CPPREP4004 Establish marketing and communication profiles in real estate

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Western Sydney University *

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CPPREP

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Marketing

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Feb 20, 2024

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docx

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PROJECT 1 1. • Sales. The main services provided include residential property, rural properties, commercial properties, sale of businesses, and retail property. • Property Management. This provides services such as leasing of space, selection of tenants, collection of rent, and management of real estate properties. • Leasing. This covers a list of payments to use a given property for a given period. • Auction. This covers the sale and offering of real estate sales by competition. • Buyers Agent. Acts to restrict a real estate agent holder to act for a prospective purchaser of land. • Stock and station agent. This involves livestock, agricultural products, and rural property on behalf of their clients. • Business broking. It involves negotiating sales, exchanges, and disposition of businesses 2. Marketing communication refers to avenues such as advertisement, promotions, online promotions, sales, and branding that helps businesses to communicate with the market. Communication is an essential component of the marketing mix, helping in the persuasion of the community to use the services of an agency. Vendors often engage agents to find a property purchaser at highest available prices. Communities expect the agency to meet a particular set of requirements with respect and fairness. Clients believe that the agencies act in a responsible and ethical manner to ensure that they meet their needs. On the other hand, customers expect the agents to behave in a responsible and ethical manner, be truthful in their dealings, not harass or coerce, and treat them with a duty of care. The relationship need to maintain a successful outcome,a mutual respect, good rapport, a clearly defined and understood relationship, a good rapport, and good record keeping, among others. The relationship should also develop respect in both parties by actively listening to the other party, considering cultural differences, meeting the expectations of the client, and delivering on all promises made, among others. 3. Good communication skills are very important in business. This is particularly vital in the real estate industry because real estate is essentially a “people” industry. The main role of a real estate agent is to gather and pass information from one party to another that are involved in a transaction. The agent’s role is to gather relevant information so that they may keep the respective parties informed. It makes good business sense to ensure communication meets the needs of the customers and client’s requirements for information and advice they require. Customers and clients that receive quality information are likely to hold the agency in high regard and recommend the agency to others thinking of buying, selling or renting. Communication in the real estate industry is conducted by: -

• “face to face” interviews, • conversations, • telephone, • e-mail, • Social media, and • other forms of written communication.  “Door knocking” property owners for a potential listing  Following up a letterbox drop by phone to property owners  Contacting by phone potential buyers who have visited an “open for inspection”  Answering a personal or telephone enquiry from a potential buyer or seller  Answering a personal or telephone enquiry from a potential tenant  Conducting an “appraisal” of a property to establish a potential selling price or potential rent  Conducting a “listing presentation” to obtain a listing from a seller  Conducting an inspection of property with a potential buyer  Contacting an interview with a potential tenant  Negotiating the sale of a property between the buyer and the seller  Conducting a “management presentation” to obtain a property management 4. The community expects agents to treat them ethically and respect their needs and specifications. As such, agents need to treat their communities with fairness, integrity, and respect, among other values. The ethical principles and values lead to the development of ethical standards and codes of conduct. Generally, the ethical principles and values for agents to follow include; Honesty. Responsibility. Integrity Trustworthiness Fairness Respect The five steps that I could use to ensure that my marketing was ethical include;

Stopping. This step will enable me to analyse and consider the situation when faced with a decision. I will never rush into a decision because of pressure or overwork to prevent making a wrong decision. I will ensure calmness before make any decision. Think. I will always think before making any decision, depicting whether the situation is contentious. I also need to ask myself concerning problems that might arise in future and make sure that I have enough information to make a good decision. Options. I will also consider all the options and consequences of each option before making a decision. I will analyse both the positive and negative consequences of such options and decide on the step that will achieve the marketing desired goal with minimal consequences. Rules. I will check the existing rules, regulations, codes of conduct, and pieces of legislation accurately. Organizational and standard rules and guidance can help me to avoid many legal and ethical dilemmas. Make a choice. I will then make a choice depending on the analysis of the strengths and weaknesses of my selected options.Select. I will then select the best solution to be implemented in my marketing approach by looking forward, speaking with colleagues, trying the mum test, and considering the matter from the client's view 5. Always reflect on whether the decision made was the right one and build knowledge for the next time an ethical dilemma arises. Where possible, monitor the effects of any decisions, that way, if the decision is causing problems or not producing the required outcome, the decision can be reassessed and modified if required. 6. • What are we going to market? Before we start marketing, we need to define just what we are going to market. If we are looking for potential new listing, we would market our services, our agency profile, and also individual agent’s profiles. • Who are we going to market to? As agents generally we market to several different groups in the community. If we are looking for potential listings, we will target homeowners in the area we cover to try and establish who wants to sell or who wants to lease their property or seeks to find someone to manage it. • How are we going to market?

