SAE - Real Estate Marketing
Who are exempt from the ADA
Single-family homes, private clubs, historic buildings, and religious organizations
Steps in the residential sales process
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. Niche marketing
plan wherein a firm specializes in serving one market segment with particularly unique demand characteristics
the initial offer
prepared by the agent working with the buyer. The offer is delivered to the listing agent (seller's agent) who presents the offer to the seller.
4 Reasons why a house does not sell
price, location, condition and marketing plan
Title VIII of Civil Rights Act of 1968 (Federal Fair Housing Act)
prohibits discrimination on the basis of race, religion and national origin. Gender was added as a protected class in 1974
% of seniors who own homes
Approximately 80% home ownership rate (Age 65+)
What mean, median and mode relate to
.Descriptive data analysis used in conjunction with quantitative data collection is most commonly presented via visual depictions, such as charts and tables that illustrate measures of central tendency including averages (i.e., means, modes).
How an agent adds value to the buying process
1. Counseling - Assist the buyers in acquiring and interpreting information about the property and its condition. 2. Negotiating. - Help the buyers arrive at a realistic offer for the property and assist them in planning a negotiating strategy. 3. Managing the transaction. - Guide the buyers through the intricate paperwork of a real estate transaction and help ensure the closing stays on schedule
Emotional phases of buying
1. Attention - the buyer's attention is caught by an item, advertisement, sign or whatever. 2. Interest - is developed by giving facts and details about a property or demonstrating is suitability to the buyer. 3. Desire - the buyer begins to picture himself in the home - enjoying the amenities it has to offer. 4. Act - the buyer is ready to buy, or act on his desires
Anit-Trust Rules (Laws)
1. Commission rates and any other means by which brokers are compensated by sellers and buyers are always negotiable between the parties 2. Any attempt by a group of brokers to set the commission rates in their area or between a group of brokerage firms would be considered illegal price fixing. 3. Any attempt to fix prices would be a violation of federal law. 4. Any agreement to limit competition by assigning market areas would also be a violation. 5. Boycotting of discount brokers is also a violation of federal law.
Goals
1. They should be attainable. 2. They should not be too easy, but they should not be impossible to achieve. 3. They should be flexible, to permit for unexpected windfalls and dry spells. 4. They should be measurable. 5. They should have a time-frame
. How % of Fair Market Value pricing impacts consumer interest in the property
20% ABOVE FMV) - 1% OF PROSPECTS MAY BUY (15% ABOVE FMV) - 10% OF PROSPECTS MAY BUY (10% ABOVE FMV) - 25% OF PROSPECTS MAY BUY (Fair Market Value) - 50% OF PROSPECTS MAY BUY (10% BELOW FMV) - 75% OF PROSPECTS MAY BUY _ (15% BELOW FMV) - 95% OF PROSPECTS MAY BUY (20% BELOW FMV) - 99% OF PROSPECTS MAY BUY
Graduated Payment Mortgage (GPM)
A loan in which the monthly principal and interest payments increase by a certain percentage each year for a certain number of years and then level off for the remaining loan term.
American Disabilities Act (ADA)
Affects almost all public accommodations, Both a tenant in a commercial space and the landlord are potentially liable for violations of the ADA. Requires the removal of architectural and communication barriers.
Best times to hold open houses
Agents should try to hold open houses on Saturdays and/or Sundays. A good time for the open house is from 9 am - 4 pm on Saturdays or 1 pm - 5 pm on Sundays.
advantages of independent contractor status
Be your own boss • Find a group health plan through local association or board • Plan for your retirement through investigating your own plan • At the end of the month or year, you know you were the one who succeeded in attaining your personal goals that you set for yourself, your family, and your business
ow agents are paid
Commissions must compensate the sales agents
. Mobility
Continues to be the trend with both real estate agents and agencies
When cost causes manufacturers and vendors to raise prices, this is called
Cost-push inflation
SWOT (strengths, weaknesses, opportunities, threats)
Excellent source for marketing research Positive - Strengths & Opportunities Negative - Weaknesses & threats
Qualitative Research
Explores people's thoughts, feelings, and actions, in search of the reasons why people behave or think a certain way (qualitative = qualify [answers why])
Four types of sales personalities
Feeler, Analyst, Driver, Theorist
Staging - a/k/a "Repurposing"
Many techniques are used to stage a property. De-cluttering, depersonalizing, updating old or unattractive fixtures, painting, rearranging furniture, and accessorizing are just part of the psychology for making a home more inviting to potential buyer;
Names of generations and ages
Millennials/ GenYers (buyers between the ages of 18 and 34) - largest group of home buyers GenX - tends to be in the prime part of their earning years, and many are looking to relocate or move to better neighborhood Older Baby Boomers are often approaching or already in retirement - looking to downsize (ranch style homes w/bedrooms on 1st floor)
Much more open and very searchable, offers another social media option. Instead of having friends, as on Facebook, has followers; the difference being that it doesn't require acceptance or permission to follow someone.
