房地产营销-毕业论文外文翻译

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房地产营销管理英文文献及翻译

房地产营销管理英文文献及翻译

房地产营销管理英文文献及翻译房地产开发是支持人们日常生活的基矗社会主义市场经济体制的制定,使得房地产业成为市场经济活动的主体成员,面对市场的风云变幻,房地产企业要想抓住机遇,迎接挑战,必须树立现代的营销观念,掌握现代的营销技术。

我国的房地产营销环境与营销管理虽然经过二十年的市场观念熏陶,但是我国的房地产在诚信问题、营销创新、产品创新、以及管理体制等方面与国际接轨上有距离。

1 房地产营销的基础知识1.1营销的概念毕业论文市场营销译自英文marketing一词。

最早产生于美国,1960年美国市场营销协会(AMA)定义委员会的定义:市场营销是把产品或服务从生产者引导到消费者或用户所进行的一切企业活动。

房地产市场营销是通过房地产市场交换满足现实的或潜在的房地产需求的综合性的经营销售活动过程。

它有以下几层涵义:1、房地产市场营销的目的是满足消费者对房地产商品和劳务的需求。

2、既包括现实需求也包括潜在需求。

3、房地产市场营销的中心是实现商品的交换,完成销售活动。

4、房地产营销的手段是开展综合的营销活动。

房地产营销是市场营销的一个重要分支,是建立在市场营销理论体系上的。

在房地产营销的运用上主要由政府管理部门和房地产开发商。

政府部门主要作为市场管理者对市场行为的监督以及对房地产开发商进行指导,披露市场供给需求信息,制定相关策略以利于社会稳定和经济发展。

房地产开发商主要是发现市场机会,进行营销管理活动。

1990年,美国企业营销专家劳特朋提出了4C理论,4C即消费者的欲望和需求、消费者获取满足的成本、消费者购买的方便性、企业与消费者的有效沟通。

4C理论的营销主张重视消费者导向,其精髓是由消费者定位产品。

1.2 房地产的发展长久以来国内对住房的要求就是能够遮风避雨就行了,但是,随着社会的发展以及我国城市化进程的加快,房地产市场不仅仅局限于提供给人们遮风避雨的场所,而在引领住宅文化潮流上更是不遗余力。

房地产有其区别于其它产品的特点。

房地产营销管理英文文献及翻译

房地产营销管理英文文献及翻译

房地产营销管理英文文献及翻译房地产开发是支持人们日常生活的基矗社会主义市场经济体制的制定,使得房地产业成为市场经济活动的主体成员,面对市场的风云变幻,房地产企业要想抓住机遇,迎接挑战,必须树立现代的营销观念,掌握现代的营销技术。

我国的房地产营销环境与营销管理虽然经过二十年的市场观念熏陶,但是我国的房地产在诚信问题、营销创新、产品创新、以及管理体制等方面与国际接轨上有距离。

1 房地产营销的基础知识1.1营销的概念毕业论文市场营销译自英文marketing一词。

最早产生于美国,1960年美国市场营销协会(AMA)定义委员会的定义:市场营销是把产品或服务从生产者引导到消费者或用户所进行的一切企业活动。

房地产市场营销是通过房地产市场交换满足现实的或潜在的房地产需求的综合性的经营销售活动过程。

它有以下几层涵义:1、房地产市场营销的目的是满足消费者对房地产商品和劳务的需求。

2、既包括现实需求也包括潜在需求。

3、房地产市场营销的中心是实现商品的交换,完成销售活动。

4、房地产营销的手段是开展综合的营销活动。

房地产营销是市场营销的一个重要分支,是建立在市场营销理论体系上的。

在房地产营销的运用上主要由政府管理部门和房地产开发商。

政府部门主要作为市场管理者对市场行为的监督以及对房地产开发商进行指导,披露市场供给需求信息,制定相关策略以利于社会稳定和经济发展。

房地产开发商主要是发现市场机会,进行营销管理活动。

1990年,美国企业营销专家劳特朋提出了4C理论,4C即消费者的欲望和需求、消费者获取满足的成本、消费者购买的方便性、企业与消费者的有效沟通。

4C理论的营销主张重视消费者导向,其精髓是由消费者定位产品。

1.2 房地产的发展长久以来国内对住房的要求就是能够遮风避雨就行了,但是,随着社会的发展以及我国城市化进程的加快,房地产市场不仅仅局限于提供给人们遮风避雨的场所,而在引领住宅文化潮流上更是不遗余力。

