CPPREP4102 Market Property

ASSESSMENT TASK 2 – Short Answer Questions

Please review the questions below and answer in 200 words / 1-2 paragraphs or less (unless advised otherwise).

1. Briefly describe these three (3) methods of selling property:

• Private treaty
• Auction
• Tender

2. In your own words, explain the concept of ‘marketing’.
3. Looking at information collected at an inspection of a property or business:
   1. What information is collected about a property?
   2. List at least five (5) characteristics of a residential property buyers may be attracted to.
   3. Explain how you think the condition of a property might impact:
      1. sale or leasing a residential property
      2. the sale of a business

4. Looking at the agency agreements in your State/Territory, explain in detail:
   1. What information is agreed upon in respect of marketing…
      1. a property for sale?
      2. a property for lease?
      3. What options for selling are agreed upon when selling a property

5. The target market is key in marketing to attract the customer.
   1. What must be analysed to determine the target market?
   2. Explain why having good, up to date knowledge of the local area is important when determining your target market?
   3. Explain why it is important to understand the psychographic information about a target market.

6. Marketing concentrates on what customers need or want. Customers are the essence of marketing – they are the source of sales and profits. When developing a marketing plan, discuss:
   1. What is market research?
   2. What data can be sourced when conducting market research?
   3. What you need to know about your competitors.
   4. When selecting your target market what do you need to find out?
   5. What information should you seek from a property or business owner?

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7. Marketing activities will be packaged to suit the property being sold. Answer the following:
   1. List at least six (6) marketing activities or promotional strategies that can be used to sell property.
   2. What do you feel are the benefits of offering standard advertising/marketing packages to clients?

8. A marketing plan allows the agent to collate information on the options to market a property for their client.
   1. What details would be recorded on a marketing plan?
   2. Explain why you think it is necessary for the client to approve the marketing plan

9. Marketing is the key to attracting interested parties.
   1. How does effective marketing assist in selling residential property? Please give your own response.
   2. Explain the advantage of internet advertising when selling residential property.
   3. Describe how and when the agencies window display is useful when selling residential property

10. Discuss how you might determine the best promotional strategies for your selected media.

Consider items such as images and floorplans and where they can be successfully used.

11. Explain how the following may affect the market and, in turn, your marketing plan.
    1. Interest rates and the availability of finance
    2. Population growth in the region
    3. The availability of properties
    4. Regional zoning policies
    5. Financial viability or profitability
    6. Comparative market analysis

12. Each state has established guidelines for real estate advertisements. Outline the requirements for advertisements in Victoria and the relevant sections of legislation.

13. In an agency, it is beneficial to have agency staff be aware of your marketing plans and strategies. Explain what you think the benefits are in terms of…
    1. staff knowing where/how a property is advertised.
    2. errors in marketing material.
    3. property details in your absence.

14. Explain the importance of checking marketing material and timelines against the agreed marketing plan before publishing marketing material. Please provide your own point of view.

15. Monitoring marketing activities is vital to ensure the success of the marketing plan.
    1. What systems would you put in place to record the source of information that prompted each prospect to make contact or to attend an open for inspection?
    2. List items that can be measured to show interest in a property.

16. Explain why it is important to evaluate the success of the marketing plan for each property.

17. For marketing to be effective, it must give results for the money spent.
    1. Discuss activities you may monitor to ensure your strategies are providing the responses you need.
    2. In your own words, describe the strategies you would implement for properties that are difficult to sell.
    3. Discuss the benefits of reviewing marketing strategies and their effectiveness for future use.

18. Explain what your marketing strategy would be for one (1) of the following types of property:

(In your response, note what type of property you are marketing)

• Residential property
• Rural property
• Commercial property

19. Effective communication throughout all stages between a real estate agent and their client is important, provide details of your communication strategies for responding to client’s complaints.