Size of a broker's name in advertising
On signs or any advertising, a broker's name, the brokerage name, or an assumed name has to be at least 50% of the largest item of contact information
pulling a hot sheet from MLS to prospect
Once a week to contact 25 potential clients; you can advertise solds in your farm, even if you did not sell the property. "Just don't say you sold it
Buyer / Seller Motivations
Security, Investment, Tax Advantage, Financial Independence, Standing and Credit, Environment and Cash Equity
Where can a consumer complain about an agent
TREC enforcement division
How does TREC decide if an ad is clear and conspicuous
TREC has adopted a Safe Harbor Policy to be used in deciding if an advertisement is clear and conspicuous.
advantage of employee-employer relationship
Taxes deducted from salary • Health insurance benefits • 401K retirement plans • Regularly scheduled pay check
Fidelity
That the primary duty of the real estate agent is to represent the interests of his or her client; faithful and observant; place no personal interest above that of his or her client
Shark Personality
The color associated with sharks is red. In life, sharks are out for blood; they are competitive and don't have a lot of time to spend on frivolous pursuits. Sharks are people who are usually in a hurry to get somewhere or do something. The word most commonly used to describe sharks is "aggressive." Don't be offended by their aggressive nature; it's just the way that they approach most things that they do.
Urchin Personality
The color green . When you think of an urchin, think of the phrase, "Just the facts, ma'am." Interested in data, and like to analyze and synthesize copious amounts of data before making a decision. If you suspect your client may be an urchin, show up prepared with as much information about the properties that you will be viewing as you can. Engineers often fall into the category of urchins. Accountants also display urchin tendencies, dealing with facts and figures
Independent contractor status
Under the Tax Equity and Fiscal Responsibility Act there are three tests for specifying that a sales agent is an independent contractor: • The sales agent must hold a real estate license. • The sales agent must be paid on a commission basis. • The sales agent must have a written contract with the broker specifying the sales agent is not an employee.
VA Loan
VA loans are loans which are guaranteed by the Veterans Administration. These loans are often available with no down payment. The Veteran must receive a Certificate of Eligibility from the VA prior to applying for the loan
Learning styles
Visual - Visual learners sort information primarily through pictures or are drawn to visual aspects more than written detail. Auditory - Auditory learners process information by sound clues. Kinesthetic - Kinesthetic learners process information through feelings and their environment.
Adjustable Rate Mortgage (ARM)
a loan used to purchase a home in which the interest rate varies with market interest rates
Hoteling
a reservations-based concept that lets employees reserve a workstation on an as-needed basis
a social media platform that involves 'pinning' a variety of media to your own personal board
Four types of buyers
a. First time buyers b. Those changing homes in a particular area or "moving-up" c. Investors d. Relocators
Photo editing apps for phones
a. Zoom fx for Android cameras b. Montaj for Iphone c. over iOS d. phonto
Blockbusting also known as panic peddling
any attempt to induce panic selling in a neighborhood for financial gain
Dolphin Personality
are can be identified by the color blue. This personality is typically outgoing and they are easily amused. like to have fun. When discussing potential properties be sure to mention local entertainment like restaurants and bars where they can go out and meet people. They are very social and enjoy a good time. They tend to make decisions quickly. Might be in entertainment or even marketers themselves.
To use Twitter successfully for real estate,
brainstorm a list of the influencers in a community or sphere that are of interest. Follow them and begin to comment on their tweets when appropriate.
The two plans that work together for success
business plan and marketing plan
Whale personality
can also be classified by the color yellow. These personalities are humanitarians. They love to be involved with the community and often get involved with charity work and non-profit organizations. Professionally, whales may be teachers or work for non-profits
Negative factors in the external environment
can pose threats to competitive edge, such as: a rise in interest rates, increase in a competitor's marketing programs, a new program the competition launches, or governmental factor.
Analyst
characterized by a desire to relate to their environment by thinking things through step by step.; analyzes data
What an agent does or uses to help determine market value of a property
consider the listing price and do a CMA to determine a reasonable market value for the property; Research the recent trends in the sales price vs. listing price to determine the market's strength
integrity
employment of prudence and caution so as to avoid misrepresentation, in any way, by acts of commission or omission
Quantitative research
employs statistical analysis by measuring values (quantitative = quantity) to determine the results
Feeler
highly sociable and use empathy and understanding in their solutions to problems; responds with gut reactions
TREC's definition of advertisement
is any form of communication by or on behalf of a license holder designed to attract the public to use real estate brokerage services and includes, all publications, brochures, radio or television broadcasts, all electronic media including email, text messages, social media, the Internet, business stationery, business cards, displays, signs and billboards
Puffing or puffery
is marketing. Uses adjectives and opinions rather than details or facts
Acceptance of an offer
means that the accepting party does so with no change to the contract whatsoever. Any change, no matter how trivial, turns the offer into a counteroffer.
knowingly mean in reference to DTPA
means with actual awareness of a falsity, deception, or unfairness of an act
Steering, also known as channeling,
taking buyers or renters to, or away from, a particular area based on the race, religion, etc. of the buyer or renter, and is the most common cause for complaint under the law.
Amortized Loan
the borrower makes equal regular payments of principal and interest until the loan is repaid. The term of the loan can be anything from 10 to 30 years, but the most common terms are 15 years and 30 years. This loan is often referred to as a fixed-rate loan.
competency
the quality of being adequately or well qualified in a skill or ability.
Driver
time orientation is the present, the here and now; tend to get be action-oriented and are often valued for their ability to get things done.; direct, eye-contact
Theorist
values ideas, innovation, original and new concepts that have long-term implications; inquisitive and imaginative; challenged by problems and finding solutions
Fair housing penalties
violation of the act are up to $75,000 for the first violation, and up to $150,000 for subsequent violation
The first federal fair housing law was the Civil Rights Act of 1866
which prohibits discrimination in housing based on race or color and is still in effect today.
