The Real Estate Debrief | UBC Real Estate Division
The Real Estate Debrief is a podcast series that provides short, engaging audio episodes that bring course concepts to life. Through real world examples, expert perspectives, and practical discussions, the podcast offers an accessible way to enhance your understanding of the material, reinforce learning, and explore how course topics apply in practice. Listen to the podcast anytime, whether as a supplement to course materials or as a standalone refresher. This podcast is for general education purposes only and is not intended to provide, and does not constitute, legal, accounting, or other professional advice.
The Real Estate Debrief | UBC Real Estate Division
Chapter 25: Introduction to Marketing
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Marketing is essential to building a successful real estate practice — and it goes far beyond advertising. In this episode of The Real Estate Debrief, host Celine Li is joined by Kelsey Marshall, Legal Education Specialist at the UBC Sauder Real Estate Division, to explore Chapter 25: Introduction to Marketing.
The episode introduces core marketing concepts such as consumer‑focused marketing, target markets, and positioning. The episode also covers the marketing mix, branding, advertising and personal selling, along with key compliance requirements under the Real Estate Services Rules. The discussion concludes with practical insights into listing presentations, CMAs, and marketing plans that balance creativity, professionalism, and regulatory responsibility.
Welcome to the Real Estate Debrief, a podcast where we break down the Real Estate Trading Services licensing course in British Columbia, help you master key concepts in the course, and link your knowledge to real-world scenarios. I'm your host, Celine Lee, and today we're diving into Chapter 25, Introduction to Marketing. Before we begin, I will note that this podcast is for general educational purposes only, and is not intended to provide and does not constitute legal, accounting, or other professional advice. I'm joined today by Kelsey Marshall, legal education specialist of the UBC SODA Real Estate Division. In her role, Kelsey manages the content development in the Real Estate Trading Services licensing course. Before joining UBC, Kelsey was the lawyer practicing strata law. Welcome, Kelsey. Hi Celine, it's great to be here. Let's start things off in a very general way. Kelsey, why is this chapter included in the course?
SPEAKER_00Well, being a licensee involves effectively serving one's clients and running a business. And while this requires legal compliance, which is why many of the chapters in the course focus on that, serving clients and running a business requires much more than just legal compliance. So the course also deals with topics such as mortgage finance, appraisal, building design, technology, and marketing. Marketing is fundamentally about communicating value in a way that encourages consumer action. Licensees will definitely engage with marketing concepts as they try to build their business with clients, and also when they market properties on their clients' behalf. The chapter introduces a lot of foundational marketing concepts and applies them in the context of building a business, as it's this knowledge that's critical for new licensees. Much of what we're going to talk about today is the marketing of real estate services to potential clients.
SPEAKER_01Now, overall, marketing competence supports both business success and consumer protection in being able to serve clients well. I think this helps us contextualize this chapter in the grand scheme of things. Let's dive into the content, shall we? Sure. Marketing is the idea of communicating the value of a product or service to consumers with the goal of increasing sales of that said product or service. The first thing that comes to mind for most people is that marketing is kind of like advertising, but it's really more than that.
SPEAKER_00Yeah, that's right. While advertising is a type of marketing, marketing is much broader of a concept that includes all communication, not just advertising. For example, door knocking is a marketing strategy that a licensee may use as part of personal selling. It's very distinct from advertising, which is any paid form of non-personal sales presentation.
SPEAKER_01And where does the marketing concept come into play? It's mentioned pretty early on in the chapter.
SPEAKER_00The marketing concept is quite simple. While you might naturally think of marketing as product or service focused, in reality, marketing is about the consumer, focusing on their needs, solutions to satisfy those needs, and finally communicating these solutions to the consumer.
SPEAKER_01And from this perspective comes the marketing program, which really is just the set of strategies that the licensee will use to satisfy consumer needs.
SPEAKER_00That's correct. It makes sure that the licensee has strategies for finding new clients, keeping existing clients, and obtaining referral business.
SPEAKER_01Alright, so that's a lot of high-level information. Let's look at an example. Say, imagine I'm a licensee and I want to build my business. I know that my marketing must revolve around solutions for consumers, whether that's great advice, extensive property knowledge, or strong negotiation skills. But how do I begin to put those things into action?
