Dynamics Of Property Marketing

1. The Concept of Property Ownership
The concept of property ownership has no universally accepted definition. In the general usage, property means ‘one’s own thing’ and refers to the relationship between individuals and the objects, which they see as being their own to dispense as they deem fit. To some people, especially the estate surveyors and valuers, property connotes the bundle of rights of obligations for a given object. It is not a relationship between people and a given object but a relationship between people with regards to the rights they have over the object.
In common law, property ownership is the interests or rights for a land or building.

This interest can be Freehold or Leasehold. A freehold property ownership is one in which the owner holds the property in perpetuity. The owner can be in physical possession or in receipt of rents arising from the letting of the property. The legal term for this type of interest is “fee simple absolute in possession.” On the other hand, leasehold interest is “term of years” and it is normally subject to the payment of an annual rent and observance of covenants contained in the lease. The holder of such interest cannot do whatever he likes without the express permission of the lessor. As defined in law, property is often conceptualized as the rights of ownership and could be private or public property. Private property is that which belongs to an individual, while public property is that which belongs to a community collectively or a state.

Communal property systems describe ownership as belonging to the entire social and political unit, while corporate systems describe ownership as being attached to an identifiable group with n identifiable responsible individual, generally a member of a family unit. Different societies may have different theories of property for differing types of ownership, as the above paragraph makes clear: land is collectively owned, improvements are individually owned, but may not be transferred outside of the community. Currently, anthropological theory relates the kind of kinship system – whether through one or both parents – with certain property theories, though this idea is in dispute. Essentially, it is very common among property systems to have the community own property if only one method of reckoning is used. Exceptions to this rule have been documented, but it remains the prevailing assumption of tribal ownership.

2. Property Types
Property may be immovable property, estate in land, real estate, real property; and could also be distinguished in terms of tangible and intangible property as well. In common law, property is divided into real property (immovable property) referring to interests in land and improvements thereto; and personal property, which is an interest in anything other than real property. Personal property in turn is divided into tangible property (such as cars, clothing, animals) and intangible or abstract property (e.g. financial instruments such as stocks and bonds, etc.), which includes intellectual property (patents, copyrights, trademarks). Immovable property is the equivalent of “real property” in common law systems, i.e. it is land or any permanent feature or structure above or below the surface. In the United State, immovable property is any immovable object, real estate, item of property that cannot be moved. Includes premises and property rights (for example, heritable building right), houses, land and associated goods and chattels. Personal property is a type of property, also called chattels in the common law. It is distinguished from real property, or real estate. Also, personal property is often called movable property or movables – any property that can be moved from one location or another. This term is in distinction with immovable property or immovable, such as land and buildings.

Property may be divided into several different categories based on its characteristics. One way to distinguish property is by its functional characteristics. Property is usually an intermediate input for production in manufacturing or farming. However, it is directly consumed by end-users when it is used for residential purposes. Therefore, demand for residential property will be determined by utility rather than profitability considerations. The functionality of land may further be differentiated by the nature of the productive activity occurring there. For instance, a property can be used to farm crops, harvest timber, exploit for minerals, produce manufactured goods, or to house and sell goods and provide services; these different productive activities utilize property characteristics in different ways. For instance, soil fertility is important to farmers, while the quality and quantity of underground deposits are important to mining companies. Property may also be distinguished by owner characteristics. A property may be occupied by its owner, leased or rented, publicly owned, or have quasi-public ownership.
Categorization may also be made on the basis of government zoning ordinances, which serve to restrict property uses in order to limit land use fragmentation and control spatial externalities. Finally, property markets may be distinguished by region. Nodes are surrounded by boundaries which limit the feasibility of productively utilizing property beyond these limits. Each of these characteristics, functionality, owner, government regulation, and region play a role in defining distinct property markets. The following categories are distinguished: single family homes, apartment buildings, agriculture (including fields, pasture, and buildings), Forest, Industry (including commercial and manufacturing), Utilities, Special properties (including nursing homes, sports facilities, schools, churches, communication, and defense installations), Vacant land. Property may be divided into several different categories based on its characteristics. One way to distinguish property is by its functional characteristics. property is usually an intermediate input for production in manufacturing or farming. However, it is directly consumed by end-users when it is used for residential purposes. Therefore, demand for residential property will be determined by utility rather than profitability considerations.

3. Characteristics of Real Estate
Modern property rights conceive of ownership and possession as belonging to legal individuals, even if the legal individual is not a real person. Thus, corporations, government and other collective forms of ownership are framed in terms of individual ownership. Exceptions to this pattern include the “commons”, which belong to a defined community, and public domain, to which access is unlimited. Property is usually thought of in terms of a bundle of rights as defined and protected by the local sovereignty. Ownership, however, does not necessarily equate with sovereignty. Traditionally, the bundle of rights includes the control use of the property; benefit from the property (examples: mining rights and rent); transfer or sell the property; with exclusive rights which excludes others from the property.
Property may be held in a number of forms, e.g. joint ownership, community property, sole ownership, lease, etc. These different types of ownership may complicate an owner’s ability to exercise his or her rights unilaterally. For example if two people own a single piece of land as joint tenants, then depending on the law in the jurisdiction, each may have limited recourse for the actions of the other. For example, one of the owners might sell his interest in the property to a stranger that the owner does not particularly like. Unlike other forms of investment, real property differs in form, characteristics, and qualities. It is limited in supply as it is costly if not extremely impossible to create additional land to meet immediate use. It is also common to real property that no two properties are the same in all aspect of size, soil condition, locality, and physical condition.
Another special characteristic of land and building is that given a land and building the ownership may differ and vary in terms of the number of persons that can claim different rights or interests in it with each of the whole gamut of interests being able to be sold in the open market.
Over many years, the ownership of land has developed and modified at various times, but the Law of Property Act 1925 has modified the ownership of land to come under two legal estate, namely, the tenancy in fee simple and the term certain. The tenancy in fee simple, also called the freehold, is a superior interest in land, and the holding of the interest is perpetual and of endless time with the owner having the right to sell, grant lower form of interest, occupy, enjoy the use and occupation without let or hindrance from any person, and do whatever he wishes. This right is however not absolute as it is subject to limitations statutory controls such as planning regulation, and the provisions of the Land use Act of 1978 in Nigeria.

The term certain (or term of years absolute in possession) is created for specific period of time, it has the beginning and the date that it ends or expires for renewal or surrender or reversion to its original owner. This could be for such period of time such as weekly, monthly, annually or even for a specific and definite number of years granting the tenant (the lessee or leaseholder) the right to enjoy the occupation of the property over the agreed number of years, paying rent to the landlord (lessor) and at the end of agreed time property will revert to the landlord.
In many cases, tenants often “sublets”, that is, he grants the use and occupation of the property or part thereof (for a period less than what the landlord has granted him) to another person called the sub-lessee or under-lessee at the consent of the landlord. In this wise, the tenant thus becomes the sub-lessor. The original tenant will still be responsible to the freeholder for the terms and covenant of the lease.
Usually the relationship between the landlord and the tenant or between the tenant and the sub-tenant is evidenced by a written agreement, which must be under seal in case of a Lease in which the tenant is to occupy and enjoy the property for a period more than three years otherwise it becomes a tenancy agreement. A tenancy agreement, (that is the covenants signed between the landlord and the tenant written but not under seal) can be written or oral; it is oral if it is not written.

