Marketing CAM Certified Apartment Manager – Flashcards

Integrated and coordinated activities, such as research and promotion, which focus inside and outside the community to encourage recipients to rent or continue renting an apartment.

• Prepare and implement market plan • Price and analyze marketing and advertising materials • Identify present and future markets • Measure and monitor marketing efforts • Educate and involve onsite personnel in marketing efforts

All current and potential residents who want to live in the apartment community and who are qualified to live there

A specified group within a market, classified according to characteristics such as: • Geography • Demographics • Lifestyle • Product benefits

• Allows for tailoring of marketing efforts • Provides insight into how to reach the customer through advertising and promotion • Allows companies to maximize resources while increasing likelihood of success

• Location • Demographic characteristics • Unit size and layout • Price • Physical • Economic • Governmental • Social

Controllable variables the company blends to produce the desired market response

• Product • Price • Promotion • Place • People

• Visionary • Goal oriented • Customer-focused • Team oriented • Communicated effectively • Consistent • Repetitive • Adaptable to change • Monitored and regularly evaluated

• a formal, planned approach to the collection, evaluation, interpretation and reporting of information required to make educated, strategic, and rational marketing decisions, and • an ongoing process, which helps you understand your customer, competitors and the industry in which you operate

Market analysis is often conducted prior to or in reaction to soft market conditions, such as • new construction • rent increases • annual budget preparation • resident retention rate decrease for no apparent reason, and • unmet occupancy goals

• age • household and per capita income levels • education • household size • occupations, and • population growth (or loss) trends

• Boundary definition • Population characteristics and trends • Economic conditions • Property types • Amenity and educational opportunities • Crime activity

The property and location analysis contains information about the property's amenities and location, the positive and negative aspects of each, and how they affect rentals. This analysis is performed to identify opportunities and key issues relating to the property and its location to plan enhanced marketing efforts. It is conducted to determine: • if features and benefits of the apartment community are being fully exploited • how new trends, such as technology or government regulations impact the property, and • how residents view quality and reliability

A resident population analysis contains information about the residents' satisfaction with service levels and their needs and wants, as well as demographic information about the residents An analysis of the current resident population will help you identify your target market so that you can market to: • • potential residents if you are repositioning your property and changing your resident profile, to try and make it more diverse, for instance.

A competitor analysis includes information about other communities that compete with yours The results of a competitor analysis will give you an understanding your competitor's product, services, and marketing strategies so you can improve your product, services, and marketing strategies

The market analysis plan describes how you will conduct your market analysis

• A statement of the objectives of the plan, for example: o to explore the nature of an existing marketing problem o to plan for and avoid a trended marketing problem, or o to test possible cause and effect relationships, for example, if you lower your rent rates, what increased resident occupancy will you expect? Or, if you were to implement a specific set of services or customer service programs what effect would it have on resident retention? • A description of how you will identify the marketing problems and opportunities. • A description of how you will collect supporting data including: o population and household trends and forecasts o local rental apartment market data, and o new apartment supply under construction or permitted. • A description of how you are going to analyze the results of your research and how you are going to use this analysis in the decision-making process. • A detailed, realistic timeframe for completing the market analysis process.

Detailed, written account and time table of the objectives and methods to be used to achieve the property's marketing goals

1. Your community, amenities, and services 2. Pricing 3. Target market 4. Competitors 5. Marketing objectives 6. Marketing strategies 7. Budget 8. Promotional mix 9. Measurement and evaluation

• Encourages effective use of resources • Promotes consistent messaging to management • Monitor and control marketing costs • Assists in marketing decision-making process • Encourages involvement and participation • Relates to success or failure of property

• Image of the property perceived by the customer • Reflected in everything customers can see, hear, touch and feel • It is a team effort • Every aspect that employees have control over

• Personnel • Quality of content of correspondence and collateral materials • Appearance of community areas

Refers to the sensory signals someone receives about your apartment community by riding by or walking through the grounds.

• Place • Price • Promotion • People • Product

• Strengths • Weaknesses • Opportunities • Threats

• Identifies a specific goal • Defines successful achievement of goal • Are clear, measurable, consistent, and time constrained

• Outlines steps to take to achieve marketing objectives • Contains five goals: o Provides residents with what they want o Highly differentiated from competitors o Delivers high impact o Places product in appropriate distribution o Provides appropriate support

• Shows amount allocated for expenditure on marketing activities in a specified period • Understand owners investment goals for the property

• To make adjustments to plan to allocate marketing dollars

• Actual results • Number of new leases signed • Number of residents retained • Cost/lease • Cost/traffic by source • Improved budget performance

• What will the message be? • How will the marketing be distributed? • Where will the marketing be located? • Which tools have more defined or narrow distributions? • Which tools send specific "imaging"?

Any of the following: • Practice inclusive marketing • Create and record marketing policies and plans. • Consider using media that caters to certain ethnic groups. • If direct mail is part of the marketing plan, avoid targeting certain demographics or zip codes. • Once the marketing plan is implemented, keep copies and records of ads, when and where they were placed, response and reasons for making any changes in the plan. • Include the Fair Housing logo and statement in all marketing materials.

• An exclusive or private community • Latino or Asian neighborhood • Close to churches • Quiet, peaceful, restful community • Ideal for seniors • For the active lifestyle or active seniors • Adult community • Independent living • "Special needs"

Any of the following: • When implementing a program, be sure the start date and time are clearly noted and communicated to the staff. Consider posting the program, program dates and timing in the leasing office. • Ensure the staff offers the same program to all prospects. • Ensure each staff member is offering the same program. • Ensure the timing of any advertising that carries the special description matches the timeframe established for the program. Don't advertise a program after its ending date. • Monitor staff use of programs or adding incentives only to "close the deal." If you employ rent negotiations, consult legal counsel before implementing the program. There are fair housing risks associated with the practice. • Follow carefully state and local laws about paying referral fees. • Apply the same guidelines to programs associated with lease renewals.

They should consider the demographics of the area where the advertisement will be placed and ensure that the models in the advertisement reflect the general population of the larger community, and not only the people that live in the specific apartment community that is being advertised or the immediate surrounding community.

Symbolism in the rental office can indicate to applicants and residents that you prefer certain persons over others who have similar beliefs.

Affirmative marketing is reaching out to those persons who wouldn't otherwise know about your housing opportunities.

• Form of communication that is used to inform and persuade people about a product or service • Used to improve public image

• Advertising • Public relations • Sales promotions • Relationship selling

• Attention • Interest • Desire • Action

Non-personal promotion of product, service or company in mass media that is openly paid for and/or sponsored by you

• Establish and maintain awareness and positive image • Create a real or perceived need for product • Develop sales leads • Persuade customers that your product is best for them • Promote events • Lead potential residents to rent from you

• Is it simple? • Is it specific? • Is it durable? • Does the strategy maximize your ability to advertise? • Are the results measurable?

• Advertising objective • Target audience • The message and frequency • Budget

• Ongoing relationships that exist between the apartment community and the public • Use to create a positive image

Sales activities designed to consummate a sale or increase the size of the sale of goods or services by providing the incentive to make a positive purchase decision.

• "Custom tailoring information to individual people" (NALP) • Flexible and individualized • Requires well-trained associates who can develop relationships with prospective residents and align wants and needs with features and benefits

• Selling: o Communicates to a particular prospect how your community can fill their needs o Impact: Personal and relational o Addresses a specific opportunity • Marketing o Brings product in contact with current or prospective resident o Impact: broad and applies to many o Continuous