The real estate market goes through many ups and downs and depends on several factors, such as interest rates, purchasing power, economic conditions, and job growth.
Regardless of how the market is currently behaving, there are many strategies that can be applied by marketers and marketers alike that can propel a business forward.
In this article, we will detail some of the key strategies that can be used to expand your real estate business.
What is Real Estate Marketing?
Real Estate Marketing is a methodology that brings together a series of tools and tactics to optimize the performance of a brand in the real estate sector.
This process is responsible for analyzing the behavior of clients in the real estate sector, and thus planning profitable campaigns that attract and retain potential clients .
It is worth noting that Real Estate Marketing differs from traditional offline real estate advertising techniques and focuses on Digital Marketing, this being the best strategy today to obtain a greater number of sales opportunities.
The evolution of techniques for attracting clients in the real estate sector is due to substantial changes in consumer purchasing habits; therefore, developing a Real Estate Marketing strategy will require the adaptation of various actions in the marketing and sales area, with the aim of improving results.
How to Develop a Strategy Step by Step
1. Identify the target audience
This is probably the number one strategy you can use to truly succeed as a real estate agent.
Many real estate brokers and companies focus on a niche market and become experts in that industry. This gives them an idea of what is currently driving the industry, what risks are involved and, most importantly, where the market is headed in the short and long term.
For example, a real estate broker focusing on marketing a new housing project might change their overall marketing strategy in order to directly target the target audience, thereby increasing sales opportunities.
2. Budget for marketing expenses
Another important factor in successfully expanding your real estate business is developing a marketing budget and sticking to it.
There are literally hundreds of ways to spend your marketing budget , such as real estate websites, email marketing campaigns, social media marketing, and more.
But your investment must be focused on your target audience . For example, clients in the Bucaramanga area may require informative digital content, while clients in a Bogotá area may need a strategy focused on the consider and decision stages of the sales cycle.
The best way to define these factors beforehand is through the Inbound Marketing methodology, since you must outline all these characteristics of your target audience, and condense them through the Buyer Personas .
3. Create a website and use social networks to develop Content Marketing
Regardless of the market, you should establish your internet presence with the help of a professional website as well as dedicated accounts on social networking sites like Facebook, Instagram, Twitter and LinkedIn.
These channels are cheaper than invasive advertising, and offer far-reaching potential to promote your brand and its content.
4. Encourage referrals and word of mouth
The most successful real estate agents generate multiple offers through referrals from previous clients. A customer referral is more valued by a new buyer or seller.
For example, new clients feel more comfortable selecting a real estate agent when a friend, colleague or relative recommends them. And you can always boost this approach by offering a reward to the person who refers a new customer.
5. Respond quickly
We live in a world that is moving at a much faster pace than ever before. It is very important to respond to customer inquiries or else you risk losing new business.
You should have access to email through a smartphone and make sure you respond to a customer request as soon as possible.
You can’t wait to reply until the next day in this business. If you respond quickly, you increase your credibility and reputation.
In turn, various Customer Relationship Management (CRM) software or platforms manage a practical and effective integration, which enables hundreds of functionalities that you can manage through your mobile device.
Recommendations to develop interesting content for your target audience
If you’re serious about long-term success, you might consider publishing a weekly or monthly newsletter with updates on current mortgage rates, changes in real estate laws, benefits of homeownership, how to build a real estate investment portfolio, health in the local market, etc.
All current and potential clients would appreciate the insights in such a newsletter as it shows your knowledge and commitment to the business.
Content Marketing also targets clients to convince them of the value offered by a real estate professional. You can use a forum or streaming to dispel questions about the need for a real estate agent.
Regardless of whether you are an agent or real estate developer, you will need a business plan with a solid strategy.
Like large companies, your real estate business must also strive to develop its own brand and identity. Any real estate sales strategy must take this concept into account, in order to generate a consistent and strong reputation.
Success doesn’t come from random work actions without planning, it comes from developing, being consistent and following a plan.