limits of liability and disclaimer of warranty · 2016. 12. 29. · discussion and time permits....
TRANSCRIPT
© 2014 National Apartment Association
LIMITS OF LIABILITY AND DISCLAIMER OF WARRANTY © 2014 by the National Apartment Association, 4300 Wilson Boulevard Suite 400 Arlington, VA 22203. All rights reserved. The course materials or any part thereof may not be reproduced, stored in a retrieval system, or transmitted, in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, or otherwise, without the prior written permission of the National Apartment Association Education Institute (NAAEI). NAA retains copyright to the original materials and to any translation to other languages and any audio or video reproduction, or other electronic means, including reproductions authorized to accommodate individual requests based on religious or medical deferments from classroom participation. DISCLAIMERS Although NAAEI programs provide general information on apartment management practices, NAAEI does not guarantee the information offered in its programs is applicable in all jurisdictions or that programs contain a complete statement of all information essential to proper apartment management in a given area. NAAEI, therefore, encourages attendees to seek competent professional advice with respect to specific problems that may arise. NAAEI, their instructors, agents, and employees assume no responsibility or liability for the consequences of an attendee’s reliance on and application of program contents or materials in specific situations. Though some of the information used in scenarios and examples may resemble true circumstances, the details are fictitious. Any similarity to real properties is purely coincidental. Forms, documents, and other exhibits in the course books are samples only; NAAEI does not necessarily endorse their use. Because of varying state and local laws and company policies, competent advice should be sought in the use of any form, document, or exhibit. POLICY STATEMENT REGARDING THE USE OF RECORDING DEVICES, AUDIO VISUAL EQUIPMENT, AND OTHER MEANS OF REPRODUCTION OR RECORDING OF THE “CERTIFIED APARTMENT MANAGER” MATERIALS All program contents and materials are the property of the National Apartment Association Education Institute, which strictly prohibits reproduction of program contents or materials in any form without the prior written consent. Except as expressly authorized in writing in advance, no video or audio recording of NAAEI programs or photocopying of “Certified Apartment Manager” materials is permitted. Authorized recording of programs or duplication of materials may be done only by the instructor on site.
© 2014 National Apartment Association
ACKNOWLEDGMENTS
SUBJECT MATTER EXPERTS The NAA Education Institute wishes to thank the following apartment industry professionals for contributing their time and expertise to the rewrite of the Certified Apartment Manager Research, Analysis and Evaluation program:
Lead Subject Matter Expert
Susan E. Weston, CAM CAPS, NAAEI Faculty Licensed Texas Broker
Professor, University of North Texas School of Business The Susan Weston Company
2655 Mount View Drive Dallas, TX 75234-6239
972.308.6092 Office 972.415.6299 Cell
[email protected] www.susanweston.com
KEY CONTRIBUTORS
• David Jolley, CAMT • Howard L. Campbell, Ph.D. • Fisher & Phillips, LLP • Kimball, Tirey, and St. John, LLP • Sue Weston, CAM, CAPS
Certified Apartment Manager (CAM) SM
Instructor’s Guide Marketing
© 2014 National Apartment Association 2
Course Information
Course length This course will take approximately 7 hours, excluding breaks and lunch.
Estimated time
The estimated time for the chapters in this course is as follows. Time for lunch (45 minutes to an hour) and short (10 minute) morning and afternoon breaks are not reflected here, but should be planned.
Topic Estimated Time (minutes) Welcome/Introductions 15
Introduction to Marketing 60
Conducting Market Analysis 60
Marketing Plan 120
Fair Housing in Marketing and Advertising
45
Promotional Marketing 120
Activities There are several case studies that are used as activities in this course.
Activities are exercises covering part of a chapter that require participants to use specific chapter content, which aids in comprehension and memory. They are in the Activities Tab of the Participant Guide. Instructions for setup and debrief points are provided in this guide for you. Many of the Activities are to be completed in pairs or groups
Chapter Skill Checks
Skill Checks are completed at the end of each Chapter. They are similar to the Activities, but are broader and address content from the entire chapter. Chapter Skill Checks help the participants review the material and check their own progress by determining how much they knew from memory versus how much they had to look up in the Participant Guide. Skill Checks are in the Skill Check Tab of the Participant Guide. Instructions for setup and debrief points are provided in this guide for you. Skill Checks are completed open-book, sometimes individually and sometimes in pairs or groups.
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Course Information, Continued
Course exam The CAM exam is delivered in 2-parts over a 4 hour period. Part I is 115 multiple-choice questions timed for 2 hours. Part II is 75 scenario-based multiple choice items, also timed for 2 hours. Both Parts of the CAM exam test knowledge and application of content from ALL 9 modules. The new CAM exam is ONLY delivered on a computer in a proctored environment. The exam is available at Affiliate offices and Castle Worldwide locations across the country. Click here to go to a testing site or visit www.naahq.org/education. Refer students to the Candidate Handbook for additional testing information. Participants will need an eligibility code to access the exam. The eligibility codes will be distributed by the local apartment association after completion of the required coursework. Upon completion of the NAAEI exams, participants will receive their results immediately. All participants will receive diagnostic information on their performance in the major content areas of CAM. If a participant passes their exam, they will receive a passing notice. If participants do not pass the exam, they will receive their score report, in addition to a profile of their strengths and weaknesses based on the domains (sections) included in the exam. Participants who do not pass the exam, may retake it again after 7 days. Retesting fees for one part of the exam at an association or Castle location is $80.00. Retaking both parts of the exam at an association or Castle location is $100.
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Instructor’s Guide Marketing
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Instructor Preparation
Materials needed
The printed materials needed for this class include the following:
Marketing Participant Guide for each participant and one for yourself
Marketing Instructor’s Guide for yourself
Sign-in form (to be turned in to the affiliate office at the end of class)
Answer Keys to Skill Checks for Course 5: Marketing (5)
Your prep time
Be sure that you review the materials for class and prepare in advance. The Instructor’s Guide and slides are intended to be used along with the Participant Guide as a way for you to take the participants through the material and to manage the classroom stories, activities and skill checks. You should plan on spending several hours preparing to teach the class, particularly if you have not taught this course using these materials in the past.
Equipment needed
The equipment needed in the training room includes the following:
Flipchart or whiteboard with stand and markers
Computer with LCD to project PowerPoint slides Note: If the slides have been made into transparencies, you will need an overhead projector instead.
Microphone or sound system (if necessary)
Room require-ments
Prior to the training, be sure that the room has:
Seating that allows for the number of participants to be seated comfortably and still be able to see the flipchart and slides from all seats
Tabletops or desks for writing
Controllable thermostats and lighting
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Instructor Preparation, Continued
Logistics Prior to the training, be sure to confirm or to find out the following:
Date and time of the class
Venue for the class
Room number/location
Location of rest rooms, telephones, kitchen facilities, etc.
Location of emergency exits
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Instructor’s Guide Marketing
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Using This Guide
Introduction This instructor’s guide has been prepared to help you manage the information for this class as well as to help make the class more consistent at all locations nationwide.
Topics You will notice that the topic being discussed is labeled at the top of each
page. The content in this guide is different than what participants are looking at in their participant guides, but references to page numbers that they should be looking at are provided here to help you keep track of where they are. You will need to have the Participant Guide in front of you, to be able to see what they are looking at as well.
Timing The timing in this guide is provided as a guideline. Each class is different,
and it is up to you to be able to manage the time so that you do not run over the allotted limits. This will ensure that you are able to cover all the materials that participants need to know in order to pass the exam for the course. Hints If there is a mix of students who are quick and slow, or if someone is telling a lengthy story or asking a lot of questions that require time-consuming answers, you will have to decide at what point to move things along. Other hints include:
offering to discuss things further after class
explaining that something being brought up now will actually be covered later in the material
explaining that although everyone may not be finished, you need to move on but will be available to help with any questions after class
using a “parking lot” for issues that come up that you don’t want to forget about but that can’t be discussed right then
Instructor’s talking points
Anything you may want to say word-for-word is bolded and bulleted. These are only offered as suggestions. Things that are instructions to you are in regular font and not bulleted.
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Using This Guide, Continued
Adding your experiences
Feel free to elaborate on the content in this guide by adding your own experiences as long as your stories are directly relevant to the topic under discussion and time permits. Your experiences can help clarify the content, make the content more relevant and interesting to the students, and encourage them to share their own experiences as well.
Icons There are several icons that are used throughout this guide. They are:
Flipchart: This icon shows when you should display a prepared flipchart or write something on the flipchart.
