REAA - CPPREP4102 - Written Questions done
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CPPREP4102
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Marketing
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Apr 3, 2024
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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’
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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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