The lease or tenancy agreement often states the terms upon which the relationship between the landlord and tenants rests, this includes the names of the parties to the lease, the period (the start date and the end date), the regularity of payment and rent revision clause, responsibility for certain liabilities like repairs, insurance and other outgoings. The responsibility for carrying out the repair and insurance will be reflected in the lease. This could be internal repairing and insuring lease in which case the tenant will be responsible for carrying out all repairs and insurance; while it could be internal repairs only in which the landlord carries out the responsibility for external repairs and insurance.
In practice, where the landlord grants the use of land to a lessee for a long period, it is termed as a ground lease. A ground rent is paid as consideration for the use of the land only. the lessee may erect permanent structure on the land for personal use or for subletting but at the end of the agreed term both the land and the improvements thereon will revert to the landlord, who is said to have reversionary interest in the property while the term endured. Other rights and interests that may exist in real property include tenancy in fee tail and tenancy for life. “An estate tail is a lesser estate: descent is limited to lineal descendants only, and the owner of an estate tail cannot alienate it for longer than his own life” and under an entailed interest, the son is not entitled in possession during his father’s lifetime (Elias, 1981).

4. Real Estate as a Marketable Product
The word “market” has a great number of meanings, and it may be used in terms of institutionalized activities which occur at a definite place and time involving the meeting of people. It may be defined as “authorized public place where buyers and sellers meet. Real estate market connotes an exchange of physical and legal rights and interests in real estate, involving willing and able vendors and purchasers at a price and particular time. This definition confirms open market, and if the parties are under compulsion to buy or sell the definition of open market becomes defeated. Property markets can be “Stratified” in different ways, including by region, clusters of individuals with similar demographic and socioeconomics characteristics, and by time (Cobb 1984).
With real estate, there are alternative of renting or purchasing. Owner of a property may grant its possession to another person for a short term on daily, weekly, monthly or yearly tenancy, or on long term of three to 999 years, called lease; and the price at which a property is offered for sale or letting is influenced by the interplay of demand and supply and the totality of economic and social factors which have impacts on the transaction. These factors may be exogenous or endogenous. exogenous factors originate outside the nature and characteristics of a particularly property, for example such factors are those that regulate availability and cost of mortgage, others are expectation and attitudes of vendors and purchasers, demand supply, impact of surrounding properties, while endogenous factors are those arising from the particular property, and include physical condition of the property, location, facilities, material of construction, and age.

Definitions & Overview

A product is anything that can be offered to a market that might satisfy a want or need. It is may be a complex thing with characteristics that can be felt by touching, seeing and feeling. It may be anything that can be offered to a market in a way to satisfy human want or need; while it may also be defined as bundle of satisfaction offered to a market with the aim that it is not the physical attributes that are being consumed but a set of satisfaction derivable from the product.
In other word, a product may be tangible or intangible. Tangible product is also referred to as physical while intangible product is known as non-physical. In real estate, tangible product is similar to goods, which are physical objects available for consumption in the market place, and refers to complete bundle of satisfaction or benefits that buyers or tenants perceive they will obtain if they consume the product. Intangible product, on the other hand, is the service product. It is non-material or intangible product such as consultancy services including valuation, feasibility and viability appraisal, letting, project management, facility management and general real management services. A product is therefore the sum of all physical, psychological, symbolic and service attributes and not just the physical merchandise but must be capable of drawing attention, and capable of being acquired and consumed.
There are several motives for consuming real estate product. It could be for residential, commercial, industrial or agricultural. Real estate can be used for speculative, precautionary, investment motives, or to boost personal ego. Real estate product may be consumed for speculative motive where the consumer is acquiring the product in present day in anticipation of jump in price or utility to be derived in consuming the product in future. The purpose of investor in this case is to make the highest net gains when he decides to sell the product in future. What is the concern of the consumer is not what is prevailing in the present but what benefits or utility he may get holding unto the product. He is not usually under pressure to acquire or dispose of the product.
The motive may also be precautionary. Consumer of real estate product may acquire interests in real estate today as a precautionary measure against possible risk, uncertainty or adverse situation that may happen in the economy. The consumers of a particular real estate product may be under pressure to acquire the product at lower price in order not to pay higher price later. The consumer is in a form of defensive purchase and may be influenced unduly and not have enough time to negotiate the price.
The motive may be for investment solely. In this case, the consumer’s aim is to make return for investing his capital in real estate. The consumer’s target will be to spend the smallest amount possible today to make capital gains from time to time. The return may be in form of rental income accruing from the product where it is put up for letting or may be to make capital gains where it is put up for sale. The major concern of the consumer is the profit that may accrue from investment in the product, and the consumer will be concerned about the locations and real estate product that will bring the highest net profits.
Similarly, the motive may to be to boost personal ego. A consumer of real estate for this motive will not consider the pecuniary gain but personal satisfaction that may be derived from consuming the real estate product.
Economic Concept of Real Estate
Real estate has over the years been omitted by authors and marketing professionals from discussions on marketable commodities. They often discuss at length the marketing of agricultural products and manufactured products but ignore the buying, the selling, and the exchange of real estate which makes up about seventy percent of the national wealth used to produce such products. Real estate may be considered as a factor of production, or in terms of its immobility, homogeneity, and as an investment.
In economics, the factors of production are land, labour, capital and entrepreneur. So much has been written about these factors but not much emphasis has been placed on land, which is the primary factor and without which none of the other factors could survive or could have come into being in the first instance. This has been the reason that real estate marketing has not found a place in marketing books. Land is the legal content of real estate or realty and it is the earth surface and all that is attached permanently to the land. Generally, all permanent improvements on land, such as buildings, and all appurtenances that have been made part of them or are necessary to their completeness are classified as realty.
In marketing, the characteristics of a marketable commodity are divided into three major classes, namely, physical characteristics, characteristics of the production of the commodity, and characteristics of its use. Real estate can be analyzed from the three points.

Physical Characteristics
The following are the physical characteristics of real estate:

Immobility: The first and most important physical characteristic of real estate is its immobility. The physical immobility of land may be a market asset or a liability to real estate. In other words, although the physical location of a particular site cannot be changed, its economic location can be enhanced thus narrowing the gap that exists between well-located and poorly-located sites. Sites located near the heart of the city and in choice residential districts though immobile is a market asset, while location at the outlying precincts of the city may be a liability.

Heterogeneity: Properties are not the same, they differ in shapes, size, design, finishing, legal instrument, location as no two properties can occupy the spot on a piece of land.

Durability: Real estate is durable; unlike personal properties that depreciate due to age to physical condition, real estate rather increase in values from year to year with rates of physical and economic deterioration drastically reduced with good quality materials and maintenance management put in place. When a property is old and has lost its economic usefulness and functionality, the value of the bare site often appreciate at greater rate than the rate of physical and functional obsolescence. This is the reason for properties that are have lost economic and functional value still command increased overall value, and it is thereby regarded as good investment arising from security of investment and because it is an hedge against inflation.

SEE :  Property Management & Maintenance

Capital Intensive: In real estate development, large sum of money is required and interests in real estate cost so much to acquire as a result of its physical indivisibility.

