The real estate market is known for its many ups and downs, and such changes depend on various factors like economic conditions, interest rates, and job growth. As a professional in this field, you need to be able to handle all the changes and boost your success with a number of smart marketing strategies. That is why we prepared this useful list of the best marketing ideas that will help you expand your business, regardless of external conditions.
Identify Your Target Market
Having a laser-sharp focus on your target market is the number one strategy for success in real estate. Many brokers and businesses invest their efforts in a single niche market and they do their best to become experts in the field. By doing so, you will always have a clear idea about the current trends, the risks involved, and of course, the direction where the market is headed, both short-term and long-term. Take a moment to think about who you really want to do business with. From luxury home construction spaces to affordable starter homes, you can dive into any niche that suits you.
Build a Social Presence
Social media is incredibly effective when it comes to building awareness, sharing useful pieces of content, highlighting properties, promoting specials, and more. The most popular social media channels for real estate marketing are definitely Facebook, Instagram, and LinkedIn, but the choice really depends on who you’re planning to target. For example, if your business is focused on baby boomers who are looking to downsize, you should invest time and energy in Facebook. On the other hand, if your target audience is mostly comprised of millennials, you will have more success using a platform like Instagram.
Even though digital marketing is dominant in today’s world, you should not forget about the physical world and some timeless old-school strategies. For example, direct mail can be a powerful tactic, thanks to the fact that people’s mailboxes are emptier than ever. Making use of leaflets in your marketing is bound to make an impact on your recipients. Moreover, consider giving out branded items like pens, calendars, drink koozies, and similar. People love freebies, and if you put a branded message on a practical item they might use daily, your business name will be the first one they’ll remember whenever they need real estate services. Finally, do not miss out on the benefits of a well-designed business card with an email signature.
Create a Referral Program
Another amazing way to grow your real-estate business is to rely on the tried-and-tested power of word of mouth. Although around 90% of people start looking for agents and properties on the web, when the time comes to make important decisions, the majority of them turn to their peers for help. People trust their close circle of friends, and you should use that trust to expand your reach. For example, try to incentivize referrals. So when a client refers a colleague, a friend, or a family member, you can treat them with a bonus. Of course, the value of the bonus will depend on the nature of your business.
Plan Your Budget
No matter how effective your marketing strategies may be, it will be hard to keep moving forward unless you come up with a sustainable plan for your budget. Nowadays, there are basically hundreds of places where you can spend your advertising budget, including email marketing, social media ads, postal marketing, real estate websites, and more. In order to make the most out of your money and get a solid return, you need to gear your spending towards your target audience. For instance, if your customers are based in the San Francisco Bay area, they might respond better to internet-based marketing, but if your potential customers live in a rural area, you should probably invest in a more traditional approach.
As the industry continues to evolve, you should do whatever you can to make your own mark in the real estate world. You invested a lot of effort in your business, and once you implement all the powerful marketing strategies listed above, you’ll get to enjoy the benefits of that hard work.