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How we market will depend on the answers to the previous two points. For example, if we are marketing a property for sale or lease it would be the properties features and benefits to the target market that we would use in the marketing. • Where are we going to market? Again, where we are going to market and the mediums we use, will vary greatly depending on what it is we are marketing and our target audience. • What are the results we want from the marketing? One of the things we need to decide is the results we want from all our effort. Once we define this, we than have a ruler by which we can judge actual results. This is important because as our marketing proceeds, we can judge the results against our expectations, and fine tune the marketing if it is not achieving the results we are after. 7. • Variations in eye contact. In traditional Australian culture eye contact is seen as important. Good eye contact is seen to display confidence and honesty • Tone of voice. A person’s age ore the relationship that exists between those communicating will influence the tone that may be used by the different parties. For example, in some cultures yelling is not seen as disrespectful, and in some cases by be the acceptable means of negotiation • Proximity of person. Social distance, or personal space, that is deemed appropriate varies both across and within cultural groups. The ages of those involved, the familiarity and the purpose of the communication will all influence what is acceptable or not acceptable

• Touching. It is important to gather information on the appropriateness of touching. For example, in some cultures it is inappropriate to use the left hand for offering or receiving things, handshaking or taking food. In other cultures, the touching of the head in considered in appropriate and that is sacred as that is where the soul resides The interpretation of silence. Silence can arise in conversations or negotiations and there are a number of possible interpretations of the silence. These can include: - o Not wanting the assistance or intervention being offered o Lack of difficulty in understanding the language or the message being conveyed o Being absorbed in one’s own thoughts or emotions o Not agreeing with what is being discussed o Different values and priorities o Being offended by the communication o Not knowing how to respond o Feelings that the questions are intrusive o Politeness and respect for the speaker, regardless of whether the listener agrees or disagrees. PROJECT 2 1. They expect agents • to be truthful in all their dealings with them, ie not to mislead or deceive them • to act in their best interests (if a vendor or landlord) or to be treated with a duty of care (buyers/tenants) • to act fairly, and • not coerce or harass. 2. Some strategies to build loyalty during the business relationship include: - • Working with your clients, not at them • Confirm all arrangements and agreements in writing so there is no misunderstanding. Both parties will know exactly what is involved and what is expected of them in the transaction.

• A client also has a responsibility to the agency and this needs to be fully understood. • The agent should show that they are aware of their client’s needs by always sticking to the agreed time schedules. A diary should be a part of the agent’s daily activities. Get into the habit of referring to it on a regular basis and transferring any important points to the agency’s database etc. • The agent should not be afraid to ask for help when it is needed. • Return calls – telephone messages should be responded to the same day or at least early the next. • Show appreciation for the client’s interest • Referrals – if the agent has referred a client onto another agent or party, send a follow up letter or fax confirming the referral. • Update and recycle material that is effective and improve materials that are less successful. There is nothing worse than sending out of date materials to clients. • Take time to research and update skills. This is what makes an agent the leader in the industry and will keep your clients coming back. • Say thank you often - especially thank those who make the job easier. • Know your clients – remembering small facts that the client has passed on in conversation makes them feel valued. • Set goals and work toward them 3. • Informal discussion. Regularly asking clients during contact are they happy with the service being provided. • Regular Follow up. Regular meetings or calls to the client to keep them fully informed of developments, identifying possible problems early, and establishing satisfaction with what is happening. • Anonymous surveys. Many times, a client may not be willing to give negative feedback because they are afraid of the possible consequences. An anonymous survey gives the client the chance to state their views without fear of repercussions.

