Marketing & Residential Issues (Certified Apartment Manager)

Marketing & Residential Issues (Certified Apartment Manager) Define Marketing - Answer- 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 The Community Manager should involve who in marketing efforts? - Answer- all onsite personnel What is your market? - Answer- All current and potential residents who want to live in the apartment community and who are qualified to live there Market Segmentation is designed to do what? - Answer- reach a specific, smaller group, or target sub market, within an identified market. Examples of Market Segmentation include - Answer- geography, demographics, Lifestyle, product benefits What are some factors impacting apartment markets? - Answer- Location, demographic characteristics, governmental (school district, tax rates)Social (stuff to do) What are the 5 P's in Marketing? - Answer- Product, price, promotion, place, people Factors to consider regarding price - Answer- monthly rent comparison, fees for amenities, deposits and discounts Factors to consider regarding promotion - Answer- Advertising, public relations, sales promotion, relationship selling Factors to consider regarding Place - Answer- Distribution channel or method for making your product available Factors to consider regarding People - Answer- Onsite personnel, management team, contract workers, marketing partners Key factor in Marketing Success - Answer- Be a visionary When is one time you should do a market analysis? - Answer- When considering doing rent increases When is another time you should do a market analysis? - Answer- When your resident retention rate decreases When is a third time you should do a market analysis? - Answer- when you fail to meet your occupancy goals Three Benefits of completing a Market Analysis? - Answer- Identify opportunities, monitor what you are doing well and where to improve, generate, refine and evaluate marketing efforts. What are elements of a regional analysis? - Answer- economic conditions such as major employers, types of businesses, business climate etc What are elements of a neighborhood analysis? - Answer- population characteristics, economic conditions, crime activity A Resident Analysis will contain what? - Answer- satisfaction with services levels, residents needs and wants, demographic information When completing a resident analysis, you should include what? - Answer- a description of the target market: the characteristics of the consumer you want to focus your marketing efforts. What does a Competitor Analysis include? - Answer- information about other communities that compete with yours When making a marketing analysis PLAN, what should it contain? - Answer- plan objectives, how you will identify marketing, problems and opportunities, and how you intend to analysis your research. What is the purpose of creating a marketing plan? - Answer- to develop, guide and coordinate marketing efforts. it should support and be closely linked to the company's business & investment objectives