Real Estate Production Characteristics
Long-period of production
Production can be in-situ, precast
Material could be monotype or mixed – wooden type, mixed sandcrete/wooden/metal construction
Why do people buy Real Estate?
For personal satisfaction
Investment motives
Precautionary motives
Speculative
Personal ego

Characteristics of Service Product
The Characteristics of the physical aspect of real estate products have earlier been discussed. In this section, the specific attributes of real estate service products are discussed. In real estate marketing, service products include estate agency, valuation, structural survey, project management, property management and supervision of maintenance works, rent review, attendance at court of competent jurisdiction to given as expert witness, and development appraisal. The service products are the core areas to which the professional training of the estate surveyor and Valuer relates. The professional services are based on the opinion of the estate surveyor and Valuer, and what the estate surveyor and the Valuer offer for sale and clients buy from him is the opinion. The opinion on offer for sale by one Valuer is different from that of another, and by virtue of the control put in place by the NIESV and ESVABRON there is a form of credibility of different opinions of the valuers. Clients derive satisfaction from the reputation, track record of the Valuer, professional qualification and membership.
According to Baven (1991) five basic attributes that are visible in service products are intangibility, inseparability, heterogeneity, perishability, and ownership. These attributes can apply to real estate service. A real estate service is said to be intangible and cannot be handled, touched, seen or felt. This often pose problem for the marketer as buyers of real estate service often exercise buying judgement on basis of interest in something that he has not acquired unlike tangible thing that can be experienced by direct contact and comparison.
Service product unlike tangible product cannot be separated from the person that is providing the service. For instance, once an estate surveyor and Valuer has prepared a particular valuation report, even when he dies the valuation report will remains in existence and the person to whom the report has been addressed would have consumed the service that the Valuer has created another person cannot claim to have acquired the service rendered. There may be another estate Valuer later handling the valuation of the same property on which the earlier Valuer prepared the valuation report, that will definitely be a different service.
In respect of heterogeneity attribute of real estate service, the standard and quality of services provided by different valuers differ due to individual experiences, level of exposure to the type of valuation, ability to resist possible clients’ influence amongst other factors. This often creates problems for the Valuer and his client, in judging the standard of such professional service, even after the event.
Perishability of real estate service product is felt in the impossibility of the service being expanded. For instance, where there is excess demand for the services of a particular estate Valuer it is impossible to increase the production of the professional service and neither can it be stored. Similarly, everyday that an estate Valuer is not-contacted for professional service is a wasted day lost forever and such loss cannot be recouped tomorrow.
The service is performed and there is usually no change in ownership of the product and there is no change in real estate service product. Professional services are performed and paid for without anything physically changing hands, but knowledge or expertise that temporarily change.

5. Real Estate Consumers and Their Influences
There are certain factors that influence consumer behaviour in respect of the type of real estate they acquire through purchase or lease. These influences could be classified into socio-cultural, psychological, or situational influence.
The socio-cultural influences consist of the culture, sub-culture, and social class. The age, stage in life cycle, occupation, economic situation, life style, personality and self-concept of the person acquiring a real estate have direct influence on the behaviour and type they acquire for whatever motives it is done. The social influence will often involve a special kind of perception, self-actualization with such guiding questions as “if I acquire this type of property for lease or for purchase and in this type of location, what am I like?” Other self-examination could be – “what will other people, my in-law, my parents, and friends think that I am living in the type of property and at the particular location?”
Apart from socio-cultural influences, psychological influences on purchaser of real estate cannot be ignored. The way individual prospective tenants and owners interpret information to create a meaningful mental picture his immediate environment is a psychological factor that affect the perceptual mechanisms and the context in which a stimulus appears to thus affect our perception of the world around us.

Perception is a form of psychological influence on real estate consumers. This is the way consumers select, organize and interpret information to create meaningful mental picture of the world around them. Perception could be perception contrast or selective exposure. Perception contrast is about how and what the consumer of real estate product and services perceive the world; while selective exposure also known as selective attention, determines what the consumer actually notice. Selective exposure is a process of self-filtering and represents the way things pass through the consumers’ perception when they relate to current and anticipated needs as different form normal.
Other influence on consumers of real estate product and services is situation influence. The situation that a consumer faces may be time pressure, peer pressure at the time of renting of purchase, mood, availability, accessibility, ease or difficulty of obtaining information, and cash in pocket at the time of the transaction.

Buying Decision and Stages
Before a decision to consumer real estate products and services can be taken, decision maker goes through a number of stages. There are five stages that consumers of real estate products and service pass through in taking decision to continue the product and services.

These stages which apply in even the simplest of decisions are problem recognition, information search, and evaluation of alternatives, consumption decision, and post-consumption stages.

Problem recognition
Buying behavior starts when potential tenant, buyer and consumer of real estate products and services recognize a need. For example, a newly engaged, about to wed, will recognize the need for a place to live. They have options to live apart, live with parents or other relations, live far away from extended family influence.
They will look for a way to meeting the need. This may involve renting two- or three- bedroom flat, room and parlour, mini-flat, or detached house. Social and economic considerations come into play and each available options of accommodation is thus rejected until the choice for a particular type of house based on their social, educational, and economic status.

Information search
This process may take long period involving reading through property magazine, asking estate surveyor to look for choice property. A lot depends on how quickly the couple wishes to solve the problems. At this stage, the consumers in this case the couple, moves into active seeking out of information which they think is relevant, this includes, talking to estate surveyors, going round to locate “To Let” boards, inspecting a number of proprieties, looking at property magazine. At this stage, the consumers are relatively open to effects of persuasive messages and also affected by adverse messages that may affect their security, interests and desires. The estate surveyor that is marketing the letting or sale of property must consider sources of such information or messages and effects on the consumer and so be ready to disabuse the mind of the consumer regarding such messages that may have adverse effects on the sale or letting of the property.

Evaluation of alternative
At the stage of information search, problems and challenges are identified and noted but at this stage the consumer progress towards resolving the problem through consideration of alternatives. The alternative may include looking for another property in the same locality, in the same locality, or dropping the idea entirely. In considering alternative, real estate product attributes such as location, nearness to modes of transportation, types of neighbours, types of fence and security, separate access route, facilities available, accessibility, amongst others. The estate surveyor has important roles to play in evaluation of alternatives by the consumer. The estate surveyor must be mindful of the best access route to the property and the estate surveyor will better play an effective role by taking the consumer for inspection following good and motor able routes to the location of the subject property promoting the good side of the property. The estate surveyor also strives to persuade the consumer to acquire the property through the use of words to assure the consumer of high net benefits derivable from the property. He may buy the property and modify it in some ways – increasing the fence and installing better security devices.

Purchase and Consumption decision
By the end of the stage of evaluation of alternatives the consumer will have ranked the available options and then form an intention to purchase. Decision to purchase the real estate product or rent it is fraught with high potential for risk which includes hidden faults, horrible neighbours. Also, family may not like the location and so may threaten not to visit or consume the product. At this stage the estate surveyor experiences lots of post agreement drop-out and non-performance by prospective consumer.

Post-purchase Behaviour
At this stage, the reality of the true nature, characteristics of the property are now fully open to the consumer. It is at this stage that leaking roof, faulty door, bad sanitary wares, horrible neighbours, lack of services and adequacy of facilities become glaring. The way the estate surveyor acts at this stage matters a lot. As the estate surveyor would have been paid his professional fees, he would have to act decisively to give the consumer value for the amount paid for the rent real estate product and services.

