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Real Estate > Lesson 11 > Flashcards

Lesson 11 Flashcards

1
Q

What are the components of marketing?

A

Product: Goods and services (creating offerings)
Price: The monetary amount charged for the product (exchange)
Promotion: Communication about the product
Place: Getting the product to a point where the customer can purchase it (delivering)

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2
Q

What are the 4Ps of marketing?

A

The 4Ps are known as the Marketing Mix:
Product
Price
Promotion
Place

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3
Q

How does a company create its Marketing Strategy?

A

A company develops its Marketing Strategy based on the Marketing Mix.

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4
Q

What is the relationship between the Marketing Mix and the Marketing Plan?

A

The Marketing Mix informs the Marketing Strategy, which in turn guides the Marketing Plan on what needs to be achieved and how to achieve it.

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5
Q

What does a Marketing Plan outline?

A

The Marketing Plan outlines the overall mission and objectives that the company aims to achieve.

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6
Q

What does the AIDA Model stand for?

A

AIDA stands for Attention, Interest, Desire, and Action.

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7
Q

What is the first objective of the AIDA Model in marketing?

A

To hold the Attention of the buyer.

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8
Q

What is the second objective in the AIDA Model?

A

To generate Interest in the product or service.

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9
Q

What is the goal of creating Desire in the AIDA Model?

A

To make the buyer want the product or service.

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10
Q

What is the final objective of the AIDA Model?

A

To influence the buyer to take Action, such as making a purchase.

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11
Q

What is the marketplace in marketing?

A

The marketplace is known as the “Place,” where buyers and sellers interact to exchange goods or services.

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12
Q

In the marketing context, what does Place refer to?

A

It refers to distribution channels and the strategies to make products or services available to customers at the right location, time, and quantity.

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13
Q

What is the primary goal of the marketing process?

A

To create value for customers and build customer relationships.

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14
Q

What is the purpose of capturing value from customers?

A

To create profits and customer equity.

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15
Q

What does creating satisfied, loyal customers help a business achieve?

A

It helps capture customer lifetime value.

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16
Q

What is involved in designing a customer-driven marketing strategy?

A
  1. Select customers to serve through market segmentation and targeting.
  2. Decide on a value proposition through differentiation and positioning.
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17
Q

How can businesses build strong brands?

A

Through effective product design and creating real value in pricing.

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18
Q

How is the value proposition communicated to customers?

A

Through promotion, which effectively communicates the value proposition.

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19
Q

What are the 4 types of market segmentation?

A
  1. Geographic
  2. Demographic
  3. Psychographic
  4. Behavioural
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20
Q

What is Market Position?

A

Market position refers to the consumer’s perception of a brand or product in relation to competing brands or products.

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21
Q

What does Market Positioning involve?

A

It is the process of establishing the image or identity of a brand or product to ensure consumers perceive it in a specific way.

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22
Q

What factors can influence market positioning?

A

Key factors include quality, service, image, and market price.

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23
Q

What does Market Differentiation mean?

A

It means creating specialized products or services that provide a competitive advantage within a particular market segment.

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24
Q

How can a manufacturer use market differentiation?

A

By producing several variations of a basic product marketed under the same brand to increase market coverage and promote dominance in that market.

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25
Q

What are some aspects that might be considered in market differentiation?

A

Quality, attitudes, performance, features, reliability, and reputation.

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26
Q

What are the Strengths and Weaknesses in SWOT Analysis?

A

They are controllable internal factors. Strengths are positive factors, while weaknesses are areas that need improvement.

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27
Q

What are the Opportunities and Threats in SWOT Analysis?

A

They are external factors that are typically uncontrollable. Opportunities can lead to growth, while threats can pose challenges to the business.

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28
Q

What is an exclusive listing?

A

An exclusive listing allows one estate agent or salesperson to market and sell a property, governed by an Exclusive Estate Agency Agreement.

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29
Q

What does an exclusive agreement entail regarding services?

A

The client and salesperson agree on services offered, like advertisement frequency and open house sessions; the client can terminate the agreement if the commitment is not met.

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30
Q

What is an open market listing?

A

In an open market listing, the client offers the property to any number of estate agents or salespersons, with the agent who secures a third-party deal earning the commission.

