Marketing Flashcards
What is the definition of marketing?
Integrated in coordinated activities that encourage people to initially rent or continue renting an apartment
Why is marketing important?
Helps me realize the optimal value of a property to increase the value and see the value and promotes culture and understands residence wants and needs
What are the five P’s in marketing?
Product
Place
Price
Promotion
People
What is product?
The apartments
Property amenities
Services
Brand identity
What is reliability?
Consumer belief that an apartment, community, the associates working there, the management, and ownership are consistent in service and deliver value
What is place?
Physical location
Relative location
Comparative location
What is a marketing mix?
Major controllable variables that impact the desired market response, 5 P’s, product, price, promotion place person
What is price?
Monthly rent
Fees
Deposits
Utility
Premium charges
Price is influenced by location, interior, upgrades, competition
What is promotion?
How the promotional marketing aspect of marketing is used to convince people to buy.
Advertising
Public relations
Sales process
Relationship selling
Outreach, social media
Referral agencies
What is people?
Everyone involved in the marketing efforts.
On-site personnel
Management
Contract workers
Marketing partners
Vendors
Prospects
Current residents
Former residents
What are marketing success factors?
Visionary
Gold focused
Customer centric
Team oriented
Communicating affectively
Consistent
Repetitive
Flexible
Regularly monitored and evaluated
What is a marketing plan?
Detailed written account and timetable of the objectives and methods to be used to achieve the properties, financial goals by marketing the property effectively
What is a roadmap for marketing?
Marketing plan
What is the need for a marketing plan?
Add value to the property
What are the 11 aspects of a marketing plan?
Community, amenities and services
Pricing
Target market
Competitors
Marketing objectives
Marketing strategies
Budget
Promotional mix
Measurement and evaluation
What is a marketing objective?
Identifies a specific goal and defines its achievement, objectives answer the question what and why?
What is promotional mix?
Defined the five components that must be addressed and in peak operating levels in order to be successful in marketing programs and campaigns. The 5 P’s
What is a region in a market analysis?
Economic and demographic characteristics outlined for the properties region typically the metropolitan area
What is a neighborhood in a market analysis?
An in-depth look at the area immediate to a property
What is property location in a market analysis?
Contains information about the properties, amenities and location, positive and negative aspects of each, and how they affect leasing
What are type of market analysis?
Regional analysis
Neighborhood analysis
Property and location analysis
Resident analysis
Target market analysis
Competitor analysis
What are elements in a market analysis?
Population characteristics and trends
Economic conditions
Recreational/entertainment venues
Governmental structure
Education institutions
Boundary definition
Economic conditions
Property
Amenity an educational
Crime activity
What is a competitor analysis?
Information about other apartment, communities that compete with yours
What is supply and demand?
If demand is low, and the supply is high rents must be competitive to attract residents
If the demand is high, and the supply is low, higher prices can be obtained
What is GPR?
Gross potential rent
What is VAC?
Vacancy
What is TRR?
Total rent revenue
What is gross?
Total before anything is taken out
What is effective market rent?
What you actually receive on an occupied unit minus concession
How do you get total rent revenue?
Gross potential rent minus vacancy
GPR-VAC= total rent revenue
How do you get total rent revenue? (TRR)
GPR take away vacancy equals total rent revenue
GPR-VAC=TRR
What is vacancy loss?
Any money not receiving due to apartment being vacant
Who establishes fair market rents?
HUD
What are drivers of economic growth or recession?
Population growth
Household formation/growth
Job creation
What is the market?
Current and potential residents who want to, and are qualified to live in the community
What is market segmentation?
Process we are Market is reduced to smaller, more defined sub markets
What is target market?
Physical
Unit size and lay out
Government and regulatory
Social
Price
Economic
Demographic – fair housing
Objective is the _____
What
Strategy is the _____
How
What does promotional marketing objectives do?
Get your attention
Gain your interest
Give you desire to want it
Get you to take action
What is a governmental factor for the market?
Land-use, maintenance requirements, zoning classifications building codes, environmental regulations, rent control legislation for housing requirements, income and property, taxes, landlord tenant laws
What are democratic characteristics in a market?
Ages, incomes, marital status, occupation, household sizes , lifestyle
What are economics in a market?
Job growth patterns
Unemployment rates
Income growth
Credit availability
Homeownership affordability
Inflation
What is price impacting a Market?
Rent rate and it’s perceived value can limit a market
Amenities and services
Fees
Higher income residence, expect more and can’t afford to pay more
What is social factor impacting a Market?
Population increases, decreases or stability
Population movement and disbursal patterns
Household growth
What are smart goals?
Specific
Measurable
Attainable
Realistic
Timeframe
What is a marketing strategy?
Outline steps needed to achieve marketing objectives
What is promotional marketing?
A form of communication that is used to inform persuade people about a product or service also used to improve public image
What are types of promotional marketing?
Advertising
Public relations
Sales promotion
Internal marketing
Relationship selling
What is AIDA?
Attention
Interest
Desire
Action
What is advertising?
No non-personal promotion of a product, service or company in mass media that is openly paid for and or sponsored by you
What are advertising strategies?
Media
Public relations
Sales promotions
Internal marketing
Relationship selling
What is an advertising campaign?
Program of coordinated ads and promotional activities intended to accomplish objectives
How do you figure out turnover ratio?
Number of moveouts per year divided by total number of units
# of move outs per year / total units= turnover ratio
How do you calculate occupancy trend percent leased?
Total units
-vacant units
-units on notice
+units leased
+units on notice preleased
= total leased
Leased units / total units= % leased
What is a sales promotion?
Sales activities designed to complete a sale, or increase the size of a sale of goods or services by providing the incentive to make a positive purchase decision
What is internal marketing?
On-site marketing practices that occur within an apartment community
What is relationship selling?
Custom tailoring information to individual people to make the sale
What are sales activities?
Activities that stimulate consumer purchasing an increase effectiveness and supplement other parts of total marketing efforts, sales skills
What is a marketing plan budget?
Shows amount allocated for expenditure on marketing activities in a specified period
What is occupancy trend/ percent leased?
Future percentage of least units indicates occupancy trend
What is SWOT?
Strengths
Weaknesses
Opportunities
Threats
What is a SWOT analysis
A marketing research tool that identifies and defines problems and opportunities to assist with writing a marketing plan strengths, weaknesses, opportunities, and threats
How do you figure out economic occupancy?
Total rent revenue(TRR), divided by gross potential rent (GPR) = economic occupancy (EO)
TRR/GPR= EO
How do you figure out total rent revenue (TRR)?
Gross potential rent minus vacancy
GPR-VAC=TRR
What is TRR?
Total rent revenue
What is GPR?
Gross potential rent
What is VAC?
Vacancy loss
What is EO?
Economic occupancy
What are the 5 P’s?
Place
Product
People
Price
Promotion
What is the impact of concessions on effective market rent?
A property collects less rent when concessions are offered, concessions mean effective rent is less than market rent
What is a rent roll?
A comprehensive record of occupancy, lease terms, rents, and other charges, balances due
What is the delinquency report?
List of residents who are in arrears in the amount each resident owes
What is an occupancy report?
A report that shows current leases number of new leases, move-in’s, move outs and vacancies
What is a collection summary analysis?
A report showing rent that has been collected bank deposits made helps identify of collections are increasing or decreasing and how you were doing on collecting rent
What is EGI?
Effective gross income
How do you figure out EGI?
GPR-VAC= TRR+ OI= EGI
How do you figure out economic occupancy percentage?
EGI/GPR
