Do Real Estate Marketing

Real Estate Marketing is not something you do once. It is something you must do on a continual basis. Think of marketing as the “eating right and exercising” part of your business. Just as you can’t eat an apple or go to the gym once and expect to drop 10 pounds, tone all your muscles and gain energy, you can’t do any marketing activity once and expect incredible results. No matter how good you are at selling real estate, you will only be successful if you can market effectively, too.

Steps

Building a Strategy

1. Understand your clients. Clients are the focal point of your real estate business, so you need to grasp who they are and what motivates them, so that you can meet client needs. Giving the clients a sense of the “personal touch” can be one of the most influential aspects in real estate.
   • Ask yourself important questions about the types of clients who spend money with your business. Are they rich or poor? Educated or not? Young or old? Single, family, or retired? Male or female? Business or individual? Buyers or sellers? This will impact the kinds of language you use in your marketing, which can have a significant impact on steering potential clients towards your business. Do they want a “bargain” or “over-the-top luxury”?
   • Create a mental image of a client or clients you would like to serve, and use this image when you are creating marketing campaigns. Make sure that you direct your message to this client and not to some general population. Really try to connect with your ideal client.
   • Consider market segments that may exist for your clients. If your real estate business has both business and residential clients, you may need to market to them differently. Other examples of market segmentation include age and income.
   • Remember that business is all about serving others. Clients are the only ones who will put money in your bank account. The more a business focuses on serving them, the more successful it will be.
2. Consider the properties. Your marketing strategy for office units, retail spaces, and residential real estate will be different. It is important to think about the purpose of the real estate in order to predict what your clients will want.
   • Low-density residential clients are often looking for single family homes. They may have children, pets, and may be more interested in quiet, calm neighborhoods close to schools, or in more private or secluded locations.
   • High-density residential clientele are people looking to live in buildings with many people, such as apartments, condominiums, and high-rises. Convenience, spaciousness, and building amenities are often considered premium, and highlighting these aspects can appeal more to these customers.
   • Commercial units are going to be retail spaces and offices. As these spaces will hold a person's livelihood, words like “busy,” “accessible,” and “prominent” might make your properties appeal more to these clients.
   • Industrial realty may become more appealing when its utility an easy-access is highlighted, and may include warehouses and factory spaces.
3. Compare commercial vs residential real estate. The single biggest focus of commercial real estate is profit. Commercial real estate involves the sale, lease, or use of properties to make the biggest possible return on investment. The decision may be made by a committee or board, rather than a single individual.
   • In contrast, residential real estate is usually an individual, emotional purchase. Some residential real estate investors may be looking to buy a house to "flip" or to build their wealth by purchasing homes or duplexes to rent. However, most homebuyers are individuals or families looking for a place of their own.
   • If you want to buy, sell, or lease commercial real estate as a commercial real estate agent, you'll want to be able to represent tenants looking for places to lease, building owners or lessors (owners renting out), and investors looking for return on investment.
4. Perform a SWOT Analysis. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Although it was initially developed to help plan competitor strategy, you can also use it for marketing. A Identify Strategy with a SWOT Analysis should be the first stage of your marketing planning. It can help you better understand your business, which can improve your ability to identify your ideal clients. The goal is to turn weaknesses into strengths and turn threats into opportunities.
   • Strengths and Weaknesses are factors internal to your organization. An example of a strength is having an excellent location. An example of a weakness is the lack of capital for investment.
   • Opportunities and Threats are factors external to your organization. An example of an opportunity is a growing number of your target clients moving into your area. An example of a threat is a new competitor moving into your area.
   • Once you know your strengths, weaknesses, opportunities, and threats, you can develop a matrix that will help you to develop strategies based on the relationships between different factors. For example, you may develop a strategy based on a fit between your strengths and the opportunities available to you.
5. Set Goals and plan tasks. Your goals will likely be income-related, since your overall strategy is to sell/lease as many properties as possible and/or receive lots of commissions. To accomplish these goals, you need to have a plan for what you want to do, and when you want to do it. Make a list of tasks you need to complete in order to successfully launch your campaign, with how long you estimate it will reasonably take to complete them. Then, plot them on a calendar. Hold yourself accountable to these dates.
   • Have both short-term and long-term tasks, e.g., you might want to contact different papers about pricing for ad space by the end of the week, and the entire ad complete and hot off the press in two months, with a new holiday season advertisement placed each following month, over a period of four more months.
   • Give yourself a ample amounts of time for development.
6. Be organized. Get a folder to hold everything together. Or, if you're a digital native, make sure all your files and folders have specific, clear names and dates. Don't just have a messy pile of untitled documents scattered all over your desktop.
   • Write everything down. You may have a lot of ideas, but they're not much use if they never leave your head. A good first step toward implementing your strategies is to write them down.
   • Get a notebook or legal pad, a whiteboard from an office supply store, or even take notes on your phone.

