Podcast
Questions and Answers
Match the advertising methods with their descriptions:
Match the advertising methods with their descriptions:
Classified advertising = Simple, brief ads in newspapers or magazines Display advertising = Ads that include photos and visual elements Direct mail = Postal mail and email sent to prospects Internet advertising = Advertising available 24/7 with targeted segments
Match the terms with their definitions:
Match the terms with their definitions:
Reach = Size of the audience exposed to advertising Frequency = Number of times an ad appears Turnover rate = How quickly properties are rented out Branding efforts = Activities to promote a property’s image
Match the benefit of branding with its description:
Match the benefit of branding with its description:
Customer loyalty = Repeat business from satisfied clients Distinctiveness = Unique identity that sets a brand apart Increased visibility = Improved recognition in the market Trustworthiness = Perceived reliability based on branding
Match the type of advertising to its characteristics:
Match the type of advertising to its characteristics:
Match the phrases regarding property management with their explanations:
Match the phrases regarding property management with their explanations:
Match the advertising method with its description:
Match the advertising method with its description:
Match the marketing focus with its target:
Match the marketing focus with its target:
Match the marketing feature with its benefit:
Match the marketing feature with its benefit:
Match the advertising type with their examples:
Match the advertising type with their examples:
Match the property manager's focus with its consideration:
Match the property manager's focus with its consideration:
Flashcards
Knowing the customer
Knowing the customer
Understanding the specific type of person or company most likely to rent a property.
Frequency (in advertising)
Frequency (in advertising)
The number of times an advertisement is seen by the target audience.
Traditional advertising methods
Traditional advertising methods
Traditional forms of advertising that existed before the widespread use of computers and the internet.
Direct mail advertising
Direct mail advertising
Signup and view all the flashcards
Internet advertising
Internet advertising
Signup and view all the flashcards
Property Websites
Property Websites
Signup and view all the flashcards
Rental Listing Services
Rental Listing Services
Signup and view all the flashcards
Social Media Marketing
Social Media Marketing
Signup and view all the flashcards
Tenant Incentives
Tenant Incentives
Signup and view all the flashcards
Marketing Your Management Services
Marketing Your Management Services
Signup and view all the flashcards
Study Notes
Marketing Learning Objectives
- Students should be able to explain general marketing principles
- Students should be able to identify traditional and online advertising methods
- Students should be able to distinguish between marketing rental property and marketing a property management business
- Students should be able to explain the difference between traffic reports and prospect cards
- Students should be able to define cost per prospect and conversion ratio
- Students should be able to characterize the importance of public relations in responding to negative events and identify advantages of prompt responses from property managers
- Students should be able to discuss laws that regulate advertising for rental properties
Suggested Lesson Plan
- Review the previous chapter, “Financial Aspects of Property Management”
- Overview of Chapter 6, “Marketing” and review learning objectives for the chapter
Lesson Content: General Marketing Principles
- Key aspect is knowing the product and customer
- Important to know and consider branding
Marketing Property for Lease
- Emphasize the product (e.g., one-bedroom, warehouse) and features (e.g., parking, cable) that stand out
- Consider the target market (demographics and location)
- Key is knowing your customers for effective marketing
Property Management Business Marketing
- Highlight unique aspects of the management services
- Target specific demographics and types of properties
Advertising Methods and Effectiveness
- Includes traditional methods (newspaper ads, direct mail) and internet methods
- Online advertising is important and offers broader reach
- Websites, social media are efficient methods to advertise
- Evaluate each method’s reach, frequency, and cost-effectiveness
Public Relations
- Community involvement is a key component
- Responding to negative events efficiently and promptly is important
Advertising Laws
- Federal and state fair housing laws (illegal to discriminate based on race, color, national origin, religion)
- Ensure ads do not discriminate or misrepresent offerings
- Be mindful of Do Not Call laws, CAN-SPAM Act and other relevant legal restrictions; avoid misleading ads
Conversion Ratio
- Conversion ratio: the percentage of prospects who sign leases
- Indicates the effectiveness of marketing efforts to convert leads to tenants
Cost per Prospect
- Cost per prospect: the cost of an advertisement divided by the number of prospects generated from the ad.
- Determines the cost-efficiency of a given approach
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