房地产有其区别于其它产品的特点。

房地产项目外文翻译和文献综述

房地产项目外文翻译和文献综述

毕业论文外文翻译与文献综述系别土木与建筑工程系专业工程管理学生姓名刘祝成学号090340201年级09级指导老师陈蓓教务部制表二Ο一三年五月二十六日The Analysis of the Issue Related to the Feasibility ofStudy the Real Estate Project on the Basis of theImplicit CostBilin Shao,Bin DingAbstract:It is known that the feasibility study of real estate project plays an important role in real estate development.Nevertheless,there still remains many problems in the feasibility study.In this paper,the concept of implicit cost will be introduced,which will be used to analyse these problems.Meanwhile,some useful strategies will be raised for these problems,which intends to further improve the feasibility study of the real estate projects.Keywords:real estate project;feasibility study;implicit cost;problems1.IntroductionThe feasibility study is the decision science has been used in project area,and the basic target is on the basis of the comprehensive investigating and researching to identify a construction object whether have the characteristics of progressive,reality and reliable in the whole prosess from previously project construction to line operation.We also need to know those whether can pay off from the finance and the credibility in the economy to give a big help for the investating decisions.It is real role that a framework to investing project, and is the key factors that can decide the project can be invested or not to give some supports on the project decisions.The real estate is characteristic of accounting for huge financing,a long period relative to the investing and easily influenced by the instable factors.Therefore,the the feasibility study is very important for the real estate.However,currently we are more and more focusing on the explicit cost in the feasibility study and ignoring the intangible cost.The intangible cost is,as opposed to explicit cost and hided among the total cost of enterprise,caused by the decision maker characterized by lower diathesis,wrong concept,and the deficiency of informations,coupled with the non-market factors to lead to the total cost increaseing directly or indirectly.The amount of economic benefits of the project largely depend on getting full knowledge of the intangible cost in the real estate.2.The Existence of the Questions Lied in the Feasibility Study on the Basis of the Intangible CostRecently,the real estate have got a big improvement in the feasibility study.As the main contents andmethods,it have been normed and stabilized gradually to use in the project decisions.But that is fact that the feasibility study cannot play the role above mentioned in the real case.The worst case is that there is no the feasibility study before starting the work.And another events is that the feasibility study had been done,but the result was not fit to the requestions.The main problems are following:2.1.The Investor with Low Diathesis Did Not Pay More Attentions on itUntil now,a number of the investors did not get a clear clue and realize the importantance related to the feasibility study.They had made a decision whether building the real estate relied on their own wish,and reckoned the feasibility study was just a“payable paper”to submit to lending institution,investor and government.There is no meaning in the feasibility study because of carrying on is not thorough,focusing on the format.Therefore,the“feasibility study”is the aim that how to get a permission from the related department and a loan from the bank,so the data cannot be used to reflect the real conditions.The economic benefits of the whole real estate project have decreased,even failed that was mainly ascribed to the invetor’s attitude,ignoring the importance of feasibility study.Those are called the intangible cost.The other factors is linked closely with calibre that a excellent decision maker should be characterized by determination, confidence,far-sighted.ect.When a favorite investing project lie in front of a investor,he must be confidence and determination to make a decision as soon as possible,or the problems relative to the economic benefits′lost would be happened to create the intangible cost.Moreover,the investor should have the characters of far-sighted to consider the investing process,and not care the“gain and loss”in a small events to make a wrong decision.It is obviously that the high-calibre is an very important factor to the investor to avoid the intangible cost.2.2.The Feasibility Study Related to theConstruction Project is Mainly Completed by the Consultant Agency and Design Dthe Deviser Has Low-CalibreDepartment of construction entrusted by investor.It is possible that the accuracy largely depend on those institutions′level controlled by the deviser’s calibre.Unfortunately,a huge number of devisers are lacking of the attitude on seek truth from facts.They have partially used the data to optimistically evaluate the market price movement.They also did not exploit the market survey in details to predict the market prospect;at the same time,they did not care about some faults,however,more lights shed in exaggerateing the advantages of technology and product that reducing the success rate of investing.On the basis of the devisers having low-calibre,the feasibility study cannot be completed by course of correct way and canonical process that the decision maker got a wrong judgement to result in losting the economic benefits,even the whole project’s depleting.2.3.The Analysis and Forecasting of the Market is not EnoughThe earning power of investing project is not only depending on the all kinds of available resources,butalso relying on the current and potential requests needed by society.Currently,there are no more attenions concentrated on the market survey and forecasting in the feasibility study.A large numbers of data came from the related researchers’experience and social relations.Even though they did a survey and forecasted the market trend,the results are more qualitative analysis than quantitative.The data measured by above process cannot really reflect the market condition and prospect.It is seemly like having good benefits,because of the fault existed in the analysis and forecasting of market to lead to the investing project has to face the condition “having a price but no sales”.Those can be avoided according to the reseacher’s endeavor.2.4.There is No Comparative among Every ProjectA larger numbers of reseachers pay more attentions on the single project than the comprehensive in the feasibility study.In some cases,they also analyse some projects at the same time but a particular one will be analysed more deeper than another analysed superficially.The decision maker have to accept the project choosed by reseachers on their wishes,and then the comprehensive researching changed into single will lose the meaning in the feasibility study.Because lack of the comparative project,leading to the economic benefits related to the finance will be fixed to lose the chance of getting more benefits from the market to create more intangible cost.2.5.Ignoring the Value of the Environmental AssessmentThere are many faults lies in the currently environmental assessment showed by the report of feasibility study.In some cases,there is few contents and the analysing superficially about the environmental assessment, because of there is no surveying the surroundings nearby the project or the assessment is not correct.It is obviously that those are contradiction with the strategy of sustainable development developed by our country. Moreover,there is no consideration between the project and sustaining ability of environment carried out by the investor.As a result,the developing intensity will exceed the loading capacity of environment near by the project to produce seriously environment contamination.This will increase the project later environmental protection costs,such as controling environmental pollution and strengthen the green,ect.There is a serious environmental evaluation work to be needed on environmental protection,and using real data reflect the revenue and expenditure to provide true evidences for the final decision.However,many of the feasibility study overlooked this respect that the project had been put more money in late to produce increasely the intangible cost.2.6.Don't Pay Attention to the Analysis of the Sensitivity and Risk FactorsThe estate project itself has a high risk and investing,because of there are some uncertain factors in project implementation process.With these uncertainties,the investment project there is a risk,thus the uncertainty of the whole project is of vital importance.If the feasibility study of these risk factors were accurately analysed that will cause additional costs of the project.In practical work of the feasibility study,theanalysis of risk is not enough or only stay in qualitative analysis,give a quantitative analysis.Though some of them to quantify,but either quantitative method unsuitable or quantitative results do not take seriously,not have a good understanding to project risk factors,thus make some project in concrete implementation appear of risk or risk factors change,led to increase costs and economic benefit greatly decreased,causing the recessive cost of production.3.Countermeasures of Feasibility Study3.1.Strengthening Ideological Education and Quality Education of the Decision MakerIn order to make feasibility study go smoothly,decision makers should be educated to fully realize the importance and function of the feasibility study.The ideologycal recognition and definite feasibility study effect,so that it can from the fundamental guarantee of feasibility study work smoothly.In addition,there must be necessary education to investors to improve the quality and professional skills of their own,so that when making decisions they can decisively and correctly make decision to reduce implicit costs and increase profits.3.2.Improving ability of the deviserInstitutions of training feasibility study professional must be established and perfected,related departments should organize professional training regularly.Professional ethics education should is necessary to make professionals realize the importance of feasibility study;in the mean time,in order to decrease fault because of professsional skills deficiency and increase correctness of feasibility study professional skills must be enhanced.Establishing and perfecting of the feasibility study for the vocational education training employees of the system,by related departments groups regularly for feasibility research personnel's service training.3.3.Pay Attention to Market Investigation and Market ResearchIn the feasibility study phase,in order to avoid"negotiable without city"awkward situation and more implicit costs,feasibility study professionals should be ready for market research and market forecast work. This requires the relevant personnel take related work seriously,guarantee the correctness of market information to reflect a true market prospect.And earnestly analyze the market consumption levels,an accurate grasp of market demand.In order to keep commodity to consumption group and to avoid implicit costs,feasibility study professionals must earnestly analyze the market consumption levels,grasp market needs and main consumption groups accurately,prepare for marketing positioning.pare and Chose Comprehensive Investment ProjectFor a specific project there may be several different investment plan,after accurately study and compare of every investment project,the optimal project can be achieved.Through compare of different comprehensive investment project risks can be reduced,more profits can be achieved.That proves feasibility study plays aimportant role in reducing costs and making accurate decisions.3.5.Paying More Attention to Environmental EvaluationPay importance to environmental evaluation,abstractly analyze environmental impact.qualitative analysis must be made thoroughly if quantitative analysis is not suitable.During site selecting phase,in order to decrease later costs and implicit costs load capacity of environment around must be taken into account. When considering investment project,we should realize environment impact and economic profit to chose relatively environmental project and reduce implicit costs.3.6.Deepen Investment Projects Sensitivity and Risk AnalysisIn order to effectively prevent and control the risk,in feasibility study,we should strengthen the sensitivity analysis,pay great attention to digging the potential risk factors,such as investment environment risk,project construction risk,etc.And we should pay special attention to unfavorable factors and bad results, for example,implicit cost because of residents unmovement;Implicit cost caused by construction damage and extension of construction limits time limit because of local seasonal natural disaster.Therefore we should unify the quantitative analysis and qualitative analysis and give priority to quantitative analysis so as to prevent risk purposely and make scientific decisions.If sensibility analysis and risk analysis should be based on scientific data,strategic fault of project can be reduced greatly so as to reduce implicit accuracy.References[1]Guangjun Ma:The discussing of investment project feasibility research work problems and measures.[J]. Economic researchguide,2009,p.132-133.[2]Yang Wang and Shourong Wu:The impact analysis and countermeasures of market economy to the project feasibility study[J].Manage engineering journal,2005,p.179-181.[3]Kai Liu:Discuss the current investment project feasibility study of the main existing problems and countermeasures[J].Building economy and management,2006,p.137-138.[4]Xinhua Mu:Discuss the investment project feasibility study problem in the work and countermeasures [J].Chinese collective economic strategy research,2009,p.35-36.可行性研究对房地产项目隐形成本的相关问题分析作者:Bilin Shao,Bin Ding摘要:据了解,房地产项目的可行性研究在房地产开发中起着重要的作用。

毕业设计论文外文文献翻译金融专业)——房地产[管理资料]

毕业设计论文外文文献翻译金融专业)——房地产[管理资料]