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• Follow up after the transaction has concluded. It is good practice to follow up some time after the transaction has concluded. This gives the client time to reflect on what has happened and their experience with the agency. It also continues the relationship the agency had with the client and so continues the rapport built up in the transactions. It could lead to repeat business or referrals to friends and family. • Email and on line surveys Electronic surveys allows clients to complete them at their leisure. Survey questions should be carefully phrased and thought through so honest and comprehensive information is gathered. As well the information should be analysed when received to see what can be done to improve the business. 4. A well written profile will give you credibility and recognition as well as establish you as a trustworthy and potential agent for the client. It offers you an excellent opportunity to network yourself with other professionals as well within your field and do deals with other agents. The faster you are able to have your profile into the market the easier it is in meeting new clients. 5. Hello, I'm Bechara Taoum, a passionate and dedicated real estate professional committed to providing exceptional service and expertise in the real estate market. With a proven track record of success, I bring a unique blend of knowledge, integrity, and personalized service to every real estate transaction. With over 7 years of experience in the real estate industry, I have gained a deep understanding of the local market trends and dynamics. My journey started in the residential sector for the first 2 years of my career and 5 years ago I made the change into Commercial sector and haven't looked back since. A speciality in industrial, commercial and retail, I have a wide range of skills and knowledge to be able to assist you with any questions you may have. Servicing greater Sydney region as well as out of state retail properties there is no property too far or difficult to assist with. My commitment to client satisfaction is at the forefront of every transaction. I take the time to understand the unique needs and goals of my clients, working tirelessly to exceed their expectations. 6. At Taoum Realty, where honesty and integrity define our approach to real estate. Committed to transparency and open communication, we prioritize clear, client-centric services tailored to your unique needs.

Taoum Realty thrives on integrity, ensuring each transaction is conducted with fairness and respect. Our ethical practices go beyond legal requirements, making us a beacon of trust in the real estate industry. Active in local initiatives, Taoum Realty fosters a sense of community. By engaging with organizations and sponsoring events, we contribute positively to the neighborhoods we serve. From first-time homebuyers to experienced investors, our personalized approach puts clients first. We're dedicated to exceeding expectations, empowering you to make confident real estate decisions. Taoum Realty integrates sustainable practices into our operations, minimizing our ecological footprint and contributing to a more environmentally responsible future. Diversity and inclusion are fundamental values at Taoum Realty. We celebrate the richness of backgrounds, ensuring everyone feels welcome and respected. Experience the Taoum Realty difference. Contact us at taoumb@bawdens.com.au or 0435720515, for a real estate journey centered on community, ethics, and your unique needs. 7. Techniques for dealing with complaints include: • Deal with the feelings – if the person is angry, they believe they have a right to be angry, so don’t argue with them. Listen carefully to what they are saying and accept that their complaint could be legitimate and may require investigation. • Deal with the problem – deal with the complaint honestly and focus on fixing the problem. Find out what action they want you to take or what outcome they expect and assess where it is reasonable and within the Legislative Guidelines of your State or Territories Consumer and Real Estate Agency Legalisation and the policy guidelines of the agency’s professional indemnity insurer. • Ask open and closed questions – probe for information • Be positive – show that you are working towards a successful outcome • Explore alternative outcomes • Go to the next step – Tell the customer or client what will happen to their complaint