Marketing Concept
Marketing is an instructive business domain that serves to inform and educate target markets about the value and competitive advantage of a company and its products.

“Value (marketing)” is worth derived by the customer from owning and using the products. “Competitive advantage” is a depiction that the company or its products are each doing something better than their competition in a way that could benefit the customer.
Marketing is focused on the task of conveying pertinent company and product related information to specific customers, and there are a multitude of decisions (strategies) to be made within the marketing domain regarding what information to deliver, how much information to deliver, to whom to deliver, how to deliver, when to deliver, and where to deliver.
The goal of marketing is to build and maintain a preference for a company and its products within the target markets. The goal of any business is to build mutually profitable and sustainable relationship with its customers. While all business domains are responsible for accomplishing this goal, the marketing domain bears a significant share of the responsibility.
The practice of marketing is almost as old as humanity itself; and it involves a person having an item or is capable of performing a service, and he seeks a person who might want that item or service. A market was originally conceived as a gathering place where people with a supply of items or capacity to perform a service could meet with those who might desire the items or services at a pre-determined time.
Marketing is a social and managerial function associated with the process of researching, developing, promoting, selling, and distributing a product. It is social as it refers to the attitudes, orientation, or behaviours which take the interests, intentions or needs of the consumers of such goods and services into consideration with due regards to common characteristics of people, relationships between people, the interactions between the people.
Marketing in its simplest term means “finding out what customers want and then endeavouring to supply those requirements and to do so profitably” (Moore, 1984). This presupposes that there are goods and services somewhere in want of some people to consume them and there is the need to match supply of such goods and services with the prospective consumers thus filling the gap and satisfying their want.
Marketing function is an analytical process which precedes selling, an important part of linking production and consumption by ensuring that the enterprises supply the goods and service in good and sustainable quantities which the consumers are willing to and able to buy at a price to give them value for the money spent to acquire the goods and service as well enhance the level of profit of the manufacturers; and it can also be conceptualized as the philosophy by which a business enterprise is run; it is about getting and keeping customers and managing them to the advantage of the business, and according to the Institute of Marketing, marketing is “the management process of identifying, anticipating, and satisfying customer requirements profitably” his definition exposes marketing as a management process which encompasses every action of employees in a company including managing the way the receptionist receives visitors to the company, how telephone is answered within the company, the type of cars that employees drive; all impacting positively or negatively on the overall perception of the consumers of the goods and services produced by the company.
Marketing therefore encompasses the careful management of the imagery of the business entity to ensure that existing and potential consumers get the right impression and thus move to consume the goods and services so produced by the company. All in all, Marketing involves ensuring that the image of the company, its employees and every other things associated with the company and including the responsibility for identifying, anticipating and satisfying customers’ requirements in a profitable way giving the right product to the right consumer at the right time and at a price which gives the consumers value for their money while equally producing profitable return to the company.

Real Estate Marketing
The marketing of real estate is a development of the twentieth century. Prior to the existence of large urban centres with its associated job specialization, transactions involving real property were negotiated directly between the vendors and purchasers; and with the skill brought about by specialization the need for skilled intermediaries arose and professionals who could conduct negotiations for sales and purchase established themselves to offer professional advice and services. The nature of real estate and the method of conducting transaction and lack of information generally available on the transactions contribute to the imperfection of competition in real estate market. Each property is unique by reason of location and majority of transactions involving real estate are carried out privately. Property market is not a single entity, with a number of markets – local, national and some international unlike a commodity market in which there is a geographical dimension where goods, tangible and intangible are traded between buyers and sellers to meet their immediate and future needs. Property market, although not having a single entity and a common place where it is traded, can be classified and defined according to the use to which it is put. In this regard, the commonest types of real estate to which the term “market” can be ascribed are commercial, agricultural, industrial, and residential.
In popular usage, “marketing” is the promotion of products, especially advertising and branding. However, in professional usage the term has a wider meaning which recognizes that marketing is customer-centered. Products are often developed to meet the desires of groups of customers or even, in some cases, for specific customers. E. Jerome McCarthy divided marketing into four general sets of activities. His typology has become so universally recognized that his four activity sets, the four Ps, have passed into the language.

In terms of real estate, marketing ensures the identification of those needs of clients as relates to property which could be residential, commercial, industrial, agricultural, educational, or even religious, then ensuring that the particular real estate required by the consumers are provided for them in return for profits that are remunerative.
In a nutshell, real estate marketing involves the identification, anticipation, satisfaction, and an assurance of the profitability of the company through meeting customers’ requirements, so that a class of property, which satisfies the client adequately, can be developed. This is accomplished through research based on knowledge of the real estate market through property marketing research.

Property market research in this context is primarily concerned with the physical attributes of the property market considering the quantity of demand for a particular type of property, its location, the trend in demand and its pattern; while marketing research considers the overall behaviour of the consumer of real property, their needs, their influences on the type of real estate consumed, the decision making processes; all based on economic and statistical analysis.

Apart from this, property marketing involves anticipating customers’ present and future requirements and therefore identify the trend and characteristics of demand for real estate; while property marketing ensures satisfaction of the nature of the needs for a given property once such needs and wants are discovered but profitably to the real estate vendors by providing the type of property which consumers are willing and able to acquire. The willingness and ability encompass the freedom of consumer of real estate services to decide what type of real estate service to obtain, through whom to obtain it, at what price to do so without undue influence, pressure or compulsion.

Real estate marketing theory and practice is justified on the behalf that clients use a real estate product and service because they have a need and because a particular type of property has perceived benefits, but emphasis on consumer’s satisfaction is still in low gear as most estate surveyors only emphasize the satisfaction of their clients at a particular time with their ability to secure the highest possible advantageous price depending on if they are acting on behalf buyer or seller. If they are acting on behalf of the seller, their emphasis would be on obtaining the highest price and lowest price possible if they were acting on behalf of the buyer for as long as payment of their professional fees are guaranteed and not out of sincerity of purpose and true desire to help buy or sell. However, it must be stated that no matter the clients being represented in a transaction, whether buyer, seller, or whether either or both of them pay the professional fees, the quality of advice and ethical basis of the estate surveyor must not in any way be affected.

For every practicing estate surveyor two major aspects of marketing essential for survival and profitability in the ever-increasing competitive business environment are: Acquisition and Base Management. Acquisition in this regard refers to the recruitment of new customers, while base management is the retention of new customers thus recruited and expansion of the relationship with existing ones. In property marketing, once prospective clients and purchasers of real estate goods and services have been converted, the base management marketing takes over with the process of building a relationship, nurturing the links, enhancing the benefits through which the clients were recruited, and improving the sources through which the properties come into the firm on continuous basis and so remain in practice.

