
• Achieve being in the TOP 10 of the most visited portals nationwide.

Responsible: marketing department.
4.2. STRATEGY FORMULATION:
It is desired to apply a corporate growth strategy, particularly market
penetration , since the current presence of the portal is nil.
Regarding the business strategy, the aim is to develop a low-cost
competitive strategy due to the use of economies of scale and also a competitive
differentiation strategy . The product not only consists of a free real estate portal
but also a social network whose epicenter is the real estate sector.
A marketing strategy will also be applied through which the users
themselves will be in charge of directly selling and promoting their ads. They will
send invitations to their acquaintances to join to their community and they will also
be provided with content from their areas of interest to publish for free on their
blogs, personal pages, emails, etc... Thus increasing the exposure of the portal.
The plan is divided into four phases:
STARTING (end 2009):
The corporate strategy is based on rapid market penetration aimed at
the most important real estate companies.
For this reason, the aim is to attract real estate agencies with the
highest volume of business, showing them all the advantages of the fact that
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it is free and allows users interested in buying, renting or sharing to ask them
directly, without the need to have to Call them or go to their offices.
GROWTH (2010):
Commercial plan aimed at PRAGMATIC real estate agencies:
Take advantage of affiliated real estate agencies to put pressure on the
rest, making them see that they are losing online exposure and that has a
direct impact on a significant drop in sales.
It is also important to consider that the entry of new real estate
agencies creates a wider and more attractive range of offers, which would
boost the entry of new users interested in searching for property.
EXPLOSION (2011):
With these two phases executed, a plan to attract CONSERVATIVE
real estate companies will be developed:
As the impact of this portal begins to be strong, even the most
skeptical real estate agencies will decide to enter, in this way it would be
possible to have the entire real estate offer in the country in a single portal.
This would increase the number of visits to the portal to the point of becoming
a serious rival for portals such as idealista.com or fotocasas.es.
MATURITY (2011):
The new real estate agencies that were emerging would see this portal
as an indisputable ally in which to promote their properties, as would all users
who were looking for homes, premises or garages.
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5.- MARKETING PLAN.

5. MARKETING PLAN:
5.1. PRODUCT POLICY:
Currently there is no similar virtual platform on the market, so it is expected that
users see this service as something innovative and necessary, which is why the product
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policy to be carried out consists of raising the awareness of both real estate agencies
and users of the advantages offered by a virtual platform like this.
The name chosen for the platform is RedInmobiliaria.com, which provides
exclusivity, credibility, mobility and avoids the loss of promotional momentum. As the
most basic activity of any Internet marketing campaign consists of making the domain
name known, when choosing this name it was taken into account that it was:
Short: 15 letters grouped into 2 concatenated words.
Pleasant: Because of the sound and the meaning.
Easy to pronounce: These are two very common words.
Easy to remember: Simple and intuitive name, there is no room for error.
Meaningful: The domain name is associated with its content.
5.2. PRICE POLICY:
As has been discussed throughout this document, unlike the rest of the real estate
portals that charge real estate agencies or individuals to advertise properties, which
represents 80% of their income, RedInmobilairia.com offers this service for free.
The income, therefore, comes exclusively from its 3 services for professionals:
Portal advertising and ad promotion
As mentioned in the point about the definition of the services offered by this
portal, unlike the rest of the real estate portals that pay a fixed price for these two
services, RedInmobiliaria.com offers the advertiser a tool to maximize their
investment in advertising, allowing them Choose the keywords in which you want to
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advertise, such as: “Sale - apartments - Chamartín” or “Rent – premises - Valencia”
and bid on them, for example 3 cents per click.
In the following table you can see the payment methods and prices of the
main Spanish real estate portals when placing advertising on their websites:
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Table 1: Payment methods and prices of the main Spanish portals
Payment methods and Idealista.com Media real estate portals in Spain
Prices (idealista, Ivive, fotocasas, Expocasa, Globaliza and Atrea)
Button on home page €6,000 / month €3,300 / month
Geographically segmented €22 cpm €18 cpm

banner
(Cost per thousand
impressions)
€12 cpm €10 cpm

Banner in result list
€22 cpm €15 cpm

Banner on new
construction listing
€18 cpm €18 cpm

Sky in the property file
Source: Idealista, Ivive, fotocasas, Expocasa, Globaliza and Atrea.
And in the following table you can see the ad promotion services carried out
by some of the real estate portals as well as an average price for each of the
different categories. For the average price, the prices of the following portals have
been taken into account: Ivive.com, Atrae.com and Fotocasas.es
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Table 2: Ad promotion services
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Characteristics N MARKS
Exclusive Prestige Gold Silver •MADRID
behind
Place in search results 3 first places behind exclusive behind gold
prestige
Prices
Annual 5.000 € 1.296 € 432 € 144 €
Biannual 2.600 € 684 € 228 € 76 €
Quarterly 1.375 € 360 € 120 € 40 €
Monthly 480 € 127 € - -
Source: Ivive.com, Atrae.com and Fotocasas.es
As you can see, the tool offered by RedInmobiliaria.com has several
advantages over the current way of advertising as a real estate or professional and
promoting ads:
• Pay only for clicks on your ads, not for impressions.
• Absolute control over the budget.
• All variables are measurable: clicks, visits, investment, conversions,

etc.
• A high ROI (Return on Investment).
• Quick implementation of campaigns.
ICAI W ICADE «
Analysis and market studies in real time
As there are currently no portals that offer it, prices cannot be compared, so
an attempt has been made to set a reasonable price: neither too low that it causes
distrust in the quality of the information, nor excessive that it leads customers to look
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for other ways to obtain them. •MADRID
Taking the above into account and in order to offer a way to contract the
service based on the needs of each user interested in our reports, we have chosen
to offer four types of rates:
Table 3: RedInmobiliaria.com Report Rates
Number of Reports Price Way to pay
Annual Unlimited 1 year 150 € Credit card
Quarterly Unlimited 3 months 50 € Credit card
Bond 10 15 € Credit card
Simple 1 2€ 2 SMS
Source: RedInmobilia.com
5.3. COMMUNICATION POLICY:
The communication policy is based on a commercial team specifically prepared in
the sector and in which a large part of the budget will be invested, since the initial
acquisition of real estate agencies is crucial for the business.
An initial commercial effort will be made with the aim of attracting 40% of the most
important real estate agencies on the national scene, trying to get them to compose an
offer that is as complete as possible and to become interested in the payment services
offered by the portal.
As soon as an offer is available that may be attractive to users, the marketing
team will focus on achieving a significant share of users who use it as frequently as
possible.
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Turónis the most important, since the continuous use of the portal by users in
•MADRID
the first year is decisive for real estate agencies to see this portal as an indisputable ally.
The investment that will be made in both the commercial area and the marketing area is
very significant, which is why the team must be efficient and must be a critical resource
for RedInmobilaria.com
The key is that the portal works with sufficient effectiveness at the beginning so
that RedInmobialiaria appears in specialized magazines, forums and both real estate
agents and users begin to know it through good references.
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The aim is to encourage the user themselves to invite their acquaintances to their
real estate community. This will be achieved by offering certain privileges depending on
the size of each user's community; Thus, the user will be rewarded depending on
whether they have more members in their community, for example, giving away reports
on the areas in which they are interested, for communities of more than 10 people or
other similar promotions. In this way, “viral marketing” will be obtained that will make the
product known quickly by people the users trust. An example of how this type of
marketing works is the site hi5.com, which obtained excellent results in this way (being a
site that did not offer a useful service comparable to that offered by RedInmobiliaria).
MySpace.com also used this type of marketing with great success, currently being the
4th most visited site in the world (it was founded at the end of 2003 and in 2005 the
founders sold it for 580 million dollars).
Graph 12: Daily Hi5 and MySpace Visits
Source: Alexa.com
Additionally, all users will be offered free real estate content to use on their personal sites
such as blogs, Facebook, MySpace... Showing at all times references to
RedInmobiliaria.com, thus generating extensive exposure of the brand, all free of charge
for the company.
Two conferences will also be scheduled in the first year with the main real estate
entities, in Madrid and Barcelona, presenting the product as well as its operation and
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seeking feedback from attendees to improve it.
^ The strategies to attract real estate from this point are:
• Free registration on the portal and zero monthly cost to advertise your
properties.
• Advertising your brand on the portal.
• Direct access to market analysis in real time.
^ Strategies to attract users are based on the offer of:
• The largest range of ads on the network.
Finally, it has been considered to carry out a communication and press campaign
with the public relations agency Edelman. This agency was responsible for the new
image of Dove, Toyota and numerous successful international companies. The Edelman
agency is expected to help RedInmobiliaria.com give an image of revolution in the real
estate world, being in charge of making press releases and meeting media requirements.
The estimated investment is €20,000.
unineeSIOADGHPONTIFic14 ICAI W ICADE «
This communication strategy has been chosen instead of investing in direct
advertising because it is believed that RedInmobiliaria can meet the necessary conditions
to appear to journalists as an interesting, innovative or at least curious idea, which can
lead to provide that the portal is chosen for the writing of a news item. Journalistic
information has great value for the consumer and would undoubtedly be the best
advertising.
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Edelman
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5.4. MARKETING POLICY:
Marketing policy is essential for online businesses, if we consider that
approximately 80% of the searches carried out in Spain are carried out through
Google and that the latest studies affirm that 60% of the purchases made in The
Internet has its origins in a search engine.
It is essential that this portal is included in the main international and
national search engines and in those specific to our sector of activity. But this is not
enough, since the number of Internet users who go beyond the first pages in their
searches is very small. We must strive to occupy the first places for those
keywords that our target audience uses to search for our category of services.
Discovering what these words are, to redesign the portal in order to position
it in a privileged way for these terms in search engines, with special attention to
Google, will be the main objective of this work.
That is why RedInmobiliaria will hire an SEO (Search Engine Optimization)
expert specialized in the real estate sector from the beginning. As the person
responsible for online marketing, your task as an SEO consultant will consist of a
deep analysis of the portal to achieve better positioning in the search results of the
main search engines.
You will also be responsible for SEM (Search Engine Marketing) strategies,
that is, everything related to promotion and appearance in the
ICAI W ICADE «
search engines. Virtually all search engines include 'sponsored links' in their results,
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ads that are on the same topic as the words the user is searching for, and that the
advertiser has previously 'purchased'.
For this, an investment of €10,000 has been planned for the first year and
depending on the profitability it represents, it can be increased or eliminated for the
rest of the years.
UNIV(RSIDAD4SPONTIFIC,A
ICAI V2g/ ICADE —
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6.- PRODUCTION PLAN
•MADRID
AND OPERATIONS.
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•MADRID
6. PRODUCTION AND OPERATIONS PLAN:

