Question-1
Effective system for rental agencies
The MP White rental agency has to position itself differently and uniquely in the market when compared with the competitors. It has to drive the housing trends that are currently trending and by watching the housing analysts that are present in the market and with the help of them it has to uncover all the potential rental properties statewide and even nationwide. It should maintain an interconnecting web where it has to collect, compile, aggregate, and retain the information regarding the rental properties from their related amenities, neighbourhood, with the help of rentometer estimates and Zillow’s Zestimate. It can even get the rental rate that is at its best price which will eventually help in attracting qualified tenants and help them in retaining (Das, 2016).
Factors that affect the rental of these properties
The following are the five factors that will be impacting rental agencies in making the decisions while renting the properties include:
- Eco-friendly environment: The current generation demographics mainly look for places that are greenery and are not located in any industrialized area. This is because the tenants would be willing to increase the likelihood of living in that place
- Registration: The land that is being rented should not be under any complications such as double registrations, inappropriate owner, improper documents, third party owners, etc. will create a doubt in the minds of buyers.
- Any history of natural disasters: This is the most relevant factor which influences the rental agencies in buying a property. They personally have to check the foundation and the construction on a priority basis (Ericson, 2015).
- Community fun and necessary amenities: It is clearly known that people are social creatures. The evidence of engaging with the community that is included with a diverse range of community activities and social opportunities are expected by people.
- Security: This is the foremost aspect that is desired by every individual before buying a property from the rental agency. The features of the property should be in such a way that it appears to be highly secured will all the available security systems.
Identification of target markets
If the rental agency business is promoted to everyone from whom information is being gathered then it will be resulting in a very narrow and unfocused marketing campaign. For identifying the target markets first you should know your exact customers. It requires a lot of time, expertise in determining the demographic market that is targeted. It is suggested by great scholars that with the help of economic, geographic, and social criteria the potential clientele has to be narrowed down (Geraci et al., 2013). In a particular area, it is not possible to get more information regarding the rental properties. So research has to be carried out as it absolutely essential in finding out the niche that is needed. Instead of wasting time on the wish list of the clients, the types of properties that are sold and bought by more people in that geographic region has to be assessed.
Question-2
Categories of properties
There are numerous different types and sizes of rental properties available on the basis of the needs and categories of the individuals. The only thing that has to be decided by the individual is what they prefer. Although there are many aspects in positive and negative ways that are in association with each and every category, it only depends on the preferences and the desires of the individual (Lee & Quek, 2015). The following are the various categories that are included under the rental properties include:
- Student rentals: This housing is provided as an accommodation for the university students who are licensed to the property for the time being. A legal contract is made between the university and the student.
- Premium rentals: A property that is expected in the open market in general terms are provided for reasonable prices. Here against the market the present and future rents are supposed to be deposited.
- Executive rentals: A property that is highly furnished with all the basic amenities are also available which can be used for a short stay.
- Budget rentals: Various different properties in the form of apartments, individual houses, single-store buildings, etc. are made available as per the budget plans of the individuals.
- Family rentals: With more of the space for interior living, external space, and the basic amenities of the neighbouring living the family rents have been built for the families.
Question-3
Marketing strategies
In most of the marketing efforts, there arises confusion regarding the strategies which will drive the value. The primary data that is collected on the properties is on the basis of research that is conducted by organizations such as rental agencies. This has resulted in the marketing of the field research. This is considered to be more reliable in terms of marketing when compared with the secondary data (Mi et al., 2013). This is because it is found to be more accurate in driving the target market and desired customers towards the renting of properties. The primary data provide strong assistance in our marketing efforts because it is very specific and highly relevant to the services that are offered by the firm. It is assumed to be very relevant, current, and is not biased to the possible extent.