Handout: This icon shows when you should distribute a handout. This could be a skill check, activity, or other handout.
Reference: This icon is used to tell participants what page to look at in the Participant Guide.
Activity: This icon is used to point out where there is an activity/practice.
Optional: This icon is used to point out places where you may add a personal story or do something extra, if time permits. It is more important to complete the class on time and be able to get through all the material than to provide extra examples. Use your judgment.
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Using This Guide, Continued
Icons, (continued)
Question/Answer: This icon is used to show where you will ask a question or questions of the participants.
Skill Check: This icon is used to point out where there is a skill check for a chapter or chapters.
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Getting Started Estimated time: 15 minutes
Welcome Welcome them to the class and thank them for attending.
Introductions If you are using name tents, ask participants to put their first names on them.
Show Slide #2 - Introductions
Module 5: Marketing 2
Introductions
Your name
Where you work
Your job responsibilities
How long you have been in the industry
What you hope to get from this class
Introduce yourself first, telling participants where you work, how long you have been in the industry and what your involvement is with the local NAA affiliate. Ask participants to introduce themselves, selecting someone at one side of the room to start.
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Getting Started, Continued
Overview of CAM program
Explain to participants that this Marketing course is one of nine (9) courses that they will need to complete in order to receive the Certified Apartment ManagerSM designation. Explain that the last course is a final project where you are required to perform an analysis of an apartment community. Additional detail about this project will be provided in that course. Once you have successfully completed the courses and the final project within the 1-year candidacy period, you will receive the CAM designation. CAM designates receive a certificate that is suitable for framing and a pin.
Additional information
Tell them that the CAM designation is one of several that NAAEI offers. They can get more information about the other programs on the Web site at www.naahq.org/education
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Getting Started, Continued
Agenda Show Slide #3 - Agenda
Module 5: Marketing 3
Agenda
Introduction to Marketing
Conducting Market Analysis
Marketing Plan
Fair Housing in Marketing and Advertising
Promotional Marketing
Review the agenda for the day. Note: If you like, you can add breaks and lunches into this slide to show when those will happen. Otherwise you can leave it as is, and take breaks when it seems right during class.
Materials review
Participant Guide Ensure that each participant has a copy of the Marketing Participant Guide. Tell participants that this will be used:
during class
as a aid in studying for the course exam if they elect not to take it immediately after class, and
as an on-the-job reference following training
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Getting Started, Continued
Materials review, (continued)
Tabs Explain that the Participant Guide is divided into these tabs:
1. Chapters: they contain the core content 2. Activities: these are exercises covering part of a chapter 3. Skill Checks: these are exercises and knowledge checks covering an
entire chapter 4. Toolbox: these are forms, checklists, and samples that you may want to
use on the job following training 5. Slides: these are the slides you will show throughout the Course
Explain that
you will tell them where you are in the Participant Guide often, and
although the slides contain information from the Participant Guide, they are not identical or always labeled the same way because they have different purposes.
Resource Materials Explain that there are additional materials, such as sample forms, job descriptions or other documents which are available on the NAA Web site. There is also a master glossary of terms. To access these resources, they should go to www.naahq.org/education/CandidatesOnly, and log on using their NAA User ID and password to access these documents.
Logistics Tell participants the locations of the bathroom, kitchen, telephones, and
emergency exit.
Classroom rules
Explain rules about use of cell phones and/or pagers, breaks, smoking, and any other information you need to provide them.
Sign in form Pass around the sign in form and ask participants to complete it.
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Chapter 1: Introduction to Marketing Estimated time: 60 minutes
What we’ll cover
In this chapter, we will briefly discuss an introduction to marketing. As a CAM you will need to understand the basic concepts of marketing and how to apply them to ensure your business reaches its potential.
Encourage students to take notes in their text. The Classroom Materials will be a working document for them.
In addition, we will talk about some different situations and think about how marketing concepts will apply.
Overview of Introduction to Marketing
Let’s look at what we are going to cover in this chapter.
Participant Guide page 1-1 Show Slide # 4 – Introduction to Marketing
Module 5: Marketing Chapter 1 4
Introduction to Marketing
Role of Community Manager
Understanding your Market
Factors impacting apartment markets
Marketing Mix
Marketing Success Factors
List the topics that will be discussed in this chapter.
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Chapter 1: Introduction to Marketing, Continued
Definition of Marketing
Participant Guide page 1-2 Show Slide #5 – Marketing: Definition
Module 5: Marketing Chapter 1 5
Marketing: Definition
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.
Offer a definition of marketing as noted on the slide with background from the Participant Guide if needed.
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Chapter 1: Introduction to Marketing, Continued
Property Manager Responsibility
Participant Guide page 1-2
To be successful as a manager you need to understand the wants and needs of your residents. Marketing helps you to do this so you can realize the optimum value of your property.
Property owners and/or the management company are responsible for establishing the strategic direction for marketing the property.
Show Slide # 6 – Property Manager Responsibility
Module 5: Marketing Chapter 1 6
Community Manager Responsibility
Prepare and implement market plan
Price and analyze marketing and advertising materials
Identify present and future markets
Measure and monitor marketing efforts
Educate and involve onsite personnel in marketing efforts
Review the bullet items on the slide to ensure managers know what they are responsible for with regards to marketing.
In some cases the responsibilities will change depending on the company’s philosophies and its expectations from its employees.
Property Managers need to understand marketing’s impact on property operations.
Property Managers need to know the marketing direction and message.
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Chapter 1: Introduction to Marketing, Continued
Why Do Marketing?
Participant Guide page 1-2 Show Slide # 7 – Why Do Marketing?
Module 5: Marketing
Chapter 1 7
Why Do Marketing?
To realize optimum value of a property
To meet financial goals
To achieve and maintain occupancy levels
To understand resident wants and needs
Review the items on the slide.
What is your Market?
Participant Guide page 1-4
As a manager you need to know your market so you can create the right plans.
Show Slide #8 – What is Your Market?
Module 5: Marketing Chapter 1 8
What is Your Market?
All current and potential residents who want to live in the apartment
community and who are qualified to live there.
Offer a definition of a market as noted on the slide with background from the Participant Guide if needed.
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Chapter 1: Introduction to Marketing, Continued
Market Segmentation
Participant Guide page 1-4
To be successful at marketing you need to understand your target markets.
Show Slide #9 – Market Segmentation
Module 5: Marketing Chapter 1 9
Market Segmentation
Designed to reach a specific, smaller group, or target market, within the identified market
Classified according to characteristics such as:
Geography
Demographics
Lifestyle
Product benefits
Review the slide.
To engage the class in discussion if you want:
Ask the class how they have classified or set up target markets in the past for a particular marketing campaign or promotion
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Chapter 1: Introduction to Marketing, Continued
Benefits of Market Segmentation
Participant Guide page 1-4 Show Slide #10 – Market Segmentation: Benefits
Module 5: Marketing Chapter 1 10
Market Segmentation: Benefits
Allows for tailoring of marketing efforts
Provides insight into how to reach the customer through advertising and promotion
Allows companies to maximize resources while increasing likelihood of success
Review the slide to tell what the benefits of market segmentation are.
To engage the class in discussion if you want:
Ask participants to cite how a specific example they encountered using market segmentation provided a benefit.
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Chapter 1: Introduction to Marketing, Continued
Factors Impacting Apartment Markets Participant Guide pages 1-5 – 1-6.
Show Slide #11 - Factors Impacting Apartment Markets
Module 5: Marketing Chapter 1 11
Factors Impacting Apartment Markets
Location
Demographic characteristics
Unit size and layout
Price
Physical
Economic
Governmental
Social
Review all the items listed on the slide. Definitions can be found in the Participant Guide.
To engage the class in discussion if you want, discuss why each is a factor. Use the Participant Guide for support for each item.
Ask the class to share situations regarding the different factors. If no one has an example, offer one or all of the following: o Economic: A local manufacturing plant shut down, what would
that do to the apartment market in the area? o Physical: A bus route just started that stops right outside your
apartment complex and goes into the city. What would that do to the apartment market in your area?
o Location: A new school and shopping center just opened down the street. What would that do to the apartment market in your area?
o Demographic: The area of your apartment complex is in a nice area in the suburbs with no access to public transportation. Would you target college students?
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Chapter 1: Introduction to Marketing, Continued
Definition of Marketing Mix
Participant Guide page 1-7 Show Slide #12 – Marketing Mix: Definition
Module 5: Marketing
Chapter 1 12
Marketing Mix: Definition
Controllable variables the company blends to produce the
desired market response.