Marketing Mix
In the early 1960s, Professor Neil Borden art Harvard Business School identified a number of company performance actions that can influence the consumer decision to purchase goods and services. Borden suggested that all those actions of the company represented a “Marketing Mix”. Professor E. Jerome McCarthy, also at the Harvard Business School in the early 1960s, suggested that the Marketing mix contained four elements: product, price, place and promotion. In general subject on marketing, there are four activities sets often referred to as “the four Ps” which are Product, Pricing, Promotion, Placement. The four elements can be extended to property marketing. However, in property marketing, four elements, namely, People, Process, and Physical evidence can be added to make up to 7Ps, which are called the “extended marketing mix” as, described below:

SEE :  Property Management & Maintenance

The Product Management and Product Marketing aspect deals with the specification of the actual type of property and how it relates to the tenants, purchaser and other type of occupier who have varying degree of rights and interests subsisting in a given product, which in this case is a given land and land/building over which proprietary rights can be exercised, in terms of their needs and wants. These include developing new products, repositioning or re-launching existing ones and scrapping old ones, adding new features and benefits, balancing product portfolios, changing the design or packaging.

The Pricing element refers to the process of setting a price or rent including incidental expenses like agency fees, and other fees and expenses involved for the realization and conclusion of a transaction involving the real estate product. This element consists of setting the price, rent for different segment of the market.

The Promotion element includes advertising, sales promotion, publicity and personal selling. Promotion element is concerned with specifying the advertising platform and media, deciding the public relations brief, and organizing the sales force to cover services and markets.

Placement refers to how the property gets to the end user. This element is also called the place referring to where a particular property is sold and specifically includes the geographical region or industry and to which segment of the region it situates; including the choice of the channels, and deciding the levels of customer service.

People are integral to real estate marketing. The importance stems from fact that they are inseparable from the total service and any person coming into contact with them must have positive impact on their overall satisfaction. In this respect, the real estate product and service marketer must be appropriately trained, and well –motivated.

Process refers to the processes involved in providing a service and the behaviour of people, which can be crucial to customer satisfaction.

Physical evidence emphasized that unlike a given property or unit of accommodation, a service cannot be experienced by physical contact before it is delivered, this is because service is intangible thus putting potential clients at greater risk when deciding whether or not to use a particular firm for a service. This is why it is very important to show to potential and existing clients the degree of competence possessed by the members of firm and what a service would be like, and this is possible by providing physical evidences in form of case studies, testimonials from client who have enjoyed the similar services, and evidence of past performance.

Market Segmentation
Market Segmentation IS DEFINED AS ”dividing a market into district groups of buyers who might merit separate products or market mixes” (Kotler, 1986). Two tasks involve in dividing a market into segments. The first is to identify possible factors which allow the market to be segmented; the second is to evaluate the segment that it has the potential to produce profitable results.

Stages in Sale/Letting of Properties
Successful completion of letting or sale of properties involves four stages, namely, Listing, Prospecting, Negotiating and Closing of Deal.

a) Listing
Listing is the term used to cover the various efforts and steps involved in obtaining authority to sell or let or carry out any of the professional services in respect of the property. No estate surveyor can sell, let or value what he has been authorized to sell, let or value; and the first challenge facing an estate surveyor is how to obtain listing as prospective buyers, sellers, and owners of new properties. Those requiring valuation services seldom call at the surveyor’s offices to tell him their needs without having been first approached either directly by the estate surveyors or indirectly through existing client or referrers. If the estate surveyor were to do so, the prospective clients would go elsewhere to meet his needs. It therefore important for estate surveyor to obtain listing which could in fact with just one instruction and keep adding to those that have been let or sold.
Listing can be secured through one or two ways; it could come by scouting and canvassing by the estate surveyors for instruction to let, if the property is recently completed and vacant; or through the owners of such properties who visit or phone the estate surveyors instructing that their properties be listed. However, it is usually very few and greater number of listings is obtained by canvassing on the part of the estate surveyors. it is therefore advisable to the estate surveyors to always be on the lookout for properties to get listing even while working on already concluded ones. One way to secure a listing is to inquire from client that has just sold the property to know what he probably might want to invest the money in, and it may surprise the estate surveyor to know that either the client does not really know what investment opportunity is the best and by mere analysis and educating him he might acquire large acres of land, which the estate surveyor has for sale and the estate surveyor would have earned twice from the clients.

Another way is to be on the lookout ” To let. Apply Within” or “For sale” Signboards, which usually is mounted by the direct owners of such properties, or an advertisement in newspaper placed by the owner, and meeting them to obtain from him authority to let and sell on his behalf assuring him of quick sale and giving him a little counsel. The disadvantages of this is that such listing is not solid or firm as many other estate surveyors and even quacks, may be working on them.
In broad terms, listing may be classified into five general kinds, namely, Exclusive Agency Listing, Exclusive Right to Sell, Net Listing, Open Listing, Multiple Service Listing and as described below;

(b) Exclusive Agency Listing
This is a contract in which the estate surveyor is given enough room, allowed best efforts and unhampered by any interference or competition from any other estate surveyor. Under this form of listing contract, professional fee is paid to the estate surveyor named in contract by the owner whether or not the sale or letting of the property was carried out by him or by another person. The listing does not give room for compensation payable by the owner to a prospect not procured b the estate surveyor sells the property. This listing is revocable unless a consideration was made, and the estate surveyor actually performed by the estate surveyor has not performed thus limiting the owner’s liability by the value of services actually performed by the estate surveyor. The type of listing is distinguished by the phrase “exclusive agency”.

(c) Exclusive Right to Sell
This is a contract in which the words “exclusive right” are used, and it is similar to the exclusive agency listing except that a commission is paid the estate surveyor whose name appear on the contract whether the property is sold or let by the listing estate surveyor, or any other person or even the owner within the time limit specified in the contract. A form of exclusive right to sell or let listing is known as certified listing, which calls for the client to put down a deposit between 50% and 75% of the professional fees to cover the cost of property survey and appraisal report that must have been prepared to serve as a basis for the selling price and which as certified by the brokerage firm as the fair market value of the property.

(d) Net Listing
This is the contract to sell or let and obtain a minimum price for the owner, and it involves the arrangement where the estate surveyor adds his professional fees to the net price with the consent of the owner. This usually leads to disagreement because of the uncertainty of the agreed selling price where the property is for sale, and the estate surveyor may be charged for fraud. This is why the form of listing should be caution, and the client must fully understand the arrangement and if possible stated in black-and-white acknowledged by him.

(e) Open Listings
These are the simplest form of contract, as it could be written or oral authorization. In this arrangement the client retains the right to list his property with other estate surveyors, and he is therefore committed only to paying the estate surveyor who finally let or sold the property; and where the client himself had got the buyer or tenant, he is not obliged to pay any professional fees. It is trite that the sale of a property vitiates the open listing and the owner-client need not inform the estate surveyor, in that the sale cancels all outstanding listings in order to protect the owner-client from paying professional fees to more than one person.

(f) Multiple Service Listing
This applies to a group of estate surveyors coming together to conduct organized real estate sales or letting service, combining their interests through the facilities of a bureau for central listing using a standard multiple listing form provided by the bureau. The form provides for an exclusive right to sell contract between the seller and the member who acts as the bureau’s representative, and the properly executed listing agreement is forwarded by the initiating estate surveyor to the central bureau for sales processing.
Thereafter, listing bureau arranges a valuation of the property and forwards its valuation report with a listing data form to all its members to effect the sale, and any listing that in price exceed a specified percentage fixed for between 5% to 10% of the appraised value of the property is rejected by the listing bureau, and the owner is informed about the decision and would usually reduce the price to within a range that is considered to be reasonable thus building the confidence of the prospective buyer in the bureau’s reputation.
When the property is finally sold, the agency fees, is by law, expected to be shared as follows: (a) 5% to 10% of the gross professional fees goes to the listing bureau; (b) 70% to 80% of remainder goes to the selling agent; and (c) 20% to 30% of the balance goes to the listing member. This agreement is common in the United States of America, specifically in State of California where multiple listing services in operation are numerous, with strict membership control.
The underlying principle of the multiple listing service is to secure wider distribution of the listing and other uniform sales effort than is otherwise possible.