From The EconomistHome ownershipShelter, or burden?The social benefits of home ownership look more modest than they did and the economic costs much higherIn a scene from the film “It’s a Wonderful Life”, a happy couple is about to enter their new home. Jimmy Stewart, whose firm has sold them the mortgage, reflects that there is “a fundamental urge…for a man to have his own roof, walls and fireplace.” He offers t hem bread, salt and wine so “joy and prosperity may reign for ever”.That embodies the Anglo-Saxon world’s attitude to home ownership. Owning your own roof, walls and fireplace, it is thought, is good for householders because it helps them accumulate wealth. It is good for the economy because it encourages people to save. And it is good for society because homeowners invest more in their neighbourhoods, engage more in civic activities and encourage their children to do better at school than do renters. Home ownership, in short, benefits everyone—not just the homeowner—and the more there is of it, the better. Which is why it is usually encouraged by the government. In America, Ireland and Spain, homeowners can deduct mortgage-interest payments from taxable income.Yet the worldwide crash was bound up in this supposed miracle of social policy. The disaster began with defaults on American subprime mortgages, a financial instrument designed to spread home ownership among the poor. It gathered pace after the failures of Fannie Mae and Freddie Mac, two government-sponsored enterprises that provide cheap home loans. As a result, the home-ownership rate in America has fallen for four years, the first time that has happened in a quarter of a century. In 2008, families lost their homes or faced foreclosure—double the average before the crisis—reducing the home-ownership rate from 69% in 2004 to % at the end of 2008. The number of owner-occupied dwellings also slipped in Britain in 2007-08 for the first time since the 1950s.Subsidised castlesSo attempts to expand home ownership have contributed to the wider economic crisis without succeeding in their own terms. How does that affect the arguments for supporting home ownership? Should it still be deemed a public good?N o, say several economists and commentators. “Given the way US policy favours owning over renting,” writes Paul Krugman, 2008’s Nobel laureate in economics, “you can make a good case that America already has too many homeowners.” Edward Glaeser, an economist at Harvard University, talks about “the madness of encouraging Americans to bet everything on housing”.So far, policymakers are unmoved. In mid-February Barack Obama proposed a $275 billion plan to support America’s housing market. Outside the Anglo-Saxon world Nicolas Sarkozy, who campaigned for the presidency to turn France into a property-owning democracy, has expanded zero-interest housing loans for the poor.The main economic argument for home ownership is that, in the words of Thomas Shapiro of Br andeis University, “it is by far the single most important way families accumulate wealth”. This argument now looks as weak as house prices.In Britain prices have fallen 21% since their peak in October 2007. Prices in America have fallen more slowly but further, down 30% since their peak in mid-2006 (see chart 1). This has reduced the total value of the country’s housing stock from over $22 trillion in 2007 to $19 trillion at the end of 2008. In the past few weeks, housing markets on both sides of the Atlantic have seen signs of life, but there is every chance that prices have further to fall before they finally reach their low.The collapse in house prices matters most directly to two overlapping groups: those who bought property at the peak of the market and now face “negative equity”; and those (in America) who took out subprime mortgages. Roughly 10m Americans are in negative equity—ie, the cost of their mortgage exceeds the value of their home. In Britain about 3% of households are in negative equity. For homeowners, negative equity makes houses more like a trap than a piggy bank. Those who cannot meet their payments lose their house, their savings and (in America, usually) their credit rating for seven years.The other area of concentrated distress is subprime mortgages, which increased their share of the American mortgage market from 7% in 2001 to over 20% in 2006. According to the Mortgage Bankers Association, the delinquency rate was 22% in the fourth quarter of 2008, compared with only 5% for prime loans. Many people have concluded that, in Mr Krugman’s words, “home ownership isn’t for everyone.” However, a study by the Centre for Community Capital, part of the University of North Carolina, Chapel Hill, casts some doubt on that conclusion. It compared a group of people who took out subprime loans with a group of borrowers from the Community Advantage Programme (CAP), a government-backed scheme that lends to the sort of people who might have had a subprime mortgage. The default rate for CAP borrowers was only a quarter what it was for subprime mortgage holders, even though the incomes and backgrounds of borrowers were similar. Since the real problem lay partly in the mortgages, rather than the borrowers, this suggests the subprime crisis was a financial-market mess, as well as a housing one.Does that also imply that home ownership has the economic benefits that its proponents claim? Two pieces of evidence seem to support such a view. The first is that housing has fared better in the crisis than other assets. Share prices are around 50% below their peaks in many countries, so compared with shareowners, homeowners have not done badly. However, home ownership in a downturn has one big disadvantage: most people buy shares outright but homes on margin (ie, they put down a small stake, if anything). If share prices fall by 10%, you lose 10%; if house prices fall by 10%, you may lose your entire savings. The value of American homeowners’ equity in their own houses has slumped from a peak of $ trillion in 2005 to just $ trillion at the end of 2008. This undermines one claim that homeowning is economically beneficial.The other piece of evidence for home ownership’s benefits is that the house-price fall has so far spared most existing homeowners from absolute losses. In America, forexample, house prices have fallen back only to where they were in 2004. There were roughly 29m house sales in the United States between 2004 and 2007, compared with 115m households, and anyone who bought before then is probably sitting on a nominal profit. However, as Harvard University’s Martin Feldstein points out, if house prices rise, people feel richer and borrow and spend more. If they feel poorer, they may cut back even if the price of their house has not fallen below what they paid for it.Subsidies to home ownership have thus increased economic volatility. They boosted consumption, as homeowners used their houses as collateral to finance consumption or investment. In America mortgage-equity withdrawals reached $9 trillion between 1997 and 2006—equal to more than 90% of disposable income in 2006. This gave homeowners more to spend in the good times but less in bad ones. In Britain home-equity withdrawals added the equivalent of 3% of post-tax income to households in the fourth quarter of 2007 but subtracted 3% a year later. So changes to house prices aggravate the economic cycle. Recent research by the IMF finds that a quarter of the 100-odd recessions since 1960 have been associated with house-price busts and that these contractions “are deeper and last longer than other recessions do”. Subsidies to home ownership have also weakened financial services. They encouraged more people to buy houses (which was the point), but, logically enough, also encouraged lenders to take greater risks with housing. This was fine while house prices were rising, but the fall exposed how vulnerable banks’ bal ance sheets had become.Moreover, if public policy aims to create wealth, there are other ways of doing it. People could invest their savings in the stockmarket and rent their homes, for example. Had they done so in the past two years, they would have done worse than homeowners. But for three decades before that, equity prices easily outstripped property prices (see chart 2), so in the long run equities have been a better bet than houses. (Admittedly, this strips out the effects of share dividends and imputed rents, which favour property.) Housing suffers from two further weaknesses as an investment. It sucks up disproportionately large amounts of money, falling foul of the idea that investors should diversify: in America the equity tied up in houses accounts for 45% of the net worth of the average householder. And it is illiquid. If you need to raise money, you cannot sell a room or two, whereas you can always sell a few shares. It is hard to argue houses are the best asset for building wealth.