Marketing assignment essay help: Aston Villa football club
Introduction:
Property that is to be auctioned after 2 weeks is Aston Villa Football club located at Trinity road, Birmingham. Pricing quoted for this property is $300,000. Therefore, marketing strategy of the agent involves engaging local investors, qualifying them with a powerful deposit need and finally selling to the highest bidder within the given time of not more than 45 days. Marketing activities included twin 8’x4’ full color signage with huge banner on front of football club’s building. Wide-ranging direct mail aimed to the investors and developers of retail property as well as corporate and private club operators over the entire Birmingham prior to 45 days. Ads with respect to the property were published in reasonable regional newspaper and magazine exhibiting and operating instead through main market and suburban regional papers for 30 days. Large Google ad word was also taken into consideration for marketing campaign of the club. Additionally, information package of all-embracing bidder was maintained encompassing all the disclosures related to the property, order of licenses, photography involving airborne, highway statistics and demographics and made it available online.
Furthermore, public relations agent created various newspaper spots that upshot in letters to the editor- an interview on radio 5 days prior to the auction event and TV coverage day of sale. A buyer guide for auction along with high visual impact was also a part of marketing for gaining instant interest on potential buyer’s part. The brochure prepared by football club contained important, expressive and promotional information as well as property photographs to be auctioned. In sum, mailings were made to particular and targeted lists received from highly regarded sources to target latent purchasers. In simple words, marketing phase of property sale included following steps:
- Drafting of preliminary marketing budget
- Outline terms and conditions for buyer
- Settle on target market
- Start primary advertising and purchaser guide plan
- Arrange permits and licenses and get finance details
- Plan auction fact sheet
- Outline description for video demonstration
- Confirm and submit marketing budget for endorsement
- Execute advertising and public relations plans
- Obtain tax estimation information and propose press release
- Assemble auction awareness sample design
- Start advertising and purchaser guide creation
- Original outline of buy agreements
- Begin auction purchaser guide distribution
- Start follow-up for PR, analyze response and put forward call report
- Manage auction announcements
- Settle site of auction set-up
- Receive bids in advance, pre-qualify bidders
- Get and process pre-registration of the client
- Revise property data for the auction day
- Checked for legal and regulatory requirements for auction
- Held final property examination
- Conducted auction and received intense money deposit and signed the contract between buyer and seller
In performing all these activities, the agent acted with integrity, respect and contracted in an ethical way with all potential buyers and clients, the common public and with all auction members of the football club. The agent shown the ethical standard of trust excellence, experience and good team work while dealing with clients and processing all marketing activities. Similarly, legislative requirements involves gaining auctioneer’s license and real estate agent’s license that agent took into account while qualifying the overall process. Moreover, marketing plan intended for auction engaged examinations, open houses and pertinent security arrangements and put into practice in line with ethical and legislative requirements as well as agency practices. Marketing was monitored regularly in order to set marketing plan efficiency. Enquiries from potential buyers and other concerned parties were taken into account and where needed, copies of significant documentation were provided. On the similar façade, bids from latent buyers to auction were also submitted to the seller in line with all legislative rations and agency practices. In addition, reports related to marketing procedure or plan on auction were communicated to the seller on regular basis (Rate detective 2013).
Apart from it, listed agent to plan marketing strategies for auction of football club did everything in line with requirement of marketing procedures, ethical, legislative and regulatory requirements as well as agency practices. But, a few things were missed out and not in line with above mentioned requirements properly. Agent did not consider vendor bidding regulation that is set under sale of land act regulations. Additionally, agent did not clarify the assets that were also to be sold through auction. Disclosure of reason for selling the club, referral fees, retention of records, etc were also not maintained by the agent in his practices for preparation of auction.
Furthermore, a seller designated proper agency agreement is as follows:
- Consideration and term of contract: The listed agent agrees on terms and conditions apply as per the seller instructions and declare not to disclose confidential information to the buyer and any other real estate agent about the property to be sold.
