10 Universal Truths of Real Estate Marketing
Several changes have come up in the real estate sector during the recent past. With new rules and standards, real estate professionals find real estate marketing to be frustrating at times. One of the most common challenges in real estate marketing is that the marketing strategy consumes too much time, but doesn’t deliver the expected results essential to grow the business.
This calls for understanding the underlying issue and identify what makes real estate pros to struggle in incorporating the marketing strategies that work consistently. Here’s where the need for studying the universal truths of real estate marketing comes into the picture. The 10 Real Estate Marketing Truths That Every Real Estate Pro Must Be Aware of.
10 Universal Truths of Real Estate Marketing That You Should Know
Although the earning potential is high, there’s a lot to manage in the contemporary real estate market, if you want to master it. The following are the most important, universal truths of real estate marketing that need to be borne in mind:
1. Generic targeting is a non-performer in real estate
The contemporary consumer market is driven by personalized campaigns that reach the individual needs of specific target audiences. You cannot manage today’s hyper-personal, technology-based real estate market with the ‘one-size-fits-all’ type of messages and generic approach. These will only frustrate the users. Effectively engaging with your intended audience in a way specific to their preference and taste is crucial in real estate marketing.
2. Personal follow-up pays rich dividends
Obtaining leads is one thing, but implementing a robust follow-up strategy is what works in real estate marketing. It is imperative that real estate professionals put in sufficient time as required for a follow-up strategy. Monitoring the leads and dedicating time for crafting detailed, tailored messages to potential buyers is essential.
3. Pricing the property reasonably is imperative
Incorrect pricing just puts off potential real estate buyers. One of the things that often play spoilsport is overpricing. It only results in limiting the showings from what could have been a likely probable buyer group. Wrongly pricing will squander the precious initial period of real estate marketing time and rob you of your chances to clinch a deal.
4. You need to follow a people-centric marketing strategy
The following general demographics is out. Modern technology facilitates the collection of significant data such as where your target audiences live, their preferences, and what they do. It is important to think on a one-to-one basis rather than in general, broad demographics while running real estate marketing campaigns.
5. Marketing strategies must focus on consumers rather than the promoters
Most of the real estate marketing professionals are obsessed with describing only what they have to offer. They tend to focus on the aspirational parts of the real estate transaction. They often flood potential consumers with details about the property. It must be noted that consumers can always find such data online. The success of real estate marketing lies in helping your clients with the biggest, emotional purchase of their lives. Your approach must be to demonstrate your value while proving to be their reliable advisor.
6. It is not all about real estate promotion
Although focusing on your brand and promoting real estate matters the most, adopting an unbranded approach proves to be smart and productive frequently. One of the essential qualities of the real estate marketing guy is the ability to position themselves as a community expert. Help your audience with details about the various community events that serve the consumers. Integrate your real estate brand subtly into your marketing. This way, you will not only win people but also close numerous deals.
7. Decision-making about real estate is driven by emotions
Being connected with potential buyers is crucial to sealing real estate deals. The buyers’ decision-making is significantly influenced by emotional factors such as developing closeness, feeling good, and belonging. The ability to uncover clients’ emotional motivators is instrumental in dictating the success of real estate marketing.
8. Relieve your customers of their resistance
Removing the toughest objections and resistance from the customers is crucial rather than dropping down prices. Bringing potential buyers into a receptive emotional state is imperative to close deals quickly. Breaking the ice not only allows the customers to be flexible but also enables to reach mutually beneficial deals.
9. Being ready to face facts is crucial
Millennials are fast becoming the potential real estate investors in the contemporary world. They are laden with certain qualities such as their preference to live close to their workplace and their dislike toward upgrading the property. Moreover, they have limited budgets. All these may lead to the probability of suburban properties losing their value in the future. Real estate marketers must wake up to this fact.
10. Unprecedented changes are about to occur
Similar to several industries, the real estate industry is going through a regular evolution. Thanks to advancements in technology, newer avenues are opening and unexpected shifts are taking place. Realtors must be adaptable and keep updated with the changes.
Real Estate Marketing Facts in the Contemporary World
- Millennials are the major investors in real estate
- Millennials constitute over 60% of first-time homebuyers
- Universally, working from home trend is catching up, making home offices more in demand
- Although millennials prefer not to spend money on the commute, nearly 50% of them are fine with living in the suburbs
- Real estate professionals need to adapt to the constantly changing landscape
The real estate market is seldom static. There’s always continuous activity and change in this sector and people’s preferences and capabilities keep changing. Despite all this, there are certain universal truths of real estate marketing that never change and need to be borne in mind to accomplish success in the real estate arena.