SPEAKER_00So before choosing any marketing tactic, a licensee first needs to understand the consumer they're trying to serve. Not all consumers are the same, and trying to market to everyone usually means connecting with no one. Effective marketing requires focus, which means identifying and targeting a specific portion of the market. In marketing terms, dividing the broader market into these distinct groups is known as market segmentation. And what would some market segments be for a licensee in their business? The consumers within each segment will have a common need. Imagine that a licensee decided that their total market is consumers needing real estate services within three cities that are close to one another. One segment of that market could be investors who are looking to purchase properties that they can rent out to long-term tenants. Another segment could be families who are growing and looking to purchase a larger house.
SPEAKER_01Alright, so there may be a lot of segments in the market. How does the licensee choose which segments to target?
SPEAKER_00Well, there are many factors to take into account, like how large the segment is, how profitable the segment is, how much competition is currently present, how aligned the segment is with the licensee on personal characteristics, and how responsive that segment may be to the licensee's preferred marketing strategies. There really isn't a magic formula, so the licensee will have to use their judgment, and probably a little trial and error over time. And I'll also mention that choosing too many market segments risks spreading oneself too thin. In that case, the marketing will be diluted and ineffective. Ultimately, you can't be all things to all people.
SPEAKER_01That's a great point. So imagine that a licensee has chosen one or two target markets. What's next?
SPEAKER_00Going back to the marketing concept, the licensee then needs to understand the consumers in that market, both what their needs are and how they typically go about satisfying those needs. Can you expand on that? Yeah, absolutely. I'll start with needs. A need is a lack of something essential or very important, which typically creates tension and a desire to act. For example, those seeking real estate services may need information about the property purchasing process. They may need to obtain the support of a licensee with specialized knowledge and skills because they don't know how to make an offer on a property or conduct the necessary research on a property that they're interested in.
SPEAKER_01Okay, so we have needs and licensees need to know the needs of their target market. But it's also important to know how consumers behave in satisfying their needs. The chapter introduces two models about this: the shopping behavior model and the process model of buying behavior.
SPEAKER_00What are these models all about? Fundamentally, these models help explain how consumers make purchasing decisions. They highlight that buying isn't random, but influenced by factors such as involvement level, decision effort, information search, and evaluation of alternatives. For licensees, these frameworks reinforce why understanding consumer psychology is central to effective marketing and client service. Thanks.
SPEAKER_01Consumer behavior is quite a complex topic, but we'll leave it there for now. Moving on. Imagine that the licensee has identified their target market, understands that market's needs, and has an idea of how they make purchasing decisions for real estate services. The chapter then discusses product positioning. How does this concept fit into the overall discussion that we're having?
SPEAKER_00Well, product positioning is essentially how a product or service is perceived by the consumer. Part of understanding your target market is examining how they may perceive you in comparison to your competition. They'll have perceptions on a variety of characteristics, such as price, knowledge, location, and so much more.
SPEAKER_01Okay, so this is where positioning maps come in.
SPEAKER_00It's a graphical way to plot you and your competition on two characteristics at a time. That's right. It can provide the starting point when designing a marketing program because if you know where you are, and then you identify where you need to go, you can then design marketing around getting there. Product positioning and positioning maps force licensees to think about how their target market perceives them, whether they want those perceptions to exist, and how marketing can be used to shift or reinforce those perceptions.
SPEAKER_01And it may also force a licensee to think about how they may want to differentiate themselves.
SPEAKER_00Yeah, differentiation is what you do to justify where you might be on a positioning map. It's a set of features, services, or attributes that make that positioning believable. The chapter introduces readers to different marketing strategies that flow from differentiation. Got it.
SPEAKER_01Up to this point we focused a lot on understanding the consumer. Can we move on now to marketing execution?
SPEAKER_00Well, not just yet. Before execution, a plan or marketing program needs to be in place. This is sometimes called the marketing mix.
SPEAKER_01And the marketing mix is sometimes known as the four Ps of marketing.
SPEAKER_00That's right. The four Ps are product or service in the case of real estate services, and then place, price, and promotion. While marketing is often associated with promotion, the four Ps remind us that marketing also involves designing the offering, setting pricing strategy, and ensuring the value promised can genuinely be delivered.
SPEAKER_01Okay, so we have the marketing mix, but within promotion, there is also a promotional mix, correct?
