The real estate industry is one of the most lucrative. It’s therefore not surprising the number of real estate agents has been increasing steadily over the years. This also means that the competition in real estate marketing has become even more fierce.
Whether you are a big player or a mid-sized real estate agent, you have to market yourself to stand out from the crowd. Try these realistic and budget-friendly marketing tactics to attract and connect with your target audience.
Create a Marketing Plan Early
All real estate agents share one thing in common, they all start small. However, not every agent becomes successful in this highly competitive industry. The difference between successful agents and unsuccessful ones is a marketing plan.
Without a marketing plan, it is almost impossible to succeed in the real estate industry. Think of your marketing plan as the blueprint for your success. A marketing plan will help you understand the intricacies of the real estate industry and help you grow your audience.
It will also help you to reach home buyers who need your services. Not only that, but a well-designed marketing plan allows you to track your success using analytics.
Budget Like a Pro
The importance of making a budget for your real estate business cannot be over-emphasized. When you budget like a pro, you will be able to understand your monthly budget to avoid pitfalls down the road.
Whether you are just starting or wondering how you can allocate earnings from your first sale, budgeting like a pro is the secret to succeeding in this volatile market. When creating your budget, remember to factor in the taxes, cash flow, slow periods, and expenses.
Since you are self-employed, you are required to pay self-employment taxes. Keep an eye on the current tax rates to have a better understanding of how much tax you owe. Always set your taxes aside each time you make a sale.
Setting up a separate account to deposit the taxable income whenever you make a sale is also advisable. As a real estate agent, you will likely have slow periods in your career. That is why it is essential to budget for these challenging times.
The first thing you should do is to identify your cycles to have a solid understanding of the market. It is also advisable to keep an eye on your expenses to set money aside to see you through the slow periods. You can also use various budgeting tools and apps to improve your budgeting skills.
Focus on 1 to 2 Types of Marketing
When it comes to growing your real estate business, focusing on 1 to 2 types of marketing can make a huge difference. You might be tempted to do everything at once. However, you will probably spend your money on the wrong marketing channels.
Besides, it’s almost impossible to determine the effectiveness of each type of marketing. Successful real estate agents stick to their strengths and focus on one to two marketing channels.
To choose the most effective marketing channels for your business, you have to consider these factors:
- Consider your goals
- Think about your customers
- Talk to your customers throughout the consumer journey
- Think about your competition
- Analyze the results
- Consider your budget
You can even experiment with different marketing channels to identify what works and does not work for you. Some of the best marketing channels for real estate agents include podcasts, telemarketing, vlogs, social media, blogs, email, pay-per-click, and SEO.
Be Consistent with Your Marketing
Even after you find the most effective marketing channels, you still have to keep branding yourself as an expert. Keeping with the regular marketing strategy will increase your bottom line and improve the customer experience. Not only that, but It will also help you build awareness and establish trust.
Without consistent marketing, you will likely struggle to keep up with the competition. It will confuse your customers and reduce your ROI. So how can real estate agents stay in front of their target customers even if they don’t have a listing?
In order to establish consistent branding, you should send your target audience market report real estate postcards. You can also share insightful infographics through mail or a blog post. You should also use a marketing calendar to map out your campaigns and save money in the long run.
When creating compelling property listings, remember to stick to your brand assets, including logos, voice, taglines, and tone. You can also encourage your existing customers to leave a testimonial on your listings, vlogs, and podcasts.
Follow-Up is Everything
No matter how experienced you are, your customers need more information before making a purchase. All your customers go through the three stages of a sales cycle, including awareness, research, and action. Most sales will only happen after your customer goes through these stages.
As a real estate agent, buyers count on you to find the best property on the market. That’s why you should invest your time and money in educating your leads about the available properties without pressuring them to buy from you.
The goal is to establish credibility and encourage trust. Statistics from the Association of Sales Executives show that at least 80% of sales happen after the fifth contact. This means that you must embrace follow-up to convert your leads into paying customers.
Make time for follow-up in your busy schedule to keep the connection alive. It’s also advisable to personalize your follow-up messages. Start by finding out the best way to contact each customer. Don’t give up if your leads are not responding to your emails or calls.
Above all, create a compelling opening statement to catch the attention and build a rapport. Also, provide value in communication by sharing links to support your argument.
Finally, you should be able to know when you need to step away. If you decide to step away, notify your lead and thank them for their time. You can also let them know you are eager to work with them again in the future.
To stand out in the crowded real estate industry, you must create a marketing plan early to map your journey. Beyond that, you should budget like a pro and focus on 1-2 marketing channels. Remember that consistency and follow-up will help you build rapport with your leads and increase revenue.