Copyright 2016 by the UBC Real Estate Division

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1 DISCLAIMER: This publication is intended for EDUCATIONAL purposes only. The information contained herein is subject to change with no notice, and while a great deal of care has been taken to provide accurate and current information, UBC, their affiliates, authors, editors and staff (collectively, the "UBC Group") makes no claims, representations, or warranties as to accuracy, completeness, usefulness or adequacy of any of the information contained herein. Under no circumstances shall the UBC Group be liable for any losses or damages whatsoever, whether in contract, tort or otherwise, from the use of, or reliance on, the information contained herein. Further, the general principles and conclusions presented in this text are subject to local, provincial, and federal laws and regulations, court cases, and any revisions of the same. This publication is sold for educational purposes only and is not intended to provide, and does not constitute, legal, accounting, or other professional advice. Professional advice should be consulted regarding every specific circumstance before acting on the information presented in these materials. Copyright: 2016 by the UBC Real Estate Division, Sauder School of Business, The University of British Columbia. Printed in Canada. ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced, transcribed, modified, distributed, republished, or used in any form or by any means graphic, electronic, or mechanical, including photocopying, recording, taping, web distribution, or used in any information storage and retrieval system without the prior written permission of the publisher.

2 LESSON 20 MARKETING AND TECHNOLOGY AND THE REAL ESTATE LICENSEE Required Reading 1. UBC Real Estate Division Real Estate Trading Services Licensing Course Manual. Vancouver: UBC Real Estate Division. Chapter 25: Introduction to Marketing Chapter 26: Technology and the Real Estate Licensee General Objectives An understanding of both the marketing concept and integrated marketing is important for a real estate representative. Within the constraints set by their firm and the Real Estate Services Act, representatives consider themselves entrepreneurs and, for this reason, they should develop a personal marketing plan that includes deciding which market to serve and how to reach and serve that market. Today, technology is playing a larger role in the real estate industry. Many sales, administrative, and financial functions have been streamlined with the use of computer technology, allowing trading services licensees to operate and communicate with a higher degree of efficiency. However, technology changes very quickly, so it is important for the trading services licensee to keep up-to-date in order to enhance productivity. This lesson provides some background information on marketing and technology and explores the role that marketing and technology plays in real estate trading services. Learning Objectives Upon completion of this lesson a student should be able to: 1. discuss the purpose of target markets in real estate; 2. explain the marketing theories pertaining to needs and motives; 3. discuss product positioning and its application to the real estate industry; 4. define the marketing and promotional mix; 5. understand the SMART acronym, and provide examples of SMART business goals; 6. discuss why a personal brand is important; 7. identify design components for visual advertisements; 8. describe different marketing methods and types of advertisements; 9. understand the listing presentation and listing marketing program; 10. develop a technology action plan; 11. discuss computer hardware and peripherals; 12. understand the benefits of using computer software and data backup; 13. highlight the components of an effective professional website; 14. apply professional practices; 15. describe internet tools that assist in marketing services, retaining clients, and professional development; 16. implement computer and technology-related protocol; 17. explain the importance of computer and data security; and 18. understand freedom of information and privacy principles and rules. Review and Discussion Questions Choose 3-5 questions from your Examination Study Guide that are from Chapter 25 and 26. Please note that the corresponding chapter number for each question is listed in the back of the Examination Study Guide in the Answer section. It is a good idea to do these review questions now so that you become familiar with the types of questions that you will see on your examination.

3 20.2 Real Estate Trading Services Licensing Course Workbook ASSIGNMENT 20 CHAPTERS 25 & 26: MARKETING AND TECHNOLOGY AND THE REAL ESTATE LICENSEE Marks: 1 mark per question. 1. Robin, a new licensee, is currently making a list of business and marketing goals that she would like to achieve. You advise her that she should keep the mnemonic acronym SMART in mind when formulating her goals. When Robin asks you what SMART stands for, you correctly explain to her that SMART is an acronym used to develop goals that are: (1) sustainable, meaningful, ambitious, reasonable, and time line attached. (2) simple, manageable, adjustable, results-oriented, and time limited. (3) specific, measurable, agreed upon, realistic, and time line attached. (4) significant, motivational, aligned with corporate goals, resourced, and time limited. 2. Which of the following factors should be considered when selecting a target market? A. The responsiveness of that market to your efforts B. The profit and growth potential of the market C. The number of existing competitors already present in the market D. The availability of resources, such as time and money (1) A, B, and C only (2) A, B, and D only (3) B, C, and D only 3. The MLS is an important program for a trading services representative. Which of the following best describes the MLS? (1) A site that pulls together information on real estate related topics with a focus on real estate listings (2) A site that is used to register domain names for real estate offices (3) A software program that allows the user to create written documents (4) A software program that gives users access to clip art, feature sheets, and marketing mailers 4. A marketing initiative that involves face-to-face communication with a potential customer is best known as: (1) public relations. (2) publicity. (3) promotion. (4) personal selling. Assignment 20 continues on next page

