Real Estate Marketing – SAE 77 Questions with Verified Answers
Marketing - CORRECT ANSWER matching human needs with goods or services
AIDA stands
... [Show More] for: - CORRECT ANSWER attention, interest, desire, action
The "Four Ps" of marketing real estate are: - CORRECT ANSWER product, promotion, price and place
The most common reason a property fails to sell is ______ . - CORRECT ANSWER price
Problem solving is a key personality trait of a successful ______ . - CORRECT ANSWER agent
The four reasons why a house doesn't sell: - CORRECT ANSWER Price, Location, Condition, Marketing Plan
Three ways Sales Agents add value to the buying process are: - CORRECT ANSWER Counseling: assist the buyers in acquiring and interpreting information about the property and its condition.
Negotiating: help the buyers arrive at a realistic offer for the property and assist them in the planning and negotiating strategy. Advise them about financing options.
Managing the Transaction: Guide the buyers through the paperwork and help ensure the closing stays on schedule.
Know your product: - CORRECT ANSWER -Inspect company listings
-Travel your geographical area
-Practice writing offers
-Do net sheet calculations on your own house
Two categories of advertising in real estate: - CORRECT ANSWER 1. Institutional Advertising: promotes the firm in a broad array of categories; reputation, history, success rate, % of market share, logo
2. Product/Marketing Advertising: geared to attract people to obtain listing and find buyers
Principle of Substitution - CORRECT ANSWER Rational buyers will pay no more fora property than they would for an equally desirable, comparable property. No person is justified in paying more for a property when a similar property can be purchased for less - sets an upper limit on price
CMAs - CORRECT ANSWER Used to determine reasonable market value for properties
The real estate agents product is his/her brokerages listings. - CORRECT ANSWER True
Marketing to a specific age group is sometimes called - CORRECT ANSWER Generational Selling
An acronym for the psychological steps of a sale is - CORRECT ANSWER AIDA (attention, interest, desire, action)
A willingness to change and grow your marketing plan demonstrates the concept of - CORRECT ANSWER adaptation
In real estate, people buy "amenities" : - CORRECT ANSWER expected benefits to be received as a result of ownership
Branding - CORRECT ANSWER Marketing that uses visual design and color to attract the eye of potential clients.
Goals - CORRECT ANSWER attainable, flexible, measurable, have a time-frame
There are 4 types of buyers: - CORRECT ANSWER first time buyers, changing homes in particular area, investors, relocators
In which emotional phase is the buyer ready to buy? - CORRECT ANSWER Act
Branding helps sell products bc people respond to branding. - CORRECT ANSWER True
Goals are tangible, measurable objectives that you really want to meet. - CORRECT ANSWER True
Marketing budget goals should be set for a minimum of six months, realistically more. - CORRECT ANSWER True
Marketers drive the market, not consumers. - CORRECT ANSWER False
New agents often resort to the "shotgun method" of marketing when they first start out. - CORRECT ANSWER True
AIDA - CORRECT ANSWER Attention: the buyers attention is caught by an item, advertisement, sign etc
Interest: a more advanced stage of attention, interest is developed by giving facts and details about a property
Desire: the buyer begins to picture himself in the home
Act: the buyer is ready to buy
Market Research - CORRECT ANSWER gathering data, analyzing it and drawing conclusions based on it
SWOT - CORRECT ANSWER analyzing strengths, weaknesses, opportunities and threats (strength, weaknesses, opportunities, threats)
CMA - CORRECT ANSWER a report prepared by an agent to help a seller realistically price their property
Research Steps - CORRECT ANSWER 1. Determine problem
2. Plan research approach and design
3. Gather data from multiple resources then categorize data
4. Analyze data, look for trends, opportunities and solutions
5. Draw conclusions and plan course of action
Primary Research - CORRECT ANSWER customer focused, consisting of collected data based on current sales and marking practices, including data about competition.
Primary Research Examples - CORRECT ANSWER focus groups, email and phone surveys, mailed questionnaires
Secondary Research - CORRECT ANSWER more in-depth and complex, costly and time consuming. Examples are Trade Journals, MLS Boards, NAR, title companies etc
Qualitative Research - CORRECT ANSWER seeks in-depth, open-ended responses, not yes or no answers, explores peoples thoughts, feelings and actions
Quantitative Research - CORRECT ANSWER research that collects and reports data primarily in numerical form
Descriptive Data Analysis - CORRECT ANSWER used to calculated measures of central tendency (averages, means, medians and modes) of a sample size, using the sample to summarize data...describes the obtained results, can be used with quantitative data collection is commonly presented via visual depictions to illustrate measures of central tendency.
