Chapter 3 Flashcards
Relationship-building shopping
State you are a competitor and are shopping the community to learn about it and develop a business relationship with the community’s team.
Comparable
Community with a similar style to yours
Competitor
Differently styled community but is still competing for your residents.
What are the 5 P’s
Product
Place
Price
Promotion
People
Product
-look for the following
Appearance of the property
Signs, marketing and website
Features and amenities
Additional services and programs
Place
- what are the three types of locations?
Physical
Relative
Comparative
Relative location
Location of a community in relation to customer needs and desires.
Comparative location
How a community’s location compares to its competitors.
What does promotion achieve
Occupancy and resident retention objectives.
What are some types of promotion
Advertising
Public relations
Relationship selling outreach
Social media
Referral agencies
What does the market survey help identify
Competitive advantages
Identify missed opportunities
Consider improvements
What is the market based on?
Type of apartment
Community rent and fees
Market
Described all current and potential residents who and to live and qualify for the community.
Sub-markets are also known as what?
Target markets
What factors impact target markets
Location
Physical characteristics
Unit size and layout
Governmental (zoning)
Social (family size, migration)
Price
Economic ( unemployment rates, income growth)
Demographics
