Real Estate Marketing

Potential strengths, weaknesses, opportunities and threats of your real estate firm becoming accredited in Cyprus

Q1: You are working as a real estate agent in Cyprus and your firm has been shortlisted as a potential company for undertaking agency work in disposing of a large number of redundant Government of Cyprus owned buildings and land across the country. As the Government is anxious to demonstrate transparency and professionalism it is seeking reassurances from the firms’ invited to pitch for the business of their ethical integrity and professionalism.

Whilst you are a member of the RICS your firm is not accredited.Prepare a brief analysis which shows the potential strengths, weaknesses, opportunities and threats of your firm becoming accredited to help win this significant contract.

Q2: You are a real estate consultant who has just been asked by a wealthy Middle East investor to prepare a strategic marketing report on the potential of Cyprus as an area for diversifying their investment portfolio into new property developments over the next 5 years.

i)Indicate one important issue (an Opportunity or a Threat) for each of the six attributes of a pestel analysis and identify:

ii)How, if it is a global issue, it will impact at a local (Cyprus) levelthe property sector that your opportunity/risk will impacta specific risk and/or opportunity associated with the issue and how it will impact upon the performance of the sector; and

iii) a specific marketing strategy or activity that you can recommend to your developer client that you can use to maximise the opportunity or to mitigate the identified risk.

Q3: Explain, with specific examples, how changes in the demographics, lifestyles, psychometric behaviours  and other segmentation variables support the exponential global growth of the co-living concept.

i)Critically analyse whether or not the same changes exist in Cyprus and the potential for this new and growing property product.

ii)Use the marketing mix framework  (for example the 7P framework) and aspects of market segmentation to illustrate your answer.

Q4: Consider  the Anavargos Site in Paphos that is the subject of your Project 1 analysis.

i)Illustrate, (using clear, real estate and/or real estate agency products or services examples), the attributes, unique selling points and success factors of a property product  you are considering for the site (integrating  the 4 or 7P Marketing Mix framework and Product Mix attributes)  that would support the success of your project through the application of any two of the seven well established Market Positioning Strategies, indicated below. 

ii)Ensure that you illustrate how your position, and the product/service mix that supports it, exploits and/or depends your competitive position in the relevant market(s).

Seven strategic Positioning Strategies (Choose only two relevant to your product proposals):Against a Competitor:Positioning your product directly against a competitor.Away from a Competitor: Positioning yourself as the opposite of your competitor can help you get attention in a market dominated by some other product.

This strategy focuses on a benefit your product provides to your target audience.

Highlighting a specific attribute of your product can also be compelling.

Comparing your product to a product in a different category can be an effective way to differentiate yourself.

This kind of positioning stresses when or how your product is used by your target audience.

Focusing on the unique characteristics of specific users can also be effective.

Q5: Again considering the Anavargos Site in Paphos.identify specific examples of a significant risk for a property developer of a mixed-use development scheme in Cyprus.now Illustrate specifically how market research can support a developers decision making in managing and/or mitigating those risks.Explain why your recommended market research and market analysis will reduce the risk.