“Perhaps the most compelling argument for housing as a means of wealth accumulation”, argues Richard Green of the University of Southern California, “is that it gives households a default mechanism for savings.” Because people have to pay off a mortgage, they increase their home equity and save more than they otherwise would. This is indeed a strong argument: social-science research finds that people save more if they do so automatically rather than having to choose to set something aside every month.Yet there are other ways to create “default savings”, such as companies offering automatic deductions to retirement plans. In any case, some of the financial snake oil peddled at the height of the housing bubble was bad for saving. Subprime,interest-only and other kinds of mortgage instruments allowed people to buy their homes without a down-payment and without building up equity. “Negative amortisation” (neg-am) mortgages even let people pay only part of their interest each month and to add the rest to the principal, increasing their debt, not their savings. Home-equity loans had the same effect.Where the heart isThe main arguments for home ownership, though, are not primarily economic, but social. Home ownership, argue those who want to expand it, benefits society because it encourages stable, more law-abiding communities; it makes people more likely to vote in local elections and join clubs; and it benefits future generations because, it turns out, the children of homeowners do better at school and have fewer behavioural problems than children of renters.On the face of it, the evidence for these claims is strong. In America homeowners are less likely to move than renters, so areas with a lot of homeowners are more stable. According to the 2007 American Housing Survey, homeowners stay where they are for about nine years whereas renters move every two.More stable neighbourhoods are more law-abiding. According to a study of New York City, the home-ownership rate was second only to income as an explanation for different crime rates.The link between ownership and political participation is stronger still. In America in the early 1990s, 69% of homeowners voted, compared with only 44% of renters. Homeowners are more likely to know who their representatives are; more likely to support local causes or parent-teacher associations and (this being America) more likely to go to church.Perhaps the most surprising link is between ownership and children. One study in America found that, in 2000, the mathematics scores of the children of homeowners were 9% higher than those of renters’ children; reading levels were 7% higher. This had nothing to do with income: the research controlled for that. In another study homeowners’ children were 25% more likely to graduate from high school and more than twice as likely to go to university. Their teenage daughters were also less likely to become pregnant.These studies, though, are not the last word. They find a link between children’s education and homeowning. But is this because, as some suggest, home ownership requires parents to possess managerial or financial skills that they pass on to their children? Or is it because the people with those skills help their children at school and also buy houses? No one knows.Nor is it certain that owners always take better care of their neighbourhoods than renters do. Some studies claim that the effect in fact depends on a few public-spirited people willing to set an example. Renters can be public-spirited too. In America areas with lots of renters tend to be transient because the typical rental period is short. In Germany, though, people rent for years. Stable neighbourhoods and widespread home ownership can go together but do not need to. As Bill Rohe of the University of North Carolina, Chapel Hill puts it, “evidence regarding the societal benefits of home ownership is highly conjectural.”Still, on balance, home ownership gives people a stake in the state of their surroundings. Thriving streets increase the value of properties, giving owners incentives to improve them further. Renters get no such benefit; they may even have to pay more if the neighbourhood improves.Whether stability is such a good thing in a downturn, though, is a different matter.A decade ago Andrew Oswald of Warwick University argued that owning your own home makes you more reluctant to move, so labour markets tend to become more rigid as home ownership increases. He claimed that increases in the level of home ownership (though not necessarily the level itself) are associated with rises in unemployment. Ireland, Greece and Spain all saw large increases in home ownership in the 1980s and 1990s, and had relatively high unemployment. America and Switzerland had stable ownership rates, and escaped the long-term rise in joblessness.His argument remains controversial. Critics point out that many things other than home ownership might prevent peop le from moving (children’s schools, friends and so on). Anyway, liquid housing markets should make it possible for people to move, if they want to. It is also possible that, even if people were trapped in distressed areas, jobs should move there to take advantage of the willingness of homeowners to accept lower wages.All that said, Mr Oswald’s arguments seem especially powerful at the moment. The recession in America is bearing down most heavily on two groups of states: Florida, California and Nevada, which had the largest house-building booms in the 1990s; and Michigan, New Hampshire, Delaware, West Virginia and Mississippi, which have the highest home-ownership rates. People are not, in fact, moving as frequently as they used to: the share of those moving house in 2007-08—% of the population—was the lowest since records began. So labour markets look less flexible than they were. Negative equity exacerbates immobility because people are reluctant to move if it means selling at a loss. Researchers at the Wharton School reckon that people in negative equity are only half as likely to move as those who are not. In all these ways, high home ownership may prolong and deepen a recession.The problem remains of how to weigh the economic costs against the social benefits of home ownership. There can be no easy judgment about this but the recent rise and fall of house prices suggests both that the costs are greater and the benefits smaller than once thought.If owning were such a boon, you would expect neighbourhoods with lots of owners to have done better than those with lots of renters during the boom years. That does not seem to have happenedWhat has happened, though, is that above a certain level, foreclosures have done a lot of damage during the bad years. Recent studies of New York and Cleveland find that, if lenders foreclose on 3-4% of properties in an area, local prices fall even faster and further than average. Rows of For Sale signs almost certainly have the same effect in Britain. In other words, ownership can sometimes be worse for a neighbourhood than renting.A shelter—for your moneyLastly, and perversely, the decade of obsession with expanding home ownershipmay actually have reduced neighbourhood stability. Nicolas Retsinas, the director of the Joint Centre for Housing Studies at Harvard University, suggests that, until the crash in 2008, Americans were coming to see their homes as financial investments rather than as places to live. That is true in other countries. Neg-am mortgages in America and buy-to-rent arrangements in Britain were based on the assumption that houses were primarily investments.As a result, people seem to have started to buy and sell homes more frequently. Between the mid-1990s and mid-2000s, the number of new houses sold almost doubled in America, from just over 600,000 to over in 2006.Perhaps that made labour markets more mobile, but it was certainly not what policymakers were aiming for when they set out to increase home ownership. Their efforts in the past few years seem to have weakened, though not destroyed, the best arguments for treating home ownership as something to be encouraged: that it increases people’s savings and creates better neighbourhoods for everyone. But perhaps you should not be surprised by that. As Adam S mith wrote in “The Wealth of Nations” two centuries ago, “a dwelling-house, as such, contributes nothing to the revenue of its inhabitants.”自有住房--是避难营还是重担?自有住房带来的社会利益中看不中用,而且经济成本高昂。