Review the slide to tell the definition of marketing mix, refer to the participant guide if necessary for further explanation.
5 P’s
Participant Guide page 1-7 Show Slide #13 – Marketing Mix: 5 Ps
Module 5: Marketing Chapter 1 13
Marketing Mix: 5 Ps
Product
Price
Promotion
Place
People
Review the slide to tell what the five P’s are. Mention that each one will be discussed in detail.
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Chapter 1: Introduction to Marketing, Continued
Product
Participant Guide page 1-8 Your product as a Property Manager is your apartments, apartment
community and the amenities offered. It is wise to understand your product from a customer’s
perspective and how customers evaluate them. Show Slide #14 - Product
Module 5: Marketing Chapter 1 14
Product
Product or services offered (apartments and community)
Brand identity and logo
Evaluated and marketed by:
Reliability
Quality
Features
Review the slide to tell about the Product piece of the marketing mix.
Optional: If time allows, you can engage the class in the following discussion:
If reliability is part of your product – how do to sell “reliability”? What does reputation have to do with that and how do you find out what your reputation is?
If you only have a limited time available for the 5 P discussion, you can limit the number of discussion questions posed to the class. The Product and People topics are the most valuable discussions to have if you have limited time.
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Chapter 1: Introduction to Marketing, Continued
Price
Participant Guide page 1-8 Show Slide #15 - Price
Module 5: Marketing Chapter 1 15
Price
Monthly rent
Fees
Deposits
Utility expenses
Premium charges
Price is influenced by: Location
Interior upgrades
Review the slide to tell about the Price piece of the marketing mix.
Optional: If time allows, you can engage the class in the following discussion:
What other factors influence your pricing? Answer: neighborhood business climate; third party surveys; move-out reasons; applicants who lease elsewhere; loss leaders for long-time vacant apartments; services included with rent, etc.
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Instructor’s Guide Marketing
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Chapter 1: Introduction to Marketing, Continued
Promotion
Participant Guide page 1-9 Use promotional elements to convince potential residents to
select your apartment over a competitor’s apartment. Show Slide #16 – Promotion
Module 5: Marketing Chapter 1 16
Promotion
Advertising
Public relations
Sales promotion
Relationship selling
Review the slide to tell about the Promotion piece of the marketing mix.
Optional: If time allows, you can engage the class in the following discussion:
Ask the class to give examples of low cost or no cost promotion for each of the 4 types listed on the slide.
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Chapter 1: Introduction to Marketing, Continued
Place
Participant Guide page 1-10 In some cases, Place and Product might be considered the same
thing when it comes to apartments and apartment communities. Know what features are important to your potential residents.
Show Slide #17 - Place
Module 5: Marketing Chapter 1 17
Place
Distribution channel or method for making your product available
Define and market your property’s:
Physical location
Relative location
Comparative location
Review the slide to tell about the Place piece of the marketing mix.
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Chapter 1: Introduction to Marketing, Continued
People
Participant Guide page 1-10 The people piece is those who are involved in the marketing
efforts, not the ones who are the target of the marketing. Show Slide #18 – People
Module 5: Marketing Chapter 1 18
People
On-site personnel
Management team
Contract workers
Marketing partners and vendors
Review the slide to tell about the People piece of the marketing mix.
Optional: If time allows, you can engage the class in the following discussion:
As a manager, what types of questions should you be answering as you evaluate each of these four types of people involved in your marketing. Answer: o Onsite personnel – skill level, enthusiasm, available
resources o Management team – endorsement and support, budgetary
allowances, incentive approvals o contract workers – onsite behavior, service attitude, energy,
appearance o Marketing partners – comply with marketing plan programs,
timeliness, accuracy
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Chapter 1: Introduction to Marketing, Continued
Marketing Success Factors
Participant Guide pages 1-11 – 1-12 Show Slide #19 – Marketing Success Factors
Module 5: Marketing Chapter 1 19
Marketing Success Factors
Visionary
Goal oriented
Customer-focused
Team oriented
Communicated effectively
Consistent
Repetitive
Adaptable to change
Monitored and regularly evaluated
Review the slide to tell about the factors that will make marketing successful.
Discussion Having students use the Participant Guide, ask them to share an example of why a marketing campaign failed. What success factors did they not have or use? Ask them to think of what could have been done differently.
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Skill Check #1
What this skill check covers
Show Slide #20 – Skill Check #1
Module 5: Marketing Chapter 1 20
Skill Check #1
Chapter 1 – Introduction to Marketing
This skill check covers Chapter 1- Introduction to Marketing.
Setup Explain to participants that they will now complete the first skill check for this
Chapter. They will work individually to complete the skill check, and once complete (or time runs out) you will provide the answers which they can use to score themselves and use as a study guide for the exam on this Chapter. This skill check can be completed using their Marketing Participant Guide to look up the answers. Tell them not to feel the need to write whole sentences. Just notes to remind them of what the law covers or how to comply is fine.
Refer to Skill Check #1 in the Skill Checks tab of the Participant Guide. Explain that they have 15 minutes to complete the skill check.
Working time Allow participants 15 minutes to work. As they work, walk around the room
offering help where needed. When the time is up, ask participants to stop. It is OK if some participants did not finish.
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Chapter 1: Introduction to Marketing, Continued
Debrief
Distribute Skill Check #1 Answer Keys to participants. Discuss answers.
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Chapter 2: Conducting Market Analysis Estimated time: 60 minutes
What we’ll cover
In this chapter, we will briefly discuss what kinds of market analyses there are and how to do them. As a CAM you will need to understand how the different types of analyses contribute to the larger marketing plan and how that is important to the success of your business.
Show slide # 21
Encourage students to take notes in their text. The Participant Guide is a working document for them.
In addition, we will talk about some different situations and think about which types of market analyses are important in each case.
Overview of Conducting Market Analysis
Let’s look at what we are going to cover in this chapter.
Participant Guide page 2-1 Show Slide # 22 – Conducting Market Analysis
List the topics that will be discussed in this chapter. You may want to highlight some of the subtopics in each category.
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Chapter 2: Conducting Market Analysis, Continued
Definition of Market Analysis
Participant Guide page 2-2 As a CAM you will be responsible for doing market analysis for
your apartment community. In some instances, owners may hire outside firms to do such
analyses especially when determining product feasibility for new construction.
Show Slide #23 – Market Analysis: Definition
Module 5: Marketing Chapter 2 22
Market Analysis: Definition
A formal approach to collection, analysis, interpretation and reporting of information for making rational marketing decisions
An ongoing process to understand customers, competitors and the industry
Offer a definition of market analysis as noted on the slide with background from the Participant Guide if needed.
It is important for you to form a team to which you can delegate certain market research and analysis tasks. This will help provide a wide perspective.
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Chapter 2: Conducting Market Analysis, Continued
When to do Market Analysis
Participant Guide page 2-2
Conduct market analysis in reaction to a soft market, or at a specific point in time.
Show Slide # 24 – When to do Market Analysis
Review the bullet items on the slide which identify when there are soft market conditions.
Market analysis is also done at the time of budget preparation.
Optional: If time allows, you can engage the class in the following discussion:
On the slide are just some ideas, ask the class why else they might be asked to do an in-depth analysis of their market. Tip: the next two screens give the benefits of analysis which may trigger some additional discussion about when to do a study.
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Chapter 2: Conducting Market Analysis, Continued
Benefits of Market Analysis
Participant Guide page 2-3 Show Slides #25 and #26 – Benefits of Market Analysis
Review the items on the slides.
Discussion
Ask if anyone can share an example of how a market analysis yielded a benefit for the apartment company.
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Chapter 2: Conducting Market Analysis, Continued
What is your Market?
As a manager you need to know the three elements of a market analysis and how each can help you.
Show Slide #27 – 3 Elements of a Market Analysis
Review the slide listing the three elements. Mention that we will discuss each in more detail.
Definition: Regional analysis
Participant Guide page 2-4 In a regional analysis, the economic and demographic characteristics are outlined for the region which is typically the metropolitan area where the property is located. The characteristics include:
age
household and per capita income levels
education
household size
occupations, and
population growth (or loss) trends.
Continued on next page
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Chapter 2: Conducting Market Analysis, Continued
Elements of a Regional Analysis
Participant Guide page 2-4 Show Slide #28 – Elements of a Regional Analysis
Some other elements of a regional analysis include:
Review the items on the slide.
