Overview of Real Estate Marketing Flashcards
1
Q
What does the marketing process consist of?
A
- activities that create value for customers
- capturing value in return for firm
2
Q
How to create value for customers?
A
- Understand marketplace, needs, and wants through market research.
- Design a customer-driven marketing strategy, including segmentation and value proposition.
- Construct an integrated marketing program (4Ps etc)
- Build profitable customer relationships to exceed expectations and foster loyalty.
3
Q
Outcome of Capturing Value for the Firm
A
- strong customer relationship lead to repeat business
- increased market share
- business growth
4
Q
Real Estate Marketing Mix: Products Categories
A
- Residential (HDB, Private)
- Retail (Private and HDB)
- Industrial/Business & Science Parks (Private, JTC)
- Commercial/Office, Specialized, Integrated/Mixed
5
Q
Real Estate Marketing Mix (Product Differentiation)
A
- Key in the housing section
- Includes quality, design, features, and support services
6
Q
Product Life cycle in Real Estate
A
- Stages: Intro, growth, maturity, decline
- Asset management: Asset enhancement, refurbishment, or redevelopment during maturity/decline
7
Q
Real Estate Pricing Strategies
A
- New Product: Skimming/Penetration
- Product Mix Pricing: Line, optional, captive, bundle.
- Adjustment Strategies: Discount, segmented, promotional, psychological
8
Q
Place in Real Estate Marketing
A
- Direct: Showflat, on line
- Indirect: 3rd parties
9
Q
Promotion in Real Estate
A
- To inform, sell, persuade, or remind
- Advertisements, showflats, social media etc
10
Q
Promotional Packages
A
- relocation or renovation rebate
- extended warranty of fittings/fixtures
- rental guarantee
- early bird discounts
11
Q
Advantages of Ownership
A
- Appreciation of property value
- Possibility of renting out which provides investment income
- sense of belonging and pride of ownership
12
Q
Disadvantages of ownership
A
- Illiquidity: Huge capital outlay including cash deposit, interest and loan instalments
- Better stamp duty as buyer (and seller in some cases)
- Bear economic, physical and functional obsolescence and incur costs of maintenance
- Less flexibility in changing home
13
Q
Advantages in leasing/renting
A
- Flexibility in relocating or right sizing to meet changing requirements
- rent can be offset against taxable income (good for tax planning)
14
Q
Disadvantages of leasing/renting
A
- Subject to rent review and fluctuations in rental expenses (rental increase)
- Beat stamp duty as tenant/lessee (which is less than in sale/purchase)
- May incur relocation costs more frequently as lease may not be renewed
15
Q
What kind of factors is in a situational analysis?
A
- external/macro-factors
- internal/micro-factors
