Why you need a real estate marketing plan
A marketing plan is an essential document for any successful business, large or small. The size of your business, revenue generated, and resources dictate the funds available for marketing. Either way, you are operating on a budget and need a guide to efficiently utilize your limited resources.
For many real estate brokers and agents, the thought of developing a marketing plan can be overwhelming, especially in the digital age when the way consumers receive information is rapidly changing.
There are more avenues to market and spread information than ever before. The amount of information received every minute is mind-blowing. With so much information out there and increasing competition, how can anyone stand out?
Due to the hundreds of different platforms on social media, listing services, craigslist, traditional media, print advertising, e-mail campaigns, etc. it is easy to understand the fear you may have in spreading your resources thin by investing time in creating a real estate marketing plan.
An effective real estate marketing plan will be a blueprint for your real estate marketing goals and objectives. It will keep you focused on what you need to do to reach target audiences, expand the visibility of your brand (you), and increase conversions (more clients & sales).
How do you write a real estate marketing plan?
Below are some critical steps that will help you write your real estate marketing plan
- Set your goals, a timeline, and identify metrics to measure success
The first thing you need to do is set obtainable goals for your real estate marketing efforts. Are you aiming to achieve higher rankings for your site in google (ie. appear on the first page of search results)? Increase your e-mail list? Increase attendance at open houses by a certain number? Expand the list of home buyers you are assisting in finding a home? Or, increase the number of properties you manage? The list can go on and on and is unique to everyone.
- Determine your target audience
This may be one of the most critical parts of your plan, and it is widely overlooked. Many realtors assume this question answers itself and is obvious. Who is your audience? Anyone looking to buy or sell their home…it’s not that simple.
One major factor to consider is the people in the market today. It is a fact that millennials are finally entering the housing market in substantial numbers. Due, in part, to the unusually long bull market on Wall Street, there is increased confidence in the consumer economy.
For many in the industry, the millennial generation is a target audience previously untapped, you need to be aware of the way in which they receive information. How they make decisions on major purchases. How they conduct research. One important thing to remember is they usually do not rely on recommendations alone, they will follow up with a search on the internet and/or social media…trust me, I am one of them.
Not all of you will be focused on the millennials, which brings me to my next point. Your target audience is highly dependent on your location. If you are selling vacation property, you may be targeting couples in mid-career or retirement. If your location is popular for retirees, the baby-boomer generation will be your target.
All these differing demographics will possess a variety of income levels that must be considered. If you are selling higher end, more expensive homes, market to the demographic that can afford them. You do not want to waste time attracting persons who cannot or are not willing to pay for the homes you are selling.
At this point you will begin developing your brand, which may involve creating your real estate slogan, business name, and logo. You will want these very basic tools to be written towards your target audience. This is a time that you begin researching the methods your target audience receives information, what they value, and what their priorities are.
- Begin your digital marketing campaign
The first and most essential task to be completed to establish your online presence is to create a professional looking website. There are many options to assist in creating one, my personal preference is Bluehost, they host this blog and make my life much simpler. They can assist in everything you need from domain registration to getting you up and going with an easy to use WordPress site.
WordPress for a real estate site is very user friendly and, if you are so inclined, hiring a freelancer for WordPress development is inexpensive and can be found on a variety of freelance platforms.
Your website will need a professional home page, a well written “about me” section and an easily navigable property listing segment. As ranking high in search results will be a priority, a content marketing strategy is also key. The foundation of the strategy is dependent on a regularly updated blog. The blog must contain well written, useful articles that can be posted on social media and shared. Improving search engine optimization is crucial to being found, and quality content is the basis of ranking high on search results.
You will also want to do a few key SEO techniques:
- Keyword research
- Use quality images and infographics
- Create long, useful, and original content
- Share your content on social media
Your site needs an attractive home page that includes high quality images. The projection of professionalism on your home page will be the basis for the way your potential clients will perceive your ability. You are in the business of first impressions, appearance is everything…consider your home page the “curb appeal” you refer to when advising home sellers.
Your property descriptions will need to be well written and compelling to potential buyers. This, along with quality photographs of the property, is incredibly important. If you are unsure in your ability to write effective property descriptions, you can hire a professional copywriter. Many will offer reduced rates for long term customers or go on retainer, which can save you money in the long run.
- Explore traditional, printed collateral
Even though we are in the digital age and advertising is increasingly focused on the web/social media, there is tremendous value in printed media. Professional business cards are still necessary for all realtors. There are many options to printing professional business cards out there, I use Vista Print. It is very easy to create professional real estate business card at an affordable rate with this service. They ship very fast, mine arrived at my home within a week.
Industry magazines
Advertising in industry magazines is still very relevant in today’s market. Many people still turn to the real estate magazines found in the waiting areas of restaurants and diners in cities and towns across America, it is an easy way to reach a substantial amount of the local population.
Direct mail
Even though many marketing professionals shy away from it in most other industries today, direct mail is a great way to reach potential real estate clients. It is a great way to stand out and show your professionalism. It is no secret that direct mail is substantially more expensive than e-mail, but it will show potential customers that you are committed and have the resources to meet their demands.
Billboard advertising
This option can cost thousands of dollars per month, but if done right can reap huge benefits. Billboard advertising for a realtor is almost guaranteed to ensure your name and face is recognized in the local populace. It is even more effective for real estate marketing than television commercials as many people fast forward through or ignore local TV ads. It is way too expensive to produce a high-quality television commercial at the local level, at least a professional looking one. Remember, in your business appearance is everything.
- Determine your budget
I save this portion for last, and I will explain. This is the one thing that will vary from person to person. You will need to make marketing a priority. If you develop a well thought out marketing plan, with clear and obtainable goals, you will know where you need to focus your marketing efforts.
Everyone needs to invest in a professional website and should be able to add useful content. Things diverge when targeting specific audiences, for example the younger demographic will require an aggressive social media campaign, while traditional advertising may be effective for older generations.
The differing methods of advertising will vary the amount needed to budget. Determine your goals and set aside as much money as possible for marketing. It is an investment in you, if done right will be the key to your success.
Either way, you are beginning the steps in organizing your marketing efforts. Hopefully I have helped you put a plan together, if not on paper, at least you are thinking about it.