Marketing plays a vital role in modern real estate. Buying and selling real estate has dramatically evolved over the past decade, and the market has grown even more competitive. Thus, real estate agents have had to be at the top of their game to find success.
With the emergence of new client behaviors and new technology brokers have the responsibility of maintaining a successful marketing strategy to make real estate more efficient. Where there is successful marketing, leads are converted, referrals are multiplied, and success in achieved.
Mistakes in marketing, however, affect leads and revenue opportunities.
It’s important for brokers to understand the market today, targeting the right client demographic and communicating a clear message to them in the best way possible. Successful marketing rests in the ability of the broker (or the real estate business) to engage their target market, whether it be online channels or offline efforts.
Additionally, marketing strategy is just as crucial as execution. It would be a waste of time and hard work if the strategy does not meet its goals despite a good execution.
Thankfully, many of the common real estate marketing mistakes can easily be prevented. It simply takes a matter of realigning strategies. Here are five common real estate marketing mistakes to avoid.
Not knowing the target audience
A target market is never just anyone who wants to buy what one is selling. It’s a common misconception of the term that many fall prey to. Defining the target market means getting down to the specifics of who they are. From there, understand the way they behave: establish their tendencies, know what they like and dislike.
A broker or real estate business who fails to establish the target audience will not be able to effectively communicate their services. For instance, millennial home buyers are more likely to use a mobile device to search for home. To sell to this specific target audience, one would need to provide a mobile friendly website and eye-catching photos and videos of the listings.
Not using social media to strengthen the brand
Social media now plays an integral role in real estate. It’s a powerful tool for standing out in the industry – if properly used. Using social media begins with choosing the right channel and optimizing them with meaningful content. It should help establish the brand’s personality, one that is memorable and engaging.
Not creating a personal connection
Because technology has given real estate buyers with unlimited access to information, brokers have the responsibility of providing services that cannot be found online. This not only reinforces the importance of having a broker, but helps propel the brand further by creating personal connections with the target audience. Brokers can do this by being more of a partner and less of a consultant throughout the buyer journey of their clients.
Not standing out visually
One of the biggest mistakes real estate sellers do when publishing properties online is not using good quality images. In this kind of marketplace, first impressions indicate brand success. So make the first impression really impressive in order to get more leads and increase the chance of getting a good deal.
Not leveraging client testimonials
At the end of the day, trust is what sells. Client testimonials are a simple yet effective tool of strengthening a brand. When displaying the feedback of past clients who are happy and proudly speak of their experience, it gives reason for others to invest their trust.
Staying away from these mistakes means constant education and dedication, but once prevented, brokers can expect to experience more success.