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Marketing Flashcards

(78 cards)

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1
Q

What is the definition of marketing?

A

Integrated in coordinated activities that encourage people to initially rent or continue renting an apartment

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2
Q

Why is marketing important?

A

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

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3
Q

What are the five P’s in marketing?

A

Product
Place
Price
Promotion
People

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4
Q

What is product?

A

The apartments
Property amenities
Services
Brand identity

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5
Q

What is reliability?

A

Consumer belief that an apartment, community, the associates working there, the management, and ownership are consistent in service and deliver value

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6
Q

What is place?

A

Physical location
Relative location
Comparative location

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7
Q

What is a marketing mix?

A

Major controllable variables that impact the desired market response, 5 P’s, product, price, promotion place person

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8
Q

What is price?

A

Monthly rent
Fees
Deposits
Utility
Premium charges
Price is influenced by location, interior, upgrades, competition

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9
Q

What is promotion?

A

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

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10
Q

What is people?

A

Everyone involved in the marketing efforts.
On-site personnel
Management
Contract workers
Marketing partners
Vendors
Prospects
Current residents
Former residents

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11
Q

What are marketing success factors?

A

Visionary
Gold focused
Customer centric
Team oriented
Communicating affectively
Consistent
Repetitive
Flexible
Regularly monitored and evaluated

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12
Q

What is a marketing plan?

A

Detailed written account and timetable of the objectives and methods to be used to achieve the properties, financial goals by marketing the property effectively

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13
Q

What is a roadmap for marketing?

A

Marketing plan

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14
Q

What is the need for a marketing plan?

A

Add value to the property

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15
Q

What are the 11 aspects of a marketing plan?

A

Community, amenities and services
Pricing
Target market
Competitors
Marketing objectives
Marketing strategies
Budget
Promotional mix
Measurement and evaluation

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16
Q

What is a marketing objective?

A

Identifies a specific goal and defines its achievement, objectives answer the question what and why?

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17
Q

What is promotional mix?

A

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

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18
Q

What is a region in a market analysis?

A

Economic and demographic characteristics outlined for the properties region typically the metropolitan area

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19
Q

What is a neighborhood in a market analysis?

A

An in-depth look at the area immediate to a property

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20
Q

What is property location in a market analysis?

A

Contains information about the properties, amenities and location, positive and negative aspects of each, and how they affect leasing

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21
Q

What are type of market analysis?

A

Regional analysis
Neighborhood analysis
Property and location analysis
Resident analysis
Target market analysis
Competitor analysis

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22
Q

What are elements in a market analysis?

A

Population characteristics and trends
Economic conditions
Recreational/entertainment venues
Governmental structure
Education institutions
Boundary definition
Economic conditions
Property
Amenity an educational
Crime activity

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23
Q

What is a competitor analysis?

A

Information about other apartment, communities that compete with yours

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24
Q

What is supply and demand?

A

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

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25
What is GPR?
Gross potential rent
26
What is VAC?
Vacancy
27
What is TRR?
Total rent revenue
28
What is gross?
Total before anything is taken out
29
What is effective market rent?
What you actually receive on an occupied unit minus concession
30
How do you get total rent revenue?
Gross potential rent minus vacancy GPR-VAC= total rent revenue
31
How do you get total rent revenue? (TRR)
GPR take away vacancy equals total rent revenue GPR-VAC=TRR
32
What is vacancy loss?
Any money not receiving due to apartment being vacant
33
Who establishes fair market rents?
HUD
34
What are drivers of economic growth or recession?
Population growth Household formation/growth Job creation
35
What is the market?
Current and potential residents who want to, and are qualified to live in the community
36
What is market segmentation?
Process we are Market is reduced to smaller, more defined sub markets
37
What is target market?
Physical Unit size and lay out Government and regulatory Social Price Economic Demographic – fair housing
38
Objective is the _____
What
39
Strategy is the _____
How
40
What does promotional marketing objectives do?
Get your attention Gain your interest Give you desire to want it Get you to take action
41
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
42
What are democratic characteristics in a market?
Ages, incomes, marital status, occupation, household sizes , lifestyle
43
What are economics in a market?
Job growth patterns Unemployment rates Income growth Credit availability Homeownership affordability Inflation
44
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
45
What is social factor impacting a Market?
Population increases, decreases or stability Population movement and disbursal patterns Household growth
46
What are smart goals?
Specific Measurable Attainable Realistic Timeframe
47
What is a marketing strategy?
Outline steps needed to achieve marketing objectives
48
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
49
What are types of promotional marketing?
Advertising Public relations Sales promotion Internal marketing Relationship selling
50
What is AIDA?
Attention Interest Desire Action
51
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
52
What are advertising strategies?
Media Public relations Sales promotions Internal marketing Relationship selling
53
What is an advertising campaign?
Program of coordinated ads and promotional activities intended to accomplish objectives
54
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
55
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
56
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
57
What is internal marketing?
On-site marketing practices that occur within an apartment community
58
What is relationship selling?
Custom tailoring information to individual people to make the sale
59
What are sales activities?
Activities that stimulate consumer purchasing an increase effectiveness and supplement other parts of total marketing efforts, sales skills
60
What is a marketing plan budget?
Shows amount allocated for expenditure on marketing activities in a specified period
61
What is occupancy trend/ percent leased?
Future percentage of least units indicates occupancy trend
62
What is SWOT?
Strengths Weaknesses Opportunities Threats
63
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
64
How do you figure out economic occupancy?
Total rent revenue(TRR), divided by gross potential rent (GPR) = economic occupancy (EO) TRR/GPR= EO
65
How do you figure out total rent revenue (TRR)?
Gross potential rent minus vacancy GPR-VAC=TRR
66
What is TRR?
Total rent revenue
67
What is GPR?
Gross potential rent
68
What is VAC?
Vacancy loss
69
What is EO?
Economic occupancy
70
What are the 5 P’s?
Place Product People Price Promotion
71
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
72
What is a rent roll?
A comprehensive record of occupancy, lease terms, rents, and other charges, balances due
73
What is the delinquency report?
List of residents who are in arrears in the amount each resident owes
74
What is an occupancy report?
A report that shows current leases number of new leases, move-in’s, move outs and vacancies
75
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
76
What is EGI?
Effective gross income
77
How do you figure out EGI?
GPR-VAC= TRR+ OI= EGI
78
How do you figure out economic occupancy percentage?
EGI/GPR

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