外文翻译--房地产

外文翻译--房地产

本科毕业设计(论文)外文翻译原文:Chapter Twenty-NineReal EstateReal estate should represent a significant position in every investor’s portfolio. Before detailing why real estate should be a core holding in all portfolios, a discussion of the potential negatives is warranted.I feel we may currently be experiencing a real estate bubble, similar to our stock market bubble of the late 1990s, similar to the Japanese stock market and real estate bubble of the late 1980s. Schiller, the author of Irrational Exuberance has recently voiced similar concerns. This bubble is due at least in part to the historically low interest rates that we have had for several years and the great amount of liquidity (i.e., money) being pumped into the economy.One way to measure the real value of your home is to compare what the property could be rented for in comparison to the price and then compare this to the return on any investment. As an example, if a home costs $100,000 and can be rented for $800 a month ($9,600 a year), this 9.6% return represents a solid investment. However, say the price of the home has risen more than 15% a year for 5 or 6 years and would now sell for $200,000. But the rent has actually dropped slightly to $750 a month because so many people now qualify for mortgages so there are less renters. The rate of return on the home as a rental has dropped to 4.5% ($750 × 12 months is $9,000, which is 4.5% of $200,000). Considering the amount of money invested, the illiquidity of real estate, the sales commission, expenses such as insurance, taxes, maintenance etc., a 4.5% return is probably not adequate. To be able to realize a more usual rate of return from the property, either the rent must rise or the price must drop (the more likely scenario).When the only hope of return on a real estate investment is from the favorable taxconsequences (such as depreciation) or “potential appreciation,” it is very likely that the property is overpriced.When there have been multiple years of gains and within the last year prices are up another 25 to 30%, as at multiple sites in the United States, (homes in Las Vegas are up more than 50%, the greatest annual increase in any metro area on record), then you must be concerned about the possibility of a “blow-off” top.This is the ups ide equivalent of a “panic sell.”You are almost certain to be buying at the top.With this in mind, at present I would only buy a piece of investment real estate if the circumstances were especially compelling. Otherwise, keep your powder dry. other general investing principles, of course, also apply to real estate.It is impossible to make money on even the best property if the purchase price is too high. Nothing ever goes straight up and it is possible to lose money on any investment.Location, location, location. What 10 or 15 years ago was in the most fashionable area of town may now be in an area that is not as desirable or even undesirable. Even a great property in a great location may not do well if it is over-leveraged or poorly managed.There are several reasons that real estate traditionally does well and will continue to do well in the long-term. As they say, they are not making any more land. The supply is clearly limited. This fact is already quite apparent in the center of large cities, such as Manhattan, Boston, San Francisco and Washington DC. Because of the financial, educational, business, and government base of these areas, it is a prerequisite that people live in close proximity. As society continues to progress and the population continues to increase, there will be an even greater demand for real estate, especially in desirable areas.In general, the longer an investment is held, the greater the potential for profit. An investor buying the average stock has an almost infinitely higher chance of realizing a profit if the position is held for 1 year as compared to if it is held for just 1 day. Stocks can be traded on-line by literally a touch of the button.Compare this to real estate. Selling a piece of real estate is cumbersome. It may take weeks or months, or longer in a down market or if the property is overpriced, and the commissions are significant. You do not sell your home in a panic as sometimes occurs when the stock market drops and stocks are sold in a panic. These factors essentially force you to hold real estate longer, which in the end increases the likelihood of a profit.Think of this as a sort of system enforced patience.The leverage of a mortgage increases the profit. A piece of real estate is often a sound investment with only a 20% down payment. Compare this to purchasing a stock with only 20% down and 80% margin (the average investor cannot make such an investment since this is greater than the usual margin requirements allowed by the Federal Reserve. However, hedge funds sometimes do use this amount of leverage). The purchase of a stock on 80% margin would be a terribly flimsy investment. Consider the following as a reasonable example of the finances and profit potential of the purchase of a rental property. A $200,000 property is purchased with a 20% down payment of $40,000. If the property was chosen appropriately, the rent should just about cover the mortgage payment on a 15-year note. After 15 years, your $40,000 has grown to $200,000, a more than 11% compounded annual rate of return. But the gain could be even greater. There is also the following:1. Depreciation, with its favorable short-term tax consequences.2. The interest on the note and the expenses to maintain the property are tax-deductible.3. Hopefully there will be an increase in the value of the property itself.4. It should be possible to raise the rent as time goes on, such that at sometime, or possiblyeven from the outset, there is positive cash flow over and above debt service for the mortgage and expenses.This is identical to a corporation that regularly increases dividends. This excess cash flow can be used for anything such as paying off the note early or for other investments.A properly chosen piece of rental property may produce a 15% compounded annual rate of return. The limiting factors to such profit are straightforward, namely, having themoney for the down payment, choosing the right property, paying an appropriate price,the work and time of managing the property, and patience.Real estate traditionally performs well in an inflationary environment. During inflationary periods, financial assets, such as bonds, cash and stocks, lose value. People turn to hard assets, with real estate and gold being the prime examples. In addition, if the property is financed with a fixed rate note, the debt is being paid off with cheaper dollars that are easier to come by.The inverse can occur in a deflationary environment. Real estate can be devastated. Fortunately, periods of deflation occur rarely, but they do occur. The only period ofdeflation in living memory in the United States was The Great Depression.Japan hashad mild deflation for the last 5 years, and Japanese real estate is still down approximately 30% from its late 1980s peak (real estate can go down in value). The problem with real estate and deflation is not only the property is worth less, but because almost all real estate is purchased with some amount of debt, the dollars used to pay off the loan are both more dear and tougher to come by than those borrowed. The US was barely able to avert a deflationary recession in 2002 and 2003. Considering my concern that we may not have yet seen the final low of this bear market (see Chapter Twenty-Eight) and the degree of debt in our society, (the national debt is currently more than $7 trillion and increasing at a rate of $50 million an hour) we still may not have yet completely dodged the bogey man of deflation. If the reader should have further interest in learning about deflation, I refer you to the book and article by Robert Prechter referenced at the end of the chapter.History shows that debt bubbles typically end in a deflationary crash. At present, the total amount of government, corporate and personal debt in the United States is equal to three times the GDP (gross domestic product). Every many, woman, and child in the United States of America would have to work 3 years just to pay off this debt. Paul Volcker, possibly the most capable Chairman of the Federal Reserve ever, who’s actions in the late 1970s and early 1980s many feel literally saved the dollar,was recently quoted as predicting a 75% chance of a Third-World style debt crisis in the United States within the next 5 years.OWNING A PROPERTY OUTRIGHTThere are several situations, in addition to your home, that you should strongly consider the direct purchase of real estate as an investment.The first is vacation or recreational property. A typical example is a home or condo in areas you like to go to on vacations or just relax. Examples include anywhere on water, whether that be a seacoast, riverbank or lake, such as Lake of the Ozarks in this area. I must make one recommendation. The desirable properties are the ones right on the water. Do not purchase a “second tier” pro perty, one that is not directly on the water. These will never be as desirable as the properties directly on the water and it is quite unlikely they will appreciate as rapidly. You do not want to be forced to look around someone else’s trees or shrubs or h ome to see the water.You want that unobstructed view, those gorgeous sunrises or sunsets, the sounds of the waves, to be right outside your window, balcony, or piazza. Real estate is like collectibles.People want the best and there will always be someone willing to pay for the best. Buy the best property you can afford (note I emphasize “afford.” Do not get carried away!). These will be the most fun and have the greatest potential to appreciate in value.Other obvious examples of desirable areas include snow skiing areas, resorts, golf courses, land for hunting or hiking, islands, and properties in general in areas that are warm during the winter, such as the southeast, south, gulf coast, and southwest. Remember there is a practical aspect to vacation property. Not only is cost important, but how long it takes to get there is much more important for the vast majority of people looking for a second home, or any piece of recreational property. A 75-mile drive can be easily accomplished two weekends a month as compared to a full day’s travel with multiple airplane connections to get from the upper Midwest or Northeast to a beachfront home in the Florida Keys.I believe that as our society becomes wealthier more money will be spent onvacation/ recreational property. Only so much money can be spent on a home (albeit sometimes very much), car, electronics, and other basic needs. This leaves more discretionary income to be funneled into recreational property. I also believe this will apply to collectibles (see Chapter Thirty). Anyone can buy a new car but there are only so many pieces of antique furniture to go around. Look at the late 1990s. The price of recreational property went bonkers. I believe this is only a sample of what will occur in the future as more people accumulate wealth and look for enjoyment, recreation, and relaxation.One question that always arises with vacation and recreational property is if you should purchase a stand-alone home or a condo. The majority of people probably find stand-alone homes more desirable. The appreciation potential is almost always greater than a condo because you own the land. The principle features that make condos desirable are the lower price and lack of maintenance. Unless you are willing to pay others to perform the maintenance on a stand-alone home, a good part of your precious vacation time will be spent on maintenance and upkeep such as mowing the lawn, raking the leaves, or painting, etc. Whatever you choose should suit your preference and needs but do not forget this very important and practical issue.From: The Physicians Guide to Investing: A Practical Approach to Building Wealth Written by: R. M. Doroghazi . Humana Press Inc., Totowa, NJ译文:第二十九章房地产房地产应该代表着每个投资者的投资组合的重要性。