4 Lesson Which of the following statements regarding the development of a communication message is/are TRUE? A. Messages sent through informal sources can be effective, but are not nearly as powerful as messages conveyed through formal sources. B. Mass media and selective media are two types of personal communication. C. Rational appeal aims at stirring up some positive or negative emotions. D. A common approach to message design is to use AIDA, which means that good messages should create attention, interest and desire and lead to an action. (1) D only (2) B and C only (3) A, B, and D only 6. The theme of a personal business encompassing a variety of attributes that distinguishes the business from its competitors is known as the: (1) message. (2) personal brand. (3) promotional mix. (4) appeal. 7. Kelly is a licensee whose specialty is selling luxury condominiums in Vancouver s West End. When charging her customers commission for selling their condos, Kelly uses a higher rate than other licensees in order to send a message of uniqueness or premium quality. This is an example of: (1) value pricing. (2) tiered pricing. (3) mark-up pricing. (4) prestige pricing. 8. One way to represent consumer perceptions of alternative products in a visual format is by creating a: (1) positioning map. (2) SMART map. (3) google adwords map. (4) product map. 9. At which phase during the buying process do consumers tend to experience cognitive dissonance? (1) purchase activity (2) pre-purchase activity (3) post-purchase activity (4) none of the above 10. Which of the following statements regarding print advertisements is FALSE? (1) Advertisements usually end with a signature, which includes the company's name, trademark or logo. (2) Informal balance uses a non-symmetrical arrangement. (3) The headline is the single most important part of the advertisement. (4) White space is the printed portion of the advertisement. Assignment 20 continues on next page

5 20.4 Real Estate Trading Services Licensing Course Workbook 11. Tessa is a new real estate licensee who plans to focus her marketing efforts on a relatively small, but active and growing, target market. Tessa s marketing strategy can best be described as: (1) niche marketing. (2) undifferentiated marketing. (3) integrated marketing. (4) differentiated marketing. 12. Peter is a managing broker at West Realty Inc. and wishes to propose a new business plan to the rest of the company. He has decided to use Microsoft PowerPoint to provide a visual aspect to his proposal. Which of the following should Peter take into consideration when preparing his presentation? A. Use pictures and graphics instead of detailed text to emphasize a point. B. Include main transition effect to keep the viewer s attention. C. Choose simple colour schemes; for example, use dark on light. D. Use few, rather than more slides. (1) A and B only (2) B and C only (3) A, C, and D only 13. Which of the following statements regarding the Canadian Anti-Spamming Legislation (CASL) is FALSE? (1) CASL addresses the use of commercial electronic messages that are sent for the purposes of encouraging participation in a commercial activity. (2) There is no monetary penalty for a contravention of CASL. (3) CASL prohibits the sending of commercial electronic messages without the recipient s consent. (4) Recipients who have previously consented to receiving commercial electronic messages must always be provided with an easy-to-find unsubscribe option, and requests to unsubscribe must be honoured within 10 days. 14. Angelica would like to use social media to expand her property management business. She is looking for a social media website which is geared towards professionals and can display her current and previous work experience for other industry members to see. A social media website which does this is: (1) Facebook. (2) Twitter. (3) Instagram. (4) LinkedIn. 15. With respect to generational marketing, which generation is known to respond well to marketing through social events and peer gatherings? (1) Baby Boomers (2) Generation Y (3) Post-millennials (4) Generation X Assignment 20 continues on next page

6 Lesson The marketing mix consists of: (1) personal selling, place, promotion and public relations. (2) price, place, publicity and promotion. (3) product, place, price and promotion. (4) product, price, publicity and personal selling. 17. Mike and Mackenzie have decided to purchase a home. They have a child on the way and feel it is best to relocate to a neighborhood oriented environment for the upbringing of their soon to be newborn. For the past two weeks, Mike has been driving around several neighborhoods near their current apartment and calling up some of his old college friends that are now real estate representatives, to ask for their opinions. Mackenzie is busy reading newspaper ads and researching places on MLS. This weekend, they plan on going to a few open houses. Assess Mike and Mackenzie s activities from the past two weeks. (1) Mike and Mackenzie are engaging in felt need. (2) Mike and Mackenzie are engaging in pre-purchase activity. (3) Mike and Mackenzie are engaging in purchase activity, as they already plan on seeing a few homes. (4) Mike and Mackenzie are engaging in post-purchase activity, as they are feeling excitement with a new baby on the way. 18. By differentiating and offering distinctly different services from competitors, the services provided by a real estate representative would be considered a: (1) convenience good. (2) shopping good. (3) specialty good. (4) differentiated good. 19. Which of the following statements regarding the promotional mix is FALSE? (1) Advertising reaches a larger audience than does personal selling. (2) Personal selling is not appropriate for expensive products. (3) Publicity may be perceived as unbiased because it is not from, or paid for by the firm. (4) Public relations help make the public more favourably disposed toward the firm. 20. In order to advertise to a wider audience, you have decided to create your own website. However, since you are embarking on website design for the first time, you made sure that you read the Real Estate Council of BC's Guidelines for Internet Advertising. Which of the following are general guidelines that you should follow? A. Licensees should not advertise other licensee's listings directly on their own website without permission from that listing licensee, and if this permission is given, should not alter any of the listing information without approval of the listing licensee. B. The name of the brokerage must appear in a prominent and easily readable form on all internet advertising vehicles. C. Listing information should be kept current. If a listing has expired, it should be updated or removed from the website within three years. D. If property information changes during a listing period, the information posted on websites should be changed accordingly. (1) B and C only (2) A, B, and D only (3) A, C, and D only End of Assignment 20