All the evidence shows, the key to being a successful real estate agent is in your advertising. Your main objective is to keep your business on the mind of your target audience. Frequent advertising builds awareness, awareness builds familiarity and familiarity builds trust. Marketing is the building block to build that trust, it takes time and effort to accomplish but once attained reaps prosperous rewards.
Deciding on your marketing communications strategy involves some key decisions about who the customer is, how to contact them and what the message should be.
By understanding your audience you can target your marketing in the most effective method. Your demographics will consist of all age groups with each age group responding to different methods of communication.
Now approaching retirement age are currently entering into a lifestyle stage. Overall they have more disposable income than any other group, although many self-funded retirees are now experiencing reduced incomes due to low interest rates.
Baby boomers like to be provided with lots of information which they will analyse in detail to reach their own conclusions. They respect authority figures and status symbols making testimonials and awards valuable tools for establishing credibility and trust with this generation. They are becoming frequent users of online media but still prefer print to any other medium.
This generation dislikes the Hard Sell; they prefer to hear who you are, what your business is, what you stand for and the quality of your product before they make a decision. It is important to remember however that this generation is the most time-poor of all generations as they are likely to be balancing considerable work and family commitments.
To attract the attention of this generation, it is important that you make your message and particularly the “what’s in it for me”, heard loudly and clearly. Make sure your message stands out as they don’t have time to search through the clutter.
To reach this generation it’s important that any marketing speaks the language of the young. These people are the most technologically savvy and have a strong ability to relate to one another without face-to-face interaction, making social media an effective platform for promotion.
Gen Y are more influenced by the opinions of their peers than authority figures and will happily refer your business if they have received great service. When communicating with this generation, an emotive message delivered in an entertaining way can be the most effective.
The differences between these generational groups can be subtle and significant. The best results can be achieved by using a marketing mix of products, all focusing on establishing your company as a recognised expert in your industry.
The specific elements that make up your marketing strategy are typically referred to as a marketing mix. Each element can be tailored to have a direct impact on new business sales. Studies show the public needs to see something an average of six to eight times before they “see” an advertisement or respond to it.
Unlike internet advertisements, which flash before the eye and then disappear, print is a tangible medium which can be passed around from family to friends; it sits on the coffee table, is pinned to the fridge and in general becomes a part of daily life.
Print capitalises on the ‘halo effect’, whereby a customer takes a positive thought or feeling associated with one thing and applies it to something related. If done correctly, the readers take the credibility generated by the quality of content and apply it to the advertisements, making the readers more likely to use your business services when the need arises.
Database marketing is a process of collecting, identifying and analysing information about your customers. This information is then used to develop and implement action plans to enhance marketing results with the primary goal to increase profitability and market share. By taking advantage of new market opportunities, business growth can be achieved.
In the Real Estate industry there are essentially two types of advertising: one targets live properties; the other focuses on new prospects. By breaking down the marketing elements, we can really concentrate on attracting the right type of customers.
This selling process is about reaching as many prospective buyers as possible through print, e-marketing, newspapers, magazines and the Internet so you can get the best result for your customer.
When a property is sold, do you keep in contact with the buyer? Remember the old saying, it’s easier to keep a customer than to find a new one. An innovative marketing method called Touch Point makes this opportunity a reality. It involves a series of personalised direct mail communications to be automatically sent to the purchaser over the next 3 - 5 years. The agent has the choice of designs, which include:
Touch Point uses Variable Data technology to personalise each piece of collateral and is devised to strengthen your relationship with the purchaser without the agent even thinking about it.
Let’s examine how you get new listings. Your ultimate goal is for the prospective client to choose you as their preferred Real Estate agent, but how do you get there?
First you must consider who your prospects are, what is the best method of contact and then express that your company offers the best value and skills to sell their property. Specialise in becoming the expert in your local area; this can increase your market presence and lead to recognition so people will be more inclined to trust you to negotiate their deal. Look around - it’s uncanny how the most successful agent in the area is the one that regularly drops leaflets.
Validate that you’re an expert by promoting your achievements. List the properties you have sold recently, feature homes that have sold in record timeframes or give tips to prepare your home for sale. By mixing up your messages, you will lay the foundations that your business is professional, trustworthy and just the company they are looking for.
There are many advertising strategies to grow your business so you need to choose the right one that suits your business and demographics. For more information and help on this subject, please contact Melissa Carlyle from Excel Australasia on 03 9775 1411. Remember if you’re out of sight, you’re out of mind.