To engage the class if time allows, you can ask one or more of the following:
What economic factors do you think impact the region where an apartment is located? Why? o Employers o Business climate o Types of business o Employment opportunities
What are some of the recreational/entertainment venues that impact your apartment community? Why? o Parks o Zoos o Museums o Sports venues o Theater/movies
Continued on next page
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Chapter 2: Conducting Market Analysis, Continued
Elements of a Regional Analysis, (continued)
What do you think is meant by government structure? How can this impact an apartment community market? o Government structure o Growth policies o Regulatory environment o Tax policies
Elements of a Neighborhood Analysis
Participant Guide page 2-5 – 2-6 A neighborhood analysis has many of the same elements as a
regional one, but on a smaller more specific scale. As with any analysis, it is important to consider both the positive
and negative aspects so that both can be addressed when creating a marketing plan.
Show Slide #29 – Elements of a Neighborhood Analysis
Module 5: Marketing Chapter 2 28
Elements of a Neighborhood Analysis
Boundary definition
Population characteristics and trends
Economic conditions
Property types
Amenity and educational opportunities
Crime activity
Others…
Review the slide to list the elements of a neighborhood analysis. Discuss each item as you review it providing a brief description of each.
Continued on next page
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© 2014 National Apartment Association 36
Chapter 2: Conducting Market Analysis, Continued
Elements of a Neighborhood Analysis, (continued)
To engage the class if time allows, you can ask the following: Ask the class what other elements they might want to look at for a
neighborhood perspective. Some items might be: o Proximity and accessibility to public transportation o Educational institutions o Shopping o Employment o Culture/entertainment centers o Social services o Public safety providers
Property and Location Analysis
Participant Guide page 2-7 Property and location analysis contains information about the
positive and negative aspects on a property’s amenities and location and how they affect rentals.
Show Slide #30 – Property and Location Analysis
Read the slide.
Continued on next page
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© 2014 National Apartment Association 37
Chapter 2: Conducting Market Analysis, Continued
How to do a Property and Location Analysis Participant Guide page 2-8
Show Slide #31 – How to do a Property and Location Analysis
As you review each step discuss specifics that would be found at each step.
To engage the class if time allows, you can:
Ask the class to give specific examples on items found in each step, or ask someone to share their experience doing a property and location analysis and the results of it. Use the step/action table on page 2-8 of the Participant Guide for examples.
Continued on next page
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© 2014 National Apartment Association 38
Chapter 2: Conducting Market Analysis, Continued
Resident Population Analysis
Participant Guide page 2-9 Show Slides #32 and #33 – Resident Population Analysis
Review the slides to tell what a resident population analysis contains and why you would do one.
Continued on next page
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Instructor’s Guide Marketing
© 2014 National Apartment Association 39
Chapter 2: Conducting Market Analysis, Continued
How to do a Resident Population Analysis Participant Guide page 2-10
Target market is an important concept to understand and is the
greatest challenge to developing a marketing plan. Show Slide #34 – How to do a Resident Population Analysis
Review the steps on the slide to tell about how to do a resident population analysis.
To engage the class if time allows, you can:
Ask the class to give specific examples on items found in each step, or ask someone to share their experience doing a resident population analysis and the results of it. Use the step/action table on page 2-10 of the Participant Guide for examples.
Continued on next page
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Instructor’s Guide Marketing
© 2014 National Apartment Association 40
Chapter 2: Conducting Market Analysis, Continued
Competitor Analysis
Participant Guide page 2-11 Show Slides #35 and #36
Review the slide to tell what is included in a competitor analysis and what it gives you.
Review the slide to show how a competitor’s analysis can help you.
Continued on next page
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© 2014 National Apartment Association 41
Chapter 2: Conducting Market Analysis, Continued
How to do a Competitor Analysis
Participant Guide page 2-12 Analyzing competitors helps you maintain a competitive edge.
Participant Guide page Toolbox-18
Many people use a grid structure or matrix to compare competitor features along side each other. A sample is in the Toolbox.
Show Slide #37 – How to do a Competitor Analysis
Review the slide to tell how to do a competitor’s analysis.
To engage the class if time allows, you can:
Ask the class to give specific examples on items found in each step, or ask someone to share their experience doing a competitor analysis and the results of it. Use the step/action table on page 2-12 of the Participant Guide for examples.
Continued on next page
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© 2014 National Apartment Association 42
Chapter 2: Conducting Market Analysis, Continued
Market Analysis Plan
Participant Guide page 2-13 Show Slide #38 – Market Analysis Plan
Review the slide to describe what a market analysis plan is and what it contains.
Continued on next page
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Instructor’s Guide Marketing
© 2014 National Apartment Association 43
Chapter 2: Conducting Market Analysis, Continued
Activity #1: Market Analysis
This is the first activity for marketing. Show Slide #39 – Activity #1
Module 5: Marketing Chapter 2 38
Activity #1
Market Analysis
Divide the class into three groups.
Refer participants to Activity #1 in the Activities tab.
Assign each group a case study/property.
Give them 10 minutes to read the case study and answer the questions.
Come back together as a group and ask each team to report out on their particular case study.
If the class is small, pick one study and work together as a class using the whiteboard or flip chart paper.
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© 2014 National Apartment Association 44
Skill Check #2
What this skill check covers
Show Slide #40 – Skill Check #2
This skill check covers Chapter 2- Conducting Market Analysis.
Setup Explain to participants that they will now complete the second skill check for
this Chapter. They will work individually to complete the skill check, and once complete (or time runs out) you will provide the answers which they can use to score themselves and use as a study guide for the exam on this Chapter. This skill check can be completed using their Marketing Participant Guide to look up the answers. Tell them not to feel the need to write whole sentences. Just notes to remind them of what the law covers or how to comply is fine.
Refer to Skill Check #2 in the Skill Checks tab of the Participant Guide. Explain that they have 15 minutes to complete the skill check.
Working time Allow participants 15 minutes to work. As they work, walk around the room
offering help where needed. When the time is up, ask participants to stop. It is OK if some participants did not finish.
Continued on next page
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Instructor’s Guide Marketing
© 2014 National Apartment Association 45
Skill Check #2, Continued
Debrief
Distribute Skill Check #2 Answer Keys to participants. Discuss answers.
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Instructor’s Guide Marketing
© 2014 National Apartment Association 46
Chapter 3: Marketing Plan Estimated time: 120 minutes
What we’ll cover
In this chapter, we will briefly discuss the marketing plan, what it is, its purpose and the components of it. As a CAM you will need to know how to create and use a market plan.
Show Slide # 41
Encourage students to take notes in their text. The Participant Guide is a working document for them.
In addition, we do some market plan analysis.
Overview of the Marketing Plan
Let’s look at what we are going to cover in this chapter.
Participant Guide page 3-1 Show Slide #42 – Marketing Plan
List the topics that will be discussed in this chapter. You may want to highlight some of the subtopics in each category.
Continued on next page
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© 2014 National Apartment Association 47
Chapter 3: Marketing Plan, Continued
Definition of Marketing Plan
Participant Guide page 3-2 As a CAM you will be responsible for creating a marketing plan. The marketing plan is a component of your owner’s business plan
and budget. It supports both and is closely linked to the company’s business and investment objectives.
Show Slide #43 – Marketing Plan: Definition
Offer a definition of marketing plan as noted on the slide with background from the Participant Guide if needed.
A plan tries to avoid knee jerk reactions
Continued on next page
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© 2014 National Apartment Association 48
Chapter 3: Marketing Plan, Continued
Purpose of the Marketing Plan
Participant Guide page 3-2 Show Slide #44 – Marketing Plan: Purpose
Review the bullet items on the slide which identify the purpose of creating a marketing plan.
Continued on next page
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© 2014 National Apartment Association 49
Chapter 3: Marketing Plan, Continued
Benefits of the Marketing Plan
Participant Guide page 3-2 Show Slide #45 – Benefits of Marketing Plan
Review the items on the slides.
To engage the class if time allows, you can:
Discuss what can happen when you react without research on 1) rents; 2) traffic source; 3) move-outs; 4) incentives and 5) unit upgrades. Potential answers: o Rents too high o Use a concession program without needing to o May tap into source that doesn’t work for you anyway
Continued on next page
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Chapter 3: Marketing Plan, Continued Components of the Marketing Plan
Participant Guide page 3-3
Write your marketing plan with specific results in mind such as increasing rentals, longer leases or making improvements.