Using Traditional Marketing Techniques

1. Use an MLS. “MLS” is broker terminology for a multiple listing service. These are services which provide a wide variety of information and professional connections which can be very valuable in terms of marketing your properties. An MLS is a local organization, run by a local collection of brokers. It will require some research to find the MLS in your target area(s).
   • Many sites online offer information on local multiple listing services, but they often not all-comprehensive. Try more than one to find out which is most suitable.
   • These services are not normally available to non-agents, as in FSBO (For Sale By Owner) real estate.
   • There is typically a fee to list with an MLS.
2. Mail potential clients directly. Using Use Direct Mail is a way to mail items to a large number of potential clients. As snail mail becomes less frequent, each letter stands out a little more. It also puts your message directly into your potential client's hand.
   • Use high-gloss paper.
   • Spend time developing your mailer's look. Use full color images, and include pictures of the locations you want your clients to be interested in.
   • Try to provide something useful, such as information on an open house, or the best time of year to move; Don't just self-promote.
   • If you're casting a wide net, consider getting a bulk mailing permit from the Post Office. This will allow you to send a lot of mailers out at once at a lower individual cost than just putting a stamp on each one. In general, the minimum is between 300-500 pieces for a bulk mail order discount.
3. Telemarket. Marketing by telephone has been a successful means with which to spread a company's message. This can be as simple as giving past clients a call, or using a call center to make a large volume of cold calls. Be careful to Cold Call Effectively, as this can be seen as a very aggressive way to market.
   • Check in with past clients to survey their satisfaction after they move in.
   • Call current clients with new listings.
   • Contact houses listed as for sale by owner.
   • Robocalling, or sending out pre-recorded calls, is prohibited in most circumstances by the FTC in the United States. If the consumer has given you prior written authorization to robocall them, you may, but in general you should always go for the personal touch of a "live" phone call.
4. Use newspapers and magazines. For many real estate agents, placing ads in a newspaper or magazine can be an effective means to market their services. Many offer full-color ads in addition to black and white, providing different pricing options for realtors.
   • Put an ad in a newspaper or magazine. Placing advertisements in newspapers or magazines frequently read by your target market can be a cost effective marketing strategy.
   • A national newspaper, such as the Wall Street Journal, has the advantage of many readers, but it's a very scattered approach. There may not be many potential clients in your area.
   • Try running ads in local or regional papers and magazines. These target a specific region and are more likely to produce clients in your area.
   • Write a column for a local newspaper or magazine on homes and real estate in the area to build recognition in your community.
   • Write press releases regarding high-profile properties or innovative marketing campaigns of yours.
5. Create a newsletter. You can Promote Your Business Through Newsletters provided to clients through the mail, email, or on your website.
   • A newsletter with specific information for new homeowners or other recent clients can help you keep in touch, and may result in referrals.
   • Be sure to include interesting content and tips about real estate that will encourage your clients to read your newsletter long after they have done business with you.
6. Place an ad in the phone book. Listings and advertisements in the commercial section of telephone directories in your target areas are still a valuable way to market in some industries. However, phone books are increasingly less common, as some places no longer require telephone companies to distribute directories.
7. Advertise on signs and billboards. Advertising space on signs and billboards can be very cost effective if properly designed and placed. The key is to place your ads in a high-traffic location where many people will see them, and to rotate the ads regularly to keep consumer interest.
   • Some high-tech billboards even offer the possibility of advertising videos on large billboards, though this high-tech advertising space is more expensive.
   • Get a professional head shot if you're including your image.
   • Hire a professional photographer to take pictures of the properties.
   • Invest in a graphic designer to strengthen your ad.
8. Make an ad for radio or TV. Television or radio broadcasts can be a way to reach a large audience. If funding is a problem, look into marketing through public television or public radio stations.
   • Get client testimonials on their experience with you as an agent.
   • Show clients in their new properties.
   • Develop a good elevator speech. These short sales pitches, or elevator speeches, are perfect for radio and television broadcasting. The idea is that you can say all you need to in the time it takes to ride an elevator, or less. Take care to develop and practice delivering a good sales pitch. This is also useful when networking in person.
9. Get referrals from existing clients. If you have existing clients who are happy with you, enlist them to help you attain more clients. This is known as acquiring clients by referral. Most happy clients will gladly tell others about you, but most of the time they will not think about it unless you give them a reason or incentive.
   • A large majority of real estate business comes from referrals and word of mouth.
   • If you find ways to reward or recognize your clients for sending you new clients, they will do so more frequently, with greater zeal. Examples include cash rewards, gift cards, or gift baskets.
   • Don't forget to market this referral program. In order for this type of marketing to be successful, existing clients must know about it. This can be done through direct communication, signs at the business, or online.
10. Send gifts to valued clients. Send cards or small gifts to valued clients at appropriate times. You could also use this opportunity to remind them of your referral program.
    • Birthdays and holidays are excellent times to make contact with your current and past clients.
    • Gift cards, even if just for coffee or other small pleasures, can go a long way in helping to build relationships.
    • Housewarming gifts are a great way to complete a residential transaction.
11. Network. Chambers of commerce, service organizations, and other groups are a great way to network with other business owners and potential customers. Join as many groups as appropriate for your goals.
    • It is important to be an active member of the organizations you join. Just being a member will not be as effective as being a participating member. Attend meetings and events of these organizations, and speak with as many people as possible.
    • Be sure to seek out mutually beneficial relationships. People are more likely to send clients your way, if you are returning the favor.
    • Make sure you are not blatantly advertising for your real estate business. You should contribute value to these organizations while sharing information about your business and your expertise when appropriate.
    • Sponsor an event. A great way to get in good standing with an organization such as these is to sponsor them in some way. Events, such as festivals, dinners, competitions, and auctions provide opportunities to build a strong connection to organizations.
12. Attend broker meetings. If you're in commercial real estate, attending broker meetings can be an excellent way to market the properties you have up for sale or lease. These meetings are often sponsored by local businesses or associations. They're also a great place to network.

