There are about 2 million real estate licensed realtors in the United States, and a lot of them follow the same marketing patterns.
They’ll host open houses, update their Zillow, pay for ads in magazines and newspapers, or set up a ‘For Sale’ sign right in front of the property. Don’t get us wrong. There’s nothing wrong with doing any of these things. If anything, they’re excellent property marketing strategies whose efficiency has stood the test of time.
But the issue is that many real estate agents use these strategies as the lifeline of their careers. Some of them even live by these strategies even when they’re not working
and insist on using them in the hope of getting better results.
Unfortunately, no matter how bad you’re hoping for something, manifesting it doesn’t mean that it will happen. Read here to develop new marketing ideas to help you get attention, stand out in the market, and close property deals quickly.
We’ve done the digging so you don’t have to and created a list of real estate marketing tips you won’t learn from real estate school.
1. Your License Won’t Get You Leads, Your Real Estate Marketing Will
One of the biggest mistakes real estate agents make once they acquire their license is think that they’ll automatically attract new clients. However, business just doesn’t go that way.
Imagine building a new house on an island some nautical miles from the mainland with no power lines and a water main to access freshwater. You’ll even be lucky if you got any cell phone service.
Opening a new business is a lot like building a house on a remote island. You don’t have any lines of communication and zero leads running into it. As the business owner, it falls among your responsibilities to generate as many bridges to your new real estate company as possible with the help of marketing.
Your license won’t help you establish close connections and get more leads; only your marketing will.
2. Know Your Target Market
Any marketing campaign is most effective when the messaging is directed towards a particular segment of the potential market.
Ask yourself, ‘What demographic is most likely to make up most of your ideal clients? Why does that segment need your services? Are you targeting first-home buyers or real estate investors looking to add more properties to their portfolios?
It might seem like you have a wide market with a pool of potential. But people are different, with unique needs such that it may prove too overwhelming for you since you can’t be everything to everyone. Plus, you’ll be limiting your voice and capabilities if you try.
So, try not to make your target audience overly broad. Similarly, don’t make it too specific. You don’t want to specialize in commercial real estate in a primarily residential area.
3. Don’t Just Sell The Property, Sell The Neighborhood Too!
A good way of pushing property deals through the line is to include the neighborhood experience into the conversation. So, make sure you highlight all the perks potential buyers can enjoy when they move into the neighborhood, as well as the amenities close by.
An integral part of marketing the neighborhood is knowing your market, as explained in point #2. This insight will help you market neighborhoods that will appeal to them the most.
If you know your potential clients are into partying, point out the bars and clubs nearby. If they like art, let them know if they’re any art studios or galleries around. Doing so will make them start to imagine living life within the neighborhood before even making the first site visit.
And even if the property isn’t as special as they’d like, they might overlook some of its misgivings if they’re really attracted by the neighborhood.
4. A Unique Value Proposition Is Very Important
If you want to be successful, having unique features that differentiate you from your competition will go a long way. But you should also be able to define those unique features to potential clients through a unique value proposition.
A unique value proposition (UVP) is a statement that will help outline your strengths and value as a professional real estate agent.
What makes you unique? Is it your personality, professionalism, or knowledge of the area? What services do you bring to the table that other agents don’t? It could be skills from a previous career that are invaluable to the client. For example, previous experience in finance or accounting will come in handy when creating a solid, sensible financial plan for your client.
Ask yourself the questions above to understand what edge you have over the competition and find a way of communicating that to your target audience.
5. Create A Compelling Elevator Pitch
How you present yourself is essential for every real estate agent. Some agents manage to close property deals on meeting a client for the very first time. This just goes to show how powerful first impressions are.
A great way of making a good first impression is with an elevator pitch. An elevator pitch is a pitch agents use to inform clients more about who they are and their business. The pitch is usually brief, about 20 to 30 seconds long – around the same time it takes to travel with someone in an elevator.
Your elevator pitch has to be a compelling statement that shows you’re an expert who understands the market better than other real estate agents.
Think of your pitch as something very similar to your unique value proposition. But how things read on your marketing material may not translate well to one-on-one engagements.
The Truth Is…
As a real estate agent, you are marketing both goods (properties) and services (helping buyers and sellers close property transactions). As such, you need to be very smart with your marketing so that clients can see exactly what you bring to the table and why you may be the best suit for their needs.
Remember that the real estate market is a cutthroat space, and only the best realtors will grab the lion’s share of the market to survive in the business.