房地产相关外文翻译--通过房地产经纪人决定买房子

房地产相关外文翻译--通过房地产经纪人决定买房子

中文3000字本科毕业设计(论文)外文翻译原文:Buying a House and the Decision to Use a Real Estate BrokerIntroductionWhat is it that residential real estate brokers do and why would a home buyer engage their services? As is often the case,answering this question is not a simple task. Home buyers who acquire their house through a broker do not purchase just a house--they also obtain the services of the broker. In other words, these buyers are consuming a bundled good. One dimension of this good is lower search time, and thus lower search costs, associated with buying through a broker. Recent research (Baryla and Zumpano, 1995) suggests that choosing a broker improves the marginal efficiency of search, making it more likely that a buyer will find a satisfactory match earlier in the search process.Buying through a broker also increases the supply of houses available to buyers, and provides buyers with information on the quality of different houses and the neighborhoods in which they are located. Brokers frequently help buyers identify sources of mortgage financing and property insurance, as well as assist buyers in recording the title.All of these services suggest that brokers provide value added to buyers (in addition to providing a service to sellers), something that these buyers would be willing to pay for.Thus, this bundle of services and the house that is purchased would, intuitively, be priced higher than homes purchased without the assistance of a broker. Several studies (Janssen and Jobson, 1980; Jud and Frew, 1986) observe that buyers pay more for homes listed with brokers. It is not possible, however, to determine whether this applies to the entire residential housing market, since research to this point has relied on local data. Higher prices indicate a willingness by buyers to pay more for broker-listed houses than those sold directly by owners. Alternatively, competition from for-sale-by-owner properties may prevent sellers from passing on commission costs to buyers in the form of higher prices.Therefore, at issue is whetherbroker-assisted sales result in higher prices.If search duration is affected by broker assistance, what about price? This study attempts to answer these questions by developing an empirically testable model of broker choice.In the process, this study should provide important insights into the efficiency of the residential housing market as well as the effectiveness of brokers as market intermediaries.Specifically, this study examines the effects of a real estate broker by hypothesizing a two-stage process. In the first step, a buyer decides whether to engage the services of a broker to assist with the search. Empirically, this decision is modeled as a probit equation,where the choice to use a broker is a function of such variables as the cause of the move (i.e., changes in the household, or work-related moves), the income, age, experience, and market knowledge of the buyer, and other buyer characteristics.The second step is the purchase. Here selling prices are modeled as a function of house characteristics, buyer characteristics, and whether the sale was broker-assisted. This approach should provide information about the determinants of housing prices. In particular,this model should allow us to determine whether the broker-assisted buyers and buyers for-sale-by-owner properties constitute segmented markets which would permit the maintenance of housing price differentials.This study uses cross-section data from a nationwide survey of recent home buyers and sellers conducted by the Research Division of the National Association of Realtors. This database includes both broker-assisted sales and sales by owners, allowing an assessment of the impact of the real estate broker on selling price, and by implication, the value of the marketing services which brokers provide to sellers.Our results indicate that indeed buyers who use brokers do pay more for their homes than those who do not buy through a broker. But our results also imply that it is not because these buyers have used a broker. Rather, this group of buyers would have paid a higher price regardless of the means by which the purchase was consummated. These buyers have higher incomes, are more likely to be from out of town, are more likely to have employer assistance in the purchase--all factors that lead them to pay more for a house, but also to make them more likely to use a broker in purchasing their home. When the decision to use a broker is accounted for, these buyers do not wind up paying more for their homes, and there is some evidence that they actuallypay less than a comparable buyer who buys without an agent's assistance.The layout of this study is as follows. The relevant literature is reviewed in section 2.In section 3, the data, variable selection, and model are described. section 4 presents the empirical results, and the last section contains the conclusions of the study.Literature reviewA broad range of research has focused on the determinants of housing prices. These include traditional estimates of housing demand, hedonic modeling of housing prices, the determinants of the tradeoff between price and time on the market, and models of the search process. Other literature has examined the role of real estate brokers and has focused on the impact of brokers on buyer search, or has examined the welfare and/or moral-hazard implications of broker intermediation. Few studies have tried to measure the direct effects of real estate brokers on the housing market, and fewer still on home selling prices. The work that has been produced to date has often generated conflicting results. In part, these disparate results may reflect data availability problems, as virtually all of these earlier studies have been based on local data, and samples tended to be small, making generalizations difficult.In one of the first empirical studies of broker choice, Janssen and Jobson (1980) find that real estate agents do have an impact on price. Using data from the Canadian housing market, Janssen and Jobson's results indicate that with real estate firms of comparable size, brokers who list comparable properties for higher prices than competing brokers tend to realize significantly higher selling prices. The higher selling prices tend to be associated with transactions involving executive transfers and broker-arranged secondary financing. These results may, in turn, indicate that brokers obtain higher prices when dealing with buyers who are both less knowledgeable about local market conditions and less sensitive to price. Yavas and Colwell (1994) suggest that selling price may also be, at least to some degree, a function of the type of broker listing arrangement used by the seller.In a study of the residential market, Jud (1983) estimates the demand for real estate brokerage services. Using housing transactions data from three urban areas in North Carolina, Jud finds that brokers do not affect the prices of the houses which they sell, although they do appear to influence the level of housing consumed by buyers. In a subsequent study, Jud and Frew (1986), using different data, find that brokers do obtain higher prices for the homes they sell. Evidence is also presentedthat broker-assisted buyers have a greater demand for houses than their non-broker-assisted counterparts. Their results lead them to conclude that broker intermediation has an effect analogous to that of advertising in markets with imperfect information.More recent research by Turnbull and Sirmans (1993) examines the extent to which differences in information and search costs are related in housing prices. Using data from the Baton Rouge market area, Turnbull and Sirmans compare the prices paid by first-time and out-of-town buyers to the prices paid for comparable housing by more knowledgeable, local and repeat homebuyers. Their results indicate that home prices are similar across buyers with different information sets and search Costs. Since these were all broker-assisted transactions, Tarnbull and Sirmans conclude that existing brokerage institutions, such as the MLS, successfully eliminate the potential price effects of asymmetric information and, thereby, improve the efficiency of the housing market. It isnot possible, however, to determine from this study whether price differences exist between broker-assisted and non-brokerassisted transactions.Although selling prices are not compared, a study by Baryla and Zumpano (1995), for the first time, uses a national sample of broker-assisted and non-broker sales transactionsto assess the impact of intermediation by the agent on search effort. This study indicates that information asymmetries are present in the residential real estate market and that intermediation by agents does affect buyer search efforts. First-time buyers and out-of-town buyers search longer than more experienced and local home buyers. Equally important, real estate brokers are able to reduce search time for virtually all classes of consumers, whether first-time, experienced, local, or out-of-town buyers. A follow-up study by Baryla, Zumpano, and Elder (1995) finds that the mechanism by which agents reduce buyer search duration is an increase in search intensity. Having more market access and housing information than buyers working without brokers, broker-assisted consumers are able to visit more homes during a given period of time. These results suggest that buyers with high information and search costs are more likely to seek out the services of real estate brokers. Whether this implication is true, and what effect such a search decision has on selling price, however, remains to be seen. The next logical step, therefore, is to examine this choice and its consequent effect on home prices.Data and methodologyThis study uses data from a nationwide survey of home buyers conducted by theNational Association of Realtors in 1987. The survey, The Home Buying and Selling Process, was mailed to over 30,000 households. After eliminating incomplete or faulty questionnaires, the database totaled 2,495 observations, all of which took place in 1986.Table 1 displays summary statistics from the survey sample, categorized by whether the transaction was agent-assisted or non-agent-assisted. Table la displays agent usage based on differences in information and search costs among the buyers.Evaluating the impact of the real estate broker on prices paid by home buyers would seem, initially a straightforward process: One estimates a price equation using ordinary least squares, controlling for differences in housing characteristics (as in a hedonic price model) and the impact of buyer characteristics on the price, including a dummy variable defined to indicate whether the buyer used a broker in the transaction. Or one could estimate separate equations for the broker-assisted and non-broker-assisted buyers. The difficulty is that the price paid by the buyer and the choice of whether to utilize a broker may be linked. A higher price paid by buyers using a broker may not imply that prices are higher for homes listed by brokers. Instead, it may be that this group of buyers would have paid a higher price regardless of whether or not they used an agent. This is a classic example of self-selection: If those who use an agent are predisposed to pay a higher price, the ordinary least squares estimate of the coefficient on the agent variable will overestimate the effect of the agent on the price paid by the buyer.The presence of selection bias could imply a number of possibilities. One is that the bias exists, and that after taking into account the self-selection by these buyers, housing prices are still higher for the group using a broker (as indicated by the coefficient of the broker variable). This result would imply that there are two separate residential real estate markets: one for broker-assisted properties, and the second for the for-sale-by-owner (FSBO) properties.This separation could permit the maintenance of housing-price differentials between the two groups of consumers. If selection bias is present, and housing prices are higher for broker-listed properties, the price differences observed could be attributed to the predisposition of buyers using a broker to pay more for their homes. If no selection bias is present, the higher prices may represent the value added by the broker which the buyers are willing to pay for. Alternatively, no price differentials may exist due to the competitive impact of FSBOs on the prices paid for broker-assisted transactions.The choice of whether to use a broker and its subsequent effect on price is modeled using a Heckman two-stage model. In the first stage, a probit equation is employed to model the decision to choose a real estate broker. The decision is modeled as a function of eight variables. Buyer income (AINC) is employed as a measure of the opportunity cost of search. It has already been shown that buyer search duration can be reduced by working with a real estate broker. If higher income buyers have higher opportunity costs, we would expect that they would choose to buy through a real estate broker.Source: Leonard V.Zumpano,Harold W.Elder,Edward A.Baryla.1996. Journal of Real Estate Finance and Economics.Academic Publishers,13:169-181.译文:通过房地产经纪人决定买房子简介房地产经纪人究竟是做什么的,为什么购房者会激发他们的服务呢?在通常情况下,这是一个不容易回答的问题。

销售房屋的英语作文带翻译

销售房屋的英语作文带翻译

销售房屋的英语作文带翻译Selling a house can be a daunting task, especially if you are not familiar with the real estate market. However, with the right approach and mindset, it can also be a rewarding experience. In this article, we will explore some tips and strategies for selling your house successfully.First and foremost, it is important to price your house correctly. This means doing your research and finding out the market value of similar properties in your area.Pricing your house too high can deter potential buyers, while pricing it too low can leave you with less profit than you deserve. A good real estate agent can help you with this process.Secondly, you should focus on making your house lookits best. This means decluttering, cleaning, and staging your house to appeal to potential buyers. You want to create a welcoming and inviting atmosphere that will make buyers feel at home. This can also increase the perceivedvalue of your house.Thirdly, you should be prepared to negotiate with potential buyers. This means being flexible and willing to compromise on certain aspects of the sale, such as the closing date or the price. A good negotiation strategy can help you get the best deal possible.Finally, it is important to be patient and persistent. Selling a house can take time, and you may encounter setbacks along the way. However, if you stay focused and committed to the process, you will eventually find the right buyer and close the deal.卖房子可能是一项令人畏惧的任务,特别是如果你不熟悉房地产市场。

