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Real Estate Economics
Chapter 6 Real Estate Marketing
Terms in this set (33)
Four Criteria for Successful Market Segmentation
homogeneous within, heterogeneous between, operational and substantial.
are made up of individuals with broadly similar needs.
customers in a specific market segment should respond differently to a given marketing strategy than other segments.
customers within a market segment should be as similar as possible.
is the right to take or sell the property of a debtor to pay a debt. When property owners fail to pay debts on real property such as mortgages, condominium fees, or other debts secured with real property, the lien holder may foreclose and sell the property or may force payment of the debt when the property is sold.
Major shopping facilities
are regional and local malls along with other important clusters of retail shopping.
a group of customers who respond to a marketing strategy in a similar way.
the process that marketers use to narrow down broad general markets into specific target markets.
the segmenting criteria can be used by a manager to identify and target the market segment.
Perceived neighborhood safety
are an individual's beliefs about the amount and type of crime in an area by current and potential home buyers.
housing developments and sometimes entire towns that are designed and planned in advance of sales.
Property transactions in a market segment in a year
are the number of properties in segment multiplied by the annual turnover rate.
are nonshopping facilities open to the general public.
is purchased with the intent to rent the use of the land and buildings to others.
are fees charged to condo owners by the neighborhood association for major improvements and repairs to common areas and facilities not covered by annual fees.
are made up of individuals with very similar needs.
market segments are profitable
is the specific market segment the marketing manager is attempting to influence.
a very complex form of real property ownership where the purchaser has the right to use the property for a limited amount of time during the year.
Unattractive Geographic Features
are geographically based things lowering home values. Some common unattractive geographic features include prisons, rock quarries, sewer treatment facilities, major airports, busy rail lines, homeless shelters, auto salvage operations, landfills, and industrial animal farms
are homes the purchaser does not intend to use as their primary residence.
real property located adjacent to or very near lakes, rivers or oceans.
Actual neighborhood safety
the amount and type of crime in a specific geographic area in a year.
the political process where additional land is brought into cities and towns.
Annual condominium fees
are fees paid by condominium owners to maintain and pay the taxes on jointly owned property.
Annual turnover rate
is the percentage of properties within a market segment sold in a year.
an illegal practice of persuading property owners to sell their homes at depressed prices when minorities begin to move into an area.
are commercial properties which can significantly influence home values.
are a complex form of real property ownership where part of the property is individually owned with a fractional, undivided interest in common areas and facilities.
Condominium Initiation Fee
a fee charged to condominium owners when they initially purchase their property.
are restrictions placed on property that protect the natural resources associated with the property.
Conservation (cluster) subdivisions
a subdivision containing woodlands, surface water resources, or other green space deeded to the neighborhood association. The remainder of the property is subdivided for residential houses.
Estimated total commissions generated from a segment
the property transactions in a market segment in a year x the average final sales price times the commission rate.
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