Plans are written based on market analysis. Review and update plans at least once a quarter to reflect market
conditions. Show Slide #46 – Components of a Plan
Review the slide listing the components of a marketing plan.
To engage the class if time allows, you can: Ask what they were doing successfully in their market last year that
doesn’t or wouldn’t work this year – or be as effective.
Continued on next page
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© 2014 National Apartment Association 51
Chapter 3: Marketing Plan, Continued
Marketing Plan Manager Responsibilities
Participant Guide page 3-4 Show Slide #47 – Developing a Marketing Plan: Manager Responsibilities
Review the items on the slide.
Continued on next page
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© 2014 National Apartment Association 52
Chapter 3: Marketing Plan, Continued
Marketing Plan Manager Responsibilities (continued)
To engage the class, you can ask one or more of the following:
What reports are important to support the plan’s targets and measure results? o Historical data move ins/move outs, traffic, gross sales net
sales, closing ratios, prior year occupancy levels o Current availability o Vacancy levels o Leasing performance
Continued on next page
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© 2014 National Apartment Association 53
Chapter 3: Marketing Plan, Continued
Community Image
Participant Guide page 3-7 The property, its staff, physical features, and organization must be
ready for a marketing plan. Show Slide #48 – Community Image
Read the slide.
To engage the class if time allows, you can: Ask how can the community image be reflected by the five senses
– review ideas for all five senses?
Continued on next page
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© 2014 National Apartment Association 54
Chapter 3: Marketing Plan, Continued
Factors Impacting Impression
Participant Guide page 3-7 Show Slide #49 – Factors Impacting Impression
Review the bullets on the slide.
Continued on next page
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Instructor’s Guide Marketing
© 2014 National Apartment Association 55
Chapter 3: Marketing Plan, Continued
How to Obtain/Maintain a Positive Image
Participant Guide page 3-8 – 3-15 Show Slides #50 and #51 – How to Attain/Maintain Positive Image
Review the slides to tell what things you can do to obtain or maintain a positive image.
To engage the class, you can ask one or more of the following (answers are in Participant Guide):
Ask the class what they do in a typical team meeting. How often do they have them? Then ask how they would conduct the staff meeting when they were presenting a new marketing initiative on site. What specifically would they cover with each of the following: o Leasing personnel o Management personnel o Maintenance personnel o Make-ready personnel o Housekeeping and groundskeeping
Continued on next page
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Chapter 3: Marketing Plan, Continued
Factors Impacting Impression, (continued)
How do you engage your staff and promote positive attitudes? What do you do to maintain your Web site? What types of things do
you have on it? What have you done to offer curb appeal? What things should you consider when thinking about signage? What should you do to maintain grounds/common areas? What is in your information center/model apartment? Ask the class how they ensure that their apartment community
reflects their company slogan/vision/mission. The focus here is to get them to ask “are we who we say we are?” Examples from multifamily companies: o America Comes Home to __________ AIMCO o Leading the Way Home: ARCHON o Making Life Easy: EQUITY o Taking Care of the Way People Live: GABLES o Good People, Great Communities: SOUTHERN o "Building Quality for Our Customer": JPI o Feels Just Like Home: UDRT o Building Better Communities: CED/Concord o We care Where you Live: WALDEN
Continued on next page
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© 2014 National Apartment Association 57
Chapter 3: Marketing Plan, Continued
Writing the Plan
Participant Guide page 3-16 Research each of the five P’s then carefully frame conclusions and
recommendations based on your findings. These are the basis for action items and goals
Show Slide #52 – Writing the Plan
Review the items on the slide.
Continued on next page
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© 2014 National Apartment Association 58
Chapter 3: Marketing Plan, Continued
Definition of SWOT
Participant Guide page 3-21 Show Slide #53 – SWOT: Definition
Review the slide to tell what SWOT stands for.
SWOT is a common market research tool that identifies and defines the problems and opportunities that exist for enhancing your marketing efforts.
Continued on next page
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© 2014 National Apartment Association 59
Chapter 3: Marketing Plan, Continued
Benefits of SWOT
Participant Guide page 3-21 Show Slide #54 – SWOT: Benefits
Review the slide to tell the benefits of a SWOT analysis.
Continued on next page
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© 2014 National Apartment Association 60
Chapter 3: Marketing Plan, Continued
Activity #2: SWOT Analysis
Participant Guide page 3-22 Show Slide #55 – Activity #2: SWOT Analysis
Refer participants to Activity #2 in the Activities tab. Ask each student to pick a particular problem with their apartment property that they can do a SWOT analysis on. If students have difficulty picking one, you can offer:
Pricing Structure
Common Amenities Sample questions are on the slide and in the Participant Guide. Alternative: As a class, pick one problem area and complete a SWOT on flip chart or white board.
Continued on next page
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© 2014 National Apartment Association 61
Chapter 3: Marketing Plan, Continued
Marketing Objectives
Participant Guide page 3-24 Show Slide #56 – Marketing Objectives
Review the slide.
To engage the class if time allows, you can: Ask the class to give you good examples of marketing
objectives? (Use page 3-24 for examples if the class cannot come up with one.) Discuss why each objective is good and what criteria it meets?
Continued on next page
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Chapter 3: Marketing Plan, Continued
Marketing Strategy
Participant Guide page 3-24 Show Slide #57 – Marketing Strategy
Read the slide.
To engage the class if time allows, you can: Ask the class if they have any examples of marketing strategies?
What steps would you take to get there?
Continued on next page
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© 2014 National Apartment Association 63
Chapter 3: Marketing Plan, Continued
Marketing Plan Budget
Participant Guide page 3-26 Show Slide #58 – Marketing Plan Budget
Review the slide.
To engage the class if time allows, you can ask one or more of the following questions: What are sources of expense information? (page 3-26) What are expense categories? (page 3-26) Using expense categories listed above, discuss how a national
owner, who has a short-term business focus, would apply a marketing strategy differently than a regional owner who has a long-term focus and potential family inheritance focus, with regards to: o Model Apartments o Community outreach o Payroll and bonuses
Continued on next page
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© 2014 National Apartment Association 64
Chapter 3: Marketing Plan, Continued
Measuring Success
Participant Guide page 3-28 Your plan must clearly identify how your progress will be
measured. Show Slide #59 – Measuring Success
To engage the class if time allows, you can use one or more of the following questions:
What tools can you use to measure success? (page 3-28) If your goal was to increase occupancy, what would you track?
(page 3-38) Ask the class if they have other examples of measuring success. Ask students to share how they maintain their plans and
measure success?
Continued on next page
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© 2014 National Apartment Association 65
Chapter 3: Marketing Plan, Continued
Use and Evaluation
Participant Guide page 3-30 Marketing must increase traffic and rentals to offset marketing
expenditures
Costs must be tied to results Show Slide #60 – Use and Evaluation
Review the slide.
Continued on next page
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© 2014 National Apartment Association 66
Chapter 3: Marketing Plan, Continued
Activity #3: Marketing Plan Budget
Show Slide #61 – Activity #3
Break the class into smaller teams or do as a class if the class is small.
Ask each group to list the elements that make up a marketing budget.
List cost categories that need to be covered (some are given on page 3-27).
Then rank them from most important to least important. Use the average budget figures for marketing, given at the bottom of the page.
Debrief each group’s answers.
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© 2014 National Apartment Association 67
Skill Check #3
What this skill check covers
Show Slide #62 – Skill Check #3
This skill check covers Chapter 3- The Marketing Plan.
Setup Explain to participants that they will now complete the third skill check for this
Chapter. They will work individually to complete the skill check, and once complete (or time runs out) you will provide the answers which they can use to score themselves and use as a study guide for the exam on this Chapter. This skill check can be completed using their Marketing Participant Guide to look up the answers. Tell them not to feel the need to write whole sentences. Just notes to remind them of what the law covers or how to comply is fine.
Refer to Skill Check #3 in the Skill Checks tab of the Participant Guide. Explain that they have 15 minutes to complete the skill check.
Working time Allow participants 15 minutes to work. As they work, walk around the room
offering help where needed. When the time is up, ask participants to stop. It is OK if some participants did not finish.
Continued on next page
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© 2014 National Apartment Association 68
Skill Check #3, Continued
Debrief
Distribute Skill Check #3 Answer Keys to participants. Discuss answers.