SPEAKER_00Absolutely. The promotional mix is basically the set of tools licensees use to communicate with consumers. Rather than relying on just one method, effective licensees combine advertising, personal selling, publicity, and sales promotion to build awareness, credibility, and relationships.
SPEAKER_01And when thinking about promotional activities, being crystal clear on one's personal brand is important.
SPEAKER_00Oh, definitely. A brand is really how you see yourself and how others see you. Some people align it to the question, what do people think and feel when they hear my name? You can influence how that question is answered through promotional activities. And importantly, a licensee's brand should be interwoven into every marketing activity the licensee does.
SPEAKER_01In addition to communicating a personal brand, effective communication also conveys a key message to the target market.
SPEAKER_00That's right. The key message is at the core of every marketing plan. For example, a licensee's message to their target market might be the clear value and benefit they offer to their clients. And good message design follows the ADA approach. ADA is an acronym, and so it's spelled A I D A, and it stands for the idea that good messaging should create attention, interest, desire, and action.
SPEAKER_01And once the marketing program is in place and the message is established, action must be taken. Marketing goals must be set, and of course, a budget must be determined. The chapter states that goals must be SMART. Kelsey, what does that stand for?
SPEAKER_00Yeah, well, SMART is another acronym. So goals must be specific, measurable, achievable, relevant, and timely. And this doesn't just apply to marketing goals, but really all business goals in general. So this is a really good one to keep in mind as you grow as a real estate licensee.
SPEAKER_01Good tip. Within the promotional P in the four P's of marketing, the two most common types for licensees will be personal selling and advertising. I want to zoom in a bit on advertising first. What is it and when is it used?
SPEAKER_00Advertising is any paid form of non-personal sales presentation that provides information, enhances the image of the licensee or brokerage, or sells products or services to the consumer. It's primarily used to communicate informational, persuasive, or reminder-oriented messages. What are some common types of advertising for licensees? Yeah, well, there's a pretty long list, but think of brochures, direct mail, newspaper and magazine ads, online ads, property signs, radio and TV ads, and billboard bus and bench ads. That's a lot of options. I know, and that's the short list. But going back to the promotional mix, licensees need to decide which types will resonate most with their target market and how much they want to spend on each type of advertising. So once again, you can see how things go back to understanding the consumers in your target market, which is really the essence of the marketing concept.
SPEAKER_01That's a great tie-in. Advertising must be effective, but in a regulated industry, it also must be compliant. There are a few provisions about advertising in the real estate services rules that licensees need to be aware of. A breach of these rules can lead to discipline by BCA Financial Services Authority or BCFSA because they can threaten consumer protection and the integrity of the industry.
SPEAKER_00That's right. And let me focus on the three big ones for now. When it comes to the overall messaging within advertising, Section 41 states that false or misleading advertising is prohibited. And it's not only about what you know is false or misleading, but what you should know is false or misleading.
SPEAKER_01Can you expand a bit on that last point? Things you should know are false or misleading?
SPEAKER_00Of course. Let's think about advertising the square footage of a condo property that you're listing as a licensee. You go and meet the owner and they tell you that it's a thousand square feet. But as you're walking through the property, it really feels smaller than that. The owner is insisting that it's a thousand square feet and they want it listed that way. So this is your client, right? Ultimately you comply. In this case, if the condo was actually smaller than a thousand square feet, say around 800 square feet, you might be subject to discipline by BCFSA. While you didn't knowingly advertise the property in a false or misleading way, you should have known the advertising was false or misleading. Because you suspected it was less than a thousand square feet from the beginning and you didn't bother measuring the property yourself or hiring a company to measure it, even though such measuring is common practice for licensees.
SPEAKER_01That makes a lot of sense, and the message is pretty clear. Be truthful in your advertising and make sure that you do your research and due diligence before making claims or other representations. Right.
SPEAKER_00And I'll also mention that false or misleading advertising is an offense under the Competition Act, too. Thanks for that reminder.
SPEAKER_01What are the two other key provisions in the rules about advertising?
SPEAKER_00Well, there's section 40, which contains some of the formalities when advertising. For example, the brokerage name must be displayed in a prominent and easily readable way. If the individual licensee is listed, they have to use their licensee name and not something like a nickname. And if an office address is listed, it must be the address of the brokerage and not an address like the licensee's personal home office.
