The world of real estate is a dynamic one, and the ups and downs in this field are often dependent on factors that are beyond your scope. These include the current home loan interest rates, global and national economic conditions, the prospect of job growth in your area of operation, the occurrence of a natural calamity, and several other factors. To make matters worse, there is cutthroat competition at the local level among different realtors.
On the positive side, a business that can survive the dynamic market behavior and rise above the competition is known to make good money. A look into the business model of all such real estate businesses would reveal that the focus on marketing strategies is what propelled their movement on the path of business growth. Irrespective of whether you are a novice in the real estate business or are looking to expand your existing business, the tips discussed in this article will help you.
Research on Your Target Market
Before you start on your marketing plans, you need to have a clear picture of your niche market and identify the target group you wish to cater to. This will help you analyze the type of risks your target group is willing to take and find out where the market is heading from a short and long-term perspective.
You can then conduct proper research and establish your industry expertise, thereby making potential customers more likely to choose you. For example, with proper networking and research in an area, you can get to know about an upcoming childcare project or park before everyone else. With this information, you will be in a better position to convince your customers into buying or renting a place with you.
Establish a Digital Presence
Most people consider moving to a new house as a major life decision and prefer looking up realtors online before making a pick. In such a situation, you need to have a digital presence if you wish to attract new customers. Start by creating a professional website wherein you talk about your business, show videos of houses that are currently available as well as a few properties that you had earlier worked on.
You may use VideoCreek to come up with high-quality real estate videos for the website. If you are looking for a low investment medium with a potentially grand outreach, you can create a social media page for your brand on platforms like Twitter, Instagram, Facebook, or LinkedIn. Keeping your social media updated, along with investing in paid advertising campaigns on search engines like Bing and Google, will give you good digital visibility.
Be Prompt in Your Replies
If you are venturing into the real estate business, you should be able to walk the extra mile and make yourself available to customers round the clock. Always try to have access to emails and your brand’s social media pages. That way, you can respond to the queries of potential customers in a befitting and prompt manner and make them feel important.
Waiting till the next business hours takes a toll on your credibility and business reputation. People might take this as you not being serious about your job and lead to you losing out on potential businesses. If your marketing budget permits, consider adding a chatbot to your website. That way, the tool can answer the basic questions of potential customers and collect their contact details for you to reach out at a time of your convenience.
Encourage Referral Programs
An effective way of attracting new customers is by incentivizing existing or past customers to refer to your service. The incentives may range from offering exclusive discount coupons on their next service to giving away gift cards and other tokens of appreciation.
However, to be able to leverage this marketing technique, you need to ensure that you are great at your job and that your customers genuinely feel that their friends would benefit from your service.
Give Valuable Content to Your Target Group
An effective way of establishing your industry dominance is by telling your potential customers the fact that you are serious about your job and that you know the ins and outs of it. Publish a weekly newsletter wherein you talk about changes in real estate laws, advise people on creating a balanced real estate portfolio, and conduct local market health checks. Try to include pictures and work on the aesthetic appeal of your newsletter.
In today’s digital world, you may also want to use a slideshow maker tool (navigate to this website) and come up with a virtual newsletter. That way, you cut down on the investment required to print a newsletter and ensure that they are easy to view and be shared.
Invest in Video Content
As a realtor, you need to appreciate the value of your client’s time and realize that traveling 100 miles to see a property may not be worth the effort. Try to come up with videos wherein you take the viewer through the house that you are selling or renting. Make sure you cover both the interior and exterior of the house and talk about the neighborhood in which the house is located.
That way, the viewer will have a picture of what to expect and be able to decide whether it is worth the hassle of travel. Moreover, if you come up with videos explaining your take on recent amendments to the real estate laws and other changes, it will speak of your commitment to the profession and earn the trust of potential customers. User-generated video content and video testimonials are some forms of negligible investment marketing techniques that you can go for.
As a real estate business, it is important to plan well in advance so that you can tackle any unforeseen situation that may arise. Have a definite budget allocated to marketing and plan your strategies around it.
With digital marketing coming into the picture, small real estate businesses now stand a chance to compete on fairground with well-established ones. With well-strategized marketing ideas, realtors can now chalk their growth story.