Turn on the marketing “light bulb”
It’s a safe bet that the percentage of real estate agents who come from a background in marketing is quite small. Therefore, it’s understandable that marketing can be a challenge.
Fortunately, learning by example is an effective way to overcome this lack of knowledge. Let’s take a look at the following four common real estate marketing blunders so that you can avoid making them in the future.
Marketing Mistake 1: The lack of a plan
Planning isn’t as interesting or fulfilling as doing almost all things in life. So, we get it that creating a marketing plan isn’t something you put at the top of your to-do list.
But, that’s marketing mistake number one. Just as you caution your buying clients to enter the process prepared, with a plan, so too should you, when marketing your business.
Even a rudimentary plan can help keep you on track and on budget, but the more detailed the plan, the better it will perform.
A powerful 12-Month-Guide that strategically defines what marketing to do when is our Free Real Estate Marketing Planner. It includes weekly strategies for Four key market segments including, Niche Marketing, Listing Inventory, Geographic Farming, and Sphere of Influence.
Please take advantage of this Free 12-month Marketing Planner, go here to download.
Marketing Mistake 2: Not understanding where the money is
One of the biggest myths about homebuyers is that the largest group of them are first-time buyers.
You’ll find this misinformation online on agent websites, sites trying to sell stuff to agents and even news stories.
“ … the majority of people looking to purchase a new home are first-time buyers.”
NAR tells us that first-timers make up only 33 percent of all homebuyers (and that number is down from the previous year). Therefore, diversify your marketing dollars to include target markets in addition to first-time home buyers. Some of the other top target markets include Baby Boomers, Move-Up Market, Lifestyle & Interests, Empty Nesters, High-Income Consumers, and Investors.
Marketing Mistake 3: And who are they?
NAR breaks buyers and sellers into generations and Gen X (born 1965 to 1976), according to the association, makes up the largest home seller pool at 27 percent.
In reality, baby boomers (between the ages of 54 and 72) in the market far exceed that number, at 43 percent. NAR, however, cuts the generation in half, making it appear to be a smaller group of consumers.
But, since both generations own homes and are likely to move, a smart agent will target both.
When you understand where the money is, and vow to strategically target those with it, everything else marketing-related, from the social media platforms you utilize to your content, falls into place.
Marketing Mistake 4: Going it alone
Marketing involves a whole host of talents that most real estate agents don’t possess. Sure, you may be an ace photographer or may have studied graphic arts in college, but an agent who has all of what it takes to market his or her business would be a rarity, indeed.
There’s not a thing wrong with outsourcing your marketing needs, be it from the creative side (writing, photographing, videography, etc.) or the hands-on side (managing bulk or email lists, website work and social media management) or the design side by trusting in an industry marketing expert like ProspectsPLUS! for all of your real estate marketing materials.
Your job is to generate the leads required to make deals. Save time and frustration by hiring experts for the rest of the work including turning to industry expert marketers, such as ourselves, for marketing materials that speak specifically to the market you are targeting.
We understand the possible fear of committing the appropriate budget for this important area of your business. First, outsourcing marketing tasks is tax deductible (as are marketing materials). Second, it frees up more of your time which, in turn, means you’ll be working more on the money-making activities.
Time for you to go after the “current” largest target market, Baby Boomers!
Send at least 100 Downsizing, Retiring Soon postcards from the Life Event Series to an area where you want more listings.
Need help targeting the perfect niche of buyers or sellers? Use our mailing list tool to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!
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Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan – Click Here
3. The 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Listing Inventory, Geographic Farming, and Sphere of Influence – Click Here
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