The data that is collected can help in renting the properties that are the most priority choices of the customers and will help us in marketing to the customers who are in need after knowing their desires. It will eventually help us in selling to them as the marketing can be made in the appropriate geographic region since data has been collected from those areas. With the data obtained, we can even determine the social network that is mostly used by the customers and will become easy to grab potential customers (Neuendorf, 2016). Also, it helps us to decide on which point to focus with respect to online marketing efforts. If targeting the specific geographic region of your area, then knowing the needs of the individuals would be easy and can enable your focus of marketing efforts better in that direction and the budget can be spent effectively on that.
A combination of marketing techniques is supposed to be used by the rental agencies in order to maximize their rental needs. It includes paid advertising, formal referral programs and word of mouth. In addition to this, the most effective one is to get the housing professionals for marketing the property which is like an added advantage over the rental agencies which is trying to do it alone. It is a form of interconnected marketing web. By incorporating a mix of internet, broadcast, word of mouth, and print promotions it will be helpful in marketing efforts and keeps than rented (Sauer, Pai & Chow, 2017).
For the successful growth of the business, it is always better to understand the customers and the target market needs and desires. It will be helpful in formulating the ideas for marketing, promotion and provides ideas for effective ways of increasing sales. Based on the different available categories and the data that are collected it has to be segregated as per the categories and the marketing, promoting strategies are to be designed in such a way that the agencies focus on those particular areas.
Question-4
Analysis of data
To a great extent, the data that is collected is dependent on the nature of the business and the stage at which it is being operated. For instance, here it is the rental agency which is trying to rent the properties has to collect comprehensive data for the purpose of market research. Hence the data that is collected from the marketing research is required for analysis. It might include the buying habits, average incomes, rates of ownership of the potential customers. Also, it will include the aspects that have an impact on the ability to fulfil the needs of the customers (Tan et al., 2014). The MPW rental agency is already having existing customers so it will definitely have a wide range of marketing data for those customers. They might have the idea of from where most of the customers are based and what category of renting properties is preferred more according to the geographic area. We can even know how the service is viewed from their standpoint, whether or not they are using any of the offerings from the competitors and so on. This information can help us in building a more wide and streamlined picture for the customer base.
It is very important and useful to keep the records and the contact details of each and every customer right from the phone call to the marketing email. An effective communication strategy can be built that is personalized for customers (Sauer, Pai & Chow, 2017).
Marketing data helps us in analyzing the better needs of the customers. By having a wide-ranging knowledge regarding the existing customers that are potential than it would be essential in providing them with the services that are best possible. The data collection methods that are mentioned above have to be used so that analyzing the needs of the customers can be better and can streamline the properties as per their wish according to the geographic area and categories of renting properties.
References
Das, J.C., 2016. Power system analysis: short-circuit load flow and harmonics. CRC press.
Ericson, C.A., 2015. Hazard analysis techniques for system safety. John Wiley & Sons.
Geraci, G., Couillet, R., Yuan, J., Debbah, M. and Collings, I.B., 2013. Large system analysis of linear precoding in MISO broadcast channels with confidential messages. IEEE Journal on Selected Areas in Communications, 31(9), pp.1660-1671.
Lee, J. and Quek, T.Q., 2015. Hybrid full-/half-duplex system analysis in heterogeneous wireless networks. IEEE transactions on wireless communications, 14(5), pp.2883-2895.
Mi, H., Muruganujan, A., Casagrande, J.T. and Thomas, P.D., 2013. Large-scale gene function analysis with the PANTHER classification system. Nature protocols, 8(8), pp.1551-1566.
Neuendorf, K.A., 2016. The content analysis guidebook. Sage.
Sauer, P.W., Pai, M.A. and Chow, J.H., 2017. Power System Dynamics and Stability: With Synchrophasor Measurement and Power System Toolbox. John Wiley & Sons.
Tan, Z., Jamdagni, A., He, X., Nanda, P. and Liu, R.P., 2014. A system for denial-of-service attack detection based on multivariate correlation analysis. IEEE transactions on parallel and distributed systems, 25(2), pp.447-456.