6.1. SUPPLY:
As it is a service that is offered online, the design and programming of the
platform and servers (hosting) will be necessary. Due to the facilities, savings
and efficiency that other companies specialized in this field can provide us, it has
been decided to subcontract both services.
For the design and programming of the platform, after having analyzed the
different technology consultancies that operate in Spain, Atos Consulting was
chosen, which would design and develop the platform for about €40,000
(average cost of similar projects carried out for idealista.com, Linkara.com,
Softonic.com and Emagister.com).
Table 4: Technology Suppliers
Atosve
CONSULTING
CRITERION ACCENTURE ATOS DMR WEIGHT(%)
TRUST 7 7,8 8,6 3,5716
EXPERIENCE 5 10 6 3,5714
INFRASTRUCTURE 4 10 3 15
DEVELOPMENT 6 10 8 15
OPERATION 10 10 5 15
%SUCCESS 7 10 10 3,5714
DEADLINES/ 7 10 4 10
FUNCTIONALITIES
COST 7 10 10 10
COST/FUNC FLEXIBILITY 3 10 3 10
CONFIDENTIALITY 4,8 9,4 8,8 3,5714
COMMITMENT 8,2 8 7 3,5714
FINANCIAL FLEXIBILITY 10 9 0 3,5714
EXTERNAL CREDIBILITY 9,2 7,6 7,4 3,5714
TOTAL= 6,2286 8,7071 5,5071 100
E 25%
30%
. . . m 45%
*Source: Idealista.com, Softonic.com, Linkara.com and
Emagister.com
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For the servers that will host the platform, it has been decided to
subcontract this service to the company Arsys.es , which provides a latest
generation IBM dedicated server with 1000GB for €99 per month, although
many companies in the hosting sector offer similar services for similar prices as
well. . The decision to choose this company is the experience it has in the sector
and the good reviews that have been received from Internet companies such as:
Softonic.com and 11870.com.
arsys is internet
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6.2. LOCATION:
Due to the need to have offices both for meetings with potential clients
and for training salespeople and the marketing team, it has been thought that it
is best to rent an office in the central area of Madrid for the start-up phase and
then, depending on space and personnel needs, move the company to other
larger offices.
The location has been chosen based on the center of gravity method,
since the majority of real estate agencies are located in Madrid capital.
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The idea of renting is because there is no initial outlay for an acquisition,
it can be changed whenever desired, there are purchase facilities once rented
and it is processed as deductible expenses of business activity.
The ideal would be a place of about 100 square meters in a central area
of Madrid and with easy access such as the Chamberí neighborhood, with 2 or 3
desks and a meeting room for between 6 and 10 people, the cost of which
would be about €1,300. / month.
*Data provided by idealista.com
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7.- HUMAN RESOURCES PLAN.
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Turón QUOTATION
MARKS
—MADKID
7. HUMAN RESOURCES PLAN:

7.1. STAFF NEEDED:
During the launch phase, the founding partner plus an SEO expert
('Search Engine Optimizer') will be in charge of putting the already developed
portal into operation and attracting the first real estate agencies to develop the
normal activity of the company in the first two or three months. and check the
feasibility.
Once the portal is up and running, two salespeople trained in the sector
will be hired who will be in charge of expanding the real estate portfolio during
the first year as well as serving the real estate agencies already recruited. The
hiring of interns will be taken into account, in the case of students in the last or
penultimate year of their degree, to help the marketing and sales departments.
During the second year, it is expected that the company's growth will be
reflected in personnel growth as follows:
Two technicians in charge of updating the portal (new real estate agencies
and new services) and solving technical problems.
Expansion from two to three salespeople in charge of recruiting real estate
agents and experts.
An operator during office hours for customer service.
During the following years, the growth of the company's human resources
will be proportional to the growth of its market.
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7.2. RECRUITMENT POLICY:
The founding partner and the SEO expert will be hired indefinitely by the
company.
The two salespeople who will be hired in the first year will have a part-time
contract with a fixed monthly payroll plus a bonus for real estate acquired for a
quarterly payment service.
In the following years, the most appropriate form of contracting will be
considered in each case.
7.3. ORGANIZATION CHART:
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FINANCING PLAN.
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8. FINANCING PLAN:
Due to the need for financing to start the company, it has been decided to
request a loan for the first year to be able to cover the initial expenses. When
choosing the loan, three organizations that reward innovation have been taken
into account:
avalmadrid
Description:
Promote the creation of companies in the Community of Madrid, in collaboration

with the Association of Young Entrepreneurs and Caja Madrid, on viable and profitable
business projects in terms of wealth generation and employment, providing young
entrepreneurs with access to preferential financing, where your guarantee is the
viability of the project.
Conditions:
• Credit up to 60,000 euros.

• Return period up to 5 years.
• Interest rate: Euribor + 0.50%.
• 0.5% opening commission.
• 75% investment on behalf of Caja Madrid. (60.000€)
• 25% investment on behalf of the entrepreneur. (20.000€)
Description:
To finance new business projects with an innovative nature.
Conditions:
• Amount: Up to 60,000 euros

• Interest Rate: Euribor + 0.25%
• Repayment period: 6 years
• Amortization: Monthly installments
• Commissions: No opening, early cancellation or early partial repayment
commissions.
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line l(o
ENTREPRENEURS
Description:
Supports and finances the creation of new companies or new professional

activities.
Conditions:
• They are intended for newly created companies.

