Champions School of Real Estate Marketing SAE |117 questions and answers

Price The most common reason a property fails to sell is __________. Marketing Matching human needs with goods or services to meet those needs is the process of ____ agent Problem solving is a key personality trait of a successful ___ D in AIDA stand for Desire Four P's of Marketing Product, Price, Place, Promotion A-I-D-A The four psychological steps of a sale, attention, interest, desire, and action To be an effective problem solver, it is beneficial to understand basic ----------human needs and the involved in a sale. psychological steps Emotional Phases of a Purchase The emotional phases are: 1. Attention - the buyer's attention is caught by an item, advertisement, sign or whatever. Interest can be aroused once you have the buyers' attention. 2. Interest - a more advanced stage of attention, interest, is developed by giving facts and details about a property or demonstrating is suitability to the buyer. When a significant amount of interest can be generated, enthusiasm or desire takes hold. 3. Desire - the buyer begins to picture himself in the home - enjoying the amenities it has to offer. They begin to appreciate your perception in tying them to this particular property. 4. Act - the buyer is ready to buy, or act on his desires. Amenities This can be defined as expected benefits to be received as a result of ownership SWOT analysis Analyzing strengths, weaknesses, opportunities, and threats is referred to as ... CMA A report prepared by an agent to help a seller realistically price their property is a Market Research Gathering data, analyzing it and drawing conclusions based on it describes Market research can be conducted for a variety of reasons: • To monitor current marketing performance • To evaluate potential marketing activities • To improve marketing as a process • To create or test ideas and approaches • To identify market opportunities and threats • To identify the agent's (or team's, or office's) strengths and weaknesses • To determine the direction of the market Which of the following could potentially be a weakness? ++a. An agent uses a flip phone for business calls and has not set up a voicemail box b. An agent regularly contacts people in her sphere of influence to touch base. c. An agent joins the local board of REALTORS d. All of these are potentially considered weaknesses Why might a real estate professional perform market research? a. To determine the direction of the market b. To monitor current marketing performance c. To identify new market opportunities ++ d. All of these are reasons to perform market research The __________ Analysis is an excellent source for marketing research. SWOT For sale by owner The acronym FSBO stands for cold calling Another name for telemarketing is called Geographic Farming Working a market based on location is called In term of marketing what is a farm? A farm is a part of the area that is serviced by your firm Which is a common technique used in prospecting listings? cold call mail door to door Multiple Choice - Read the scenario and answer the questions that follow. Janie has been spending thousands of dollars on marketing materials without realizing much of a return on her efforts. She has become disheartened because she feels as though there is too much competition in her metro market and that her shotgun marketing approach is not reaching the right people at the right time. Janie meets with her mentor, Jonathan, who has been a top earner in their brokerage for the last 5 years and counting. He credits his success with learning to master his marketing, making it as effective as possible. He even spends less on marketing materials per quarter than Janie does! Jonathan listens to Janie lament about losing money and time. Before she can finish her sob story, he tells her that he knows exactly what she is doing wrong, and he gives her some sound advice. look at questions 1. Based on Janie's failed marketing attempts so far, what might Jonathan's advice have been? a. Janie should ditch her metro marketing efforts and think bigger to macro marketing. ++b. Janie should think "smaller" and narrow her focus to a particular segment of the market. c. Janie should hire his website designer to build her a sleek site with colorful graphics and music. You have to spend money in order to make money. d. Janie should switch to a larger brokerage with more exposure to the metro market By specializing in a segment of the market, what type of marketing would Janie be practicing? a. Modified metro marketing b. Macro marketing ++c. Micro marketing d. Branding Why would an agent employ micro marketing strategies? a. Because most brokerages today require agents to specialize in a niche market b. Because agents do not like cold calling ++c. Because it can save agents time and money by custom tailoring their marketing campaigns for a specific group of buyers/sellers d. Because it is just easier to do due to social media What is ai? Artificial intelligence is quite simply the next frontier in technology that truly will change the way that people do business. Many people use artificial intelligence (AI) every day and might not even realize it. Copyright © 2018 Champions School of Real Estate® 64 Chapter 5 Technology and Online Marketing Have you ever asked Apple's Siri to find a restaurant in the area that serves Chinese food? Have you ever used the Windows 10 solution to AI, Cortana to find an answer to a question for you? Maybe you bought or received an Echo Dot or similar AI device for your home recently. All of these are examples of AI designed to do the "heavy lifting" to add value to your life. Real estate agents are now _______ more than ever? ++a. Mobile b. Officebound c. Dependent on office space d. None of these are correct The word blog is a combination of which two words? a. Binary and log ++b. Web and log c. Web and byte d. Byte and log Largest Social Media Site in US? ++FB Twitter has __________ who read there posts? followers Users of pintrest _________ items to their own personal boards. PIN A report generated by comparing a seller's property to current listings and recent sales is a --------- CMA The purpose of compiling a market analysis for a seller is to assist the seller in __________ there property competitively. pricing Preparing a home for showing can be done professionally or by the sellers. It is often called home staging What could you say to convince a seller who is determined to price their property well above market value that they should rethink their decision? ++a. "A higher price will most likely not be supported by an appraisal, so many buyers will not be able to get financing." b. "Go ahead and price it as you see fit. Maybe you'll get lucky." c. "You're right, this home has tremendous sentimental value and buyers are likely to see that right away." d. "Market value is whatever you deem your property to be worth." More available affordable housing creates what is known as a _________ market. a. Bull b. Seller's ++c. Buyer's d. Buyer Beware Which is the best definition of home staging? ++a. Repurposing furniture and accessories to add visual impact to a home b. Set design c. A mock-up of a house that decorators use to practice design schemes d. A furnished apartment model or model home open for viewing according to the text the numbers __ and 7 have psychological effects on buyers. 4 Properties an agent shows a buyer similar price are ? Comparables