Question 1
I would like to market my real estate services to my prospects. A real estate investor really needs today’s environment for investing professionals with competence, are available, are transparent and intelligent. Therefore, they will absolutely need real estate services from the professionals with the qualities. My expected financial compensation will depend on the number of clients and the type of buildings erected. Big commercial buildings I would expect $100,000 while the normal residential houses I would expected $20,000. I have settled in real estate services because of the increasing demand for the real estate services and the expanding real estate industry. Moreover, there are potential investors who lack knowledge about real estate. The marketing mix of my services is detailed below:
I. Product-beautifully designed houses
II. Price- affordable average market rates
III. Place- establishing the main office within the city center and having our agents in different locations such as estates, other major towns
IV. Promoting-the company will use social medias, bill boards, business publications such as flyers, networking, personal selling, broadcast and community services.
The promotional mix I will use consists of the following elements:
I. Advertisements- these will be the paid media placements where people are mostly familiar with. I will use broadcasts and social media in marketing the services.
II. Public relations- these will include meeting and briefing the media and developing publicity programs
III. Selling- these will include telephone sales, and face to face visits
IV. Sales promotions- meeting potential clients in our premises, surveying the grounds and promoting our services to our clients (Futrell, 2011).
Question 2
I would be honest in my advertisements and advertise my true services. Moreover, in using direct marketing, I would avoid electronic spam and understand best approaches to my potential clients. I would also avoid “bait and switch” method which is an anti-competitive practice to bait customers by advertising my services for a lower prices, and then selling at costlier prices (Couzin & Grappone, 2014).
Product features
Friendliness, Good communication, and Authentic
Potential advantages
Friendliness of my services makes real estate investors quickly comfortable, trustworthy and connects to the needs of the investors.
The advantage of Good communication is that we will quick and constant communication with the client to make them feel involved. This will build trust and allow free investments and consultancy services.
Advantage of being authentic is that we will be personally be keeping in touch with the customers (Schwerdtfeger, 2011).
Benefits
Comfortable customers who have maximum trust with the real estate business will invest more and come for more of the services
Good communication with the prospects retains the clients and builds the brand of the company
Authenticity erases any doubts on the prospects and long customers (Couzin & Grappone, 2014).
Question 3
I will use social media, search engine optimization, and search marketing technology in marketing my services. I chose these technologies because billions of people are in social Medias and are online where online adverts can be placed. I feel I perfectly know my services. My knowledge of the service can help me by understanding the trends in the industry and using them to my advantage such as posting of adverts on social medias and online. My knowledge is also good in winning over clients to believe that you are a professional in the field.
Question 4
My real estate services face a lot of competition from the construction and development companies in the real estate industry. I researched for them from the internet and the databases of the state government registry of companies. My services are better than the construction companies because we offer a variety of services such as real estate brokerage, mortgage advisory, property valuation and linkage to constructers. On the other hand, the construction companies are specialized in contractions and do no offer other services. Furthermore, we are much better because we offer clients variety of options in real estate like buying complete houses, purchasing in instalments, building new ones, leasing and renting. On the other hand, constructors deal with only construction of the new house which is expensive
I will use social media and search engine technologies in marketing our services. We made the choices because of the large pool of potential clients on social media and online (Futrell, 2011). I perfectly feel I know my services and this knowledge is helpful in offering services to my clients
Question 5
Using the competition in question 4 of the construction companies offering completion in the industry, I would use different methods in marketing my services. The prospecting method I will use in marketing my service includes referral networks. This is to create a large base of awareness of my services and to create a large pool of clients. Referral network will incorporate business-to-business referrals and customer referrals (Schwerdtfeger, 2011).
Question 6
I will use normal advertising methods to inform the customers, and the prospects of my services such as the use of broadcasts, billboards, flyers and online marketing. However, in the presentation of the services, I will use “package of the services” method to customers’ convenience. For instance, real estate management will come as a package with free consultancy. Another package will be discounts for returning customers.
Question 7
When beginning my first my sales call, the kind of approach will depend on the client. The approach will use on a prospect, will be different to a long-time customer.
In a prospect, I will apply an engaging approach to my sales call to them. For instance, I will begin by first introducing myself;
“Hi Dave, its John from Smart Choice Real Estate Solutions Company, how are you?”
To keep the conversation flowing, I will apply some etiquette by getting his or her permission
“I understand you are busy, so will be quick only…”
”I wonder if you will be able know more about ours services.”
For the long or old customers, I would apply a conversational approach as the old friend to get feedback and to inform him or her about our new services and packages.
Question 8
There are many objections in my field of Real Estate. One objection I would get from a buyer of my service is that they don’t want to pay the fee/ commission for my services of listing and selling their home. I would use the Summary of benefits close because many people don’t really understand the value and benefit of a Realtor which is why we have clients objecting to our fees. Another objection I would encounter is a buyer that always finds something wrong with everything you show them. To help overcome the objection and possible time wasted, I would use the Standing room only close to create a sense of urgency for the buyer. I use this technique especially when inventory in the market is low. This is because when inventory is low buyers really don’t have the time to linger for a decision to put an offer on a property. The typical closing techniques I use is the Summary of Benefits Close. People don’t really have to use a Realtor, therefore the best way to close a deal is to show the client the benefit of your service.
Question 9
Follow-up and providing service to keep my customers happy with my service is rather simple in my eyes. The real estate business is all about customer relationships and service. Following up with a prospect is the best way for a realtor to be “in front” of their client more often than not. When I acquire a prospect, one of the first things I do is gather knowledge about the person and their needs by practicing effective listening and communication. After I feel like I have gathered enough knowledge I then proceed to reiterate to ensure I have full knowledge of the service level the prospect expects and needs. I always show the customer that I care for their needs and will go above and beyond to provide excellent service. While I follow-up with a prospect I also build a relationship by showing clear ethics to gain commitment and be able to reveal the benefits of my services in order to gain a client. After I have gained the commitment of the client I make sure to follow through with my word and provide the best service to my abilities.
References
Couzin, G., & Grappone, J. (2014). Five stars: Putting online reviews to work for your business. San francisco: Wiley-sybex.
Futrell, C. (2011). Fundamentals of selling. Homewood, IL: Irwin.
Schwerdtfeger, P. (2011). Marketing shortcuts for the self-employed: Leverage resources, establish online credibility, and crush your competition. Hoboken, N.J: Wiley.
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