• A maximum of 90% of the net investment will be financed, and the maximum
loan amount will be 100,000 euros per beneficiary per year.
• Fixed rate: ICO reference (Official Credit Institute) +1 percentage point without
guarantee from a Reciprocal Guarantee Company; ICO reference + 0.75
percentage points with the guarantee of a Reciprocal Guarantee Company.
• Variable rate: Euribor 6 months + 1 percentage point without SGR guarantee;
Euribor 6 months + 0.75 percentage points with guarantee from a Reciprocal
Guarantee Company
Based on the needs of this specific project and taking into account the
current Euribor of 1.764%, the loan offered by Caja Duero to innovative
university students has been chosen, which finances up to €60,000 at 2.014% in
6 years and without commissions of any kind. .
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9.- ECONOMIC FINANCIAL PLAN.
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9. FINANCIAL ECONOMIC PLAN:
To prepare the financial economic plan, three possible scenarios have
been considered:
• Optimistic: In this scenario it is assumed that all the expected

conditions are very favorable, that is, there are no setbacks of any
kind.
• Realistic: It is more in line with the reality of the business, the

environment and does take into account possible setbacks.
• Pessimistic: It allows you to analyze the evolution of the company's
activity, from a dark perspective in which not only are the set
objectives not met, but possible setbacks are taken into account that
force you to seek less ambitious objectives.
9.1. INITIAL INVESTMENT:
The initial investment necessary to begin developing this project is
distributed as follows:
Investment Worth
Portal development 40.000 €
Establishment expenses 1.560 €
Press and Communication Campaign - Edelman 20.000 €
Community Trademark Registration 2.475 €
Domain Registration (5 years) 78 €
Working capital 6.000 €
TOTAL 70.113 €
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Of the €70,113, €60,000 is obtained through a 6-year loan and the rest: €10,113 is
contributed by the founding partner.
9.2. ANALYSIS OF THE SCENARIOS:
To estimate the income, the following have been taken into account for each of the
scenarios:
• Estimation of user visits: This estimate is based on the evolution of three Spanish
real estate portals to simulate the three possible scenarios.
O Optimistic scenario: Idealista.com (35% increase in
monthly visits)
O Realistic scenario: Ivive.com (30% increase in monthly visits)
O Realistic scenario: Tucasa.com (30% increase in monthly visits)
• Estimation of the real estate companies that are going to be captured:
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Dear real estate agents 2010 2011 2012 2013 2014

Dear Real Estate Agents - Optimist 1436 1 953 2656 3 612 4 912
Dear real estate agents - Realist 912 1.222 1.638 2.194 2.941
Dear Real Estate Agents - Pessimist 530 705 937 1.247 1.658
• Estimation of the final price per clicks and the percentage of clicks for
the different payment services offered by the portal:
Based on these estimates, the income for the different scenarios has been estimated:
Income Optimistic Scenario 2010 2011 2012 2013 2014

Advertising on the portal 127.276 € 549 557 € 741 903 € 1.001.668 6 1.352.117 6
Ad Promotion 69.252 € 299.017 6 403.672 € 544 958 6 735.693 6
Market analysis and studies 57.097 € 21 057 € 28.507 6 38 786 6 52.800 6
TOTAL 253.624 € 869.631 € 1.174.082 6 1.585.312 6 2.140.610 6
Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
Income Realistic Scenario
Advertising on the portal 770 6 1 001 € 1 301 6 1.692 6 2.199 6 2 859 6 3.7176 4 832 6 6 281 6 8.1656 10 615 6 13 799 6
Ad promotion 458 6 595 6 773 6 1.005 6 1.307 6 1.699 6 2 209 6 2 871 6 3.733 6 4.853 6 6.308 6 8.201 6
Market analysis and studies 742 6 388 6 510 6 826 6 938 6 1.253 6 1 790 6 2.291 6 3.078 € 4.215 6 5.590 6 7.518 6
TOTAL 1.970 6 1.984 6 2.585 6 3.523 6 4.445 6 5.811 6 7.715 6 9.994 6 13.092 6 17.233 6 22.513 6 29.518 6
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Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10
Income Pessimistic Scenario
Advertising on the portal 511 € 648 € 824 € 1.046 € 1 328 € 1 687 € 2 142 € 2 721 € 3.455 € 4 388 € 5.573 € 7.078 €
Ad promotion 280 € 356 € 452 € 574 € 728 € 925 € 1 175 € 1.492 € 1 895 € 2.407 € 3.056 € 3 881 €
Market analysis and studies 462 € 235 € 310 € 458 € 507 € 669 € 915 € 1.145 € 1 511 € 2 015 € 2 618 € 3.456 €
TOTAL 1.253 € 1.239 € 1.586 € 2.078 € 2.564 € 3.282 € 4.232 € 5.358 € 6.861 € 8.810 € 11.248 € 14.416 €
To estimate the expenses, the following have been taken into account for each of the
scenarios:
• Estimation of personnel expenditure: taking into account the number of people, as

well as the monthly salary, incentives and annual increases for each of them.
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Realistic personnel costs 2010 2011 2012 2013 2014

Address 36 000 40 680 45.968 51 944 58.697
Commercial 21 600 38 160 41 976 60 574 66.631
SEO Expert 24.000 26.400 52.440 57.684 86.852
Computer Technicians 0 32400 50 868 54.429 74.439
Operator 0 10 800 ' 11.340 ’ 22.707 , 34.642
Fellows 0 9 000 18.000 18.000 27.000
TOTAL 81.600 148.440 202.592 247.338 321.262
• Estimation of the rest of the expenses:
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Based on these estimates, the expenses for the different scenarios have been
estimated:
Once the income and expenses for each of the
scenarios, the income statement for each of them is:
Income Statement - Optimistic Scenario 2010 2011 2012 2013 2014
Income 253.624 € 869 631 € 1 174 082 € 1 585.312 € 2.140 610 €

Operating Expenses (-) - 126.788 € - 227.036 € - 337 178 € - 456.915 € - 600.232 €
Amortization (-) - 12 807 € - 12 807 € - 12 807 € - 12 807 € - 12 807 €
AIIB 114.029 € 629 788 € 824 097 € 1 115.590 € 1.527.572 €
Credit Interest (-) - 1.208 € - 1.208 € - 1.208 € - 1.208 € - 1.208 €
BAI 112.821 € 628.579 € 822.889 € 1.114.382 € 1.526.363 €
Corporate Tax (- 35%) - 39 487 € - 220 003 € - 288 011 € - 390 034 € - 534.227 €
Net profit 73.334 € 408.577 € 534 878 € 724.348 € 992.136 €
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Income Statement - Pessimistic Scenario 2010 2011 2012 2013 2014
Income 62 926 € 171 699 € 218 306 € 277.613 € 353.087 €

Operating Expenses (-) - 126.788 € - 186 908 € - 201 220 € - 216.720 € - 233.531 €
Amortization (-) 12 807 € 12 807 € 12 807 € 12 807 € 12 807 €
AIIB 76.669 € 28.016 € 4 279 € 48.086 € 106.749 €
Credit Interest (-) 1.208 € - 1.208 € 1.208 € 1.208 € - 1.208 €
BAI - 77.878 € - 29.224 € 3 070 € 46 878 € 105.541 €
Corporate Tax (- 35%) 27.257 € 10.229 € - 1 075 € - 16.407 € - 36 939 €
Net profit - 50.620 € - 18 996 € 1 996 € 30.470 € 68 602 €
In the income statement for the optimistic scenario it can be seen how all the values are
positive and from the second year the profit skyrockets in line with the increase in annual visits
to the portal. However, for the realistic scenario, the net benefit begins to be obtained from the
second year, while in the pessimistic scenario, benefits are not obtained until the third year.
If we look at the cash flows of the different scenarios and the different ratios, we can
see how the project is very profitable for the first two scenarios and little, but ultimately
profitable, for the third:
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10.- FORMAL LEGAL PLAN.
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10. FORMAL LEGAL PLAN.

10.1. LEGAL FORM:
A Public Limited Company has been chosen as the legal form since it
provides us with a series of fundamental advantages for the business:
It makes it easier for investors or shareholders to buy and sell shares both in
the launch phase and in the event of a capital increase. It is necessary to be able to
count on possible financing from a Venture Capital company. On the other hand,
liability is limited to the contribution made.
The public limited company will be built with only one partner and with an
initial disbursement of €70,113 (the minimum required for this type of company is
€60,101.21) and the rest in monetary contributions according to the needs of the
company.
CONSTITUTION EXPENSES:
INDEX........................................................................................................................................1
1. INTRODUCTION...............................................................................................................5
1.1. EXECUTIVE SUMMARY..............................................................................................5
1.2. PROJECT OBJECTIVES................................................................................................6
2.- ANALYSIS AND DIAGNOSIS......................................................................................8
OF THE SITUATION.................................................................................................................8
2. ANALYSIS AND DIAGNOSIS OF THE SITUATION....................................................8
2.1. ANALYSIS OF THE GENERAL ENVIRONMENT.....................................................8
2.2. ANALYSIS OF THE SPECIFIC ENVIRONMENT (5 Porter forces)......................35
2.3. INTERNAL ANALISIS.............................................................................................49
2.4. QUALITATIVE DIAGNOSIS (SWOT)....................................................................51
3. PRODUCT AND MARKET.............................................................................................53
3.1. PRODUCT DEFINITION..........................................................................................53
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3.2. MARKET DEFINITION:..........................................................................................62

