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Marketing Flashcards

(58 cards)

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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

Study These Flashcards
A

occupancy reports
rent roll
collection summary analysis
delinquency report

25
marketing
integrated and coordinated activities that encourage people to initially rent or continue renting an apartment
26
marketing mix
controllable variables blended to produce the desired market response
27
what are the 5 ps
people, product, promotion, price, place
28
what is a marketing plan
a detailed written account and time table of the objectives and methods to be used to achieve the property's marketing goals
29
what are the purposes of a marketing plan
helps develop, guide and coordinate marketing efforts serves as a roadmap to realize goals keeps you on course
30
what is a market analysis
a formal approach using data to make rational marketing decisions
31
what is a property and location analysis
an analysis of information about a propertys amenities and location positive and negative aspects of each and how they affect rentals
32
what is effective rent
the rent per month reduced by the monthly value of any leasing concessions
33
list some factors that impact local economic conditions for apartments
population growth household formation job creation
34
what are the three housing trends that affect apartment communities
construction of apartments with better amenities construction of single family homes conversion of rental homes to condominiums
35
what is a market
current and potential residents who want to and are qualified to live in the apartment community
36
what is a target market
a specified group within a market classified according to characteristics
37
what factors impact the target market
``` location physical unit size and layout governmental demographic characteristics economics price social ```
38
what identifies a specific goal and defines its successful achievement
marketing objectives
39
what are the requirements of marketing objectives
``` identify desired results be measurable assign a time frame be clear be considerate with one another ```
40
what outlines steps needed to achieve marketing objectives
a marketing strategy
41
what is promotional marketing
a form of communication that is used to inform and persuade people about a product or service
42
what are the basic objectives of promotion
attention: awareness interest: knowledge desire action
43
list the types of promotion
``` advertising public relations internal marketing sales promotion relationship selling ```
44
what is advertising
non personal promotion of a product, service or company in mass media that is openly paid for and or sponsored by you
45
what is relationship selling
custom tailoring information to individual people
46
what is an advertising campaign
a program of coordinated ads and promotional activities intended to accomplish objectives
47
what is a marketing plan budget
shows amount allocated for expenditure on marketing activities in a specific period
48
why should you evaluate a marketing plan throughout its implementation
its implementation allows you to make adjustments and allocate marketing dollars effectively
49
what is a turnover ratio
the total number of move outs for a given period divided by the total apartment units
50
what factors must you consider and balance that impact rental income
competitive rental rents percent occupancy/physical occupancy collection percent/economic occupancy
51
what factors affect rental rates
``` law of supply and demand economic conditions housing trends competitors offerings property features HUD and government assisted programs ```
52
what is the difference between economic occupancy and physical occupancy
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
what is the goal of balancing rental rates and vacancies
to maximize income not occupancy
54
what happens to a propertys income when concessions are offered
it collects less rent
55
list two methods of increasing rent for current residents
increase as leases expire or on select expired leases using non discriminatory standards consider setting renewal rate slightly lower than market rent
56
what reports can you use to manage occupancy
occupancy reports rent roll collection summary delinquency
57
what is a rent roll
a comprehensive record of occupancy rents, other charges and lease expirations
58
what are three methods you can use to manage occupancy
occupancy trend lease expirations turnover ratio

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