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© 2014 National Apartment Association 69
Chapter 4: Fair Housing in Marketing and Advertising Estimated time: 45 minutes
What we’ll cover
In this chapter, we will briefly discuss the how the Fair Housing Act applies to marketing and advertising. As a CAM you will need to know how to create marketing and advertising that complies with the Fair Housing Act.
Show Slide #63
Encourage students to take notes in their text. The Participant Guide is a working document for them.
In addition, we critique some advertisements.
Overview of Fair Housing in Marketing and Advertising
Let’s look at what we are going to cover in this chapter.
Participant Guide page 4-1 Show Slide #64 - Fair Housing in Marketing and Advertising
List the topics that will be discussed in this chapter.
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© 2014 National Apartment Association 70
Chapter 4: Fair Housing in Marketing and Advertising, Continued
Developing your marketing plan to avoid fair housing problems
Participant Guide page 4-2 Show Slide #65 – Developing your marketing plan to avoid fair housing problems
Definition of Fair Housing
Show Slide #66 – FHA and Advertising
Review the Fair Housing Act.
Contact your local HUD or your state fair housing office for in-formation, collateral or materials available addressing marketing for both residents and landlords. They may have documentation that explains the tenant’s rights and landlord’s duties.
As always, state, county and municipal restrictions may expand the classes so protected.
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Chapter 4: Fair Housing in Marketing and Advertising, Continued
Considera-tions in the marketing mix
Participant Guide page 4-3 Show Slide #67 – Considerations in the Marketing Mix
Using a flip chart page for each P, discuss as a class how to make
each free of fair housing violations. Use Participant Guide to get you started if need be.
Write answers on the flip chart.
Variation: If the class is large, divide into 5 groups and assign each group a different P to determine how to keep it free from fair housing violations. Review what each group did as a class.
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Chapter 4: Fair Housing in Marketing and Advertising, Continued HUD Regulations (Affirmative Marketing) Participant Guide page 4-4
The Fair Housing Act expects both “for sale” and “for rent” housing to be marketed affirmatively. This means reaching out to those persons who would not otherwise know about your housing opportunities.
Show Slide #68 – Affirmative marketing
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© 2014 National Apartment Association 73
Chapter 4: Fair Housing in Marketing and Advertising, Continued Fair Housing checklist
Participant Guide page 4-4 Stress the importance of using broad and inclusive data versus trying to narrow the research.
In your marketing plan, avoid statements such as “increase product awareness by 5% among young singles market”
Show Slide #69 – Fair Housing checklist
Review the slide listing the concerns to be addressed in the marketing plan.
Fair Housing checklist (continued)
To engage the class if time allows, you can:
For the following marketing tools, identify which ones have more defined or narrow distributions and which ones send specific imaging:
o Direct mail o Newspaper o Apartment Guides o Brochures o Radio/TV o Internet o Local merchants o Signage and billboards
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Instructor’s Guide Marketing
© 2014 National Apartment Association 74
Chapter 4: Fair Housing in Marketing and Advertising, Continued
Measuring success
Participant Guide page 4-4
Always analyze results of a marketing plan or advertising initiative in terms of impact for protected classes.
Make sure to ask the questions listed on the slide. Show Slide #70 – Measuring Success
Review the items on the slide.
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© 2014 National Apartment Association 75
Chapter 4: Fair Housing in Marketing and Advertising, Continued
Tips on Fair Housing in Marketing
Participant Guide page 4-5
Show Slide #71 and #72 – Tips on Fair Housing Marketing
Review the items on the slide.
To engage the class, if time allows, you can: Ask them to share examples/situations of how they applied Fair
Housing to their marketing efforts.
Ask them to share a situation where they did not apply Fair Housing and what they would do differently next time.
Ask them to share any relevant examples of Fair Housing complaints alleging discrimination regarding marketing or advertising.
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Chapter 4: Fair Housing in Marketing and Advertising, Continued
Warn students about placing any photos of residents on Facebook or other social networks as an advertising tool. The photos MUST be diverse and you MUST have written permission from the pictured residents that allows you to place their photos on-line. Also use extreme caution in your wording, which should be reviewed first by a supervisor.
Tips on Internet marketing
Participant Guide page 4-6 Show Slide #73 – Tips on Internet Marketing
Discuss use of the Internet as a marketing medium. Note that it is very easy for advocacy groups to monitor online advertising for discriminatory ads.
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Chapter 4: Fair Housing in Marketing and Advertising, Continued Rent Specials and Concessions
Participant Guide page 4-7 When running a rent special or offering concessions such as “First
Month Free”, you run the risk for a discrimination claim if the special or concession is not applied consistently by onsite personnel.
Stress that the staff needs to be consistent in how they apply these programs in order to avoid a fair housing complaint.
Show Slide #74 – Rent Specials and Concessions
Read the slide to show how to keep specials and concessions non-discriminatory.
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© 2014 National Apartment Association 78
Chapter 4: Fair Housing in Marketing and Advertising, Continued
Symbolism in the Rental Office
Participant Guide page 4-8 Show Slide #75 – Avoiding Symbolism in the Rental Office.
Tips on Fair Housing in Advertising
Participant Guide page 4-9 Show Slide #76 – Tips on Fair Housing in Advertising
Review the bullets on the slide.
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Chapter 4: Fair Housing in Marketing and Advertising, Continued
Phrases to Avoid
Participant Guide page 4-10 Show Slide #77 – Phrases to Avoid
Review the table in the participant guide and explain why these and similar phrases can be discriminatory. Point out that standard real estate terms are acceptable to use in advertising, such as family room, master bedroom, walk-in closet, jogging trails, etc.
Optional:
Ask participants if any of them have seen any other phrases used in advertisements for apartments that they felt were questionable. You may also provide additional examples of your own.
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© 2014 National Apartment Association 80
Chapter 4: Fair Housing in Marketing and Advertising, Continued
References to Avoid
Participant Guide page 4-11 Discuss the references to categories to avoid in advertising. Point out that these are directly related to the protected classes, so you wouldn’t want to specifically either seek out or exclude any of these groups. Show Slide #78 – References to Avoid
Review the items on the slide. What other references would not be acceptable?
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Chapter 4: Fair Housing in Marketing and Advertising, Continued
Using Human Models in Advertising
Participant Guide page 4-12 Show Slide #79 – Using Human Models
Review the slide. Discuss that when using humans in advertising, you need to reflect those who represent the overall general population in the area, not just those people who live in the specific apartment community or the immediate surrounding neighborhood. Also point out that even if they use clip art, if the people or symbols displayed can be identified as from a protected class, it can still be discriminatory. For example if you have clip art using people in sombreros (national origin) or only couples with no children, you could still have a problem.
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Chapter 4: Fair Housing in Marketing and Advertising, Continued
Continued on next page
Liability in Advertising
Participant Guide page 4-13 Show Slide #80 – Liability in for Discrimination
Discuss the ways that discriminatory advertising can come to the attention of enforcing agencies.
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Chapter 4: Fair Housing in Marketing and Advertising, Continued
Staff Training
Participant Guide page 4-13 Show Slide #81 – Staff Training
Discuss the importance of thorough staff training in the success of your marketing program.
Advertising channels
Ask participants to raise their hands and tell you some of the ways that they advertise their apartments at the community where they work. Choose a few of them to provide you with answers.
Flipchart their responses.
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Chapter 4: Fair Housing in Marketing and Advertising
What this skill check covers
Show Slide #82 – Skill Check #4
This skill check covers Chapter 4- Fair Housing in Marketing and Advertising.
Setup Explain to participants that they will now complete the fourth skill check for
this Chapter. They will work individually to complete the skill check, and once complete (or time runs out) you will provide the answers which they can use to score themselves and use as a study guide for the exam on this Chapter. This skill check can be completed using their Marketing Participant Guide to look up the answers. Tell them not to feel the need to write whole sentences. Just notes to remind them of what the law covers or how to comply is fine.
Refer to Skill Check #4 in the Skill Checks tab of the Participant Guide. Explain that they have 15 minutes to complete the skill check.
Working time Allow participants 15 minutes to work. As they work, walk around the room
offering help where needed. When the time is up, ask participants to stop. It is OK if some participants did not finish.
Debrief
Distribute Skill Check #4 Answer Keys to participants. Discuss answers.
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Chapter 5: Promotional Marketing Estimated time: 120 minutes
What we’ll cover
In this chapter, we will briefly discuss promotional marketing, what it is, its purpose and the components of it. As a CAM you will need to know how to do promotional marketing correctly.
