Here's the worst kept secret in the real estate industry: it's tough! It ebbs and flows. It moves from a buyer's market to a seller's market, sometimes at lightning speed. Inventory can be like the weather, with floods or famines. Agents have to be agile, flexible, and adaptable. Yesterday's successful real estate marketing strategies may not be tomorrow's ticket to sales and profitability. You must be able to change course quickly and accommodate to the vagaries of the market.
That said, there are tactics and techniques that you can put into place to grow your real estate business, even in the face of outside influences.
Real estate agents must, of course, aggressively market their properties. But you must also market yourself. Given the ease of finding an agent, why should prospective clients choose you? To grow your business, you need to establish yourself as a leading expert, a helpful guide, and a trusted resource. Here's how to do it:
It's 2020: you need a user-friendly, compelling website. It is not enough to depend on your broker's website. Instead, you need to create an authoritative presence that serves to build your brand and your business. It must contain elements of any successful website, including clear, high quality images, helpful information, and easily accessible contact information.
Go further. Include helpful tools, such as a mortgage and/or down payment calculator, and feature live chat to quickly and effectively answer most common questions and concerns.
*Your website should be mobile-friendly at the least. Many real estate professionals opt to go mobile-first to capture the power of on-the-go searching.
It is also a good idea to start a blog or build out your current one. Content marketing is an average of 62% less expensive than traditional marketing, and it yields three times as many leads. Basically, you cannot afford to ignore blogging!
Focus on actionable, relevant information geared towards the specific stages of the buyer's journey. You'll help prospective clients and establish yourself as an expert in your space.
Don't limit yourself to blog posts either. Create infographics, white papers, guides, ebooks, videos, webinars, and other helpful formats that appeal to your audience while conveying your message clearly and impactfully.
You had to know social media would be on this list somewhere! Social media is remarkably effective for building awareness, highlighting properties, sharing useful content, posting client reviews, ratings, and testimonials, and promoting specials and events. Here are 50 different realtor social media post examples to consider.
Find the right platform for your needs. Think about who you're targeting: if it's baby boomers looking to downsize, for example, Facebook makes the most sense. That's where that demographic is. If you're targeting millennials on the other hand, you might have more traction on Instagram.
Digital tools are a necessity today, but one of the best ways to grow your real estate business is by leveraging good, old-fashioned word of mouth. This is tremendously powerful. While 90% of people begin their search for property or for an agent online, they turn to their peers for help when making important decisions. They trust them; build on that trust to gain new business.
One way to do this is to incentivize referrals. For example, if a client refers a friend, family member, or colleague, you can offer a bonus. The specific amount depends on the nature of your business, but make it worth their while to tout you to their connections.
The simplest way to get more referrals is to ask! Make it a routine part of your client relationship. If they are happy with the services you have provided, they will be more than willing to share their experiences with their peers.
Again, while online tools and solutions are invaluable to today's real estate agent, “real world" events and experiences are incredibly important.
Standard open houses are great but you can go beyond this:
As every real estate agent knows, what goes up must come down! The market ebbs and flows - but if you are strategic, you can still grow your real estate business in less than favorable conditions.
There are a variety of ways to do this including expanding your service offerings, using the opportunity to invest in real estate and hold, creating a for-pay digital product (e.g. informative ebooks, guides, online courses, etc.), and monetizing your website.
Buyer leads are typically both easier to get and more plentiful. So focus on sellers to grow your real estate business! Here's why: in general, sellers convert faster. A buyer, for example, needs at least a few months to get financing in order and tour houses or properties. Sellers just want to sell, and usually as quickly as possible. You can achieve more bang for the buck, so to speak, with a seller engagement. Seek out these opportunities.
Who is your target client? Based on the tip above, your answer might be "seller" or "buyer." Okay... That's a start! But it is much too broad. Get a laser sharp focus on who you really want to serve. Do you want to excel in the new luxury home construction space? In affordable starter homes? Do you want to represent sellers in emerging neighborhoods? This is not to say you must limit yourself to very specific opportunities, but when you clarify your client base, you can more easily establish yourself as an authority.
Highlighting the features, benefits, and potential of your listings is important - but don't forget to highlight you. What sets you apart from other real estate agents? What service or value do you offer that they do not? Why should they select you as the trusted professional to represent their interests?
You are your brand. Make sure you have an updated and compelling bio and that you have professional quality photos to include on your website, social media profiles, and other marketing collateral.
In terms of your overall brand, you will want a clearly identifiable logo, color palettes, aesthetic, and consistent voice that is reflective of the experience that clients can expect.
Marketing and advertising can be overwhelming, especially when you're focusing on your trade. But it is critical to growing your real estate business. Simplify and amplify your results with Homes & Land.
From one user-friendly platform, you can increase your reach, generate more leads, win more listings, and close more sales. Our approach encompasses both digital and print marketing strategies that allow you to fully engage your target audience.
What other successful real estate marketing strategies have you employed? Are you struggling to see the results you want? Are you doing well but know you could do even better?
It's time to grow your real estate business. We can help.