You’ve officially become a professional realtor. Congratulations! Your future certainly looks bright with the current explosion in the real estate market.
But as any experienced realtor will tell you, the real estate market goes through a ton of ups and downs. The way the market behaves is incredibly dependent on current economic conditions, job growth rates, and interest rates.
If you’re looking to succeed as a new realtor in any market, there are specific marketing strategies you’ll need to employ. This guide will show you how to get started in your career and start building your real estate reach.
Let’s dive in and take a look.
1. Start By Identifying Your Target Market
If you want the most success possible as a realtor, the most important thing to do is identify your target market.
Without a strict focus on the specific market you’re best suited to work with, you’ll find yourself lost in marketing land. Even if you’re not currently an expert in any particular niche market, choose one and become an expert. The most successful realtors and real estate firms have perfected this.
For example, let’s say that your target market is late-20’s – early-30’s first-time parents looking for a larger home. You might be (or could become) an expert in all things related to home-buying for first-time parents. All of your marketing efforts will be tailored to this market, and you’ll build your brand on appealing to this particular buyer.
2. Set a Marketing Budget
Before you spend any time or resources on marketing, first decide what you’ll be able to afford for your marketing budget. Then stick with it.
You have countless options to choose from when it comes to spending your marketing budget. You can invest in:
- Professional website design
- Email or SMS marketing campaigns
- Paid social media marketing
- Direct mail
- Television and radio advertising
If you’re not careful, your entire budget could get swept up into one or two mediums. It’s important when you set your initial marketing budget to diversify your spending as much as possible. Test different strategies and marketing mediums with small spending to see how well they perform.
As you begin to spot trends, funnel more of your marketing resources into areas that are performing.
Also, take into account who the target audience is that you’re trying to reach. For example, millennials are more tech-savvy, whereas retired people could be reached in a local newspaper.
When you’re starting out as a realtor, you need to be wise with every marketing dollar you spend. Track the results of every campaign and re-budget your available funds appropriately.
3. Tech Is Your Friend
No matter what market you’re targeting, you’ll need to get an established online presence to build your brand. This includes your own professional website (not just the one your agency gives you) as well as professional social media accounts on Instagram, Facebook, Twitter, and LinkedIn.
You can design your own website on an easy-to-use CRM such as WordPress or hire a freelancer to do it for you for a couple of hundred dollars. Just make sure you have your own dedicated domain name and a reliable website host.
Of course, social media is an absolutely free marketing venue to use. It’s a great way to build your client base while connecting with new people. Market-centric paid posts and advertising should also be a part of your social media marketing strategy.
Don’t sleep on paid Google search placement either. It’s relatively inexpensive and can give your sales pipeline an immediate boost in activity.
4. Word-Of-Mouth and Referrals
The most successful realtors generate a large portion of their business through customer referrals and word-of-mouth. This type of referral is the most valuable to a new buyer or seller because it comes from someone they know and trust.
When you successfully close a deal with a client, ask them for a few referrals of other people you can help. Offer a referral bonus to your clients where they get $100 for any deal that closes as a result of their referral.
It’s important to also encourage your clients to tell friends and family about their experience with you. You never know which of their family holiday dinner conversations could turn into a discussion on real estate.
5. Be a Fast Responder
The world we live in moves faster than it ever has before in human history. If we don’t respond quickly to client inquiries and questions, we risk losing valuable business.
Have immediate access to your smartphone every minute of the day. Respond to client inquiries as quickly as possible, at any hour of the day or night.
In the real estate game, a business doesn’t wait until the next day. If you don’t respond promptly, a potential client will find someone who does. Plus, being a prompt responder adds value to your reputation and credibility in the industry.
6. Direct Mail
Do you want to get really serious about your long-term success as a realtor? Direct mail is a perfect opportunity to get in front of a very targeted market. If done well you can announce a new listing, what homes have closed in the area, and even provide an automated home valuation to capture their email! Real estate postcards are definitely not going out of fashion. It is a noninvasive way to reach people and have them become familiar with your brand.
7. Disintermediation Marketing
Have you heard of the term disintermediation? The word refers directly to the mindset of a customer who doesn’t believe that your services are needed. A disintermediation marketing campaign sets out to convince these individuals that you do offer them plenty of value.
To do this, use your blog as a regular way of bringing value into the life of readers. Post-value-adding content on your social media sites that shows what a professional realtor brings to the table.
8. Plan Success
Success doesn’t happen without a plan. And there’s no such thing as a disorganized plan.
As a new realtor, it’s important that you spend some time crafting a professional business plan. This is the blueprint that will set you up for long-term success.
In your business plan, account for expenses, contingencies and various other potential risks that could alter your course.
A lot of realtors fail in their business because they failed to plan. For example, it’s impossible to know what to budget for next year’s marketing efforts without working on the results of last year’s efforts into the current plan.
9. Know-How to Brand
Just like in big industries, your local realty business needs to develop a recognizable brand. Even if your brand is only your first and last name, consider how consumers perceive you when they hear the name.
Your goal here is to be recognizable for something that’s unique only to you.
Finding Success as a New Realtor
Many people have wondered if they have what it takes to build a successful career as a realtor. The fact that you’re here says that you’ve decided that you have the right makeup.
With your determination and this guide to start your real estate marketing campaign, you’ll be well on your way toward realty success.