Real estate investment companies have always been a competitive industry. It’s not for the faint-hearted, especially as we navigate towards a very tricky market in the next couple of years. To survive, never mind expanding, your Real Estate marketing strategies need to be fresh, creative, and within a reasonable budget. Combining these qualities is always going to be difficult, but these ideas should help you stand out.
Target a Niche
Instead of spreading your business too thin and trying to go for all real estate, why not focus on a particular niche instead? This doesn’t mean you need to close out other opportunities but consider focusing your marketing efforts on one particular area.
Becoming a known quantity in a particular niche gives you several plus points:
- Impactful marketing. Targeted advertisements towards a specific group will increase conversions.
- Best for limited resources. As a smaller company, you need to be intelligent with your marketing budget.
- Credibility. Consumers would rather opt for a company that is known for a specific client base, rather than a ‘generalist’.
Old School Still Works
Most real estate agencies will make the mistake of going for the most expensive and ‘current’ marketing strategies. With overpriced ads on Facebook and low conversions with Google, you can quickly burn through thousands of dollars before seeing anything in return.
Our first piece of advice: don’t discount old-school methods. They still work. And they’re usually far more affordable than overcrowded newer options. For example, snail mail can help you get hyperlocal, targeting your exact market.
Focus on Lead Conversion
Companies often think that the best way of getting new customers is to get a bucket load of leads. The problem? They have no idea how to effectively convert. Often, the leads are low quality and barely worth it anyway.
Instead, focus on your conversion rates. Fix your website UI. Build an email list. Nurture your leads. 10 quality leads are worth more money than 1,000 random visitors to your website, remember that.
Invest in Your Social Media
We’ve said the old school is still relevant, but that doesn’t mean sticking to a Luddite approach. No, having a social media presence across all important channels can’t be ignored.
Social media is time intensive, however, so ensure you use your efforts accordingly. Consider social media demographics, for example, to inform your choice. Look at what your competitors are doing, watch what drives their engagement, and copy (but refine!) their strategies.
Don’t just post and pray, that’s just a waste of time. Random posts that have absolutely no thinking behind them will just be seen as amateurish and irritating by consumers. Quality will beat quantity, every single time.
Hire a Professional Photographer
In 2022 and beyond, you need decent photos. And many realtors now offer high-quality video walk-throughs on top of that. If your photos still look like something that belongs in a 1990s vintage album, rethink how you present your properties online.
Keep in mind that 89% of consumers believe that photos are essential in the decision-making process. If yours aren’t up to scratch, it will drive down interest and the final buying price.
Go next level and use drones, if appropriate. It’s a great way of showcasing larger homes and gardens, and considering only just over 10% of realtors use drones, they’re a great way of standing apart from your competition.
Partner with Other Realtors
Some business owners are aghast at the idea of partnering with the competition. However, co-listing with other brokers/agents can help broaden your reach, helping you convert leads you otherwise would never get access to.
Don’t worry about ‘giving away’ profits to your competitors. Remember, they’re going to be doing the same favor right back at you. If anything, the right partnership will only serve to help grow your business.
Never Sit Still
When it comes to business, standing still = going backward. Our final advice is to always keep pushing, continue innovating and try and expand your business continually.
Don’t be afraid to try new ideas. Resting on your laurels or always going for the tried and trusted will eventually allow your competitors to bypass you. Put in that consistent effort on the marketing front, and your just rewards will follow.
Waqar Hussain is the founder of The Business Goals. He writes about entrepreneurial strategies and is an SEO consultant by profession. He is a B.Com, GDM, and an MBA from the Australian Institute of Business.