Encourage students to take notes in their text. The Participant Guide is a working document for them. Show Slide #83 – Chapter 5
In addition, we will consider some promotional activities.
Optional: As an instructor, you might want to bring examples of the following advertising sources to class to stimulate class discussion.
o Apartment publications o Online Web site home pages o ILS listings o Newspapers o Direct mailers o Brochures o Radio/TV scripts o E-mail/general bulletin boards o Outreach mail or programs o Transit ads o Billboard pictures
Continued on next page
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Chapter 5: Promotional Marketing, Continued
Overview of Promotional Marketing
Let’s look at what we are going to cover in this chapter.
Participant Guide page 5-1 Show Slide #84 – Promotional Marketing: Definition
Offer a definition of promotional marketing as noted on the slide with background from the Participant Guide if needed.
Continued on next page
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Chapter 5: Promotional Marketing, Continued
Definition of Promotional Marketing
Participant Guide page 5-2 As a CAM you will be responsible for doing promotional marketing.
Show Slide #85 – Promotional Marketing Topics
List the topics that will be discussed in this chapter. You may want to highlight some of the subtopics in each category.
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Chapter 5: Promotional Marketing, Continued
Objectives of Promotional Marketing
Participant Guide page 5-2
You will first need to determine the purpose and then allocate funds. In determining purpose, make sure you reflect the four objectives.
Show Slide #86 – Promotion Objectives: AIDA
Module 5: Marketing
Chapter 5 86
Promotion Objectives:AIDA
Attention: awareness
Interest: knowledge/information
Desire: liking/preference
Action: conviction/purchase
Review the items on the slides.
Optional: To engage the class if time allows, you can:
Use any samples you have brought to class, to show AIDA. o Newspaper o Apartment guides o Classified Ads
Ask if any students have examples to share.
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Chapter 5: Promotional Marketing, Continued
Types of Promotion
Participant Guide page 5-2 Show Slide #87 - Promotion Types
Review the bullet items on the slide which identify the four types of promotion. Mention that each will be discussed in detail starting first with Advertising.
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Chapter 5: Promotional Marketing, Continued
Definition of Advertising
Participant Guide page 5-3 Show Slide #88 – Advertising: Definition
Review the slide stating the definition of advertising.
Purpose of Advertising
Participant Guide page 5-3 Show Slide #89 – Purpose of Advertising
Review the items on the slide.
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Chapter 5: Promotional Marketing, Continued
Goals of Advertising
Participant Guide page 5-3
Show Slide #90 – Goals of Advertising
Review the items on the slide.
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Chapter 5: Promotional Marketing, Continued
Advertising Strategies
Participant Guide page 5-6 Show Slide #91 and #92 – Advertising Strategies
Review the bullets on the slide.
Keep in mind that the best advertising does not cover up a problem.
Focus on the positive. Work to address any problems or negatives within your control.
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Chapter 5: Promotional Marketing, Continued
Activity #4: Advertising Strategy
Participant Guide page 5-6 Show Slide #93 – Activity #4
Review the items on the slide before introducing the activity below.
Refer participants to Activity #4 in the Activities tab.
Divide participants into three groups and assign a strategy to each.
Give the participants 15 minutes to explore each advertising strategies, explaining how they would be implemented and tested.
Have them answer the questions associated with each strategy.
Come back together as a class and discuss.
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Chapter 5: Promotional Marketing, Continued
Marketing Tools and Advertising Media Participant Guide page 5-7 – 5-18
There are many tools and media to use for marketing and
advertising. Consider advantages and disadvantages of each to achieve a
blended approach to marketing. Show Slides #94 and #95 – Marketing Tools and Advertising Media
Review the items on the slides discussing advantages and disadvantages of each.
Share samples.
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Chapter 5: Promotional Marketing, Continued
Media Selection
Participant Guide page 5-19 Selecting the right tool for an advertising campaign depends on
your advertising objective. Show Slide #96 – Media Selection
Review the items on the slide.
Optional: If time allows, you can lead a discussion on where you would consider placing advertising in one or more of the following situations:
Inner city, older, main thoroughfare, residential surrounding
High-rise, upscale, urban warehouse renovation
Rural town homes, outlying area, nearest shopping 5 miles, remote
Suburban garden, intensely competitive neighborhood of like product
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Chapter 5: Promotional Marketing, Continued
Definition of Advertising Campaign
Participant Guide page 5-20 Show Slide #97 – Advertising Campaign: Definition
Review the slide to tell the definition of advertising campaign.
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Chapter 5: Promotional Marketing, Continued
Advertising Campaign Development Process Participant Guide page 5-20
Show Slide #98 – Advertising Campaign Development Process
Review the slide to show the steps used in creating an advertising campaign.
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Chapter 5: Promotional Marketing, Continued
Advertising Message and Theme
Participant Guide page 5-22 Show Slide #99 – Advertising Campaign: Message and Theme
Review the Slide.
Ask the class to provide examples of campaign themes they have
used.
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Chapter 5: Promotional Marketing, Continued
Definition of Public Relations
Participant Guide page 5-24 Remind the class of the four types of promotion:
o Advertising o Public relations o Sales promotion o Relationship Selling
We are now discussing Public Relations. Show Slide #100 – Public Relations: Definition
Review the definition on the slide.
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Chapter 5: Promotional Marketing, Continued
Public Relations Activities
Participant Guide page 5-24 Show Slide #101 – Public Relations Activities
Review the slide.
To engage the class if time allows, you can: Ask the class to give you examples of each of the different types
of public relation activities they have done or seen. You can discuss their effectiveness and what went right, and what should have been changed.
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Chapter 5: Promotional Marketing, Continued
Public Relations Activities, (continued)
If examples are lacking: you can use the following: o Brand new, upscale apartment, 40 units confirmed with mold
and mildew following winter rains. The cause was multiple roof defects. The local news caught the story on Day 1 and it was all over the news as bad press for the apartment complex. What would you do in this situation?
Answers are: o Day 2:
Decision to relocate all residents, giving allowance and assistance Communication team comes in and sets up Letter sent to residents informing of situation Extra office staff, extra hours
o Following Days Continued communication with residents Researched mold issues Available to news teams for follow up stories Residents meet among themselves Press changes tone to sympathetic and informational instead of
accusatory. Apartment seen as victim, not problem Moving weekends provided sandwiches and traffic police
o Lessons Learned Fast decision making process Best defense is a good offense (communication) Residents talk to each other The truth works
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Chapter 5: Promotional Marketing, Continued
Definition of Sales Promotions
Participant Guide page 5-25 Remind the class of the four types of promotion:
o Advertising o Public relations o Sales promotion o Relationship Selling
We are now discussing Sales Promotion. Show Slide #102 – Sales Promotions: Definition
Read the slide giving the definition of sales promotion.
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Chapter 5: Promotional Marketing, Continued
Sales Promotions Techniques
Participant Guide page 5-25 Show Slide #103 – Sales Promotions Techniques
Review the slide to show what sales promotion techniques are used for and what they encompass.
To engage the class if time allows, you can ask the one or more of the following questions: As the instructor, you can discuss the sales promotions in your
local market bringing advertising, surveys or other materials that depict the current market situation.
What is the status of sales promotions in your local market today? o Incentives o Concessions o Sales promotions
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Chapter 5: Promotional Marketing, Continued
Internal Marketing
Participant Guide page 5-26 Marketing efforts will be wasted if the staff is not of high-quality.
Ensure you hire high quality professionals. Encourage employee praise of each other.
Show Slide #104 – Internal Marketing
To engage the class if time allows, you can use one or more of the following questions:
How do you do internal marketing for employees? What has worked for you? What has not?
How do you do internal marketing for residents? What has worked for you? What has not?
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Chapter 5: Promotional Marketing, Continued
Definition of Relationship Selling
Participant Guide page 5-28 Remind the class of the four types of promotion:
o Advertising o Public relations o Sales promotion o Relationship Selling
We are now discussing Relationship Selling. Show Slide #105 – Relationship Selling: Definition
Review the slide.
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Chapter 5: Promotional Marketing, Continued
Purpose of Relationship Selling
Participant Guide page 5-28 Show Slide #106 – Relationship Selling: Purpose
Review the slide stating the purpose of relationship selling.
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Chapter 5: Promotional Marketing, Continued
Successful Sales Personnel
Participant Guide page 5-29 Show Slide #107 – Successful Sales Personnel
Review the slide showing factors that make for a successful sales person.
Ask the class if they can think of any others to add to this list.