PROJECT 3 1. potential vendors/landlords Landlords maintain several expectations from their agents which include - The agency and its staff to perm its activities in an ethical manner and approach - They will act according to the law and the best interests of the landlord/vendor - The agents will need to do their best to ensure the achievement of the project objectives. - It should be noted landlords ensure the provision of valuable proposal asset to these agents. As such, the client relationship is not only a financial one. There is an inclusion of emotional attachment as well. Trust and respect are the most important expectations and agent is to uphold. Landlords believe that the agency will respect their properties, their rights and to show respect in the process. potential purchasers/tenants - Treating them with a duty of care in regards to the laws and regulations. They need to ensure that the purchaser/tenant is fulfilled and satisfied with the relationship/property. - Not to be harassing or coercing them in way shape or form. The agent needs to respect all purchaser/tenants and prevent any form of harassment. - The agent must be truthful in all dealings. They need to be transparent and honest throughout - The agent is to behave in a responsible and ethical manner. the community at large The community also maintains specific expectations to be accomplished. - Respecting the communities policies and procedures. Each agency will need to know and adhere all community rules and regulations such as common area management and sustainability. - The community also expects the agent to maintain a positive relationship with them. 2. I will use a number of strategies to build effective client- agent relationships. The elements that I will include to create an appealing material include; I will consider the expectations of the purchaser or tenants in the marketing material. I will also consider the personal characteristics of the clients which include their age, social backgrounds, economic backgrounds, and gender, among others. I will also consider the intentions of the property sales in the marketing material.

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The marketing material will be created based on the intentions of the property investments.I will also consider the intentions of property development in the marketing material. The marketing material will also focus on my market target.The language of the marketing material will be directed towards the target market and use an appealing language. The marketing material will also adhere to the existing ethical programs.The content of the marketing material can be changed by the medium market based on the outreach and their personalities 3. A good property profile should include enough information to attract prospects to the property because they want to see more. It should include the main features and benefits of the property but leave enough out that people want to inspect it. But in writing the profile the target market should be kept in mind. An advertisement for an investment property would be different to one where the target market was people buying a first home or those looking to upgrade. If the target market is families seeking to upgrade to a home with more space, then the benefits to them are different to those looking for an investment. As an example, the profile for the family home would dwell on lifestyle benefits as well as on the space and number of rooms the property had and its proximity to work, schools and playing fields. A profile for an investment property would feature its rental return and low maintenance and most probably price advantage. A property with a target market of developers would dwell on it redevelopment potential 4. 4/55 Putters Circuit, Blacktown, NSW, 2148 4/55 Putters Circuit is a 2 bedroom, single story townhouse that is a perfect investment property that is currently tenanted for 570 dollars per week on an expired lease. It is a perfect home for an active family. The Bus Stop is approximately 100 meters from the house with a 10 minute walk to Blacktown Station and Westpoint Shopping Centre. Backyard view of the neighbouring park this is perfect to be close as possible to nature. The home presents an open plan layout with a superb indoor and outdoor entertainment with accommodating garage attached with plenty of on street parking. The home is conveniently located near St Andrews Colleage, Marayong, various medical centres, various vets and just off the main arterial road being richmond road. The features of the homes include sleek kitchen with stainless steel appliances, complete ducted throughout, two spacious bedrooms, walk in wardrobe in main with ensuite and built in wardrobe in second bedroom. Garage with internal entry as well as. Call Bechara on 0435720515, or visit our website for more information.

PROJECT 4 1. SEE PDF 2. The other methods to obtain feedback from clients include; Informal discussions. Agents need to regularly ask their clients whether they are happy with the provided services. This will help to solve problems before they become big. Agents need to regularly follow up with their clients, identifying problems at early stages. Anonymous surveys. Anonymous surveys will allow clients to provide negative feedbacks without fearing consequences. Monitoring complaints. Monitoring complaints allows the agency to resolve system issues and identify trends. Emails and online surveys. Such surveys will allow clients to complete them at their time of convenience and submit within seconds. 3. Understand what you hope to achieve from the analysis. Is the aim of the analysis to evaluate and improve systems or is it to monitor and improve staff performance, or is it to ensure compliance with legislation • Establish criteria or a rating system for evaluating responses and try and ensure that your criteria is reasonable for what you are trying to achieve. • Avoid making judgements about the respondent. Do not allow personal feelings influence the way you consider feedback, because if you do it can cause important information to be overlooked and not acted upon. Keep an open mind. • Look for trends and patterns, regardless of how minor they could be or seem. What may look like a minor issue to the agent may be causing significant frustration to the client. • Communicate the results in a number of ways. Follow a written report with a group discussion and a training session to ensure that the usefulness and impact of the information is maximised. 4. SEE PDF

CPPREP4004 Establish marketing and communication profiles in real estate

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