4. OBJECTIVES AND STRATEGIES:................................................................................63
4.1. SETTING GOALS:....................................................................................................63
4.2. STRATEGY FORMULATION:................................................................................64
5. MARKETING PLAN:.......................................................................................................66
5.1. PRODUCT POLICY:.................................................................................................66
5.2. PRICE POLICY:........................................................................................................67
5.3. COMMUNICATION POLICY:.................................................................................71
5.4. MARKETING POLICY:............................................................................................75
AND OPERATIONS................................................................................................................77
6. PRODUCTION AND OPERATIONS PLAN:..................................................................78
6.1. SUPPLY:....................................................................................................................78
6.2. LOCATION:...............................................................................................................80
7.- HUMAN RESOURCES PLAN...........................................................................................82
7. HUMAN RESOURCES PLAN:........................................................................................83
7.1. STAFF NEEDED:......................................................................................................83
7.2. RECRUITMENT POLICY:.......................................................................................84
7.3. ORGANIZATION CHART:......................................................................................84
8. FINANCING PLAN:.........................................................................................................86
9.- ECONOMIC FINANCIAL PLAN......................................................................................88
9. FINANCIAL ECONOMIC PLAN:...................................................................................89
9.1. INITIAL INVESTMENT:..........................................................................................89
9.2. ANALYSIS OF THE SCENARIOS:.........................................................................90
10. FORMAL LEGAL PLAN..............................................................................................98
10.1. LEGAL FORM:......................................................................................................98
11. BIBLIOGRAPHY:.......................................................................................................101
12. ANNEXES:..................................................................................................................103
ANNEX III: ACQUISITION OF KNOWLEDGE.................................................................148
Registration of the company in Social Security…………………...
Gratuitous
TOTAL………………………………………………………………………. 1560 €
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11. BIBLIOGRAPH
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11. BIBLIOGRAPHY:
• Claudia Meseguer Velasco, Business creation and management , Notes.
Comillas Pontifical University, 2007.
• Claudia Meseguer Velasco , Business Organization and Administration ,

Notes. Comillas Pontifical University, 2007.
• Kotler, P., Armstrong, G., Introduction to Marketing. Second European

edition. Precinct Hall, 2000.
• CBRE Report “Current situation of the global real estate market”.
• Aguirre Newmann Report “Spanish real estate market”.
• Alimerka Report “Spanish real estate sector”.
• Spanish economic situation report from the ECB
• http://www.elcomerciodigital.com/
• http://www.Idealista.com
• http://www.Fotocasas.es
• http://www.Ivive.com
• http://www.Alexa.com
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12. ANNEXE
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12. ANNEXES:
ANNEX I : INTELLIGENT REAL ESTATE PORTAL DEVELOPMENT.
Below we will describe the free functionalities that this portal will have, the
knowledge engineering techniques used in the development of the intelligent
home search engine and the technologies that will be used to develop the
intelligent real estate portal.
1.1. SYSTEM FUNCTIONALITY.
The system will be divided into four main modules:
• Advertiser access control to the system.
• Advertiser property management.
• System property control.
• Property search.
Advertiser access control to the system:
To provide security to the system against unauthorized users, any user
who wishes to publish advertisements on the portal must enter their data in the
system and access their personal area using their email and a password.
Every advertiser must enter into the system:
• Name
• Surnames
• Address
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• City
• Postal Code
• Telephone contact
• ID
• E-mail
• Password
Once all the data has been validated, each user will be assigned an
identifier to generate the code for their ads.
Advertiser property management:
Each advertiser will be able to enter 10 ads for free, the
Ads can be for sale or rental of homes, premises or garages and to manage
them you will have a personal area within the system that will allow you to:
• Register new ads.
• Modify or delete ads.
• See the number of visits each ad has had.
• See the comments that other users have written about each ad.
• Modify your personal data.

To enter an ad, the user will first have to specify the
type of property you want to publish, that is, specify whether it is a home, a
premises or a garage.
For each type of property the user must enter a series of
mandatory and other optional data, if it is a home the mandatory fields will be:
• Advertisement type: Sell or rent.
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• Housing type: Apartment, duplex, townhouse or chalet.
• Address: Type of road, street name, number, postal code,

municipality, province.
• Meters from the house.
• Number of rooms.
• Number of floors in the building.
• Floor on which the property is located.
• Price
• Number of bedrooms
• Number of bathrooms
• The condition of the house: Almost new, good or in need of

renovation.
• Years of antiguaty.
And other optional ones like:
• Carpet.
• Ceramics.
• Parquet.
• Wardrobes
• Heating.
• Air-conditioning
• Pool.
• Common area.
• Terrace.
• Garden.
• Parking.
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• Storage room.
• Goal.
• Elevator.
• Comments about the home.
• 3 images.
If it is a premises, the required fields will be:

• meters from the premises.
• Number of bathrooms.
• Number of floors in the premises.
• Price
• The condition of the premises: Almost new, good or in need of

renovation.
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• If it is located in an industrial warehouse.
• Comments about the place.
• 3 images.
If it is a garage, the required fields will be:

• Price
• The condition of the garage: Almost new, good or in need of

renovation.
• Comments about the garage.
• 3 images.
Before being entered into the system, all system data must be validated.
Once validated, the system will assign an identifier to the advertisement.
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3 .- System property control:
To maintain data consistency and make it easier for both the user to search
and the advertiser to manage their ads, each ad will be assigned a status. Each ad
can be:
• Active: It is currently being announced. In this way, it is controlled that

each user only has up to a maximum of ten active ads in the system.
• Duplicate: This is an advertisement that refers to a property that is

active by another different advertiser and until it is unsubscribed it will
not become active. This avoids having duplicate ads in the database.
• Sold or rented: When the advertiser cancels a property that he no

longer wants to continue advertising, he can permanently delete it from
the system or keep it in his personal area to keep track of all the
properties he is selling or renting. A property in this state will not
appear in the searches carried out by other users, it is exclusively at
the disposal of the advertiser who can: keep it in their personal area,
make it active again or permanently delete it.
• Expired: To avoid obsolete ads, a period of 60 days is given to each

of the ads. Once the maximum period of 60 days has expired, the
advertiser can make it active again at any time. In this way, it is
ensured that all advertisements have a maximum validity period of
approximately two months and in the event that the advertiser stops
using the system, their advertisements will be removed after this
period.
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4 .- Property search:
The portal is intended to allow its users to search for properties throughout
the national territory, first by entering:
• Type of action: Buy or Rent.
• Type of property: home, premises or garage.
• The province.
Once this data has been entered, the user will be allowed to search using
maps, that is, by clicking on the areas that interest them until they limit the
search to a specific area or several areas of the same city. In this way, the aim is
to ensure that users carry out their searches in the most intuitive and precise way
possible.
Once the area or areas have been selected, the system will show all the
properties that match the data entered by the user, for example: Buying a home.
Once all the properties that meet the requirements specified by the user have
been presented, the user can sort them by:
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• Lower price.
• Higher price.
• Smaller size.
• Larger size.
All this in terms of the basic search that this system allows, the user is also
offered the possibility of carrying out an intelligent search based on the weighting
of the importance and value of the search parameter fields according to the user's
profile and their purchasing power.
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Regarding the presentation of each advertisement, it should be noted that
apart from the data and images entered by the advertiser, the system will display a
Google Maps map showing the location and area of said property.
Figure 10. Map of Alberto Aguilera Street. Source: Google Maps.

1.2. KNOWLEDGE ENGINEERING.
At this point, the Knowledge Engineering techniques that have been
applied in each of the development phases of the Intelligent Home Search
System will be described.
1.2.1. - Acquisition of knowledge:
As mentioned before, the acquisition of knowledge is the process of
collecting information (expert, books, articles...), to build an SBC. It is the most
important phase since it is in which the knowledge will be collected that will
later be used by the system.
The acquisition of knowledge provides, at each stage, the information
required at each moment of development. The first thing to do is define the
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scope of the system to determine the problems that the system must solve.
The most common techniques are:
• Interview: Consists of a direct dialogue between the knowledge engineer

and the expert.
• Process monitoring: There is no direct interaction with the expert, but
rather it consists of observing the professional while he or she works

and drawing deductions and habits at work, that is, it consists of
observing and writing down the expert's resolutions.
• Conceptual techniques: They produce representations of the domains of

knowledge studied and their structure or interrelationships.
For this SBC, the interview method will be used since it is the best
means to acquire knowledge. The experts from whom the knowledge will be
acquired are:
• Francisco Peña (Technical Manager of idealista.com) and Jaime Beñat

