Final answer:
The purposes for institutional advertising by brokerages include attracting new clients, promoting individual listings, enhancing the brokerage's reputation, and competing with other brokerages.
Step-by-step explanation:
Institutional advertising by brokerages serves several purposes:
- Attracting new clients: Brokerages use advertising to showcase their services and attract potential clients.
- Promoting individual listings: Advertising can also be used by brokerages to promote specific properties or listings that they are representing.
- Enhancing the brokerage's reputation: Institutional advertising can help build and enhance the reputation of a brokerage, establishing trust and credibility.
- Competing with other brokerages: Lastly, advertising is used by brokerages to compete with other firms in the industry, highlighting their unique selling points and differentiating themselves from competitors.