房地产营销策略外文翻译文献

房地产营销策略外文翻译文献

文献信息:文献标题:Marketing Strategies in the Real-Estate Industry in Prishtina(普里什蒂纳房地产行业的营销策略)国外作者:Nail Reshidi,Reimonda Hoxha,Rasim Zufer文献出处:《ILIRIA International Review》,2015, 5(1): 29-40字数统计:英文2508单词,13495字符;中文3918汉字外文文献:Marketing Strategies in the Real-Estate Industry in Prishtina Abstract Real Estate is the industry that has always influenced the economic development of a country due to very costly investment and employment of thousands of people. This industry has been vastly developing in recent years in Prishtina, resulting in huge demand for real estate, which led to the establishment of many construction companies ready to meet this demand.The paper draws on data collection and information with the purpose of exploring and analyzing marketing strategies of construction companies in Prishtina’s market. This paper examines the role of internal and external factors that influence the development of the Real Estate industry and analyses the trends for the future. The objects chosen for the study are construction companies currently operating in this market, which was done so as to analyse their ways of doing business and their strategies and plans for achieving their objectives. Also, this research includes the level of demand versus supply for these companies and the success of meeting these requirements.Key Words:Sales, property, market, Prishtina, customers, companies, supply, demand, price, quality, payment.1.IntroductionThe dynamics of the development of society, in many ways, whethertechnological, economic, or cultural, have highlighted the standardized needs to adapt to new ways of living. People have invented various new methods of individuals becoming functional enough so that they become an inseparable part of the social group in which they belong.Modern technology, the Internet and social networks, today dictate a series of activities to which most people devote a large part of their time.In addition, the industries and manufacturing companies also tend to adapt their products to the flow of this development and these trends. In this case, enterprises are faced with drastic changes in their strategies and production operations. These uncontrollable dynamics of development require an unstoppable commitment to customer tracking and identification of their needs at any point. This strategy can only be put to work by further strengthening the marketing department and implementing marketing plans and strategies at the right time and place.All industries, including the real estate industry, have faced these trends of development that have modified customer needs and have highlighted new demands. Fortunately, technological innovations have also improved manufacturing, quality and introduced new materials into the market. In the real estate industry, the dynamics of development is directed towards the production of construction materials which, in the long-term aspects, provide comfort and help saving energy, thus making housing even more affordable and more economical.Marketing as a significant part of every industry, is committed to identifying new discoveries to fit them in the daily life of every customer that will potentially buy their product. After all, Marketing is about identifying and meeting human and social needs.2.Defining the problemBig companies which extend their activities in various fields and deal with the production of products or services, need adequate policies and strategies to keep their business alive. These companies are the engine of economic growth in developed countries but in developing countries just as well.In recent years, one of the main industries, especially in Kosovo, is the real estate industry. The real estate market consists of a chain of material producers and service providers who work in the same environment, the outcome being a final product such as buildings. Incorporating a certain number of participants makes the process of managing and implementing strategies to produce the final product even more complicated. Despite this, real estate is an industry that has always influenced the economic development of a country. First, it represents 2/3 of the net profits of a state. Second, real estate industry is an essential part of the production process. Thirdly, the real estate industry is one of the largest employers. But the real estate market is quite flexible. At the time of product production and placing on the market of an apartment for sale, investors face another influx of problems that have to do with the structuring of action steps and sales plans. At the moment when the sale of a flat of a certain building happens, companies tend to apply different techniques to achieve their goals. How applicable and profitable these techniques are, can only be seen by the results of these investors. By knowing that the purchase of a real estate property is a major investment by a potential client, the decision to buy a house is a long research process and is based on specific customer preferences. The process of making a decision regarding a purchase is quite slow and will also be associated with data collection and comparison of bids, to in fact realize the purchase. But, how do investors and construction companies convince their customers to buy these apartments? What strategies and techniques they use to inform their consumers and to conduct a sale? How satisfied are customers with their choices?3.Research purposesBefore buying a real estate anywhere in Prishtina, clients explores various blogs and web sites for a long time. This indicates that the level of commitment by the companies and investors in developing worthy marketing strategies, and their implementation in the market, has been inadequate.Today, in developed countries, there is no room within the city for newly built neighborhoods. The society has infiltrated new ways of living that are considered tobe both acceptable and required. Suburban areas are thought to be the right choice opposite the messy and polluted environment of the city, to live in the luxury of large houses with open views and fresh air. This way of life is associated with high costs and only suits the individuals with higher incomes.In the postwar period, a large number of people were displaced from villages towards cities, mainly in Prishtina. The high influx of people allowed construction companies to find a great demand to build apartment buildings. This market began to grow, until equilibrium was established between supply and demand, prices were set too high, the quality was not at the desired level and few companies cared enough to design marketing strategies. At the time of repletion with the offer, the influx of housing purchases declined.Today, potential customers are much fewer in number, because investment in real estate is an investment that is, almost always, done once in a lifetime. Today, a significant number of apartments are empty, because customers began to choose between offers. At this point, a need for good marketing strategy appeared. How much have the construction companies used the benefits of marketing, and how necessary is the marketing plan for new investors today? How can marketing solve the problems of companies that cannot manage to achieve sales?4.Research methodology, models and results4.1.Research methodologyPrimary data sources: Primary data collected from fieldwork such as interviews and questionnaires conducted with construction companies.Secondary data sources: Secondary data collected from literature, existing statistical data obtained from various sources and reviews of market development plans.The research method is based on personal research oriented towards the goal for the recognition of the truth, the causes and the reasons to come to the systematization of data thus solving the problem. The collected data is to be used for proving answers to the fundamental problems put forward by the research.Another research method used is the interview and survey with subjects involved in the research process.Research instruments: Interviews with construction companies "Lesna" and "Tregtia" as a case study.4.2.ModelsThe research, investigations and analyzes of the information collected, will serve to the fulfillment of the purpose of the paper and simultaneously the solution of the defined problem will be based upon the collection of valuable information that will be used correctly to achieve the desired results.The information to be analyzed is that which relates to the ability of individuals to buy a property which is offered by construction companies in Prishtina’s market.The city market is analyzed through the PESTLE Analysis to therefore identify its conditions and potentials of this market for construction companies.Figure 1: Diagram for land usageSource: Urban Development Plan (Prishtinë 2013)Figure 2: Graphic presentation of the population (1948-2011 in urban settlements in Prishtina)Source: Urban Development Plan (Prishtinë 2013)Important aspects of the research are also the social welfare and economic opportunities of individuals which make it possible for them to buy a real estate property in Prishtina.An important factor is the identification of the unemployment rate and average family income to find the opportunities that potential customers have, to be able to afford a purchase.Table 1: The unemployment rate in KosovoSource: Statistical Agency of Kosovo 2014The average incomes in Kosovo, vary depending on the gender and the level of education. According to the Statistical Agency of Kosovo, the average salary for Kosovo in 2013 is 334 Euro, while according to the Kosovo Business Alliance; the average salary for 2014 was raised to 346 Euros.Table 2: The main source of income for households in KosovoSource: Statistical Agency of Kosovo, 2014To fully understand the household economy, other than the income, it is just as important to analyze the distribution of consumption or costs that these families make.According to the Statistical Agency of Kosovo, the bulk of the household budget in 2013 was spent on food and non - alcoholic beverages, by 45%. Housing costs are up to 30%, which means that from the average income of 346 Euros, 104 Euros are spent for housing purposes.Figure 3: Residential cost in Kosovo (Euro per year)Source: Statistical Agency of Kosovo, 2014Factors influencing the decision of purchase are different but judging by thesurvey, the most important factors are: Location, Price, Quality, Architecture and Conditions of Payment.The model used to measure the weight of the importance of decision-making factors is the Fishbein’s expectancy value model. The expectancy-value model of attitude formation posits that consumers evaluate products and services by combining their brand beliefs (the positives and negatives) according to importance.4.3.ResultsBased on the collected data, it has been concluded that the largest number of construction companies do not engage in marketing strategies. Their plan of action is completely focused on the realization of sales without taking into account any of the requirements and needs of potential buyers.This way of functioning, is harmful to the welfare of potential residents because companies completely ignore their needs and desires.Prishtina has approximately 208,230 inhabitants.According to the Property Tax Department, in the Municipality of Prishtina, there are approximately 68,500 residential properties. As a result of research, it has been recorded that the average family in Prishtina consists of 4 members.After a calculation we arrive at the result that says: 68.500 × 4 = 274.000 meaning that if there are 68,500 properties with 4 members for the average family, there will be no great need for new residential properties.This tells us that new companies should analyze the market to fully understand these calculations on their abilities, to come to the conclusion that the demand for apartments is much lower opposite the offer. In this case, construction companies have to design and explore new customer needs and identify these potential new clients. This can be done by researching urban development plans that predict population growth trends. This way, companies can explore the market to know the client and to offer him the most favorable offer.5.Conclusion and proposalReviews of literature, data collection, research and analysis have led to theconclusion that the real estate industry in Prishtina’s market is a profitable industry. Many companies have become part of this market with the aim of extending their activities in this gap, to meet the demand and to generate profit.Today costumers are more selective and companies that do not perform a competitive offer do not come into consideration by them as a part of their decision process.Presented here are almost all the problems of the construction companies. In a period of high growth in supply and the creation of a "bubble" in the real estate industry, means that companies need to rethink their strategies and plans of action to stay in the market and maintain their competitive position. This dictates a reconsideration of their budget allocation across departments and especially significant investments in creating a marketing department which all companies lack.The proposal relies heavily on the establishment of the marketing department in construction companies, to design decent policies of marketing activities that are inevitable and without which, these companies will jeopardize the rate of sales, that would bring a financial crisis’ and might condition the business’ bankruptcy.Creating a marketing department would enable the creation of proper plans and strategies that would match with the realization of the objectives and goals set by the companies by assisting the completion process of these objectives in a much more appropriate and professional way.The lack of experts in this department does not justify at all the strategies of most companies to distribute responsibilities and duties of the marketing department onto other workers belonging to other departments.This way of functioning has been noticed in most construction companies operating in Prishtina’s market.The engaging of professionals enables the creation of action strategies in different market conditions as well as forecasting market changes based on external and internal environmental factors.Market research prior to construction or even prior to the initial design of the project, can affect the identification of needs and requirements of potential clientswho want to invest in real estate.Such research leaves no room for errors or unexpected problems that may occur as a result of the confrontation of customer’s needs and desires with the company's offer.Forecasting changes in demographic factors related to the lifestyles of different generations, identifying the number of family members who are potential clients of companies and establishing pre-contractual relationships with these clients, can result in achieving sales and growth.The proposal for the commitment of companies towards the realization of the matters set forth, can affect the growth of the reputation of said companies, the establishment of close relations with company clients and their trust in their investment towards these companies that have provided the comfort, quality and functionality the costumers needed and desired.中文译文:普里什蒂纳房地产行业的营销策略摘要由于房地产行业涉及到非常高昂的投资和数以千计人的就业,所以一直是国家经济发展的重要影响因素。

