Real estate presents an interesting mix of challenges and potential profits. According to a 2022 survey from the National Association of Realtors (NAR), an astonishing 86% of recent homebuyers chose to work with a real estate agent or broker.
Additionally, the survey found that 73% of buyers only interact with one real estate agent throughout their entire home search, highlighting how important it is to increase visibility and reach potential buyers quickly.
Given these findings, it is imperative that professionals in this field have a solid understanding of real estate marketing. To help you in this endeavor, we’ve compiled real estate marketing strategies used by successful agents. Whether you’re just getting started in the industry or looking to grow your client base as an experienced real estate agent, these marketing insights will help you develop an effective marketing strategy.
Here is an overview of some of the key topics covered:
Strategic Marketing with the SMART Goals Framework
One of the fundamental frameworks in marketing is the “goals first framework.” This approach requires you to understand your end goal before diving into tactics, strategies, and execution plans. The core of this framework is creating SMART goals. SMART goals are specific, measurable, actionable, realistic, and time-bound objectives that guide your efforts and ensure a focused and effective marketing strategy.
The Importance of Realism
Realism is very important when setting goals. Everyone wants to get a ton of leads or the highest number possible, but it is important to consider the costs and conversion rates that come with it. For example, if your average conversion rate is 10%, you will need 10 visitors to your website to generate a lead. When it costs $50 to acquire a visitor, costs add up quickly. This shows how important it is to set realistic expectations.
Start with the End Goal
Before you start any marketing campaign, ask yourself:
- What is your end goal?
How will you measure your performance?
Who is your target group?
Be as specific as possible when writing down your answers. This clarity helps you align your strategies and tactics to effectively achieve your goals.
Business Requirements vs. Marketing Requirements
It’s important to distinguish between business requirements and marketing requirements. Business needs can be focused on long-term goals like brand awareness and customer loyalty, aiming to build familiarity and trust. Marketing needs, on the other hand, are often oriented towards short-term goals like generating immediate leads and sales.
The Funnel Approach
Using a funnel approach in digital marketing involves first building broad brand awareness and then narrowing it down to a specific lead generation strategy. At the top of the funnel, the focus is on raising awareness and building your brand through interactive social media content like videos and articles. At the middle of the funnel, you further engage your prospects by providing them with valuable content tailored to their needs and interests, like property value calculators or remodeling tips. At the bottom of the funnel, the goal is to turn engaged prospects into leads or customers by encouraging a specific action, like signing up for a consultation or requesting more information.
Build Your Brand
Building a strong brand requires a clear, unique point of view that is best expressed through your personality. Consistency on social media is successful because over time people become more confident and authentic. Genuine engagement resonates with your audience and ensures recognition and commitment. Ultimately, this establishes you as a trusted expert or luxury leader and helps you achieve your goal of selling homes.
Print vs. Digital
Digital marketing may offer precise targeting and measurable results, but print media still has value, especially in the luxury segment. High-quality print materials can create a strong brand presence and reach your audience in a visible, impactful way. The key is to effectively integrate print and digital strategies to ensure multiple touchpoints with potential customers.
Digital goes beyond social media
Digital marketing goes beyond social media and includes behavioral, image-based and keyword-based strategies. To adapt to a more strategic marketing style, agents should aim to dominate the local search map section as a gateway to potential customers.
Google has recognized that national brands, despite their dominance in SEO, do not always provide the highest quality user experience and has shifted emphasis to local services in search results. This shift has been brought about by active engagement not only with content but also with Google My Business profiles, customer reviews and news.
QR codes have made a big comeback. They offer a seamless way to bridge print and digital media, providing an interactive experience without cluttering up high-quality print materials, and increasing engagement without compromising the aesthetic appeal of print materials.
Conclusion
Starting with a clear objective and setting SMART goals will help you develop a focused and effective strategy. Balance your business needs with your marketing strategy, leverage both print and digital media, and use tools like QR codes wisely. These strategies will help you achieve measurable success and build a strong brand presence.