(g) Prospecting
After listings have been obtained, the estate surveyor decides to sell or let, thus prospecting comes forth.
Prospecting is the arrangement that an estate surveyor make in locating someone who might be interested in buying or renting a property that is for sale or letting. A number of means is adopted to locate the prospective buyer or tenant, these include:
Office Records. Nearly all estate surveyors have files on “requests for property for purchasing or renting” in addition to files containing the listing of properties for sale or to let, and each time there is a request for a type of property the records is checked, and where no suitable property is found in the file, a record of the request is noted until such property is found.
Another means of locating a prospect is through the tenant or occupier of a property. Where a property occupied is for sale, the occupiers would first be informed of the sale as one of them may likely be persuaded to stop paying rent by becoming the owner, and if he does not want to buy, other people who may want to buy would be canvassed.
Advertising is another means. Advertising is a veritable source of prospects through which a seller prospects may be indicated.
Personal Contact is also a means of identifying a prospect. Friends, associates in clubs and societies, members of places of worship, neighbours, and relatives are likely to refer prospects to the estate surveyor if they know that he is reliable, industrious, and trustworthy.

(h) Negotiating
In regard to letting, the worst mistake that an estate surveyor would make is to put a bad tenant in property under his management. This is why it is important that after prospecting negotiation would follow, and the first step in conducting negotiations starts with the initial contact with the prospect, which could be by telephone appointment or meeting in the estate surveyor’s office. To avoid unpleasant experience in the management of a property under letting arrangement precaution starts at this stage, and the estate surveyor must be ready for a long and difficult negotiation so as not to rush into taking a decision to let a prospect an accommodation that he would not be able to pay rent subsequently. He would therefore need to appraise and analyze the prospect at once putting into bear his training in psychology, philosophy and financial analysis to determine if the prospect is good or bad. If he would not be good tenant or if he would not be serious buyer (if the property is for sale) then the estate surveyor should not waste time on him. After the first direct contact, the estate surveyor using his experience would determine whether or not the prospect is real or “fake”, and the quicker a “fake” is dismissed the more time he would have to concentrate on willing and able prospects.

As earlier stated the estate surveyor would put into bear his training in human nature and of the personality bearing in mind that appearance can be deceptive, and that human being may not always be predicted unlike a lion that can be predicted at any time! The first impression and analysis must be made probably within a few minutes, and this possible only with the older and more experienced estate surveyors who have developed the ability to judge quickly, precisely, and with minimum error to judge the type of prospect right there before him.
This is why from experience many prospective tenants are scared of the experienced estate surveyors who would quickly probe and discover their inner secrets. Negotiations therefore are not all about the rent or price to be paid but include the examination of the character, human nature and capability of the prospect to pay.

(I) Closing
This is the stage to confirm if the prospect has agreed to pay the negotiated rent to rent or price to purchase the property as it is possible that the prospect will pay up the agreed price immediately or he would ask for more time to pay or he would change his mind to pay, and the estate surveyor’s experience would tell when to call the deal signed, sealed and delivered, and this usually after money has exchanged hands between the vendor and vendee and his professional fees has been fully paid.

Letting- Checklist Sale- Checklist
Securing instruction to let or sell 1. Securing instruction to let or sell

Inspection 2. Inspection

Marketing 3. Legal search

Negotiation 4. Marketing

Closing of deal 5. Negotiation

Closing of deal

Real Estate Marketing Strategies

There are numerous definitions of what strategy is. It is “a ‘pattern’ or ‘plan’ that ‘integrates’ an organization’s ‘major’ goals, policies and action sequences into a ‘cohesive’ whole” (Quinn, 1980). Most often strategy is often confused with policies. Policies, in general meaning, are rules or guidelines that express the ‘limits’ within which action should occur. In the simplified term, marketing strategies is the means by which marketing objectives can be achieved and are generally concerned with the 7 Ps of product, place or placement, people, promotion, pricing, physical evidence, and process.

Strategies in real marketing and practice could be emergency strategy. In this case, the intended strategy is decided upon traditionally or incrementally. It is overtaken by events in two main ways: Unrealized strategy –This is one, which will probably be recognized by an estate surveying and valuation firm, where it proves impossible to implement a chosen strategy in practice. Less obvious is emergent strategy, which is decided by events in the external environment and, thus, forced upon the firm. In its totality, emergent strategy may not necessarily be recognized by firm as many of its implications may be hidden; and as markets become more complex such emergent strategies become more common. Many firms may see both processes in terms of failure, thinking that they have been forced, usually by unpredictable events, to abandon their own strategy. The major error that may be committed by estate firms is ignoring unwelcome facts until they have become so obvious and unavoidable. For estate firms to react promptly and as soon as possible, such unwelcome facts must be recognized as soon as possible so that the firm can react within reasonable time. The best and most powerful approach is to be proactive seizing the deviations as the basis for future developments. What needs to be recognized is that emergent strategies are the most powerful.

Two main approaches to benefitting from emergent strategies are umbrella and an integration of emergent strategies with deliberate or purposive strategies. The umbrella strategies are general in nature allowing lower level managers the freedom to react to changes. The integration of emergent strategies with individual purposive strategies involves deliberate action of going out to look for symptoms of emergent trends that can be detected in the performance of real product. Specifically, this involves deliberate launch of range of real estate products rather than single one to test the real estate market and determine the most successful.

A strategy consists of well thought out series of tactics. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives. It also serves as the foundation of a marketing plan, which contains a set of specific actions required to successfully implement a marketing strategy.
A marketing strategy is most effective when it is an integral component of corporate strategy. Which defines how the organization will engage customers, prospects and competitors in the market arena for success, and it is partially derived from broader corporate strategies, corporate missions, and corporate goals, and expected to flow from the firm’s mission statement. A good marketing strategy integrates a firm’s marketing goals, policies, and action sequences (tactics) into a cohesive whole. Strategy can be cascaded by creating action sequences that becomes strategy goals that are measureable, dynamic and interactive, and may be partially planned and partially unplanned. Every marketing strategy is unique and can be reduced into generic marketing strategy when abstracted from individualizing details. There are a number of ways of categorizing generic strategies; these are those that are based on market dominance, porter generic strategies, innovation strategies, growth strategies, and marketing warfare strategies. Each of these strategies is discussed in turn as follows:

Strategies based on market dominance – In this scheme, firms are classified based on their market share or dominance of an industry.

Typically there are three types of market dominance strategies; these are Leader, Challenger, and Follower.
Porter generic strategies – This is strategy on the dimensions of strategies scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive advantage, namely, Cost leadership, Product differentiation, and Market segmentation.

SEE :  Property Management & Maintenance

Innovation strategies – This deals with the firm’s rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types: Pioneers, Close followers, and late followers.