- Price, terms and brokerage fee: In this, seller agrees to sell out the property for the price set, payable in required format. This portion of agreement involves land contract and brokerage fee to be paid to the agent. Seller also embodies and justifies that there would not be an obligation to pay brokerage fee to any entity or person except the specified in the agreement.
- Referral: Seller agrees to refer to the agent all investigations received regarding the property during listing period.
- Dual agency: Accordingly, seller agrees that the agent can demonstrate the property to, and gain offers from, all potential buyers encompassing buyers with the agent has an agency relationship.
- Indemnification: Seller assures and holds the agent and other subagents risk-free from any liability for any cause of loss or damage to the property occurring out of demonstrating the property pursuant to this listing.
- Marketing: Broker is certified to take pictures of the property and publish them, place a marketing mark on the property and to remove other marketing marks. In this order, an agent is also given permission to take all necessary steps involved in marketing plan for auction of the property.
- Price and terms: Seller recognizes that the acquire price and related sales information may be revealed by agent to various listing services property information exchanges.
- Heirs and successors: This contract unites agent, seller, their personal successors and representatives, and anyone succeeding to their interest in the property.
- Other terms & miscellaneous: This agreement is designated by the seller and hence instructs the agent about his ethical, legislative, regulatory and marketing requirements. At the end, seller acknowledges combines copy’s receipt of this agreement.
Afterward, it is listed by the broker through an agent and signed by both of them. Type of ownership for the property is also mentioned in the agreement (YBI 2013).
Task 2
When all bidders, agent, seller, other related parties arrive at the auction, important statements are made at the beginning of the auction which could connect to the property, one wishes to purchase. In this regard, both agent and auctioneer demonstrate professionalism and take care of all legislative and ethnic responsibilities. On arrival, each bidder was asked to fill a registration form and then was issued with unique bidding number. Moreover, they were asked to show any personal identification proof like passport, driving license, etc. Bidders are also expected to bring the name, telephone number, and complete address of the solicitor who were acting for them from exchange of contract to opposition. The information related to property, its size, area covered and facilities associated with it and other miscellaneous offers were displayed at the side screens set at the auction event. Notices displayed on the screen were related to the penalties for collusive observes and model bidding as well as the requirements pertinent to successful bidders.
As far as introduction of auctioneers is concerned, they are trained professionals, over and over again with decades of good experience. The auctioneer begins the sale of property by illustrating about the property in brief and then commencing the bidding at a price that is generally lower than its preserve. In other words, an auctioneer recognizes every bid, whether they are made in a sales room or any other place. An auctioneer can also bids on behalf of the bidders who are not present to due to some important reason. Auctioneer has the authority to finalize the bid and declare that property has been sold to the highest bidder.
Once the bidding started, the auctioneer explained each property in turn he then suggested an opening bid and invited bids from the floor. The information of bidders presented over there at the auction was not kept confidential, as they were introduced at the beginning of the auction. Bidders were making their bids and a small mallet or hammer was being used by the auctioneer. When the highest bid was reached and no more bids were coming, the auctioneer dropped his hammer and the property was sold to the highest bidder. It is a system that once the auctioneer drops the small mallet, the bidder is completely gratified to meet the price. Next phase of this entire auction ended up with payment of deposit by buyer to the seller. Deposits made by buyer can be in form of draft, company or personal cheque. After this, a memorandum of sale was signed by both buyer and the seller (Property wide 2013).
Therefore, marketing material used during the campaign for auction was direct mail, brochure containing buyer guide information, internet, magazine and newspaper ads, auction signs, and property previews. Among all these, auctions signs are quite important for prospective buyers to find out the property on auction. Directional marks or signs were placed in majorly visible sites guiding buyers to the concerned property from all areas of the main market. These signs were intended particularly for the property’s attributes, schedule of preview, auction date, telephone number, address and website. These signs were normally installed 45 days prior to the auction. Additionally, an information box was also placed along with the signs which provided buyers the opportunity to get a brochure that could not receive one by mail.
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