(communications and press department of idealista.com), as experts in
the real estate sector on the Internet.
• Vicente Ramírez (Real estate professional with extensive experience),

as an expert in the traditional real estate sector, that is, property search
through real estate agencies.
• Although it has also been necessary to resort to informal interviews with

people with different profiles and purchasing powers.
Interviews can be carried out in groups or individually, depending on the
resources available for this phase. Since in this case we have 3 experts, the
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interviews with the real estate sector experts on the Internet will be done in
groups and since the “traditional” real estate expert is unique, the interviews
carried out will be carried out individually. There are different ways to conduct
an interview:
• Unstructured: These are spontaneous interviews without format between

the expert and the Engineer. of knowledge. In them neither the content
nor the sequence of topics are predetermined, although the orientation
is.
Suitable in the first Knowledge Acquisition sessions to establish the
framework of the knowledge domain, know the language used by the
expert and have a broad vision of the domain.
• Structured: These are interviews between the expert and the IC with a
predetermined format. The degree of structuring can range from very
high, where the content and order of events are predetermined, to semi-
structured, where the content is fixed but the sequencing can vary on
the fly. The questions to be addressed can be open, imposing minimal
restrictions on the answer (questions such as what, how, why...), or they
can be closed, imposing important restrictions on the answer.
• Mixed: A mixture of the above. The meeting is treated as an open

session but the expert is expected to respond to a series of questions
prepared by the interviewer.
The interviews carried out with the experts of idealista.com were:
Unstructured at first to become familiar with the terminology of the domain and
general concepts about the real estate sector on the Internet and the
functionality of the portal, both for users and advertisers, to delimit the scope of
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the portal, and were later structured, they were asked to explain certain
previously formulated questions.
As for the interviews with the “traditional” real estate expert, they were
initially unstructured, to familiarize us with both him and general knowledge, to
delimit the scope of the intelligent home search system. The subsequent
sessions were structured and focused on selecting the most suitable homes for
each type of user.
In total, 5 interviews of approximately 2 hours each were carried out with
the two experts from idealista.com, the first three were unstructured and the
remaining 2 mixed. 7 interviews of 1 hour and 30 minutes with the traditional
real estate expert, of which 3 were unstructured and 4 structured. And 5
structured interviews with an average duration of 15 minutes have also been
carried out to ensure that the knowledge acquired was correct and to obtain
data from the different types of users that had not been very clear in the
interviews.
Below are the results of some of the interviews carried out with experts
and with Web users. The rest of the interviews can be seen in Annex III.
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Session 4
Date: 16/10/2006
Place: ldealista.com
Duration: 2 hours approx.
Assistants: Francisco Peña and Jaime

Beñat
Interview mode: Structured in group.
Goals:
Identification of needs and analysis of portal requirements.
Interview results:
Main needs of advertisers and Web users in broad strokes.
System requirements: Security, speed, clarity, etc.
Scope of the project.
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1.2.2. - Conceptualization of knowledge:
As mentioned previously, this phase is the one in which a diagram of the
problem will be created in which the existing relationships between the
processes and the key concepts that the system will treat are graphically
represented to establish the way in which it will proceed. to use the knowledge
acquired through the expert and when it is most convenient to use it, in what
context and how it is used.
The key concepts that have been discussed with the expert and that
have been the basis of the intelligent home search system are related as
shown in the following figure:
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Depending on the knowledge acquired once the interviews with the
expert are completed, the process can be described as follows:
The user who goes to a real estate agency can be included in a type of
profile and has a certain purchasing power. The profiles can be: Student,
worker, unemployed, retired or none; If you do not belong to any of the above
and the purchasing power can be: High, medium and low. Once the profile and
purchasing power of the user has been established, the real estate expert,
using his or her knowledge and experience, establishes the appropriate search
criteria and contrasts them with the user's needs. Once all the fields and
importance have been verified, the expert informs the user of the homes that
best adapt to the user's needs and others that may be interesting.
The decomposition tree technique has been used to represent the tasks
that are performed by the expert when recommending homes. The basic tasks
performed by the expert can be seen in the following figure:
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1.2.3. - Knowledge representation:
For this project it has been decided to use structured representation,
that is, the model based on frames to represent static knowledge since it allows
all the knowledge acquired to be easily formalized, the concepts clearly
visualized, and the knowledge validated with the real estate expert in a simple
way. simple and also because it is the one that best adapts to the nature of the
knowledge acquired and the requirements demanded for the resolution of our
problem.
The following figures show a series of frameworks created to represent
the knowledge of this SBC:
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For users with a student profile, what they are looking for is a home close
to their university, so the area is very important as is the price since their
purchasing power is low. Communications are quite important since students
move mainly by bus or metro. As for size, it is not an important area. They are
looking for a home that is not too small but not too big, something normal, easy
to keep clean and tidy, while that the extras by increasing the price of housing
are few and are given almost no importance.
Like the student, an unemployed user is assigned a low purchasing power
by default. It gives a lot of importance to the price and communications, and not
so much to the area. You are not looking for a large home or with extras that
increase its price since this professional status is supposed to be temporary.
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• Retiree with low purchasing power : This is a retiree who is looking for a
small, very cheap home, with few extras and in a pleasant area.
• Retiree with average purchasing power: This type of retiree gives a lot
of importance to the area, looking for a cheap, comfortable and easy-to-
maintain home, with a minimum of extras.
• Retiree with high purchasing power: It is assumed that this type of

retiree is looking for a large home with enough extras, without giving much
importance to communications or the price, but to the area.
• Worker Low purchasing power : This type of worker looks for a very
cheap home without giving much importance to the area and the extras,
but to the communications since it is assumed that given their
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purchasing power, having your own vehicle represents a very high and
unnecessary expense in most cases.
• Worker Average purchasing power: This is a worker who already has a
permanent and well-paid position who is looking for a better quality of life,
so the area is important, the price is important but not as important as in
the case of a worker with low purchasing power.
As we have mentioned before, you are looking to improve your
quality of life so you want some extras and a considerable size, but
without going overboard.
• Worker High purchasing power: This worker may be a manager of a
company, who is looking for a large home, in a very specific area and with
many extras. He does not give much importance to price and
communications, because he is not looking for a home as a primary need
but as a whim for his professional merits.
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• None Low purchasing power : Since nothing is known about the user,
based on purchasing power it is assumed that what they are looking for is
a cheap home with good communications (it is also assumed that they do
not have their own vehicle), without extras that would increase the price of
the property. unnecessary way and without caring about the area. Similar
to the values of a worker with low purchasing power.
• None Average purchasing power: Similar to the values of a worker with

average purchasing power.
• None High purchasing power: Similar to the values of a worker with high
purchasing power.
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Each area is assigned to a postal code, and each one has an average
price per square meter, data obtained from the newspaper El Mundo, which
provides us with the average prices per square meter calculated from the latest
appraisals carried out by the Tasamadrid appraiser over the years. throughout
the month of April, the number of bus stops, data provided by the EMT and the
number of metro stops, obtained directly from the metro map of the Community
of Madrid.
1.2.4. - Reasoning:
For the reasoning of this knowledge-based system, the structure
association method has been chosen in which network fragments that include
unknown variables are paired with network fragments contained in the
knowledge base, that is, maximum similarities are sought. between the data
entered by the user with the stored knowledge.
The following figure shows a clear example of the operation of this method
applied to our expert system:
Purchasing Power: Medium

