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Risk Management > Marketing > Flashcards

Marketing Flashcards

1
Q

marketing

A

integrated and coordinated activities that encourage people to initially rent or continue renting an apartment
include research and promotion
focus is inside and outside the community

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2
Q

marketing mix the 5 ps

A

product, place, price, promotion, people

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3
Q

products are evaluated and marketed for

A

reliability
quality
features
availability

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4
Q

place

A

define and market
physical location
relative location
comparative location

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5
Q

need for a marketing plan

A

created when
critical need- new ownership
repositioning- physical or operational changes
problem solving-occupancy issues
sustaining plan-ongoing efforts to keep the property in front of the customers eyes

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6
Q

effective market area

A

small geographical area or a larger area such as multiple blocks

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7
Q

pricing- local economic conditions

A

population growth
household formation
job creation

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8
Q

net/effective market rent

A

GPR-VAC=TRR

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9
Q

TRR/units occupied

A

average effective rent

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10
Q

market rent x # of months in lease less total concessions equals total lease rent divided by # of months in lease

A

effective market rent

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11
Q

HUD & Gov assistance programs

A

HUD establishes fair market rents

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12
Q

marketing objectives

A

the “what”

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13
Q

example

A

desired results, measurable and specific, time frame

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14
Q

marketing strategy

A

the how- steps to meet the objective

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15
Q

types of promotions

A 
advertising
public relations
sales promotion
internal marketing
relationship selling
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16
Q

promotional marketing

A

AIDA- attention, interest, desire, action

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17
Q

advertising

A

non personal promotion of a product, service, or company in mass media that is openly paid for and/or sponsored by you

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18
Q

turnover ratio

A

number of move outs/total number of units

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19
Q

occupancy trend

A

total units-vacant units-units on notice+vacant units leased + units on notice preleased=total units leased

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20
Q

percent leased

A

leased units/total number of units

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21
Q

SWOT

A

strengths, weaknesses, opportunities, threats

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22
Q

economic occupancy percentage

A 
GPR-VAC= TRR 
TRR/GPR= economic occupancy
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23
Q

average effective rent for renewal-average effective rent on previous lease=amount of increase

A

amount of increase/previous lease rent = percentage increase

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24
Q

managing occupancy reports

A

occupancy reports
rent roll
collection summary analysis
delinquency report

25
Q

marketing

A

integrated and coordinated activities that encourage people to initially rent or continue renting an apartment

26
Q

marketing mix

A

controllable variables blended to produce the desired market response

27
Q

what are the 5 ps

A

people, product, promotion, price, place

28
Q

what is a marketing plan

A

a detailed written account and time table of the objectives and methods to be used to achieve the property’s marketing goals

29
Q

what are the purposes of a marketing plan

A

helps develop, guide and coordinate marketing efforts
serves as a roadmap to realize goals
keeps you on course

30
Q

what is a market analysis

A

a formal approach using data to make rational marketing decisions

31
Q

what is a property and location analysis

A

an analysis of information about a propertys amenities and location positive and negative aspects of each and how they affect rentals

32
Q

what is effective rent

A

the rent per month reduced by the monthly value of any leasing concessions

33
Q

list some factors that impact local economic conditions for apartments

A

population growth
household formation
job creation

34
Q

what are the three housing trends that affect apartment communities

A

construction of apartments with better amenities
construction of single family homes
conversion of rental homes to condominiums

35
Q

what is a market

A

current and potential residents who want to and are qualified to live in the apartment community

36
Q

what is a target market

A

a specified group within a market classified according to characteristics

37
Q

what factors impact the target market

A 
location
physical
unit size and layout
governmental
demographic characteristics
economics
price
social
38
Q

what identifies a specific goal and defines its successful achievement

A

marketing objectives

39
Q

what are the requirements of marketing objectives

A 
identify desired results
be measurable
assign a time frame
be clear
be considerate with one another
40
Q

what outlines steps needed to achieve marketing objectives

A

a marketing strategy

41
Q

what is promotional marketing

A

a form of communication that is used to inform and persuade people about a product or service

42
Q

what are the basic objectives of promotion

A

attention: awareness
interest: knowledge
desire
action

43
Q

list the types of promotion

A 
advertising
public relations
internal marketing
sales promotion
relationship selling
44
Q

what is advertising

A

non personal promotion of a product, service or company in mass media that is openly paid for and or sponsored by you

45
Q

what is relationship selling

A

custom tailoring information to individual people

46
Q

what is an advertising campaign

A

a program of coordinated ads and promotional activities intended to accomplish objectives

47
Q

what is a marketing plan budget

A

shows amount allocated for expenditure on marketing activities in a specific period

48
Q

why should you evaluate a marketing plan throughout its implementation

A

its implementation allows you to make adjustments and allocate marketing dollars effectively

49
Q

what is a turnover ratio

A

the total number of move outs for a given period divided by the total apartment units

50
Q

what factors must you consider and balance that impact rental income

A

competitive rental rents
percent occupancy/physical occupancy
collection percent/economic occupancy

51
Q

what factors affect rental rates

A 
law of supply and demand
economic conditions
housing trends
competitors offerings
property features
HUD and government assisted programs
52
Q

what is the difference between economic occupancy and physical occupancy

A

economic occupancy is a percentage based on the amount of rent collected divided by GPR
physical occupancy is calculated based on the number of occupied units as a percentage of total units

53
Q

what is the goal of balancing rental rates and vacancies

A

to maximize income not occupancy

54
Q

what happens to a propertys income when concessions are offered

A

it collects less rent

55
Q

list two methods of increasing rent for current residents

A

increase as leases expire or on select expired leases using non discriminatory standards
consider setting renewal rate slightly lower than market rent

56
Q

what reports can you use to manage occupancy

A

occupancy reports
rent roll
collection summary
delinquency

57
Q

what is a rent roll

A

a comprehensive record of occupancy rents, other charges and lease expirations

58
Q

what are three methods you can use to manage occupancy

A

occupancy trend
lease expirations
turnover ratio

Risk Management (8 decks)

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