If you’re a dedicated real estate agent, you’ve likely educated yourself on the importance of marketing your business. While navigating the housing market can be challenging to some, especially novice realtors, there are insider tricks of the trade that will boost your real estate sales. Note that while experts can predict spikes and dips in the housing market, you should keep in mind that unforeseen market crashes still lie within the realm of possibility.
Because the housing market is dependent on an indefinite number of factors such as economic conditions, job growth, and interest rates, forecasting upward trends can pose a challenge for realtors and real estate agencies. That said, you should acknowledge that your ultimate goal is to market your real estate agency and maximize profits, regardless of the current market trends. The real estate industry favors those professionals who pride themselves on their adaptability and commitment to success, regardless of bull or bear markets.
Whether you’re a novice or seasoned agent, follow this guide of simple PR tips to advance your business to the next level and stand out amongst your competitors.
Identify your target market
Identifying your target audience is one of the most useful real estate PR tips you can employ to succeed. Gone are the days when real estate agents cast a wide net across the market, hoping to catch prospective buyers. Unfortunately, tailoring your sales message to meet every buyer’s needs is a strategy that isn’t realistic in today’s market.
Instead, direct your energy towards identifying and reaching your ideal customer base. For those real estate beginners, you might be wondering how to pinpoint your target audience. To successfully narrow your customer base, conduct thorough market research, and analyze demographic data, including your audience’s age, type of employees you tend to recruit, household income, etc..
Keep in mind that most successful realtors often focus on one niche and specialize in their field. Choosing a target market, such as first-time home buyers, allows you to familiarize yourself with market driving forces, industry trends, and, most importantly, the risks involved.
Keep an eye on your competitors
Another helpful tip is always to monitor your competitors. Investigate surrounding properties and their asking prices, along with the strategies utilized by your competitors. When researching your competition, pay special attention to the type of media coverage they receive, the generated social media chatter, and how their properties stack up compared to your development.
Additionally, check if your competitors offer any rent specials to their residents. If so, consider announcing a rent special of your own. Having this information on your fingertips can help you assess your current strategies’ success rate and figure out how to improve so that you can stay ahead of the competition.
Establish an online presence
With today’s ever-changing technological trends, you must establish a social media presence. To gain traction in the online community, you’ll need to create a website and leverage social media in your marketing. The internet has become an integral part of today’s most effective marketing strategies.
For optimal results, use social media platforms such as Twitter, Instagram, LinkedIn, and Facebook, all of which have millions of users. If well-utilized, you can boost the success of your marketing campaigns and extend your community reach.
One benefit of utilizing social media platforms to market your real estate agency is that they’re incredibly inexpensive, yet they enable you to reach an outrageous number of prospects. Along with routinely posting on social media platforms like Facebook and LinkedIn, market your real estate agency through Google and Bing paid ads to increase visibility tenfold.
Create a budget for marketing expenses
One of the best ways to track your business’s performance is by creating a realistic budget and sticking to it. Taking the plunge and executing your marketing strategy without setting realistic goals will doom your marketing team to fail.
Remember, there are several marketing avenues you’ll need to invest in, including social media marketing, real estate websites, direct mail, email marketing, etc. So, you’ll need to plan and allocate your marketing budget accordingly. Note that how you spend the money will depend on the target audience. For example, customers in more urban areas may require digital-based marketing, while those in rural locations might require a different approach.
Publish regular real estate newsletters
The kind of content you provide to your customers will determine your long-term success. To boost real estate sales, you may need to publish monthly or weekly newsletters with critical updates. Here, you can inform potential buyers of the current benefits of homeownership, mortgage rates, properties for sale, changes in real estate policies, tips for navigating the local market, and info on how to build a real estate portfolio.
These insights can benefit your existing customers as well as attract prospects. It will also demonstrate your commitment and knowledge of real estate matters. Similarly, publishing newsletters and other related content is an excellent strategy to develop your brand and increase brand visibility.
Neglecting your PR strategy can cost you hundreds of thousands in real estate sales. Whether you enter a booming housing market or wade into a crashing market’s unfamiliar waters, you should carve out ample space in your budget for community outreach and marketing campaigns.