Area importance: Important
Importance price/price: Normal /Cheap

Communications importance: Normal
Importance size / size: Important / Norm!
Imported extras/extras: Normal/Normal
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Using these initial data entered by the user, the system is capable of
predicting the housing search parameters that respond to the requirements of
working people with an average purchasing power and searches for homes that
meet these specifications in the Argüelles area.
Once you have the homes that, due to the profile, purchasing power and
area, may interest the user, the system evaluates them one by one and shows
them in an orderly manner so that the user himself can decide which one. of
them is the one that best suits your needs.
1.2.5. - Implementation:
This is the last phase of the knowledge-based system and in which the
system is developed to be able to interact with the user, in this way the user is
allowed to introduce their problem while the system uses that data to generate
possible solutions. .
As the portal in which it will be implemented is developed in Java, using
Servlets and JSP pages, the SBC will also be developed in this way, to avoid
problems when integrating it into the Web portal and also for the power and
capabilities. facilities that this language provides. The implementation will be
divided into four phases:
• 1st phase of data collection:
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In this phase the system collects the first data offered by the user. This
collection is carried out from the main page of the portal and consists of two parts;
In the first, the user enters the profile that best fits them, the type of advertisement
they are looking for (purchase or rent) and the autonomous community in which
they want the home to be located, and in the second they enter their purchasing
power.
• Configuring search values:
Once the data from the first phase has been entered, the system processes
the information entered with the knowledge acquired from the real estate expert and
exposes the value of the fields (price, size, communications and extras) and the
importance assigned to each field.
• 2nd phase of data collection:
This second phase of data collection is because the user can modify the
values and importance assigned to each of the fields and select the area or areas
that interest them.
• Home search:
This is the most important phase of the entire knowledge-based system, as it
is responsible for selecting and evaluating the homes, to show them to the user as if
he had been the one who had purchased them.
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classifying. To explain this phase, all the data and methods used will be described
step by step:
Weighting of importance:
Price Zone Size Communications Additional
features
Very important 1.5 / 1.5 1.5 / 1.5 1.5 / 1.5 1/1 1.5 / 1.5
Important 0.8 / 1.5 0.8 / 1.5 0.8 / 1.5 0.7 / 1 0.8 / 1.5
Normal 0.4 / 1.5 0.4 / 1.5 0.4 / 1.5 0.4 / 1 0.4 / 1.5
Less important 0.2 / 1.5 0.2 / 1.5 0.2 / 1.5 0.2 / 1.5 0.2 / 1.5
The weighting of the importance for the different fields has been obtained by
adjusting the knowledge acquired from the expert with the real cases that he gave us
in the last interview.
Communications are weighted over 1 because the importance assigned by
the user is not completely objective. The same for a user who assigns a “very
important” to the field of communications, what he needs is one or two metro or bus
lines to be able to go to the university and not have three metro lines 100 meters from
his house.
Regarding the weighting of the other values, values have been sought
between which there is a substantial difference for the different degrees of importance
(practically double that of the previous one).
Evaluation of the fields:
For the evaluation of the fields: price and size, a linguistic weighting system
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by lines has been created that is explained below and not a system of fuzzy sets
because the system created is more in line with the knowledge acquired by the
expert to value these two fields.
The parameters of the lines have been established based on the knowledge
acquired by the real estate expert and subsequently adjusted so that they gave
results similar to those given to the expert in the real cases he presented to us.
Price: To evaluate this field, a table is used with the average price per
square meter in each area (according to its postal code) obtained from Tasamadrid
throughout the month of April, as mentioned before.
This field has three different linguistic values: Normal, Cheap and Very
cheap, depending on the value assigned by the user, whether it has been modified
or not, the properties selected by area and size are evaluated according to their
price per square meter to see if it is Normal, Cheap and Very cheap compared to
the averages obtained from the previous table and how much it is.
To assign the value to the price, a series of lines have been established that,
depending on the linguistic value chosen for the price by the user, will return a
certain value:
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QUOTATION
MARKS
The price value can take values between [0, 1.2], as can be seen in the graph.
These upper and lower levels have been established because if, for example, a flat is
in very poor condition, its price would be very low, so the value of the price would
skyrocket, affecting the set of values of the different fields.
And on the contrary, if a home is very exclusive and therefore extremely
expensive, the price value would be negative and would affect the other fields.
Example:
O Price of half a square meter chosen area = 5058

O Square meter price of the selected property = 4702 O Linguistic value of
the chosen price field = “Cheap” O Price Value = 0. 54
unineeSIOADGHPONTIFic14 ICAI W ICADE

«
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•MADRID
• Zone: For the evaluation of the zone, if it is the zone selected by the user, its
value is 1 and if not, that is, if it is an area adjacent to the chosen one, its value
is 0.2.
• Size: To assess the size, the purchasing power of the user must be taken into
account since a large apartment is not the same for a student with low
purchasing power as it is for a senior executive of a multinational with high
purchasing power.
To assign the value to the size, a series of lines have been established
that, depending on the linguistic value chosen by the user (very large, large,
normal or small) and their purchasing power, will return a certain value:
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unineeSIOADGHPONTIFic14 ICAI W ICADE
•MADRID «
In the previous graph, the lines are delimited between [0, 1] because the
database search only selects properties that are between the values stipulated by the
size that the user has entered and by their purchasing power, that is, between the
value of y=0 and the value of y=1:
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Alfredo Biel Turón QUOTATION

MARKS
•MADKID-
• Extras: To value the extras, the maximum number of extras that the advertiser
is allowed to introduce is taken into account, a total of 14. And the number of
extras that the property has is divided by the total, which gives us a value
between [0, 1].
• Communications: The assessment of this field is carried out by taking the
number of bus and metro stops in the area in relation to others. The bus stop
data has been provided by the EMT and the metro stops calculated based on
the metro map of the community of Madrid.
The value comes from dividing the number of metro and bus stops by
18, and can take values between [0, 1] although given that only the most
central areas of Madrid have been developed, the value of this parameter is
always greater than 0.5. It is divided by 18 because it is the number of metro
and bus stops that have the area with the best communications in the
community of Madrid.
Selection of properties in the DB:
The database search is carried out in two phases:
Phase 1:
In the first phase, all properties belonging to the area or areas selected
by the user are searched, whose size is in the range established by the user's
purchasing power and the value of the “size” field entered, this range has been
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—MADKID
fully established. by the real estate expert given his experience in the sector.
Purchasing power Size Field Minimum Maximum
High Very big 300 700

Big 200 450
Normal 100 300
Low 80 200
Half Very big 150 400

Big 130 250
Normal 90 170
Low 60 120
Low Very big 70 160

Big 60 130
Normal 50 110
Low 40 90
Figure 25. Search range table by size.
Phase 2:
The second phase is very similar to the first, the only thing that
changes is that the search is carried out on each of the contiguous areas of
the area chosen by the user. In this way, properties are searched in other
areas that may interest the user, although this is largely determined by the
importance that the user attributed to the area.
Selection of properties in the DB:
Once the values of all the fields of a specific property are obtained, the
sum of all of them is weighted by the importance assigned to each of the
fields by the user. This will allow us to later sort the properties according to
the user's criteria.
Price = price valuation * price importance
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—MADKID
Area = valuation of the area * importance of the area
Size = size assessment * size importance
Extras = rating of the extras * importance of the extras
Communications = assessment of communications * importance of
communications.
Total property valuation = Price + Area + Size + Extras + Communications
In this way, if a user is most interested in the area and not the other
fields, in the report resulting from the intelligent search, almost all the
properties in the selected area will be shown first, ordered by the remaining
characteristics, and then all those of the other neighboring areas.
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•MADRID
ANNEX II : EXAMPLE OF SMART SEARCH
This intelligent service allows the user to carry out an intelligent search based
on the weighting of the importance and value of the modifiable search parameter
fields according to the user's profile and their purchasing power.
1 .- Types of profiles:
-Student
-Worker
-Stopped
-Retired
-None
2 .- Selection of purchasing power:
In order to carry out a more exact and precise search, it is necessary
have the user enter their purchasing power, which can take three possible
values:
High
Medium Low
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•MADRID
To avoid confusion, you can select the power value
purchasing power based on annual salary.
Less than 25,000 euros Between 25,000 and 43,000 euros

