Marketing Plan

to analyze the competition

Purpose of a marketing plan

Provide exceptional service Go beyond expected Continue relationship after closing sales Be consistent Volunteer in the community Thank referral sources Refer others

Referral based business

is the plan,

Strategy

About what percentage should a licensee spend on advertising? No more than 10% of income No more than 20% of income No more than 30% of income No more than 50% of income

30%

What's the sole purpose of marketing? Acquire leads List properties Rent properties Sell properties

Acquire leads

When should a marketing plan be developed for your brokerage? After creating an advertising campaign After determining the overall direction of the firm Prior to creating a business plan Prior to creating a mission statement

After determining the overall direction of the firm

Develop expertise in working expired listings, For Sale by Owner (FSBO) properties, rent-to-own properties, and others

Alternative choice markets

Which of the following would be an appropriate marketing department goal statement? Become the best residential sales firm in the city. Become the top annual sales producer in our firm's region. Increase our market share and reduce days on market. Stay within our marketing budget

Become the top annual sales producer in our firm's region A firm should develop one overriding measurable goal that's supported by multiple objectives

what comes to mind when a person sees your logo. Your brand is built by the services you provide, the reputation you establish, and the quality of your actions.

Brand

The marketing plan will likely require an investment of funds to carry out. The budgetary requirements are itemized in the marketing plan, and a total budget is provide

Budget Breakdown

Henry will need to track his clients and customers. Which of the following would he best use? CRM software Emails Phone calls Receptionists

CMR software

These people are basically everyone else located in your geographic area, or to whom you have connections via your geographic area. This market will be the hardest and most expensive one to work, with the least chance for a short-term payoff. You can ignore this list and still be very successful. If you decide you need broader exposure, perhaps because your sphere of influence and network is small (e.g., you just moved into the area), you can obtain lead lists and contact sheets from a variety of sources. Note:

Cold contacts

The firm's target market information in the marketing plan includes which of the following? Average time on market Demographics Interest rate trends Inventory of home

Demographics

"Leads will be generated through the following: advertising in local newspapers, the Good Homes real estate section, the free monthly listing bulletin, online pay-per-click advertising, and through client referrals." This information would appear in the budget breakdown section of the marketing plan.

False This statement would appear in the strategies and tactics section of the marketing plan.

The ideal customer for Rossman Realty is a young, professional couple, with or without children, who have been renting a home in the city, but now want to move to the suburbs within commuting distance to work." This statement is an example of the strategies and tactics section of the marketing plan. TrueFalse

False This statement would be part of the marketing plan's target market section

comprised of either a geographic location (e.g., pet neighborhood) or niche (e.g., mid-century modern homes in the area). You should maintain contact with this list by newsletter or door-to-door canvassing at least monthly. Marketing gurus used to say that it took six impressions before a person would refer you or do business with you. Because of the bombardment of marketing through so many channels, this number has risen to 10-15 impressions before a recipient of your materials will even notice your message or follow your call to action. (SOMAmetrics.com).

Farm area

Develop expertise in selling to seniors, first-time homebuyers, or other age-related segments (identifying age ranges of potential clients and knowing how to reach such generational segments can set you apart from your competitors)

Generations

One goal several objectives: Goal: "Capture #1 spot in sales in our target market." The end date of the goal isn't necessary, because it will be the end of the marketing plan (often December 31 of the year it covers). Several objectives would then be listed. Objective: Increase referrals by 20%. Objective: Increase average sales volume by 15%.

Goals and objectives

Generating referrals includes which component? Being inconsistent Going beyond what is expected Having customers who don't complain Providing fee-for-service

Going beyond what is expected

Develop expertise in specific neighborhoods or tracts

Location

Promotion, advertising, or demonstration of goods or services for sale

Marketing

Identifies the intended audience and how it can be reached.Identifies advertising venues and themes for messaging.Identifies purpose, population, and price—selecting the medium that serves the purpose and reaches the desired population for best price.Coordinates strategy for public appearance. Provides the messaging that helps to create the identity (brand) of a brokerage and its services

Marketing plan

situation analysis, target market, goals and objectives, strategies and tactics, budget breakdown and a measurement method.

Marketing plan

strategies and tactics that will be used to achieve the company's mission and goals. It's usually created annually, though marketing plans that center around a specific service or product area may be shorter in duration.

Marketing plan

These people are additional contacts generated from your sphere of influence (e.g., friends of friends and family). These are the people who know people in your sphere of influence.

Network

You probably won't need this if you're doing numbers 1 and 2 well. In fact, you shouldn't do any additional advertising. However, if your farm area has a newsletter, you might place a small display ad in it each month.

Other advertising

Develop expertise in selling to attorneys, doctors, bankers

Professions

Develop expertise in resort properties, vacation homes, luxury homes, investment properties, new homes, condos, farms and ranches, or other types

Property types or lifestyles

The action of transferring goods or services in exchange for remuneration.

Sales

Carissa is opening a new brokerage firm and knows she has a lot of planning to do. When should she create her marketing plan? The marketing plan is the first document she should create. She can create it any time before creating her mission statement. She should create her mission statement and business plan first.

She should create her mission statement and business plan first.

Acme Realty launched two years ago. Initial clients have been impressed with our service, but we need to focus our efforts on implementing the strategies, programs, and tactics outlined in the original business plan. Differentiating ourselves from other more traditional brokerages has given us the ability to compete effectively in our target market with the already entrenched competition. Sales are in line with projections. The fee-for-service side of the business is rapidly being accepted by the market, and is already being imitated by two competitors.

Situation analysis

Terrell's staff has defined the firm's current place in the market and has analyzed the competition. This information serves as which component of the marketing plan? Goals and objectives Mission statement Situation analysis Target market

Situation analysis

This provides the brokerage's current situation within its market, and should include information about competitors

Situation analysis

This is a database comprised of the people who already know, trust and like you, and would refer you business (or do business with you) if the opportunity arose. Stay in consistent contact, and continually refine this list. No marketing dollars or efforts should be spent elsewhere unless you are already maintaining at least monthly contact with a qualified sphere-of-influence list.

Sphere of influence

people who know you personally and know that you provide real estate services.

Sphere of influence

Implementation of the plan

Tactics

First-time homebuyers are now 10% of our business, and 1% of the available market. Condominium sales are 25% of our business, which is approximately 5% of the available market. Seniors are becoming an important market segment, growing to 8% of our business, which is approximately 3% of the available market. Luxury properties now comprise 15% of our business, which is 10% of the available market. The remaining share of our business is composed of resale, mid-range properties, and resale low-value properties, including foreclosures.

Target market

This identifies which clients the brokerage intends to serve, including their: Demographics Location Price point Unless this is the brokerage's first marketing plan, it should also include data on what portion of the target market the firm can claim.

Target market

Janet is analyzing her market segments. She'll include ______. Ethnicity Number of hospitals The school district The specific location

The specific location

Excerpts from Rossman Realty's business plan appear below. Indicate whether the following statements about each excerpt is true or false. "Be ranked as one of the top five real estate agencies for first-time homebuyers in Fairfield County by Fairfield Homes Magazine." This statement would appear in the goals and objectives section of the marketing plan. TrueFalse

True

If your company provides a website, having a page on this site is fine; just make sure it's the best it can be. Have it proofread by your English major friend; don't trust your office admin to do it for you. If you want to brand yourself, you may want your own site. Consider a real estate blog. This costs you nothing but your time.

Website

location generations professions alternative choice markets property types or lifestyles

market segments