The right audience
Before you can sell anything to anyone, you must reach the right audience.
Your first step in creating a marketing plan for your new listing is to figure out and target the right buyer. The following are some avenues that will help you narrow down the buyer pool.
Go to the source
Talk to your listing client about their neighbors – are they primarily young families, older couples with kids still in the home, retirees, singles?
Location, as you know, is very important in determining a home’s value, but it can also help you pinpoint the likely buyer. Make note of it’s proximity to anything that is popular with homebuyers:
- Quality schools
- Shopping, dining and entertainment venues
- Walking/biking paths
- Recreational opportunities, such as ski resorts, golf, equestrian center
The home holds clues
Everything from the price of the home to the square footage can serve as clues to help you narrow down your target market. For instance, smaller, single-story homes may be attractive to older clients while larger, roomier homes in the suburbs are hot with Gen X.
Also, consider any amenities the home offers. Homes with playrooms or a den are ideal for families. Backyards might lure pet owners, but backyards with space for entertaining are magnets for several different types of buyers (young professionals, families, etc.)
Then, use demographics to help you further define the buyer. Is this person single or married? Children? How old would you say the buyer is?
You can figure this out by using some of the various studies you’ll find on the internet.
- Luxury home? A female between the ages of 50 and 60 may be your target. This group of Americans controls more than half of the country’s wealth. One study found more than 60 percent of luxury home clients were age 45 to 54.
- A home with more than 2,000 square feet of living space, especially with close proximity to a decent school, your likely buyer will be a member of Gen X, with children.
- Starter home: If it’s located in the suburbs you’ll be visited by both Millennials and baby boomers. If it features a walk-in closet in the master bedroom and a front porch, you’ll attract the former, while a dedicated laundry room, air conditioning, and a patio will attract the latter.
If you find your buyer will most likely be a Millennial, hire a professional photographer to snap the marketing photos. According to a Zillow study, nearly 60 percent of buyers in this generation say professional pictures are an important factor in their homebuying decision.
The bottom line
You may need to come up with profiles for two or more buying groups. If so, distill each one into one persona and keep those specific personas in mind when targeting your marketing.
Once you figure out who to target when marketing your listing, you’ll find that many of your other listing duties fall into place naturally. You can more confidently recommend which items need to be repaired, for instance, and how to stage the home to appeal to the likely buyer.
Now it’s time to determine your target market and create the perfect mailing list, Go Here.
Then send the Waiting, Waiting Waiting postcard from the Fence Sitter – Buyers Series to at least 100 buyers that you have targeted.
Need help targeting those buyers? Use our mailing list tool to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are 3 free ways we can help you CRUSH IT in 2018!
1. The Free 2018 Real Estate Business Plan.
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
2. The Free Online ROI Calculator.
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! – 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
Also…check out these cool tools 🙂