Growth strategies – In this scheme questions such as “How should the firm grow?” are asked. There are a number of different ways of answering that question, but the most common gives four answers. These are Horizontal integration, Vertical integration, Diversification, and Intensification.

Marketing warfare strategies Warfare based strategies- This scheme draws parallels between marketing strategies and military strategies. Corporate and marketing strategy is almost warfare. The war if for profitability and profitability comes from customers. Marketing strategies talk about guerilla actions, encirclement, head-on attack, flanking movements and other military jargons.
Strategy can also be defined as the effective implementation of tactical advantage to the sustainable benefit of the company’s bank balance. In the military, the tactics concerns what numbers of guns, infantry and bombs are to be deployed whereas in property marketing the weapons are product design, advertising, and choice of location, public relations, and selling.

Strategic Defense
Strategic defense enables you are protected at all times. All strategies is concerned with making profit at someone else’s expense, and while attacking someone else you remain vulnerable to attack, either from the attacked or from another competitor taking advantage of your temporary preoccupations. There are various forms of strategic approaches available, these are referred to as generic strategic approaches, and include: frontal attack, flank attack, encirclement, bypass, and guerilla activity. In defensive mode are positional defense, flank defense, pre-emptive defense, counter attack, mobile defense, diversification and contraction.

Frontal Attack
This involves direct attack on a competitor, pouring human and material resources into direct competition at the competitor’s strong points and such strategy is resolved on the basis of resources or superior ability to deploy the resources tactically.

Flank Attack
In this approach, the competitor looks rather at the strong mainstream product area, to the weaker aspect of a firm’s product offering. The approach aims initially at an emerging market then use the success symbolism derived from this as a superior weapon in the head-on storming of the ‘barricades’

Encirclement
This is a form of laying siege against a competitor by cutting off sources of supply and by implication sources of revenue effectively surrounding the competitors ruining their revenue inputs into uneconomic level. This approach is not adopted in property marketing. This is a relatively high risk strategy as it implies heavy concentration of resources and relies upon capitulation of the target competitor without undue delay. The more protracted the use of the approach the more difficult it becomes to sustain and the greater the risk of long term market damage to the aggressor in the event of failure.

Bypass
This involves bypassing heavily defended ‘’strategic barrier’’ which appeared to be invulnerable for all practical purposes. The aggressor ignores the barrier and develops an advantage in a nearby undefended territory, and then walks around the defensive strip with the minimal losses.

Guerilla Warfare
Like in the military cycle, attacks are carried out on undefended rather than defended positions, and then the attacker runs away. For instance, an estate agent who got wind of a possible link with his competitor through phone engaged the phone or disconnected the phone, or engaged in lunch appointment thus effectively disabling the competitor. Another approach could be by spreading guarded but unfounded rumors about a particular site where competitor has an estate thus trying opposition’s sales forces on spurious defense the competitor concentrate own sales force on competitive selling. Some practitioners’ do this. They remove ‘’To Let’’ boards of other firms to secure instruction to sell or let.
The questions to be considered are:
Is it illegal? Yes it is illegal
Is it bad manner? Yes it is illegal
Unprofessional? Yes, against the ethics of the Nigerian Institution of Estate Surveyors & Valuers (NIESV). Many of such firms have been penalized, including suspension of the firms and their staff from the institution
Uncivilized? Yes, highly uncivilized.s
How can the approaches be rebuffed? The approach to rebuff attack is by defensive strategies. These include fortification, flank defense, pre-emptive defense, counter-offensive defense, diversification, and contraction.

Fortifications
This involves building a form of fortification when an attack is anticipated and include increase in entry barrier, closing up supply lines and distributive networks. The disadvantage is that it breeds a sense of false security, and makes the fortified to be redundant.

Flank Defense
Example- A dog and wasp. A wasp is just a fraction of the size of a dog. The dog is attacked from directions it does not expect, in measures it does not expect, and in a way it would not be able to counter. The dog becomes bewildered, feels the pain and irritation and then runs away from the spot. Flanks are multi-dimensional rather than simple. The problem is to be recognize that flank exists, and deciding, or even planning, its protection.

Unethical Issues in Real Estate Marketing
Multiple Signboards

Fraud – conversion of clients’ money, ‘’topping’’ of price, etc.
Double fees
Keeping of clients’ moneys in personal account
Misrepresentation or hiding of actual information about property
Gorilla approach to marketing
Deceit and undercutting of colleagues
Inflation of bills, repair/maintenance expenses, etc.
Gazumping and Gazundering – cause estate surveyors to tell lies
Negligence

Real Estate Advertising
Advertising is anything that influences people positively and favourably. It is thought of as being the use of the written, spoken, or printed words, but it is more than this. An estate surveyor’s office with good layout, neatly dressed staff with good manner of speech and contagious smile, and orderly arrangement of his office furniture is a form of advertising. Therefore everything that estate surveyor does that can create positive and favourable impression is advertising. This is why it is essential that an estate surveyor should be mindful of his character, mode of dressing, manner of speaking, and methods of transacting real estate business and interaction with staff, colleagues, and prospects as these go along way at making an impact and creating an indelible mark that may influence the people and prospects for against him. Real estate is brought about by direct personal sales efforts by private treaty, auction, or advertising, or through a combination of two or more of these but with effort for a successful selling.
In a nutshell, advertising is an essential tool for sound and prosperous business, and it plays an important part in promoting public confidence and goodwill upon which successful real estate practice stands. There are principles involved in sound advertising. The first principle of advertising is to catch people’s eyes as no matter the grammar used, and no matter the importance a message is, unless it is eye-catching it would not have impacts. Thus, the first principle of advertising is to attract attention to what is put up for sale; while the second principle is to arouse interest in what is put up for sale by stirring the reader’s emotions and curiosity enough to cause him to follow the advertising from the beginning to the end, thus it must be interesting to look and read. Apart from these, the third principle real estate advertising is to arouse strong desire that lead to action, which is to acquire a given property. From here the estate surveyor takes over from where good advertising has stopped.

Real estate advertising therefore falls into the following general classes:

General Advertising
This is just to place the name and business of the advertising estate surveyor for the public notice. It takes the form of business cards.

Institutional Advertising
This is the type that the NIESV carry out to create the public interest in the professional estate surveyors and not patronize quacks, and to direct business to member firms. This is brought about by the notion that the general public has greater confidence in a body corporate like the NIESV and ESVARBON that govern the codes of ethics and conducts of members than individual firms.

Specific Advertising
This type advertises a particular article, be it classified ad, a display, or a reading notice, with a purpose of selling or leasing or letting of specific piece of real estate.

Promoting the Real Estate Firms through Advertising
To promote a real estate through advertising, experience has shown that certain rules must be followed, no matter the medium of the advertising. These rules are:
Every firm of estate surveyor is advised to make use of symbol used as trademark as symbols play important role in attracting the attention of the public. However such symbol must be designed with great care bearing in mind that even though a symbol has a colourful and unusual design and may attract attention it must essentially associate with the product or services offered, or incorporate the firm’s name.
Once a symbol has been adopted it must reflect on letterheads and on all documents emanating from the firm so as to popularize the firm.
Every advertisement should display a good headline that caters to the products’ needs. Headlines like – “why paying rent when you can buy cheaply?” , or “these properties are so good and pocket friendly” will likely appeal to a prospect.

