Real Estate Marketing Commercial Real Estate (SAE), Champions Commercial Real Estate- SAE |161 questions and answers

Most common reason a property fails to sell is price Matching human needs with goods or services to meet those needs is the process of marketing _____________________ is a key personality trait of a successful agent problem solving 3 Ways Sales Agents Add Value to the Buying Process Counseling, Negotiating, and Managing the transaction Four P's of marketing real estate product, promotion, price and place How can you know your product? Inspect company listings • Travel your geographic area • Practice writing offers • Do net sheet calculations on your own house AIDA (The four psychological steps of a sale: attention, interest, desire and action). states that rational buyers will pay no more for a property than they would for an equally desirable, comparable property. The principle of substitution in real estate valuation Marketing to a specific age group is sometimes called generational selling An acronym for the psychological steps of a sale is AIDA A willingness to change and grow your marketing plan demonstrates to concept of ____________. adaptation To be an effective problem solver, it is beneficial to understand .... basic human needs and the psychological steps involved in a sale defined as expected benefits to be received as a result of ownership amenities Objectives should be measurable and achievable as well as timely. Goals should be attainable, flexible, measurable, and time frame shot gun method often the preferred choice for new agents until they realize that they can't possibly take on such a large-scale market 4 types of buyers -first time buyers -relocators -upgraders -investors communication is transcribing and receiving/ talking and listening Marketing budget goals should be set for a minimum of ___________, realistically more 6 months _______ drive the market consumers Agents should "listen" not only to what the client is saying, but also to ___________________. body language To be an effective problem solver, a real estate agent should understand the __________ involved in a sale. psychological In which emotional phase is the buyer ready to buy? Act Gathering data, analyzing it and drawing conclusions based on it describes marketing research Analyzing strengths, weaknesses, opportunities, and threats is referred to as a SWOT analysis A report prepared by an agent to help a seller realistically price their property is a CMA SWOT strength, weakness, opportunities and threats - marketing research analysis CMA comparative market analysis Two kinds of market research primary and secondary primary research is ________ focused customer, examples email surveys, mail surveys, closed transactions secondary research is more ___________________ and can be ___________________ more in depth and can be quite complex, expensive, and time consuming Secondary research is ___________________ and includes ______________ ongoing, data tracking , done by major companies found on internet (HAR, NAR) researcher is best served by using ___________________ quantitative research employs statistical analysis by measuring values to determine the results quantitative This type of analysis "describes" the obtained results. For example, how many people like or dislike a proposed change in a brokerage's marketing approach. descriptive data analysis can also be employed to compare market segments to see how they respond to an issue, and to provide foresight as to what could possibly occur based upon the compiled data. inferential data analysis It is widely held that ________ is the minimum sample size for reliable results 30 Payments on your mortgage mean you are acquiring a major possession; instead of rent, you own more and more investment More people have started on the road to their goals by home ownership than by any other way. Your principal and interest payments remain the same for the full term of your mortgage while rents usually go up financial independence Better than a savings account, your home can appreciate to keep pace with inflation. Should your hobby be carpentry, decorating, etc., you have opportunities to enhance the value of your home. cash equity Means, medians, and modes are all measures of central tendency 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 The acronym FSBO stands for For Sale by Owner Another name for telemarketing is called Cold-Calling Working a market based on location is called Geographical Farming Market research can indicate the • sex/gender, • marital status, • lifestyle, • education level, and • income level of the consumers in your target market. Two forms of macro marketing geographic farming and demographic farming a great place to kick off your marketing, particularly if your marketing budget is lean, and that tends to be the case for most new agents when launching their new career geographic farming A farm is a part of the area that is serviced by your firm