Employing Digital Marketing Techniques

1. Build a website. Websites are a perfect place to showcase your listings to all potential clients. Sometimes your identified clients are not local or easily marketed to with traditional methods. Nearly every real estate business today needs a good website to help in marketing efforts. Some clients have even come to expect all legitimate businesses to have an online presence.
   • Make sure to optimize your website for search engines. Improving your SEO strategy can bring a lot of attention to your business. Take time to make sure the language on your website matches what your users will search for online.
   • Consider a pay per click campaign. If your website is your business, or at least strongly relates to building your business, consider a pay per click campaign to help attract targeted clients to your website.
   • Develop targets for both the keywords you want to use and the types of customers who would make the best leads. You’ll use this information later, when setting up campaigns.
   • Include social follow buttons on your website. This makes it easier for people to boost your social media presence. Make sure these buttons are in a prominent location, on every page.
   • Provide free tools or services on your website. When you provide useful resources to the clients, you establish your credibility with them. You can add tools for searching properties according to entered criteria, calculating EMI, estimating the value of a home, and selecting an appropriate locality on your site. You can also provide free chat-based consultation to help prospects with any real estate related questions they might have.
2. Utilize social networks/media. With the prevalence of social networks and social media today, it can be crucial to Use Social Media to Market Your Business. There are many ways to use social media to market small business.
   • Focus your social media presence and communications on benefits to the client, instead of features of property. In other words, people buy, sell, or lease property that meets their needs, not property that has certain amenities.
   • Use the social media tools that your clients use. This may include social networking sites, blogs, or microblogging sites, such as:
     • Facebook
     • Twitter
     • Instagram
     • Pinterest
   • Utilize different types of content, from text and pictures to audio and video. Clients are more likely to pay attention to your online presence if there is a variety of ways for them to engage. You can even give video tours of your properties.
   • Be active regularly on social media. Having an account is not enough. You have to be present online for your clients to notice you. Schedule regular times, at least once a week, to post new content.
   • Invite friends, family, colleagues, and past clients to like or follow your social media pages, so they can see and share your message. Make sure to keep in mind that people should want to share and “like” your content, as you design it.
3. Start an email campaign. Email blasts, where a company's message is sent to a large number of subscribers all at once, is very common. Make sure to get your clients' and potential clients' email addresses. Be careful not to email too much, lest you get marked as spam.
   • Though research suggests that e-marketing in this way has a small impact, it shows that it does increase real estate business performance.
   • Encourage clients to share your content by adding share buttons to your email.
   • Set up email sign-up forms on your website.
   • Use a subscriber's name and other details from your interactions to give emails that personal touch. This is more difficult to pull off in large email blasts.
4. Syndicate. Web syndication apps allow you to link your online presence together, and then post your content across multiple online platforms at once or on a schedule. This can be a key way to manage an unwieldy volume of online material.
   • Share other people's realty-related content. This can help you build professional connections rapidly. People are more likely to give you a social media boost if you give one to them.
   • Put your content in as many places as possible. This provides your potential clients with an array of ways to access your business. Someone visiting your blog might not go to your Facebook page, and so syndication can increase the chances clients see what you create.