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Marketing Real EstateMarking is the process of planning and executing the conception, pricing , promotion and distribution of ideas ,goods and services to create exchanges that satisfy individual and organizational objections. The objective of this article is to describe marketing concepts as they apply to real estate, looking especially at the practices covered by real estate professionals.The real estate broker deals both with sellers and prospective buyers of real estate .The broker's relationship with the seller involves obtaining properties to list.The dominant reasont that home sellers turn to real estate brokers rather than trying to sell their property on their own are because they need technical assistance and are hesitant to take risks. Many have difficulty making a decision as to the price to ask and want advice in preparing their homes for showing.The seller also needs assistance in obtaining mortgages for prospective buyers and in making contact with potential buyers.Statistics indicate that home owners who try to sell for themselves are often not successful. They also show that sales completed by the owners themselves often are at a lower price than with an agent, possibly due to the seller's lack of bargaining or appraisal skills. Since a prospective buyer may hesitate to tell a homeowner her reasons for rejecting the property, the owner may not get the feedback that an agent could obtain. Sometimes these comments can be used effectively to improve the property for future showing.Minor paint damage, pets in the house,or other factors can often be easily corrected and may make a significant difference. The agent is trained to screen prospective buyers, when the homeowner selling on her own would be subject to visits of people who are just looking or possibly even persons evaluating the house for future burglary. Finally, when a buyer is found, the inexperienced seller may execute an invalid contract that dose not protect against potential problem. Research indicates that about five out of fix home buyers come into contact with a broker in the buying process.1.PromotionSelling is aided by promotion, which includes activities such as advertising, public relations, holding open house, and distributing brochures or publications. These activities help present the broker's products or professional abilities to prospective purchasers or sellers and to the public in general. Brokers who concentrate on residential properties will have different promotion strategies from brokers who emphasize commercial or farm real estate.Promotion is an important part of the real estate broker's effort, just as marketing is part of any business effort. As such, it requires a strategy, a budget, planning, and controls, all as integral parts of the brokerage operation. Strategy considers what the broker has to sell and who the potential customers will be. It also considers the constraints of resources available, such as number of salespeople and financial resources, as well as the resources of competitors. Thus, strategy involves factorsexternal to the operation as well as internal aspects.Sometimes promotion is used as a device to mislead by providing improper or insufficient information; however, research has shown that misleading promotion usually dose the advertise more harm than good. Promotion should be better utilize as a method of providing information to prospective buyers to help them make good purchases.2.AdvertisingReal estate advertising can be classified according to its objective or the medium used.Understanding each of theses factors help one select a good advertising strategy and implement it successfully:(1)Kinds of Advertising and Their ObjectivesAdvertising can be classified as specific advertising, name advertising, and institutional advertising. Specific advertising promotes individual parcels of real estate or particular related services. The objective is to sell or rent a specific property described in the ad or to secure customers for the broker's services. Specific advertising usually appears in newspapers, brochures, or flyer.The second category is named advertising. The purpose of name advertising is to display the name of the firm before the public. This advertising aims to enhance the firm's reputation and image in the eyes of potential home buyers or sellers. Newspaper advertising can accomplish this goal, as can radio or television announcements, billboards, office signs, or activity news item in newspapers.Institutional advertising has as its objective the creation the creation of a favorable public opinion toward the real estate brokerage business. It is intended to influence public opinion so that potential sellers or buyers will select a broker rather than sell or buy on their own. Membership or other fees provide the funds to support much of today's institutional advertising.(2)Advertising MediaNewspapers are the most widely used medium for advertising by real estate brokers. They are used to implement specific, name, and institutional advertising. Classified advertising in newspapers is used primarily for specific advertising of property, but the ads also are designed for name advertising. Brokers group their specific listings into attractive arrangements not only to exhibit their available listing, but also to place their names attractively before the public. A seller in the process of selecting a broker often looks in the classified section of the local newspaper to choose a broker who uses attractive advertising. Thus, the specific ads also act as name advertising.Since potential buyers are interested in up-to-the-minute information on available property, the daily newspaper serves the broker well. Sunday newspaper tend to carry a greater number of listings, since the local potential buyers often have more leisure time to carry out their search on Sunday. In addition, out-of-town buyers often look for real estate on weekends.Other advertising media suitable for real estate brokers' ads are magazines, radio television, outdoor signs, booklets, home shows, and other displays. Industrialproperties, rural estate, farm, or unusual properties are often advertised in nationally distributed specialty or trade magazines that reach particular groups of readers. Whereas newspapers have a short life, magazines often lie around and are read over a period of months in libraries, waiting rooms, and so forth. Signs, booklets, and display are primarily intended to bring the broker's name before the public.Real estate advertising is often positioned to provide notice to people who visit specific places such as motels, restaurants, or personnel departments of local industries. Some brokers maintain connections with a referral network of brokers in other cities to get contacts with potential buyers before their families actually visit the community.Billboards, bus signs, and signs on real estate offices are common ways to reach the public."For Sale" and "Sold" signs on listed properties properties are one of the best means of providing name advertising. These signs provide name advertising for the broker, as well as specific advertising for the individual house.Some communities have passed laws prohibiting "Sold" and/or "For Sale" signs on homes. The arguments for these laws have been based on the concepts of "detracting from appeatance" and "preventing panic selling". A Baltimore city sign ban was challenged in court. In 1981 the United States Supreme Court let stand a lower court ruling that the city's sign ban was unconstitutional.3.Home Buyers(1)Sources of BuyerReal estate brokers seek potential buyers from a number of sources. People moving to the area from other places,usually as a result of a change in job, provide an important source. Although advertising in local newspapers and listing in the yellow pages provide some contact with these people, many brokers count upon referrals through company personnel departments, banks, and others. Some brokers also have arrangements with brokers in other cities. People selling their homes in one city provide early contacts when they let their broker know of their plans to move to another particular city.(2)Qualifying Prospective BuyersProspective buyers for real estate can be grouped into three categories: a. those who need a place to live; b. those who prefer a place different from their present ;c.those who are looking but not yet seriously interested. The constraints and motivations of buyers from each group will be different. A large portion of those in the first group are moving from another area. For them the home selection process is affected by time requirements, since the family dose not want to be divided for a lengthy period. A frequent problem of these buyers is the inability to sell their currently owned property. These people need to find a satisfactory place to live within cost and time constraints.The second group of potential buyers simply want to move to a different property, whether bigger, smaller, better located, or otherwise different. In this case, the prospective buyer can afford to inspect a number of alternative properties carefullyover a period of time while searching for a bargain or a property that meets all desires. In his case, the broker or salesperson can expect to spend more time and effort to conclude a transaction.The broker in either case should spend time to evaluate and qualify each prospective buyer carefully to serve the client better and to make the most efficient use of her own time. It dose not serve the best interests of either the client, the seller, or the broker to show properties not within the buyer's price and need constraints. This dose not, however, preclude the possibility the possibility that prospective buyers will change their constraints. The possibility should always be kept in mind. In almost all cases, one or more of their desires will have to be set aside as the available alternatives are considered. Frequently, buyers will learn early that their monetary limits were too low for the quality of home desired. Also, their specifications may change as they of property that will meet the client's needs by asking questions. The following information is needed to evaluate a prospective client's needs and qualifications:,address, and telephone number.b.Business address and telephone number.c.Desired price range for property.d.Address of present property owned and whether it is presently for sale or will need to be sold before buying another home.e.Money available for a down payment, family income, and desired monthly payment.f.Marital status and family size.g.Type of home desired(size, style, and location)h.Reasons for moving.i.How long client has been looking.j.Why client came to this brokerage office.Once this analysis of the buyer has been completed, the salesperson can make plans and formulate a strategy to serve the buyer's interest and also to plan the most efficient use of her own time.房地产营销市场营销是一个企划与实施的过程,在这一过程中,对理念、产品和服务进行创意、定价、促销和推广,目的是促成交易实现个人或者组织的目标。

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