REAA - CPPREP4004 - Written Questions v1

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May 1, 2024

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CPPREP4004 – Establish marketing and communication profiles in real estate (Release 1) Written Questions Written Questions Page | 1 ©Real Estate Academy Australia Version 1.6 – May 2022 RTO 32426
CPPREP4004 – Establish marketing and communication profiles in real estate (Release 1) Written Questions What you need to do: Answer the questions below by writing in the space provided. You are required to answer all questions correctly. If correct, you will see ‘Satisfactory’ or if incorrect you will see ‘Not Satisfactory’ in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work for any ‘Not Satisfactory’ assessment tasks. What you will need: Use the learner material provided in your online student portal as well as research materials such as books, internet, magazines, workplace documentation etc. to assist you in gaining the knowledge required to answer the questions. Remember that the assessment is completely self-paced and open book, so you can use whatever resources you have to answer the questions. What you need to submit: Your answers to these questions. How to Submit your Assessment: Upload your completed document into your learner portal by following the instructions with the assessment task. You can drag and drop the file into the window or use the add file icon in the top left of the submission window and select the file your wish to upload by using the browse/choose file option. Click on finish attempt to submit it for grading. Page | 2 ©Real Estate Academy Australia Version 1.6 – May 2022 RTO 32426
CPPREP4004 – Establish marketing and communication profiles in real estate (Release 1) Written Questions Question 1 In 100 – 150 words, explain the importance of the real estate agent’s personal profile in attracting potential clients. A real estate agent's personal profile is essential in attracting potential clients in as clients want to work with someone who they trust and who has a track record of success in the real estate industry. A personal profile can help establish an agent's credibility and expertise, which can be especially important for clients who are looking to buy or sell properties in a competitive market. A well-crafted personal profile can also help an agent stand out from their competitors. It should highlight the agent's experience, qualifications, and achievements. It can also showcase the agent's personality, which can be an important factor in building a relationship with clients. Furthermore, a personal profile can help an agent attract clients who are looking for someone with specific skills or expertise. For example, an agent who specializes in luxury properties can use their personal profile to highlight their experience in that area, making them more attractive to potential clients who are looking to buy or sell high-end properties. Question 2 Identify (3) risks to the agency that can result from poor marketing and communication practices and complete the Risk Matrix table below. Risk Explain the consequence of the risk Stakeholder(s) affected Treatment strategies to minimise the risk Decreased Brand Awareness The agency may struggle to generate new business, lose out on potential sales, and suffer reputational damage. This can negatively impact the agency's employees, Employees, Shareholders, Clients, suppliers & Service Providers The agency can implement marketing strategies that increase brand awareness such as advertising, social media marketing, content marketing, and public Page | 3 ©Real Estate Academy Australia Version 1.6 – May 2022 RTO 32426
CPPREP4004 – Establish marketing and communication profiles in real estate (Release 1) Written Questions shareholders, and clients relations. These strategies can help the agency reach a wider audience, build credibility, and establish the agency's expertise in the real estate industry. Poor Customer Service The agency may lose current clients, face a reduction in referrals, and suffer reputational damage Employees, Shareholders, Clients, suppliers & Service Providers The agency can implement strategies to improve communication with clients such as providing regular updates, responding promptly to inquiries, and actively seeking feedback. This can help the agency establish a positive reputation for customer service and improve client satisfaction. Misinformation & Misunderstandings The agency may face legal and financial liabilities, reputational damage, and loss of clients Employees, Shareholders, Clients, suppliers & Service Providers The agency can implement strategies to improve communication with clients such as maintaining accurate records, being transparent about the services provided, and providing clear and concise information. This can help the agency avoid misunderstandings Page | 4 ©Real Estate Academy Australia Version 1.6 – May 2022 RTO 32426
CPPREP4004 – Establish marketing and communication profiles in real estate (Release 1) Written Questions and disputes and maintain positive relationships with clients. Question 3 When it comes to using marketing and communication channels, identify and explain (3) examples of ethical practice considerations. Marketing and communication channels are essential tools for real estate agencies to attract and retain clients. However, it is important for agencies to consider ethical practice considerations when using these channels. Here are three examples of ethical practice considerations: 1. Truthful Advertising: Real estate agencies should be truthful and accurate in their advertising. This means that any claims or statements made in marketing materials should be supported by facts and evidence. Agencies should avoid making false or misleading statements about a property, its features, or its value, as this could lead to legal and reputational consequences. 2. Respect for Client Privacy: Real estate agencies must respect their clients' privacy and protect their personal information. This means that agencies should be transparent about how client data is collected, stored, and used, and obtain explicit consent from clients before using their data for marketing purposes. Agencies should also ensure that client data is kept secure and not shared with third parties without prior consent. 3. Transparency in Communication: Real estate agencies should be transparent in their communication with clients, providing accurate and timely information about a property and the services they offer. This includes being upfront about fees and commissions, disclosing any potential conflicts of interest, and providing clients with all the relevant information they need to make informed decisions. Question 4 What is the intent of marketing channels relevant to real estate practice? The intent of marketing channels in real estate practice is to promote and sell Page | 5 ©Real Estate Academy Australia Version 1.6 – May 2022 RTO 32426
CPPREP4004 – Establish marketing and communication profiles in real estate (Release 1) Written Questions properties to potential buyers and renters, and to attract and retain clients for the agency. Marketing channels are used to reach a wide audience, create awareness about available properties, and build a positive reputation for the agency. The ultimate goal of real estate marketing is to generate leads and convert them into sales. Marketing channels that are relevant to real estate practice include both traditional and digital channels. Traditional marketing channels include print advertisements, direct mail, signage, and open houses, while digital marketing channels include social media marketing, email marketing, search engine optimization (SEO), and online property listings. Real estate agents and agencies may also use referral marketing and word-of-mouth to attract new clients. In addition to promoting and selling properties, real estate marketing channels are also used to establish the agency's brand and reputation in the industry. A strong brand can help differentiate an agency from its competitors, and can create a sense of trust and credibility among potential clients. By using effective marketing channels, real estate agents and agencies can showcase their expertise, build relationships with clients, and ultimately increase their revenue and profitability. Question 5 What is the relationship between marketing and communication channels? Marketing and communication channels are interrelated and work together to achieve the same goal of promoting a brand, product, or service. Marketing channels are used to create awareness, generate leads, and promote products or services, while communication channels are used to establish and maintain relationships with clients, provide information, and facilitate transactions. Marketing channels are often used to reach a wide audience, create brand awareness, and generate interest in a product or service. These channels may include social media, search engine marketing, email marketing, print advertisements, direct mail, and other forms of advertising. By using a combination of marketing channels, real estate agencies can reach potential clients through multiple touchpoints and increase the likelihood of conversions. Communication channels, on the other hand, are used to establish and maintain relationships with clients, provide information, and facilitate transactions. These channels may include phone calls, emails, live chat, in-person meetings, and other forms of direct communication. Communication channels help to build trust and establish a rapport with clients, allowing real estate agents to provide personalized service and address client concerns. Page | 6 ©Real Estate Academy Australia Version 1.6 – May 2022 RTO 32426
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