SPEAKER_01Okay, so we've covered section 41, which is about false or misleading advertising, and section 40, which is about advertising formalities. What's the third key provision?
SPEAKER_00Yeah, the third key section is section 42, which applies to advertising property for sale. It states that the licensee must not publish the advertising unless the owner has consented to the advertising. This is in line with one's fiduciary duties of full disclosure and obeying lawful instructions. Aside from sections 40 and 42, there are some more technical rules around special situations, like how real estate teams and personal real estate corporations should be advertised.
SPEAKER_01That's great. I think it's important to mention that advertising compliance is really a shared responsibility between individual licensees and their managing brokers. Remember, all services are being offered on behalf of the brokerage. So managing brokers should be reviewing their licensees' advertisements and ensuring compliance. BCFSA has actually created a helpful advertising checklist that's reproduced in the chapter.
SPEAKER_00Yeah, that's really a great reminder. And I'll add that this isn't an easy job for the managing broker with all the new and novel forms of advertising popping up, particularly with social media and artificial intelligence. However, it's a critical job that must be done because improper advertising has the potential to harm the trust the public has in the real estate services industry.
SPEAKER_01Good point. And I would imagine that licensees should always feel comfortable when running ads by their managing brokers rather than waiting around for them to check them. Licensees are always looking for ways to stand out, so a second opinion is often very valuable to make sure you're not offside of the rules.
SPEAKER_00Absolutely. Honesty, accuracy, and transparency in representations to the public are critical. There are quite a number of disciplinary cases from BCFSA for breaches of advertising rules.
SPEAKER_01Okay, and aside from advertising, the other common form of promotion is personal selling. And that's really about the face-to-face communication with the consumer.
SPEAKER_00Yeah, it's a much more interactive form of promotion because you get instantaneous feedback, which isn't the case with advertising. Personal selling focuses on informing, persuading, and building a relationship. And how might a licensee utilize personal selling in their business? Well, it's very broad. Anytime a licensee has a conversation with a consumer, it could involve personal selling. So imagine that a potential client asks you to come over to their house to talk about what you might be able to offer as their agent. And even before that point, you might be walking around neighborhoods and knocking on doors to introduce yourself to the people of that community. But it could be even less formal than that. Imagine you're at a wedding and you're seated beside someone who you don't know and you start talking to each other about what you do for a living. So personal selling is really everywhere.
SPEAKER_01That's great. So let's now assume that the licensee has made some decisions about what types of advertising and personal selling they want to use. And they're spending money along the way on things like social media ads, direct mail brochures, and door knocking. How do they know this is the right mix or that they're getting good value for their money?
SPEAKER_00That's a great question, and quite honestly, worthy of a whole podcast episode in and of itself. The chapter doesn't delve too much into that topic because it can be quite complex. There are a few measures like cost per acquisition, lead conversion rate, and return on marketing investment. The details of these measures are beyond the scope of the course. But what is important to note for this course is that in order to get good information about marketing effectiveness, regardless of how you decide to measure it, you need to keep good records about things like how much you're spending, what activities you undertake, and how your leads or potential clients found you. Without good data, you can't get good insight into overall effectiveness.
SPEAKER_01I would imagine that a lot of this ultimately boils down to trial and error, seeing what works and then adjusting accordingly if necessary.
SPEAKER_00You're right. Marketing is often an iterative process. You try a particular mix of strategies, measure the results, adjust, and then measure again. In reality, there's rarely a perfect mix that can be repeated indefinitely, because licensees change, consumers change, and markets change. Successful licensees recognize this, and they're continuously adapting their marketing to reflect that evolving landscape. Great.
SPEAKER_01The last major part of the chapter introduces listing presentations. They're vital in converting a potential seller client into an actual client. And listing presentations are a form of personal selling, right?
SPEAKER_00Yeah. The listing presentation is all about showcasing your value to a potential seller client. What you're about, what skills you have, what tactics you'll use to sell their property, and what you think their property is worth. And sometimes the seller will be meeting with multiple licensees and ultimately making their decision based on the quality of the listing presentation.
SPEAKER_01Am I right to say that listing presentations could be highly formal, like a face-to-face meeting at the seller's property or brokerage office, complete with visual aids, or they could be less formal, like a telephone chat or a more casual meeting at a coffee shop.