Inferential Data Analysis - CORRECT ANSWER using statistics to make inferences about the population based on a sample size, using the sample to make generalizations about the whole...used to compare market segments to see how they respond to an issue and to provide foresight as to what could possible occur based on the compiled data.
Home Ownership - CORRECT ANSWER security, investment, tax advantage, financial independence, standing and credit, environment, cash equity, satisfaction
Marketing research can help real estate agents make decisions and inform the 4 Ps of marketing - CORRECT ANSWER True
The first step in conducting research is to analyze the data - CORRECT ANSWER False
The main categories of research discussed in the text are primary, secondary, tertiary and internet. - CORRECT ANSWER False
Primary Research is customer focused - CORRECT ANSWER True
Analytics track data and can be used to help companies market products based on customers preferences - CORRECT ANSWER True
To determine turnover rate of neighborhood, agent should use qualitative over quantitative - CORRECT ANSWER False
means, medians and modes are all measures of central tendency - CORRECT ANSWER True
Sellers are motivated to buy real estate for many reasons including tax advantage and investment - CORRECT ANSWER True
Inferential data analysis is not a widely used or recommended type category of data analysis for agents. - CORRECT ANSWER False
FSBO - CORRECT ANSWER For Sale By Owner
Another name for telemarketing is - CORRECT ANSWER cold-calling
Working a market based on location is called - CORRECT ANSWER geographic farming (great place to start for new agents)
Real Estate Specializations - CORRECT ANSWER residential, commercial, industrial, land, farm and ranch
Macro Marketing - CORRECT ANSWER consists of Geographical Farming and Demographical Farming
Demographic Farming - CORRECT ANSWER Marketing to a specific set of people sharing many commonalities, sex, age, marital status, lifestyle, income level
Canvassing - CORRECT ANSWER soliciting or requesting, example: door to door, phone, mail
Three Markets of Real Estate - CORRECT ANSWER Macro - housing in the country
Metro - housing in the state/city
Micro - housing specific to communities/neighborhoods
Which of the following is NOT a category that segments the real estate market?
-single women with children
-income level
-big box stores
-life style - CORRECT ANSWER big box stores
In terms of marketing, what is a farm? - CORRECT ANSWER a part of the area serviced by your firm
Techniques used in prospecting for listings? - CORRECT ANSWER cold calling
door to door
mailers
A source of information about current and expired listings and sales can be found on the local _____. - CORRECT ANSWER MLS
A broker can keep and protect client records by making use of _____. - CORRECT ANSWER cloud storage
Virtual Reality - CORRECT ANSWER allows a person to take a virtual walk around the home they are interested in seeing. Creates a new reality for the viewer.
Augmented Reality (AR) - CORRECT ANSWER similar to VR but does not create a new reality for the user but rather enhances the users current perception and experience of reality.
Artificial Intelligence (AI) - CORRECT ANSWER Simulates human intelligence such as the ability to reason and learn, example for agents is Skyler360 - helps agents manage leads and respond intelligently. Allowing agents to focus on buyers that are ready to buy
Hoteling - CORRECT ANSWER assigning temporary office workspace to workers as needed
Siri - CORRECT ANSWER an example of artificial intelligence
90% of buyers use online services - CORRECT ANSWER True
IDX allows brokers to authorize electronic display of their listings by other MLS subscribers - CORRECT ANSWER True
Millenials are currently the largest demographic of consumers to sell too. - CORRECT ANSWER True
Home Staging - CORRECT ANSWER preparing the home for showing can be done professionally or by the sellers.
4Cs of Social Media Marketing - CORRECT ANSWER creating: writing pertinent content to share with others
curating: discovering, gathering, and presenting digital content specific to certain subject matter.
connecting: posting content through media channels including social media, blogs, and websites
culture: is the brand
Sellers Guide to Services - CORRECT ANSWER To be included in the "Listing Presentation Kit". The sheet will provide details of exactly what services you plan to provide and the timing of the services.
Supply and Demand - CORRECT ANSWER primary determinations of real estate values
Supply can be restricted by a number of factors including: - CORRECT ANSWER Land Costs
Construction Costs
Taxation
Economics
Local govt building codes and zoning
Demand for real estate is affected by: - CORRECT ANSWER growth in employment, transportation systems, personal preference, availability of credit, federal government policy
Monetary Inflation - CORRECT ANSWER excess of money in the market, there are different types of inflation , demand-pull and cost-push
Demand-Pull Inflation - CORRECT ANSWER caused when there is more money in the market and less goods for sale
Cost-Push Inflation - CORRECT ANSWER When prices rise due to an increase in the cost of production. [Show Less]