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31
Q

What is a key characteristic of an open market listing?

A

There is no assurance of performance or duty owed since no formal estate agency agreement is in place.

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32
Q

What is a non-exclusive listing?

A

A non-exclusive listing involves a limited number of estate agents or salespersons under a Non-Exclusive Estate Agency Agreement, allowing multiple agents to attempt a sale.

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33
Q

How is commission structured in a non-exclusive listing?

A

Each estate agent or salesperson’s commission can vary, and payment goes to whoever successfully transacts the property.

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34
Q

What is a private treaty sale?

A

A private treaty is a sale method where negotiation occurs directly between the buyer and seller, allowing privacy and flexibility.

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35
Q

What are the advantages of a private treaty sale?

A

Advantages include privacy, lower costs, flexibility in drafting terms, direct negotiation, time flexibility, and the opportunity for multiple viewings.

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36
Q

What is an auction?

A

An auction is a public sale where properties are sold to the highest bidder, promoting transparency and competition.

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37
Q

What are key characteristics of an auction?

A

Auctions feature open bidding, high publicity, fixed terms and conditions, and a reserve price to protect the seller.

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38
Q

What is a downside of the auction method?

A

There is no cooling-off period, meaning the sale is immediate, and negative publicity may arise if the property is not sold.

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39
Q

What is a public tender?

A

A public tender offers an equal opportunity for any organization to submit a tender for a project or contract.

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40
Q

How does public tender ensure fairness?

A

It is open, fair, and designed to be free from bribery and nepotism.

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41
Q

What opportunity does a public tender create?

A

It creates opportunities for new or emerging players in the market.

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42
Q

What is a key advantage of public tenders?

A

They provide the greatest competition among suppliers, which can lead to better pricing and quality of goods or services.

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43
Q

How does public tender address prior negotiations?

A

It eliminates any unfair advantage that might arise from prior or closed-door negotiations for the contract.

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44
Q

What is a potential disadvantage of the public tender process?

A

Not all bidders may be suitable for the contract, which requires more time to evaluate the tenders.

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45
Q

Can a public tender award the contract to the highest bidder?

A

No, the contract may not necessarily be awarded to the highest bidder.

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46
Q

What characterizes a private tender?

A

It allows suppliers to submit tenders by invitation only.

47
Q

How does a private tender affect participation?

A

It may prevent smaller or newer companies from participating in the tender process.

48
Q

When is a private tender appropriate?

A

It is appropriate for specialist or complex contracts where suitable companies are required based on their expertise or track record.

49
Q

What is a risk associated with private tenders?

A

Private tenders may be subject to bribery or nepotism due to the subjective nature of invitations.

50
Q

What does the Practice Guideline contain?

A

Do’s & Don’ts on advertising
Acceptable content
Methods of advertising
Reference case examples (acceptable/not acceptable)

51
Q

What does the term “promotional publicity & advertisements” encompass?

A

It includes publications, classified ads, pamphlets, flyers, websites, internet postings, online advertising, social media, and messaging services (e.g., SMS, WhatsApp, Telegram).

52
Q

What must be obtained before marketing and advertising property?

A

Written consent from all clients, via SMS or any verifiable mode of communication.

53
Q

Who must approve all advertisements before publication?

A

The Key Executive Officer (KEO) must approve all advertisements.

54
Q

What additional approval is required for displaying outdoor advertisements?

A

Approval from relevant authorities (BCA, LTA, HDB, etc.) is required before displaying outdoor advertisements.

55
Q

What must a salesperson do before marketing a property as an exclusive listing?

A

They must present a Marketing Proposal to the client.

56
Q

What should the Marketing Proposal include?

A

a) Overview of the current market and realistic asking prices
b) Current asking prices of competitors
c) Comparable transacted prices/rent from URA, HDB, or JTC websites
d) An optional marketing plan

57
Q

What must the client do regarding the Marketing Proposal?

A

The client must consent to the proposal.

58
Q

How should property prices be advertised?

A

Property prices must be advertised in accordance with the client’s instructions.

59
Q

What must salespersons know before marketing a property?

A

They should know the facilities, surrounding environment, maintenance, and sinking funds related to the property.

60
Q

What is required if salespersons advertise a property with an indicated valuation?