More than 43,000 euros
If the user is a student or unemployed, the value of the purchasing power will
be “Low”, due to not having a fixed salary. The “None” profile is introduced for users
who, despite being students or unemployed, are not looking for a home based on
their professional profile, but rather based on their purchasing power.
3 .- Importance values associated with each search field:
For all search fields (price, area, size, extras and communications) it is
necessary to specify the importance that is going to be assigned, it can be “Very
important”, “Important”, “Normal”, “Unimportant”, to to be able to weight it in the
most efficient way possible and according to the user's search criteria.
4 .- Values of the search fields:
- Price of the property: it can take three types of value: “Very cheap”,
“Cheap” and “Normal”.
- Area: Depending on the selected profile, the area will be searched in a
certain way:
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•MADRID
For users with a Student profile, the search will be based on the university
where they study, since the vast majority come from
from outside the community of Madrid and do not know the city very well.
COMPLUTENSE OF MADRID A
CUNEF
EBS
EUROPEAN OF MADRID
FRANCIS OF VITORIA
MIGUEL DE CERVANTES
MISSISSIPPI
IEB
MADRID POLYTECHNIC
PONTIFICAL OF COMILLAS
PONTIFICAL OF SALAMANCA
KING JUAN CARLOS
SAINT LOUIS UNIVERSITY
SAN PABLO CEU
For users with a Worker, Unemployed or otherwise associated profile
none, the search will be carried out by a specific area (postal code) or by
several. It is assumed that they know the city and are looking for either a
specific area or simply the best property according to their needs.
several
areas.
28001
23003 28003
C/ Coa Bermádez 28004
28005
José
>
' t 'asca/ 28006 28006
28008
2801 0 Ortega and 28009
CasJet
28010
28001 28012
28013
28014
28015
28046
28013
ci Meyo1
Continue
Return
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•MADRID ICAI W ICADE «
For users with a Retired profile there are two search options, by
emblematic areas and parks or by the previous one.
Atocha
Castellana Country House
Retirement
Gran Via
Botanical Garden
The courts
Royal Palace
Arganzuela Park West Park
Juan Carlos I Park Paseo del Prado Temple of Debod
Salamanca
- Size: This field can take four types of value: “Very large”, “Large”,
“Normal” and “Small”, which will be greatly influenced by the purchasing
power of the user since a very large apartment is not the same for a
student with low purchasing power than for a senior manager of a
multinational.
- Extras: This field can take three types of values: “Many”, “Normal” and
“Few”.
- Communications: This field does not need to be entered because it is
weighted exclusively by the importance assigned.
ICAI W ICADE «
5.- Importance and values of the fields according to the profile and purchasing
power of the user:
Student:
As we have mentioned before, it is assigned a low purchasing
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power by default. What you are looking for is a home close to your
•MADRID
university, so the area is very important as well as the price since your
purchasing power is low.
Communications are quite important since students move mainly
by bus or subway. As for size, it is not an important area. They are
looking for a home that is not too small but not too big, something normal
that is easy to keep clean and tidy, while The extras that increase the
price of housing are few and almost unimportant.
Profile: Student
Importance Worth:
- Price: Very important • | Very cheap •
- Zoilas | Very important v
- Size: | Normal |y] | Normal
- Additional features! I Not important [ j Few •
- Communications: Important ~
Continue
ICAI W ICADE «
Stopped:
Like the student, he is assigned low purchasing power by default. It
gives a lot of importance to the price and communications, and not so
much to the area. You are not looking for a large home or with extras that
increase its price since this professional status is supposed to be
temporary.
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Turón Standing
N MARKS
•MADRID
Importance Worth:
- PreClO: Very important v cheap v
- Zone: Normal v , Madrid Capital v
- Size: Normal | Normal [&|
- Additional features: UNIMPORTANT v [ Few ¡V|
- Communications: Important •
Continue
Worker:
• Low purchasing power : This type of worker looks for a very cheap home
without giving much importance to the area and the extras, but to
communications since it is assumed that given their purchasing power,
having their own vehicle represents a very high and unnecessary
expense in most cases.
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Profile: Worker
Importance Worth
:
INDEX. 1
1. INTRODUCTION. 5
1.1. EXECUTIVE SUMMARY. 5
1.2. PROJECT OBJECTIVES. 6
2.- ANALYSIS AND DIAGNOSIS 8
OF THE SITUATION. Continue
8
2. ANALYSIS AND DIAGNOSIS OF THE SITUATION. 8
2.1. ANALYSIS OF THE GENERAL ENVIRONMENT. 8
2.2. ANALYSIS OF THE SPECIFIC ENVIRONMENT (5 Porter forces) 35
2.3. INTERNAL ANALISIS 49
2.4. QUALITATIVE DIAGNOSIS (SWOT). 51
3. PRODUCT AND MARKET. 53
3.1. PRODUCT DEFINITION. 53
3.2. MARKET DEFINITION: 62
4. OBJECTIVES AND STRATEGIES: 63
4.1. SETTING GOALS: 63
4.2. STRATEGY FORMULATION: 64
5. MARKETING PLAN: 66
5.1. PRODUCT POLICY: 66
5.2. PRICE POLICY: 67
5.3. COMMUNICATION POLICY: 71
5.4. MARKETING POLICY: 75
AND OPERATIONS. 77
6. PRODUCTION AND OPERATIONS PLAN: 78
6.1. SUPPLY: 78
6.2. LOCATION: 80
7.- HUMAN RESOURCES PLAN. 82
7. HUMAN RESOURCES PLAN: 83
7.1. STAFF NEEDED: 83
7.2. RECRUITMENT POLICY: 84
7.3. ORGANIZATION CHART: 84
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Alfredo Biel TurónPLAN: N MARKS
8. FINANCING •MADRID 86
9.- ECONOMIC FINANCIAL PLAN. 88
9. FINANCIAL ECONOMIC PLAN: 89
9.1. INITIAL INVESTMENT: 89
9.2. ANALYSIS OF THE SCENARIOS: 90
10. FORMAL LEGAL PLAN. 98
10.1. LEGAL FORM: 98
11. BIBLIOGRAPHY: 101
12. ANNEXES: 103
ANNEX III: ACQUISITION OF KNOWLEDGE. 148
• Average purchasing power: This is a worker who already has a
permanent, well-paid position who is looking for a better quality of life, so

the area is important, the price is important but not as important as in the
case of a worker with low purchasing power.
As we have mentioned before, you are looking to improve your
quality of life so you want some extras and a considerable size, but
without going overboard. And as for communications, it is assumed that
you have a personal vehicle so it is not given much importance.
Profile: Worker
Importance Worth:
- Price: | Important • | Cheap [-v|
| Important ~ | Madrid Capital •

- Zone:
- Size: | Important_______and Large | v|
- Additional [ Normal_________v | Normal v

features:
- Communications: | Normal________ v
Continue
ICAI W ICADE «
• High purchasing power: This worker may be a manager of a
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Alfredo Bielcompany,
Turón N MARKS
who is looking for a large home, in a very specific area and
•MADRID
with many extras. He does not give much importance to price and
communications, because he is not looking for a home as a primary
need but as a whim for his professional merits.
Profile: Worker
Importance Worth:
- Price: Normal v [ Normal v¡
" Zone: | Very important |V| | Madrid Capital ]v~|
- Size : [important ~ • | Big Q

- Additional features: I Important | Many
- Communications: Not very important] V- Continue
Retired:
• Low purchasing power : This is a retiree who is looking for a small, very
cheap home, with few extras and in a pleasant area.
Profile: Retired
Importance Worth:
- Price: important v | Very cheap [and
- Zone: important v
- Size: | Normal |-v| Small |»|
- Additional features: P □co important | v | Few J vj
- Communications: Very important

Continue
ICAI W ICADE «
• Average purchasing power: This type of retiree gives a lot

importance to the area, look for a cheap, comfortable and easy-to-access
home.
maintain, with a minimum of extras.
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Profile: Retired
N MARKS
•MADRID
Importance Worth:
- Price: Normal • [ Cheap | v]
- Zone: Important •
- Size: Important |and] | Normal
- Additional features: Normal • | Normal | v]
- Communications: | Normal ~ v
Continue
• High purchasing power: It is assumed that this type of retiree is

looking for a large home with enough extras, without giving much
importance to communications or price, but to the area.
Profile: Retired
Importance Worth:
- Price: I Normal |v] [Normal v
|
- Zone: Very important v

- Size: Important v | Large |and|
- Additional features: Important • Many i v|
- Communications: Unimportant v
Continue
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•MADRID
None:
• Low purchasing power : Since nothing is known about the user, based on
purchasing power, it is assumed that what they are looking for is a cheap home with
good communications (it is also assumed that they do not have their own vehicle),
without extras that would increase the price of the property. unnecessary way and
without caring about the area. Similar to the values of a worker with low purchasing
power.
Profile: None
Importance Worth:
- PreClO: | Important " • Very cheap v
- Zone: | Normal |yi| ["Madrid Capital |^|
- Size: I Normal ~ • Normal •
- Additional features: Unimportant v | Few •
- Communications: | Very important *

Continue
• Average purchasing power: Similar to the values of a worker with
average purchasing power.
Profile: None
Importance Worth:
| Important________v Cheap |and|
- Price:
Important • Madrid Capital
- Zone:
| Important________• Big •
- Size:
| Normal • | Normal •
- Additional
- Communications: [ Normal__________~
Continue
2
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•MADRID
• High purchasing power: Similar to the values of a worker with high purchasing
power.
Profile: None
Importance Worth:
- Price: I Normal | v] | Normal [*|
- Zone: Very important • Madrid Capital
- Size: important v | Big v

