In any business, marketing is indispensable to attract clients and for longevity; however, many companies struggle to keep pace with marketing trends resulting in fewer deals and less profit. In addition, lack of or not advertising products and services sets a business up to fail.
Today in real estate, brokers must stay on top of their game to get more business and marketing plays a major part. It connects the properties they handle to prospective clients. While marketing is an effective method, it can also be costly and lossmaking. Brokers might not even opt to promote their properties, as it would require them to risk money.
The real estate industry is fiercely competitive; brokers need to stand out to attract clients and to profit. If you are a broker and you spend huge sums of money just to sell properties, you understand that despite having a lucrative career, marketing is expensive.
There are low-cost and effective strategies to market properties on a shoestring. These methods only need consistency to be effective.
Post listings online
Today, many real estate transactions start online. Technology, due to its accessibility and simplicity, has convinced homebuyers to visit listing sites to find a home and to contact a broker.
Before the Internet, buyers browsed classified ads in newspapers and regularly went to open houses. Such tasks are tedious and present only a handful of options. The rise of property portals has paved the way for effortless preliminary home searching.
When you post listings on property portals that get hundreds to thousands of views each day, getting inquiries is inevitable. Only pick credible and popular portals. There are those where you can post listings for free or at a small cost. Opt for listing sites that target your desired buyers. For high-end properties, luxury real estate listing sites are advantageous, while for low to mid-end properties, post on sites that do not look intimidating. Ultimately, upload properties with complete details and high-quality photos to increase its appeal.
Businesses never thrive alone. Networking in real estate is a proven practice to market properties effectively and to engage in profitable collaboration. It also helps build long-term business relationships.
Networking is a cost-effective strategy, as it does not require you to spend money without results. Attend networking events where you will not only learn from experts but will also get an opportunity to meet real estate professionals with whom you can share your listings to and co-broker. When you network, you initiate collaboration. Such an initiative results in more deals and strengthens your integrity as a broker.
In networking, the listings you manage would reach more audience. Clients are typically receptive to recommendations from professionals they trust and have had good transactions with; thus, you can get more clients and close more deals through your partner brokers – partners you have gained through networking.
Regularly send out newsletters to promote the listings you have. This strategy can help build and expand your network of clients through referrals. Marketing by email does not require much time and is typically free unless you have thousands of subscribers.
Create informative and engaging messages, but do not overdo it. It might irk recipients if they receive irrelevant and too frequent emails. Share useful information that add value to them and would in time, give you the best returns on the investment of your time.
Use social media
Social media has billions of users, making it a valuable tool for low-cost marketing. While paid advertising is a trend in social media, there are groups where you can post property listings without fees. Join groups that have members who are actively looking for a property. Be responsive to inquiries and interact regularly with potential clients, as competition is strong in social media.
Marketing properties does not have to be expensive. With the right strategies and tools, your listings can reach more potential clients.