PART 3 – MARKETING

It is now three weeks since you last spoke with Aria and Wiremu Ngata. You have phoned them as a courtesy to see how they are progressing, and they have decided to list their property at 22 Long Drive (which you saw first in Task 1 at the beginning of the assessment).

Task 5 – Marketing approaches

Aria says ‘We’ve seen TV coverage of different marketing approaches, such as auctions and tenders, but this is going to be the first home we’ve ever sold, and we’re really quite confused.’

‘Can you please explain to us what the basic issues are, so that we can make a more informed decision?’

Wiremu adds, ‘We were talking to some friends the other day, and they’d been to an auction. They didn’t know that they couldn’t bid because they were conditional buyers. Apparently, it got very embarrassing. ‘ 

Instructions

Prepare a handout that you could give to them. It will need to include all the following information. Use the MS Word template for Part 3, which you can find in the zip file in the Assessment area.

(a) An outline of how each of the following marketing approaches works:

- auction

- tender

- standard sale with a price

- standard sale without a price

(b) Give two advantages and two disadvantages of each of the above methods.

(c) Explain two advantages and two disadvantages of open homes as a way to introduce prospective customers to the property.