"Additional features: Important • many v
- Communications: Less important
Continue
6 .- Weighting of importance:
Price Zone Size Communications Additional

features
Very important 1.5 / 1.5 1.5 / 1.5 1.5 / 1.5 1/1 1.5 / 1.5
Important 0.8 / 1.5 0.8 / 1.5 0.8 / 1.5 0.7 / 1 0.8 / 1.5
Normal 0.4 / 1.5 0.4 / 1.5 0.4 / 1.5 0.4 / 1 0.4 / 1.5
Less important 0.2 / 1.5 0.2 / 1.5 0.2 / 1.5 0.2 / 1.5 0.2 / 1.5
Communications are weighted over 1 because the importance assigned by the user
is not completely objective. The same for a user who assigns a “very important” to the field
of communications, what he needs is one or two metro or bus lines to be able to go to the
university and not have three metro lines 100 meters from his house.
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—MADKID
Regarding the weighting of the other values, we have sought
values between which there is a substantial difference for the different degrees of
importance (practically double that of the previous one).
7 Search:
The database search is carried out in two phases:
Phase 1:
In the first phase, all properties belonging to the area or areas selected by the
user whose size is in the range established by the user's purchasing power and the
value of the “size” field are searched.
Phase 2:
The second phase is very similar to the first, the only thing that changes is that
the search is carried out on each of the contiguous areas of the area chosen by the
user.
For example, if the user chooses the area with postal code 28004 (bordered in
black), in the first phase properties in that area are searched and in the second
phase the neighboring ones (bordered in blue) are searched.
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In this way, properties are searched in other areas that may interest the user,
although this is largely determined by the importance that the user attributed to the
area.
For example, you want to look for a home in a university city area, and the
only thing that matters to you is that it is in that area:
Profile: Student
Importance Worth:
- Price: Less important • Very cheap •
- Zone: | Very important l"^ '
“ Size: Unimportant v] | Normal v]

- Additional features: Less important • Few |vj
- Communications: Unimportant ^
Continue
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See page:
1s | See |
t Households:
ID Property Guy Municipality Street Meters Hab. Price
See V245 living place duplex Madrid Abel 81 4 260000
See V246 living place duplex Madrid Abel 60 2 265000
\ er V244 living place duplex Madrid Abel 92 5 "00000
See V243 living place duplex Madrid Abel 58 5 26'000
See V203 living place duplex Madrid Galileo 85 5 213000
See V182 living place duplex Madrid rose river 106 5 529424
See V232 living place duplex Madrid princess 106 4 665000
See V236 living place duplex Madrid princess 100 6 575000
See V181 living place duplex Madrid rose river 99 3 509000
Due to the search parameters entered by the user, the properties that occupy
the first places in the report are those located on Abel Street, a street in a university
city. And then other properties from areas adjacent to the university city appear,
ordered by the other parameters.
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ANNEX III: ACQUISITION OF KNOWLEDGE.

This annex shows the knowledge acquisition documents corresponding to the
interviews that were carried out:
Session 1
Date: 3/10/2006
Place: ldealista.com
Assistants: Francisco Peña and Jaime Beñat
Interview mode: Not structured in a group.
Goals:
Explain the project in broad strokes to the experts.
Interview results:
The experts were very interested in the project objectives and agreed to help me.
It began with the analysis of the real estate sector on the Internet.
Session 2
• Date: 5/10/2006
• Place: ldealista.com
• Duration: 2 hours approx.
• Assistants: Francisco Peña and Jaime Beñat
• Interview mode: Not structured in a group.
• Goals:
Complete the analysis of the real estate sector on the Internet.
• Interview results:
All the knowledge related to the different real estate portals existing in Spain was acquired, as well as a brief
analysis of each of them.
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•MADRID
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•MADRID
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DGHPONTI •MADRID
Fic14 ICAI W
ICADE «
Session 9
Date: 15/03/2007
Place: Castellana's office.

Duration: 1 hour and 30 minutes approx.
Assistants: Vicente Ramirez
Interview mode: Structured.
Goals:
Know the property selection process.
Interview results:
Description of the work of the real estate agent.
Description of the data necessary to begin the selection of
properties.
Session 10
• Date: 16/03/2007
■ Location: Castellana's Office
■ Duration: 1 hour and 30 minutes approx.
■ Assistants: Vicente Ramirez
■ Interview mode: Structured.
• Goals:
Analysis of the possible values for each search field and for the
assigned importance
Analysis of customer types.
Description of the different values of the search fields used by
clients.
Assessment of each field made by the client.
Description of the different types of clients.
Selection of the ideal profiles to classify customers and the way
to differentiate customers of the same profile by purchasing
power.
Session 11
Date: 19/03/2007
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Place: Alcobendas Office. •MADRID
Goals:
Analysis of customer types, (continued)
Obtain the expert's reasoning knowledge when
recommending properties.
Interview results:
Description of the needs of Students and Unemployed. And
necessary data to start the search.
Value of the search fields and the importance assigned to
each of them.
Description of real cases with samples of the properties that
were exhibited, those that the real estate agent showed to the
client and in which he was interested.
Session 12
Date: 21/03/2007
Place: Alcobendas Office.

Goals:
Analysis of customer types, (continued)
Obtain the expert's reasoning knowledge when
recommending properties, (continued)
Interview results:
Description of the needs of Workers, Retirees.
Preparation of a generic profile.
Value of the search fields and the importance assigned to
each of them.
Description of real cases with samples of the properties that
were exhibited, those that the real estate agent showed to the
client and in which he was interested.
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Session 13
• Date: 24/03/2007
• Place: Home
• Duration: 15 minutes approx.
• Assistants: Enrique Sendagorta (Student)
• Interview mode: Structured.
• Goals:
Expand your knowledge of searching for homes with a specific
profile and purchasing power.
Some knowledge acquired by the expert about that profile was
corroborated and some other search parameters that had not
been very clear were adjusted.
Session 14
• Date: 24/03/2007
• Place: Home
• Duration: 15 minutes approx.
• Assistants: Jaime Biel (Worker, PA: Bass)
• Goals:
profile and purchasing power, (continued)
All the knowledge acquired by the expert about this type of
users was corroborated.
ICAI W ICADE «
Session 16
• Date: 25/03/2007
• Place: Home
■ Duration: 15 minutes approx.
• Assistants: Conrado Biel (Retired, PA: Bass)
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• Goals:
Some knowledge acquired by the expert about that profile was
corroborated and some other search parameters that had not
been very clear were adjusted.
Session 17
Date: 25/03/2007
Place: Home
Duration: 15 minutes approx.
Assistants: José Ignacio Porras (Unemployed)
Goals:
Interview results:
All the knowledge acquired by the expert about that profile was
corroborated and expanded in the selection of homes.
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RedInmobiliaria.

Alfredo Biel Turón QUOTATION

v COMILLAS PONTIFICAL UNIVERSITY

END OF DEGREE PROJECT

RedInmobiliaria.com business plan

AUTHOR: Biel Turón, Alfredo

MADRID, June 2009

Alfredo Biel Turón QUOTATION MARKS

What is intended in this project is to launch a social network where its

sector. In turn, offering a series of services and payment tools to professionals in

This portal also integrates an expert system based on knowledge

a very competitive added value.

The Internet is a global market where communication takes place between

portal must be able to adapt to each of these demand profiles.

Currently, one of the few portals that sees knowledge engineering as a

business for much longer.

Alfredo Biel Turón QUOTATION MARKS

of the company, name, drafting of the statutes, purpose, initial capital,

• A second part, which includes a business plan that will be used as a

plan, and the financial economic plan.

Alfredo Biel Turón QUOTATION MARKS

2.- ANALYSIS AND

2.1.1. THE SPANISH REAL ESTATE MARKET - CURRENT SITUATION

After a period of sustained growth of 11 years, the Spanish real estate

market is currently going through a clear inflection point, marked by the

oversupply in the residential market and the drop in demand.

We are in the midst of market adjustment. The unfavorable economic and

decrease in residential demand, which translates into a very sharp decline in

Supply is contracting to adapt to lower demand, housing production until

slowed down or have decreased generally throughout Spain. The stock of

been construction has concentrated in recent years, such as the peripheral

Alfredo Biel Turón QUOTATION MARKS

attractive marketing channels, such as real estate consignments or Internet real

use continues to exist, as housing is a basic necessity and is sure to revalue in

supply to adapt it to the new demand context.

GRAPH 1: ANNUAL EVOLUTION OF THE HOUSING PRICE INDEX

*Source: Spanish economic situation report from the ECB

During recent months, the world economy has experienced a significant

deterioration in its economic scenario as a consequence of the financial crisis

Alfredo Biel Turón QUOTATION MARKS

Added to this restriction are factors such as the continued adjustment of

trade, biasing growth expectations downwards during 2009.

policy measures implemented by a good part of the governments of

year of global recession.

adjustment process of the Spanish economy beyond what was expected

three months ago. In this sense, the deterioration observed in the

especially worrying, with very negative effects on consumer and business

confidence. The destruction of jobs has not only continued in the

recorded in the economies around us, despite undergoing adjustment

processes similar to the Spanish one.

Graph 2: Labor Market in Spain

• Job creation, % (zda.)

This general deterioration in the outlook for employment and, therefore,

for families' disposable income, has intensified the deleveraging process of

reasons. This desire on the part of domestic economies and companies to

reduce their debt levels

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results in a significant decrease in credit demand, whose growth will be