SPEAKER_00You are right about that. There is essentially no single best way to conduct a listing presentation. That will depend on your personal style along with the seller's preferences. Once again, you have to understand the consumer. But in most cases, the listing presentation will be put into writing. Yeah, I'd say so. And the chapter goes into some detail on what might be included in a written listing presentation. What are some high-level topics that are dealt with? Well, there could be a personal introduction, an introduction to the brokerage, what experience the licensee has, the listing marketing plan that could be utilized to expose the property, a comparative market analysis, and so much more.
SPEAKER_01Thanks for mentioning a comparative market analysis or CMA for short. Let's dig a little bit deeper on this. What exactly is it?
SPEAKER_00It's an estimate of a property's likely market value based on the recent sale prices of similar properties in the same or a comparable area. It essentially answers the question: what would this property likely sell for in the current market? It will then recommend a list price for the property, although some licensees prefer to leave that out of the report and reveal that through conversation and presentation with the potential client. But a CMA is not a formal or official appraisal, right? Right. Appraisals serve different purposes, and the methodology behind them tends to be more formalized and focused on the physical attributes of the property. The CMA is more general and is focused on the current market conditions and strategy. On how much the property should be listed for. Appraisers are independent valuators, whereas CMAs are prepared by licensees in their attempts to earn the business of the owner.
SPEAKER_01Thanks. And I will mention that this course includes a number of chapters on appraisal because there can be a lot of overlap between appraisals and CMAs, and licensees benefit from knowing how appraisers arrive at an estimate of value. Now, Kelsey, you mentioned that within the written listing presentation, a listing marketing plan is typically included.
SPEAKER_00Absolutely. The listing marketing plan sets out how the licensee proposes to market the property. What factors are considered when creating this plan? Well, a listing marketing plan will be shaped primarily by two factors: the marketing goals for the listing and the budget available to implement the initiatives that will help attain those goals.
SPEAKER_01Can you expand a bit on what you mean by marketing goals? Isn't the goal the same every time? Sell the property at the highest price.
SPEAKER_00Yes, but that's really the goal of the seller and the listing, but not specifically the listing marketing plan. Whether the property sells depends on so much more than the marketing. Even the best marketing plan may fail to produce a sale. In marketing plans, the goals are things that are more within the control of the licensee. Like which publications the property will be featured in, how many phone calls the licensee will make to other licensees about the property, and how many likes a post on the licensee's social media platform about the property will generate. Okay, I understand now. And what guides the decision on budget? This is more of an art than a science. Some licensees will use formulas, whereas others use a case-by-case approach. It's one of those areas that develops with experience.
SPEAKER_01And luckily in this day and age, lots of marketing is very low cost, like social media marketing.
SPEAKER_00That's true. And sometimes the best tactics aren't the most expensive ones, but the ones that are the most creative and align with what the market responds to. And I'll also say that this chapter just scratches the surface of marketing and only touches on foundational topics. There are so many strategies and opinions on what makes for effective marketing. Marketing is definitely a skill that should always be worked on by licensees in their practice, whether that's through continuing education and courses, going to conferences and workshops, or learning from other more experienced licensees within the brokerage. Well said, let's leave it there.
SPEAKER_01And as always, I asked our guests ahead of time to come up with their top three takeaways for the chapter. Can you share those now, Kelsey?
SPEAKER_00Sure. First, the marketing concept emphasizes that the consumer and their needs should be at the center of a licensee's marketing program. But licensees must first decide which market they will target. Only then can the licensee dive deeper into the needs, behaviors, and perceptions of the consumers in that market. Second, licensees need to develop a personal marketing program that will connect them to their target market. A critical element of that program is the development of the marketing mix that aims to satisfy the needs of the consumers in the target market. The marketing mix is also known as the four P's of marketing, with a major aspect of the promotion P for licensees being advertising. There are a number of provisions in the real estate services rules that address advertising. And third, aside from advertising, another major type of promotion that licensees will utilize is personal selling. One very common type of personal selling for licensees is listing presentations, where the licensee will try to earn the business of a seller by communicating their value as a professional along with their proposed listing marketing plan.
SPEAKER_01Amazing. Thanks so much for putting those together. And that's it for today's dive into chapter 25, Introduction to Marketing. Thanks for joining us, Kelsey. In our next episode, we'll explore another chapter and continue building your foundation in real estate trading services. Until then, good luck, everyone, as you make your way through the course.