REM 500 Lecture 8: Marketing Mangement

• School: Ryerson University
• Department: Real Estate Management
• Course: REM 500
• Professor: Cynthia Holmes

Document Summary

In this phase the marketing strategy is executed and end-users are found for the property. Builds on marketing work from earlier phases: market research in phases 1 to 3, marketing strategy formulation in phases 4 and 5. Marketing staff include those who: conduct research, prepare marketing strategy, do promotion, might be in-house or external, sales and leasing professionals, may be commission-based or salaried, in-house or external. Costs considered part of the category soft costs. Earlier phases: marketing research, marketing strategy. Promotional side: vision/planning, advertising, public relations. Develop a consistent concept and vision for the site, using input from market research. Swot analysis: strengths and weaknesses based on location, design, pricing, amenities, opportunities and threats from external conditions market, economic, demographic, financial climate. Once the strategy is in place, execute using promotion and then sell/lease. Executing and marketing strategy: evaluate if further refinement of the target market is necessary.