Who is the target tenant market for this property and where would they originate from?
I will target immigrants coming in Australia from other parts of the world such as Africa and South America. The target immigrants are the major ones who come here for studies and business. Them being new in the town, I will target them as they come from the airline services and where possible I will have interacted with them online before they land. This is to create awareness of the product and offer a platform of interacting with them (Naillson, 2005).
What features of the property will you promote in your marketing to the target market?
The main unique feature of the property is fully furnished rental houses and office space. It is meant to reduce the stress that these clients can have in trying to secure furniture. The will feel attracted by the deal because it will be a conclusive for them and will save them time and energy. The rental houses too will have constant supply of water, electricity and energy gas. WIFI will also be availed for the tenants.
What are the benefits of those features to the target market?
The client will have all the required items for settlement in only one contract. The additional features of power backup will help them continue with their businesses even during blackouts. WIFI will help them do their academic and business research and at the same time keep communicating with their friends and family members back home. They will also be in a position to settle faster in their new environment (Kehoe, 2015).
What methods of marketing would you use to promote this rental property and why?
Online marketing will be the most appropriate for this property and especially use of social media and websites. The main reason for this being that the target customers are international and the only way to reach them is using the unlimited online sources (Arney, 2007). Brochures and catalogues too can be issued to the people visiting Australian embassies all over the world for visas can be a way of creating awareness of the existence of the product.
What marketing budget would you suggest is sufficient to promote this rental property and why?
A small budget of about US Dollars 300. This will cater for opening of the official website of my firm and other social media platforms. Printing of brochures and posters too can be catered for in the same amount. Their transportation too into various Embassies and in the international airports for the arrivals (Collinson, 2016).
Fully Furnished Rentals
What legislative requirements from your state will you need to take into account when marketing a property for lease, including the appropriate process for accessing the rental property to show the property to prospective tenants as applicable in your State/Territory Residential Tenancy Act?
The major legal requirement for lease houses in the law of contract as contained in the England Common law. The lease and the leaser are getting into the agreement and all the elements of the contract applies. Another legal requirement is the Global Property Guide which requires neutrality between landlord and tenant. Both parties’ rights are well-protected by each states’ Residential Tenancy Act. Major issues on the rent are addressed by the rent tribunal.
Now you need to create a marketing plan for the rental property. If you already work in real estate, you are encouraged to design your marketing plan within your preferred agency format. If you are not yet working in real estate, then you may complete the marketing plan on your own designed schedule.
You will be required to demonstrate in your plan:
• the allocation of a marketing budget including reasoning behind your decisions
• timing of the campaign
• the use of at least five marketing tools or media.
Your plan must have full costs indicated, including any costs being covered by the agent. You may use local media costing. If you do not work in real estate and do not have access to advertising and promotional costs, then you may use the costs referred to in Table 2 in Topic 5.
If you are unable to insert your developed marketing plan below, you may attach your marketing plan to this assessment, ensuring it is clearly labelled with your name and the question number.
The marketing costs shall be distributed as follows, (all denominations in US Dollars), official website and the social media platforms 50, printing of brochures and posters 30, travelling in Embassies 100, salaries to the salesmen 180. The campaign will take place in 6 consecutive months to try and reach as many people as possible especially when travelling season comes.in addition to the already mentioned tools, referrals will be encouraged with each client coming with a new one receiving a discount. The firm can also place an advert with one airline company during the journey to inform the boarders on the products.
You are now required to create marketing materials for this rental property. You will need to create the following three (3):
• A classified advertisement for your selected property. Your advertisement must be at least eight (8) lines, including a headline, body copy, a closing statement and your personal contact details.
• the copy for a window card
• the copy for an internet advertisement.
Ensure that your headline is emotive and reflects the criteria discussed in Topic 7 regarding how consumers scan headlines. Your body copy must include effective use of benefits as well as features. Ensure that you have a strong closing statement and your contact details.
If you are unable to insert your developed advertisements below, you may attach your material to this assessment, ensuring it is clearly labelled with your name and the question number.
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Describe what steps you would need to take to implement the marketing program you have designed in Question 7 above.
The first step is ensuring that I have all the resources that I need to undertake the project. This includes capital resources in monetary terms and the efficient, well-motivated human resource. In addition I will ensure I have legally checked all the contracts entered into and have properly registered them with my attorney. I will also set targets that would be my standards which can be compared with the actial performance to get variances which will form the basis of corrective actions.
Explain how you would review and report on the effectiveness of this marketing plan to the landlord of the property. Ensure you cover in your response:
• What evidence you would need to analyse in order to make your conclusions about the effectiveness of the marketing campaign
• What alternative marketing activities you would suggest if the property proves hard to lease.
The report will be reviewed based on the targets set before the campaign started. The main focus here being the targeted clients and the subsequent turnout or feedback on interest in the property. The two parameters will form the basis of evaluation. If the results are negative, then I will consider marketing in the local market. I will change the targeted clients to local and subsequently use trade fairs, print and electronic media that are locally available.
ABC News, 12 June 2014: Australia has third highest house price-to-income ratio in the world: IMF
ABC News, 3 June 2016: Housing boom could end in a 'dramatic and destabilising' real estate hard landing: OECD
Arney, June (14 December 2007). "State Wants Ground-rent Suit Moved". The Baltimore Sun. p. 3B.
Claus, E (2005) Submission to the Productivity Commission on Population and Migration (submission 12 to the Productivity Commission's position paper on Economic Impacts of Migration and Population Growth). Archived 27 September 2007 at the Wayback Machine.
Collinson, Patrick (29 October 2016). "The new-builds catching house buyers in a leasehold property trap". The Guardian. Retrieved 23 April 2011.
Craig Deegan. Australian Financial Accounting, 4th edition. ISBN 0-07-471479-1.
Kehoe, John (May 2, 2015). "IMF to probe Australia's record property and debt levels". Australian Financial Review.
Nilsson (2005) Negative Economic Impacts of Immigration and Population Growth (submission 9 to the Productivity Commission's position paper on Economic Impacts of Migration and Population Growth).
Archived 27 September 2007 at the Wayback Machine.
Nilsson (2005) Negative Economic Impacts of Immigration and Population Growth (submission 9 to the Productivity Commission's position paper on Economic Impacts of Migration and Population Growth). Archived 27 September 2007 at the Wayback Machine.
O’Donnell, Jim (July 2005). "Quarantining Interest Deductions for Negatively Geared Rental Property Investments". EJournal of Tax Research. Sydney: Atax, University of New South Wales. 3 (1). Retrieved 2 May 2011.
Rudgard, Olivia (11 February 2017). "Government to act on leasehold rip-offs". Daily Telegraph. Retrieved 23 April 2017
Stapledon, Nigel, (2011). A History of Housing Prices in Australia 1880-2010. School of Economics Discussion Paper: 2010/18. Sydney, Australia: The University of New South Wales Australian School of Business.
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