Adopting Non-traditional Methods

1. Advertise in novel places. A quick way to make yourself stand out is to put your brand somewhere people do not expect. This will help people recall your company better. These novel locations can help your brand to stand out more against other realtors in the area.
   • On vehicles. There are many ways to advertise with cars including bumper stickers, decals, car wraps, and more.
   • Place an advertisement at a movie theater. Show theaters show slide shows of advertisements before the movie. Big screens are a great way to show off the beautiful features of your properties.
   • Write a message in the sky. Many places have companies which offer skywriting. Look up one in your area. Make sure to time your skywriting well, and put it where the most people will see it.
   • Hand out free stickers. The idea behind this is that some people will stick those stickers in random places, spreading your logo or company name around for you.
2. Take from leading industry examples. Look at what competitors and others in your industry are doing to market their businesses. It may work for you, too.
   • Develop a strong brand. Research shows that people were more likely to recall a real estate company with an attractive Make a Business Logo that represented the brand.
   • Evolve your message. Major companies adapt their marketing strategies to give them an edge. This can benefit you as well. Developing a strong brand "tag phrase" that encapsulates your business values can help. Who hasn't heard "Where's the beef?" or "Just do it"?
   • Give yourself a good marketing budget. Nothing can undermine your marketing efforts than not allocating it the proper funding. Marketing is a sizable portion of large, corporate budgets.
   • Look at the online presence of realty competitors in your area, then adopt their successful tactics.
3. Go guerrilla. Guerrilla (sounds like “gorilla”) marketing refers to the recent practice of using surprise and/or unconventional interactions to promote products. It is useful for small-businesses with a limited budget, as it relies on viral marketing and word-of-mouth, making broadcast of the product message essentially free. This kind of marketing can be seen as “edgy” or “attention-seeking”, often appealing more to a younger audience. There are many different varieties of guerrilla marketing.
   • Viral Marketing is based on the assumption that users like to share interesting content. By making web content that is very surprising or head-turning, and then getting users on various sites to share it, the idea is that the web traffic can reach a critical mass, resulting in enormous market exposure.
   • Ambush Marketing is where you crash an event sponsored by a competitor, like showing up at another agent's open house to cherry pick their clients. This can be considered very aggressive.
   • Tissue Packing is form of guerrilla marketing where tissues or other usable merchandise are branding with a company's advertising message. The marketing is then considered long-term, as it continues to deliver its message until the product is fully used. Products branded with your logo, such as a candle, a box of tissues, or chapstick can fulfill this purpose.

Tips

• Consider taking some courses in entrepreneurship, business, real estate and marketing from a reputable source. These classes will be worth the investment.
• Your local library is a valuable resource for books and periodicals to help you market your real business.

Warnings

• While there is a great deal of marketing information for sale, be choosy. Research the author of anything before you purchase it. Many will promise you riches, but only a few deliver really useful information.
• Some investments into marketing will not have a great return on investment. Some may even lose money. Be prepared for this, but do not worry too much. You will learn from these marketing failures and improve your marketing strategies going forward.

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Sources and Citations

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