REAA - CPPREP4102 - Written Questions done

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School

Academy of Real Estate *

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Course

CPPREP4102

Subject

Marketing

Date

Apr 3, 2024

Type

docx

Pages

15

Uploaded by AdmiralPowerWhale26

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Written Questions What you need to do: Answer the questions below by writing in the space provided. You are required to answer all questions correctly. If correct, you will see ‘Satisfactory’ or if incorrect you will see ‘Not Satisfactory’ in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work for any ‘Not Satisfactory’ assessment tasks. What you will need: Use the learner material provided in your online student portal as well as research materials such as books, internet, magazines, workplace documentation etc. to assist you in gaining the knowledge required to answer the questions. Remember that the assessment is completely self-paced and open book, so you are able to use whatever resources you have to answer the questions.
What you need to submit: Your answers to these questions. How to Submit your Assessment: Upload your completed document into your learner portal following the instructions provided within the assessment task. You can drag and drop the file into the window or use the add file icon in the top left of the submission window and select the file you wish to upload by using the browse/choose file option. Click on “finish attempt” to submit it for grading. Question 1 Refer to relevant legislation in your state or territory and; List (3) pieces of federal, state legislation and local government regulations that impact marketing property for sale and/or lease. 1.Property Occupations Act 2014 -QLD 2. Competition and Consumer CT 2010 - COMMONWEALTH 3. Residential Tenancies and Rooming Accommodation Act 2008- QLD In your own words summarise the sections in the act that relate to: False representation or misleading advertisements Publication of statements and representations Price advertising Misleading/deceptive conduct Advice and disclosure of material facts Your answer should state the Name of the Act, and quote the Section, Part or Division applicable. Property Occupations Act 2014, Queensland Legislation Division 1: Misconduct in General False representations 209 (1) You must not make any false or misleading statement about a property's sale or rental in any manner. Disclosure of material facts Division 2-20 Before a sale, buy, or lease an agent assigned to sell, purchase, or lease a property must investigate and verify the facts on the material.
Question 2 Refer to relevant legislation and explain what is the purpose of the consumer protection legislation in relation to marketing property? The consumer protection act aims to promote fair, open and ethical business practice. Question 3 When it comes to marketing property for sale or for lease, what is a marketing plan? A real estate marketing plan is a detailed or comprehensive document that outlines your marketing strategy, budget, target audience, and forecasts for the coming year. A real estate marketitng plan's goal is to create a detailes action plan for your company's marketing efforts. Moreover, a good real estate marketing plan is essential in real estate investing. That being said, in today's competitive market, a real estate marketing plan is your best bet for growing and sustaining a successful business. Question 4 What information is contained in a marketing plan? Group to Be Targeted You'll be tracking key performance indicators A summary of your company's marketing and advertising objectives. Methods of Payment Question 5 Give examples and an explanation of (2) risks associated with marketing a property for sale and/or lease. Housing and Appartment Supply Risk Supply and demand have a more acute impact on real estate than other assets because you cannot move property from one market to another. Instead, people migrate between various markets in reaction to prices as a result of supply and demand. Interest Rate Change Risk Leverage plays as essential role in investing in real estate, and loan servicing cost is the single largest cost landlords have to bear. Interest rate changes will have multiple impacts on the investment, from the property's value to the level of net cashflows after interest.
Question 6 Is it important to get your client to check your marketing material before it went to print? Explain your response in 100 – 150 words. Yes, a clients review of marketing materials before thedy go to print is critical. Because the customer is thought to be always right, it is usually ideal to allow the client to review marketing materials before printing them. The client, as a consumer, is a good determinant of what has to be altered in order to provide better goods and services. Futhermore, because he is in a good position as a consumer of products and services, the client may assist in supplying additional information for better marketing material, as he is in a good position to distinguish those items and services that provide him with high utility when consumed. Question 7 Why must promotional activities be implemented in line with agency practice and legislative requirements? A promotional activity is any effort made by a business to communicate with potential customers. This follows the agency practices and legeslative requirements in which is mainly done to protect the consumers as well as the necessities provided will be in merit in giving the sufficiant promotion of the specific product being introduced. Question 8 How would you establish the target audience (buyers/tenants) that would be most appropriate to market the property to for maximum effectiveness? What elements would you take into consideration? When determining the taget audience for the marketing of the property, i would look at the demographics of people such as age, ethnicity or race, income and financial background. These are significant factors in creating target audience and marketing strategy. What methods or types of advertising would be most likely to reach each of these different groups of buyers? Local buyers? Non-local buyers (city wide, interstate and overseas)? Local Buyer - word of mouth
- flyers - billboards - posters or public transportation - newspaper Non-local buyers - social media - website - email - blogs - search engines Why is it important to discuss this with your Landlord/Vendor? Increased value of your business - Tenant retention is one of the most crucial duites of apartment management becuase it adds enormous value to your business and boosts your bottom line maintaining continual comminication with tenants is the best strategy to reduce turn over and boost retention . A sense of community in your purpose - Following up with tenants on a regular basis aids in the development of a long- term relationship with them. As a result, people experience a sense of belonging to the community. They will have a stronger attachment to the place they call home. Building positive relationships will also result in more harmony and less disagreements, which will free up time for managers to focus on other things. Increase the Lifetime Value of a Customer (LTV)- Getting new tenants is far more expensive and time-consuming than keeping anexisting tenant. It costs thousands of dollars in marketing and vacancy expenditures to get new tenants to sign a lease. When you have a good customer service and communication plan, keeping a tenant takes less time. Tenants will be delighted with you and more likely to renew their lease. The higher the tenant's lifetime value, or LTV, the longer they stay in the unit. Maintain the safety of your tenant's- Many apartment communities are threatened by natural or human-caused calamities. It's vital to be proactive and rapidly tell communities about what's going on in order to ensure safety and save lives. Property managers must inform renters on sanitization procedures, amenity policies, contactless payment methods, and any interim payment deferral chances, especially in light of the ongoing epidemic.
Question 9 List (5) possible marketing activities that you may suggest and/or discuss with a client to market the property "For Sale" or "For Lease". Professional Photography Social media Signboards Real estate portals Question 10 What role does the agent play when it comes to providing property marketing advice and marketing plans? Explain your answer. The agent's role is to provide guidance and support in developing and executing the marketing plan. This includes offering advice on what marketing activities will be most effective in reaching the target market, as well as providing assistance in creating and implementing the plan. The agent should also be involved in monitoring the results of the marketing plan to ensure that it is achieving the desired results. If the plan is not performing as well as expected, the agent can offer suggestions on how to adjust it to improve its effectiveness. Question 11 List (3) persons/parties that may be involved in the process of marketing the property and outline the roles and responsibilities of those you selected. Digital marketing agency If you don't have a presence on the digital platform, then property may go unnoticed,unheard, and despised. This agency will help you choose the finest online platforms to invest in, as well askeep the equilibrium between your marketing efforts and the outcomes they generate. Partnering with a digital marketing agency increases the number of leads that become customers. Referral marketers Referral marketing can assist prospects in learning more about your firm's stellar reputation. Referrals tools enable you to track and compensate your most loyal consumers whilealso providing a more tailored relationship. This Boosts brand recognition and reputation Media company In both direct and indirect ways, television advertising boosts desire to
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