A

They must state the nature of the valuation obtained (e.g., desktop valuation or HDB panel of valuers).

61
Q

What must estate agents and salespersons do before marketing foreign properties in Singapore?

A

Conduct due diligence checks, including obtaining approved building plans from overseas authorities and ensuring accurate information from the overseas developer.

62
Q

What must agents justify in their marketing materials?

A

Statements made about expected capital gains or rental returns must be justified with accurate information.

63
Q

What should not be misrepresented in marketing materials?

A

Marketers must not misrepresent surrounding features of any development, such as omitting nearby buildings or structures.

64
Q

What information must be clearly identified in all advertisements?

A
  1. Salesperson’s name (as stated in the CEA Public Register)
  2. Registration number
  3. Contact number (as registered with CEA)
  4. Estate agent’s name
  5. Estate agent license number
65
Q

What specific phrases must be included in the advertisement?

A
  1. “Estate Agent License Number” or “CEA License Number”
  2. “Salesperson Registration Number” or “CEA Registration Number”
66
Q

What is the exception for classified advertisements in newspapers regarding registration details?

A

In classified advertisements, the license and registration number do not need to be stated, but it is good practice to include an acronym to identify the estate agent.

67
Q

What must be disclosed in advertisements that contain guarantees?

A

The underlying terms and conditions must be disclosed, along with explanatory footnotes or disclaimers set in a minimum font size of 8.

68
Q

When indicating rates of capital gains or returns, what information must be included?

A
  1. Basis and credible data sources
  2. Definitions for terms used
  3. Time-period of the data
69
Q

How should claims on property market trends or economic forecasts be presented?

A

They must be backed by statistics from reliable sources, such as government agency reports.

70
Q

What is required when advertising a property accurately?

A

Advertisements must accurately describe the property without using altered photographs or photographs of another property.

71
Q

What must estate agents do regarding the actual view of a property?

A

They should advertise based on the actual view of the property.

72
Q

If photographs are used for illustrative purposes, what must be included?

A

Appropriate qualifiers must be appended next to the photo to indicate they are for illustration only.

73
Q

What legislation must be complied with when advertising a developer’s new projects?

A

The Housing Developers (Control and Licensing) Act.

74
Q

What must be considered regarding intellectual property laws in advertising?

A

Estate agents must comply with intellectual property laws when using developer logos and images.

75
Q

What must be accurately advertised according to property usage guidelines?

A

The correct property usage as approved by the URA (Urban Redevelopment Authority) according to the Master Plan.

76
Q

What is a common misrepresentation related to SOHO properties?

A

“Small Office Home Office” does not have specific zoning; real estate salespersons must use the correct terminology.

77
Q

How should mixed developments be marketed?

A

They should not be marketed as dual office-cum-residential use.

78
Q

What should not be claimed about buildings zoned as Business 1 or Business 2 (industrial)?

A

They should not be marketed as office use.

79
Q

What must be stated correctly in property advertisements?

A
  1. Future or approved developments (if any)
  2. Transport facilities or MRT (if any)
  3. Amenities such as schools
80
Q

What should estate agents avoid when making claims of expertise or specialization?

A

They must not use dubious or misleading terms such as “King of xx,” “Mr xx,” “Specialist,” or “Expert.”

81
Q

What must the price or terms of a property reflect according to ethical advertising guidelines?

A

They must not differ from those instructed by the client.

82
Q

How should the selling price or price range be stated in advertisements?

A

It should be stated as instructed, including phrases like “view to offer” or “price negotiable.”

83
Q

What should not be included in pricing for property advertisements?

A

Prices must not be based on Cash-Over-Valuation (COV) amounts.

84
Q

What claims are estate agents prohibited from making in advertisements?

A

Claims such as “guaranteed sell at a high price above value,” “all units sold at a high price above valuation,” or any guarantee of “Cash Over Valuation.”

85
Q

What restriction is there regarding race or religion in property advertisements?

A

There should be no indication of race or religion unless complying with HDB Ethnic Integration Policy, SPR Quota, or Non-Citizen Quota.

86
Q

What phrases should salespersons avoid when advertising?

A

Phrases like “we can help you sell your flat before the minimum occupation period” or “we can help you appeal to HDB for rental flat” should not be used.