Advertisement should be simple in wordings and in language, east to read. The wordings should be carefully chosen, without omitting the essential facts bearing in mind always the want and needs to the prospects and essentially for the purpose of leading then to act.

It is not a good approach to allow a particular advertisement to run indefinitely. It is always advisable to vary the wordings, size, colour, fonts, and location of such advertisement so as to continue to make impact on the prospects’ interests.

Advertisement should be honest without qualifying a defective or dilapidated property as good and in good tenantable condition, as once one prospect is deceived to come up for inspection and discover a dishonesty that would be his last time, and first impression surely last long, and the extent to which one or more people so deceived would go cannot be predicted.

Means of Advertising
Business Card Advertising
The most profitable piece of advertising a real estate practice is through the business card, which can be referred to as the “smallest billboard – Ad” Business card are used during sales calls to provide existing and potential clients with a means to contact the business representative bearing the card.
According to Wikipedia, the free encyclopedia, business cards are given out during formal introduction as a convenience and a memory aid. The content of a business card will include: the bearer’s name, name of company represented, the company’s logo and motto (if any), brief summary of line of services, contact information such as full street address, postal address, email, telephone and fax number.
The advert of business cards dated back to the 15th century in china, 17th century in Europe with the footmen of aristocrats and of royalty using it to convey message to respective hosts that they wanted to visit and indicating their arrival. Visiting cards became an indispensable tool of etiquette, with sophisticated rules governing their use. The aristocracies of North America and the rest of Europe adopted the practice from French and English etiquette, and included refined engraved ornaments and fantastic coats of arms. The visiting cards served as tangible evidence of the meeting of social obligations, for the rest of the world, the exchange of business cards has become common for social and business introductions.
Trade cards first became popular at the beginning of the 17th century in London, functioning as advertising with business using cards as marks of distinction, and the growing demand for cards thus boosted the development of color printing and more sophisticated cards. Currently, the economic leveling of the 20th century with a business card left at a place is an impressive form of advertising with a business card left at a place implying that the bearer of the card had called on business thus necessitating further contacts.
The international standard size of a business card as specified by ISO 7810 ID – 1 gave the same dimension as credit cards, to be 85.60mm by 53.98mm. the information that should be included on a business card must be clearly written in fonts that are easy to read in addition to items that will add value to the business card, which for effects must be produced in good color combinations, and before business cards are printed, they must be proofread by reading each line from top down, left to right and then from bottom up and right to left. This approach will force the bearer of the card to observe each word and number; thus avoiding costly mistakes, which once printed, cannot be turned back without paying extra for reprints.

Adding Value to a Business Card
Business cards are expected to speak to prospects but experience has shown that most business cards only whisper, and if they speak at all they do so quietly while many do not say much at all. Consequently, such cards are tossed into the waste-bin whereas the competitor’s card that speaks volume is neatly tucked into a card folder. This has great disadvantage with potential customers not knowing about the estate surveying firm and services on offer.
A card that is ugly, dirty, printed on inferior paper, full of error and connections only speaks one thing: that the owner of the card is ugly, dirty, unserious, unprofessional, and uncreative and so do not deserve patronage. A clean, creative, professionally printed, and visually attractive conveys positive first impression that lasts long even after the initial meeting. The following are the basics ways to add value to business card:
The basic information that must be included in the card should be the name of owner of the card, his academic and professional qualifications, full name and address of the firm including street address, postal and e-mail address, and website. Also, the firm’s logo must be simple but one that can create lasting impression.

The writing on the cards must be in readable fonts, and must have been proofread before they are printed and made available for the clients. In proofreading the draft cards, each line must first be read forward word to word from left right and top to bottom, and in reverse older. No word must be treated and skimmed as familiar. This will ensure that each word or number is examined and ensure no mistakes.

Another basic way is to make each business card useful. A paper type that someone can write on is better than plastic and dark-color type. Paper cards are useful to its owner and those that receive them, especially if they wish to make reminder notes on the cards for future actions.

Estate Surveyors and Valuers may include the NIESV logo in order to give credibility to corporate membership of the Institution, and also promote the spirit of the Institution.

The cards must be available at all times. It is sometimes embarrassing that a client will sometimes ask for a business card and the Estate Surveyors would give excuse of having left at home or in the card far away at the car park. Business card must be part of the dressing for every day outing. Cards must be in the wallet, suit chest, briefcase, car, and portable cardholders.

The cards must be kept in clean at all times it is then that Estate Surveyors and Valuers will be bold to give it out in exchange for prospects’. A dirty and unkempt card is an indication that the owner is unkempt and may not be the right person to handle the caring of an investment in real estate.

The cards are not personal safe, give it to someone. The firms of Estate surveyors and Valuers could measure the activities of their staff based on number of business cards they give away. The effectiveness of staff’s daily routine can equally be rated by counting will give a lead to the number of prospects out there. The business cards must be seen as viable seeds, the more they are scattered the greater the harvest may be!

Newspaper
The bulk of real estate advertising is done in local and national newspapers because the estate surveyors though have properties located within his immediate locality often get responses from all over the country, and newspapers get their messages to the public quickly. The disadvantage, however, is that their life is short; often make impacts only for few days. However, it is important to state that it often happens that few months after an advertisement of certain type of properties has been placed, a prospect would just call with reference to the said advertising.
In respect of real estate advertising, three types of advertisements often appears in newspapers; these are: classified, display, and reading notice; each discussed in turns below:

Display Type of Advertisement
The estate surveyor in this case prepares a copy of the wordings to be inserted and runs it in a newspaper, usually on the property pages of newspapers like The Guardian, The Punch, The Vanguard, The Daily Sun, and some other national newspapers in circulation for a day or two using as much space necessary and for which he could afford. Usually, the estate surveyors pay for the advertising from his savings, thus lessening his profit, and it is the common thing to see the estate surveyors at the end of the day losing out completely since they seldom have exclusive listing of the properties, and the chance that he may not let or sell such properties thus leading to great loss without exclusive listing is very high.

Classified Type of Advertisement
This is used largely for the sale of properties. It is inexpensive as it takes up only a little space as they are usually cut down to minimal number of words and do not usually have the attractiveness of a display advertising, and it is usually said that a prospect reading the classified ads is already half won because he is so much in need that he would peruse such ads that is les fanciful than the display ads, and it is often read by bargain hunters.

Interviews
A way that estates surveyors can keep themselves in the public eye is to appear on the property pages of newspapers where he would grant interviews, write articles, and build the reputation of knowing real estate in the eye of the public thereby giving them special qualifications of expertise and also draw the public attention to his line of professional services.

Magazine
In this type of real estate advertising, there are two types, namely, general magazine and trade magazine. Trade magazine include those of the local and other real estate boards in which the estate surveyors insert general advertising with the sole aim of calling attention to their names, available properties, and professional services including areas of specialization. Usually, the space in magazines is very expensive and when considered against the backdrop that properties would appeal to readers located in a comparatively small locality except those country estates that can draw prospects from local, national and internal locations.

Signboard
Billboard advertising is very expensive but it is durable. Due to its usually large size it is not advisable that it be used in connection with a single piece of property unless it is large multi-storey or multiple structures.

Bulletin and Brochure
Bulletin or Brochure is a good place to describe real estate products or services. This description should effectively summarize what your organization offers. It typically does not include sales copy.

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