How Real Estate Marketing Works
Michael Hyatt, the bestselling author of Platform and other books on marketing and leadership, says, "Marketing is really just about sharing your passion." And while that is true, marketing also involves a lot of logistical and financial planning, too.
Savvy real estate marketing can lead to fast, high-dollar sales that please you, your brokerage, and your client. But with all the buzz about changes in marketing, how do you know which real estate marketing ideas actually work and which ones just consume your time and budget?
Inbound? Outbound? Digital? Print? Let's cut the clutter and go back to the basics of real estate advertising. First, there is no quick-and-easy, set-it-and-forget-it solution. Real estate marketing that works is an ongoing process using data-backed best practices in the field. It's slow work, but it pays off big time.
What is real estate marketing?
Marketing is a slippery concept. It's sort of like sales, but not exactly. And it's much more than just public relations or building awareness. Hubspot defines marketing as "the process of getting consumers interested in your company’s product or service." Historically, marketers have talked about the "four p's" of their profession: product, price, place, and promotion. When creating a real estate marketing plan, your product, price, and place are often beyond your control. You do, however, hold significant influence on the fourth "p" -- promotion. When we talk about real estate marketing, promotion is usually what we mean, the events, advertisements, social media campaigns, and websites that help us let prospective buyers know about properties for sale.
What are the benefits of real estate marketing?
According to U.S. News & World Report, "Changes in mortgage rates may cause homebuyers and sellers to hesitate about jumping into the market, while renters benefit from higher homeownership rates." If you are going to encourage your potential buyers and sellers to take the plunge and start participating in the market, you need a strong promotions plan. With the right tools in hand, you can help prospective buyers quickly and easily get a feel for a property without disturbing the seller or taking up hours of everyone's time. Good marketing strategies also help you engage prospects emotionally at an early point in the process. That's important because customers buy with their emotions and justify their purchase with logic. A real estate marketing plan should provide you with opportunities to connect with customers in a meaningful way.
What are the best real estate marketing strategies?
The best marketing strategies are…the ones that work. Meaning, you need to know which problems exist in your market that you can solve, and create promotional strategies around solving that problem. This means you're going to have to test, adjust, roll out, and repeat. A lot.
Effective online strategies may include Google ad words, Facebook ads, podcasting, SEO, blogging, Instagram posts, or live streaming a day at your agency.
The internet generates a lot of interest, but it can also facilitate content overload. This is where print comes in handy. Print is far from over. In fact, with Millennial buyers, print stands out much more boldly than digital. Successful offline strategies can involve sending fridge-worthy postcards, writing a kickass newsletter, hosting neighborhood events, or just showing up at community functions. And don't forget about community outreach. Taking over that billboard on the main highway or putting your logo on those printed tee-shirts for the local Little League team are some ways you can plug into your community and start a relationship with the people in it.