ASSESSMENT TASK 1 – Multiple Choice Questions
Please review the questions below and select the correct answer, e.g., a or b
- When conducting a Statement of Information, the property is often compared with similar properties sold within a…
- fifty-kilometre radius in the previous six weeks (metropolitan area)
- two-kilometre radius in the previous six months (metropolitan area)
- ten-kilometre radius in the previous 12 months (metropolitan area)
- A property inspection report provides detailed information about the property features and condition.
- false
- true
- Market research is the process of…
- writing advertisements to reach the target market
- gathering and evaluating data regarding consumers' preferences for products and services
- both above
- Identify which of the following influences buyers of residential property.
- economy
- job security
- interest rate trends
- the future of the market
- the suburb, area, street, type of property
- what the property is worth to them
- all above
- a, b, c, and d only
- Depending on the property and/or vendor, advertising costs spent to sell a residential property are often between…
- 5% to 1% of the value of the property
- 1% to 1.5% of the value of the property
- 5% to 1.75% of the value of the property
- Developing and implementing the marketing plan involves putting together:
- information gathered about the property
- information gathered about the current market
- optimal advertising and promotional strategies
- all above
- Looking at the Sales Authority, does it cover advertising and marketing agreement?
- yes
- no
- In reference to the marketing mix, the ‘four P’s’ in order are?
- product, place, price, promotion
- product, price, placement, promotion
- place, product, price, promotion
- price, promotion, position, place
- A method for writing and designing successful advertisement campaigns is AIDA Which of the following represents AIDA?
- attribute, internet, description, advertise
- attention, interest, desire, action
- availability, influence, demand, attract
- Signboards are very cost-effective tools for advertising residential properties and are known in the industry as
- 8 hour a day silent salesperson
- out of hours silent salesperson
- 24 hour a day silent salesperson
- Do you suggest it is necessary to cross check a marketing plan to ensure it will meet requirements for marketing the property successfully?
- no, a well-planned marketing schedule will meet the requirements
- yes, always best to check as marketing needs to be cost effective and targeted
- both above
- If an agent remained silent when there was a duty to disclose a fact, can that agent be prosecuted for an offence?
- yes
- no
- When promoting properties for sale, which of the following statements may be considered misleading?
(You may select more than one option)
- “bidding expected to start from”
- “buyers from $xxx should inspect”
- “owner will entertain offers from $xxx”
- When planning marketing, the agent should advise the landlord or vendor:
(You may select more than one option)- the range of recommended advertising and marketing procedures available
- the costs associated with each method
- the marketing costs and the advertising schedule are included in the agency agreement
- the best way to present the property to appeal to the target market
- any feedback is welcome
- When finalising the marketing plan, it is important to follow a process to ensure that all elements of the plan are considered and put into action.
Agents should:
- book advertising space in the print media and on generic websites according to the advertising schedule
- arrange for promotional materials to be prepared, including photos, floor plan, advertising materials, website listing and window display
- place an order for the preparation of signboards
- schedule `open for inspections'
- add property to the agency property guide or agency rental list
- place a property brochure in the window display
- contact prospective purchasers or tenants
- organise a viewing of the property by agency sales or property management staff
- invite and action feedback from colleagues on marketing strategies and property presentation
- all above
- Feedback on effectiveness of marketing can be sought from:
- the property owner
- colleagues
- prospective tenants or purchasers
- monitoring contacts made
- all above
- a and b only
- For a marketing plan for a residential property, it is important to evaluate the number of:
- hits on the website
- phone enquires
- inspections
- seriously interested parties
- bidders or sensible offers
- all above
- If a property is not attracting enough interest, it may be necessary to make changes to the advertising copy and promotional materials to attract different target market.
Things to consider may include: (You may select more than one option)- advertisements may be better placed in different websites, magazines, or newspapers
- the size of the advertisements may need adjusting to make sure that the target market is reached
- increase the advertising budget
- Keeping records of feedback on marketing will assist an agent to:
- use the same marketing plan for all properties
- have a reference point if a property is proving difficult to attract the right audience
- know what target market is required for a particular property
- have a professional edge – show they know the market well
- all above
- b, c, and d only
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