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Chapter 5: Promotional Marketing, Continued
Selling versus Marketing
Participant Guide page 5-30 Show Slide #108 – Selling versus Marketing
Review the slide highlighting the differences between selling and marketing.
What Marketing Involves
Show Slide #109 – Marketing Involves
Review the slide highlighting items that marketing involves versus selling.
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Chapter 5: Promotional Marketing, Continued
Sales Promotions
Participant Guide page 5-30 Show Slide #110 – Sales Promotions
Review the slide.
Sales Activities
Participant Guide page 5-31 Show Slide #111 – Sales Activities
Review the slide.
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Skill Check #5
What this skill check covers
Show Slide #112 – Skill Check #5
This skill check covers Chapter 5- Promotional Marketing.
Setup Explain to participants that they will now complete the final skill check for this
Chapter. They will work individually to complete the skill check, and once complete (or time runs out) you will provide the answers which they can use to score themselves and use as a study guide for the exam on this Chapter. This skill check can be completed using their Marketing Participant Guide to look up the answers. Tell them not to feel the need to write whole sentences. Just notes to remind them of what the law covers or how to comply is fine.
Refer to Skill Check #5 in the Skill Checks tab of the Participant Guide. Explain that they have 15 minutes to complete the skill check.
Working time Allow participants 15 minutes to work. As they work, walk around the room
offering help where needed. When the time is up, ask participants to stop. It is OK if some participants did not finish.
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Skill Check #5, Continued
Debrief
Distribute Skill Check #5 Answer Keys to participants. Discuss answers.
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Course Wrap Up
End of course That brings us to the end of the Marketing course. We have covered a lot of material today.
Course exam The CAM exam is delivered in 2-parts over a 4 hour period. Part I is 115
multiple-choice questions timed for 2 hours. Part II is 75 scenario-based multiple choice items, also timed for 2 hours. Both Parts of the CAM exam test knowledge and application of content from ALL 9 modules. The new CAM exam is ONLY delivered on a computer in a proctored environment. The exam is available at Affiliate offices and Castle Worldwide locations across the country. Click here to go to a testing site or visit www.naahq.org/education. Refer students to the Candidate Handbook for additional testing information. Participants will need an eligibility code to access the exam. The eligibility codes will be distributed by the local apartment association after completion of the required coursework. Upon completion of the NAAEI exams, participants will receive their results immediately. All participants will receive diagnostic information on their performance in the major content areas of CAM. If a participant passes their exam, they will receive a passing notice. If participants do not pass the exam, they will receive their score report, in addition to a profile of their strengths and weaknesses based on the domains (sections) included in the exam. Participants who do not pass the exam, may retake it again after 7 days. Retesting fees for one part of the exam at an association or Castle location is $80.00. Retaking both parts of the exam at an association or Castle location is $100.
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Activity #1: Market Analysis
Instructions Review the particular case below assigned by your instructor. Answer the following questions with regards to why: • What could be causing these conditions? • Where would I go to find out? • Decide what type of market analysis (or analyses) to perform. • List the type of data to collect. • List possible data sources.Consider external factors such as new unit
completions, regional economic factors, and profile characteristics. Use the chapter to find the questions if you need to.
Once you have identified the answers, let the instructor know. After everyone has had a chance to discuss with their teams individually, there will be a general report out to the class.
Property 1 Built: 1994
Units: 338 Condition: Excellent Occupancy 97% - Budgeted for 92%, submarket – 95% Lease Rates (not market) down 4% from previous year Market Rates flat Loss to Lease $104 per lease, budgeted for $70 per lease Concessions 5% of rents, budgeted at 7% Rehab Interior lighting packages upon turnover Some premium upgrades for $60 more per unit Traffic Sources Locators (ranked) Drive By Internet and Apt publication Move-Out Reason Home Purchase (ranked) Job transfer Other Reason for Not Unit Type not available Leasing Preferred Competitor (ranked) Too Expensive
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Activity #1: Market Analysis, Continued
Property 2 Built: 1976
Units: 224 Condition: Below Average – attempting to reposition Occupancy: 86%, budgeted for 91%, submarket – 90% Market Rates Down 5% in last year, submarket – down .3% Collections: 8% of gross rents for no collections Traffic Sources Apartment Finder (ranked) Drive By Internet Capital Items Appliance replacements Re-carpeting Issues: Poor neighborhood reputation Ongoing underground plumbing leaks Make readies require extensive repairs and refurbishment
Property 3 Built: 1968
Units: 226 Occupancy 70%, budget for 85%, submarket – 90% Market Rents flat Concessions One month free, reduced deposits from $200 to $75 Issues Property is under contract to sell, but must meet occupancy budget prior to close All bills paid Traffic Sources Drive By (ranked) Resident Referral Flyers Avg. Traffic 4 walk-ins per week Move-Out Reason Skipped (ranked) Lost job Job transfer/closer to work
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Activity #2: SWOT
Instructions Identify a particular problem or issue surrounding your apartment community and write it in the space below. Then complete a SWOT analysis using the worksheet.
Problem: Strengths Weaknesses
Opportunities Threats
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Activity #3: Marketing Plan Budget Review
Instructions With your team, review the marketing plan for the nine components. Discuss what is good and what could be done better. Also, discuss what would you have done.
Marketing Plan
Refer to the ABC Marketing Plan in the Toolbox.
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Activity #4: Advertising Strategy
Instructions In your individual groups, explore the advertising strategy assigned to you by the instructor. Explain how they would be implemented and tested and answer the associated questions. Be prepared to report back to the class on your discussion and decisions made.
Strategy 1 If your state does not protect “source of income” in an area with major
employers and higher education providers nearby, you may be able to establish a preferred employer or (PEP) program to attract new residents.
o What type of information materials will you take? o Who will be the primary contact at the target organizations? o Who will be the point person on site? o Will there be an incentive? What will you offer? o Which media will you use to get the word out about the program to
the general public? o What is the schedule for initial visits and ongoing returns o How will you attract potential residents from the companies and
schools to your location? Consider an open house for key people. o How will you measure reaction? o When will you begin and is there a conclusion to the campaign? o What is your numerical goal and timeframe? o Can you personalize by trade or product your approach with each
company and school? o Can you personalize your competitive advantage as it applies to each
company? o Will you develop a slogan or byline to characterize this value?
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Activity #4: Advertising Strategy, Continued
Strategy 2 Begin an annual community service program to improve your community
image, gain valuable publicity and provide community service opportunities for your residents. • How many functions will you hold through the year? • How will you select your beneficiaries? • What is your baseline message? • Does this program bear the prospect of continuing past the initial year?
Should it? • Who will make necessary contacts and try to match organizational
needs with your community strengths and weaknesses? • What media will you use and how often to get the word out? • Will you make a press release about the onset of the program? • How will you approach your residents with the plan? • Can you involve the residents or a steering committee in selection of a
program to sponsor? • How can you use this in your leasing efforts? • How will you measure success – in prospect sourcing? In retention
rates? In cancelled notices? How many equals success?
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Activity #4: Advertising Strategy, Continued
Strategy 3 Initiate an advertising campaign to compete with single family housing in an
in-town location. Use NAA balanced housing brochures and themes:
“In an emergency, you want to know he’ll be first on the scene” “What could make this evening even better – walking to it” “Just starting out and already they’re 30 years in debt” “Owning a house shouldn’t put dreams on hold”
• What groups do you target with each theme? • How can you get creative with each specific target? • For each target will you reach out in different ways? • Once you are through with a target – what happens to the theme? Or do
you incorporate all five and brand it as a ”handful” – focusing on one but keeping the other four ever present
• How often do you use and do you re-use each one? • Will you match media with target audiences or stick with just a couple
throughout the program and gain cohesiveness? • How will you bring the campaign into the onsite office? • Will you match these themes with resident retention? • When will you start and end? How much time is necessary to “string”
the related topics • Will you provide publicity events to get the word out? • How will you measure success? Applicant sources? Retained
residents?
NAAEI thanks you for taking the Certified Apartment Manager (CAM) program.
Following is a list of items that you may find on the NAA Web site that may not be included in the program text that is to be used for your reference while taking the courses in this program:
• Supplement/Resource Materials • CAM Skill Checks and Answer Key • Additional Course Handouts
These files may be downloaded from the NAA Web site by visiting:
www.naahq.org/education/CandidatesOnly
4300 Wilson Blvd., Suite 400Arlington, VA 22203
703/518-6141 Fax 703/[email protected]
www.naahq.org