87
Q

When should advertisements be removed?

A

As soon as the property is no longer available for sale or lease or upon termination of the estate agency agreement.

88
Q

What should happen when information on flyers changes?

A

The information should be updated (asap), and old flyers should either be reprinted and distributed or discarded.

89
Q

Why is the date of issue important on flyers?

A

It helps consumers determine whether the information is current.

90
Q

What terms should not be used in advertisements by salespersons?

A

Terms like “already co-broke,” “no co-broke,” and “no agents” should not be included

91
Q

What is the policy regarding the use of dummy advertisements?

A

The use of dummy advertisements (i.e., advertising properties that do not exist) is not allowed.

92
Q

What is prohibited regarding representations about properties in advertisements?

A

No false representation regarding the availability of multiple properties, such as claiming “ready units for rental” when that is not the case.

93
Q

What does Section 3.10 state about copied advertisements?

A

Copying advertisements from newspapers into an internet property portal is strictly not allowed without the owner’s consent.

94
Q

What is a guideline for distributing flyers and pamphlets according to Section 4.1?

A

Flyers and pamphlets must not be visible to the public except for the intended recipient.

95
Q

When distributing flyers or pamphlets, what should be provided to the third party?

A

Proper instructions must be given to third parties who are distributing these materials.

96
Q

What is required before pasting advertisement stickers in common areas such as HDB estates or bus stops?

A

Approval must be obtained before placing any advertisement stickers in these areas.

97
Q

Why is distributing flyers and pamphlets on vehicles discouraged?

A

It is considered a public nuisance that can contribute to littering.

98
Q

What regulations govern the display of outdoor advertisements?

A

The display of banners falls under the Building Control (Outdoor Advertising) Regulations.

99
Q

What must advertisement signs along public roads include?

A
  1. LTA’s approval reference
  2. BCA’s license numbers
  3. Serial number
  4. Expiry date of the approval
100
Q

Where should the BCA License Number be labeled on an advertisement?

A

The BCA License Number should be clearly displayed on the front of the advertisement.

101
Q

What is the stance of the LTA regarding advertisement signs along roads?

A

The LTA discourages advertisement signs along roads as they may distract motorists and pose safety hazards.

102
Q

What must estate agents and salespersons comply with when engaging in SMS or cold calling?

A

They must adhere to the Do Not Call Registry regulations, which prohibit calls from 10 PM to 9 AM.

103
Q

What laws apply to emailing advertising?

A

Email advertising must comply with the Personal Data Protection Act and the Spam Control Act.

104
Q

What is disallowed in relation to sending electronic messages (spam)?

A

The use of dictionary attacks or email address harvesting to send unsolicited electronic messages.

105
Q

What must mobile SMS and email advertisements include?

A

They must include “<ADV>” to indicate that it is an advertisement and provide an unsubscribe option.</ADV>

106
Q

What is a unique feature of SMS/WhatsApp advertisements regarding CEA License or Registration Number?

A

SMS or WhatsApp advertisements can exclude the CEA License or Registration Number, but email advertisements do not have this option.

107
Q

What information should advertisements not contain?

A

They shall not contain specific floor levels or addresses of transacted properties and clients’ private and confidential information.

108
Q

What is REALIS and what does it include?

A

REALIS is the Real Estate Information System that includes:

Time Series
Transaction data
Rental information
Developer sales
Project data
Stock database

109
Q

What must EA/RES comply with when using publicly available data?

A

They must comply with the terms and conditions of use, and sources of publicly available data must be indicated in the advertisement (e.g., “Sources from www.ura.gov.sg”).

110
Q

What is a reminder for estate agents when using URA REALIS information?

A

The information is for personal research purposes only and cannot be used for commercial or marketing purposes.

111
Q

What does internet advertising encompass?

A

It includes activities via websites, emails, advertisement portals, and social media (e.g., Facebook).

112
Q

What must be ensured in the property information displayed on websites?

A

It must be current, accurate, and not misleading, including a notation of the last update date for market information.

113
Q

What must be done with expired listings on websites?

A

Expired listings must be removed immediately.

114
Q

What must be included in the profile of social networking accounts for estate agents?

A

The estate agent’s license number and salesperson registration number must be clearly stated in the account profile.

Real Estate (19 decks)

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