RSS feed Get our RSS feed

News by Topic

BizReport : Internet Marketing 101 : April 01, 2020

4 Essential Marketing Strategies for the Real Estate Industry

Marketing competition in the real estate industry is fierce. To fly past the competition, here are four essential marketing strategies that differ from the norm.

by BizReport

Marketing basics never change; however, certain industries require a unique approach to their marketing strategy.

1. Complete transparency

Marketing is essentially selling a product or service to consumers by convincing them it's exactly what they need. Sometimes the product or service really is needed, but people still need to be "sold" on making the purchase. Depending on the goods, it could be easy to convince people to buy - or it might require some covert marketing messages.

In the real estate industry, covert marketing messages aren't wise. Real estate marketing messages need to be transparent. You can't hide a damaged foundation and plumbing problems behind the veneer of a "dream home." Of course, it's possible to hide severe problems, but if you aren't upfront about everything that needs to be fixed, the buyer will eventually find out. Depending on the problem, the buyer might have the right to sue.

Powerful marketing messages can interrupt common sense

Marketing homes and rental units should be done with transparency. It's perfectly okay to use basic marketing strategies to sell or rent a house, but don't take consumers so far off track that they become lost in a dream that will quickly crumble. In other words, don't use the same sneaky strategies big corporations use to sell expensive items that nobody really needs.

Don't market a house by downplaying or covering up the severity of its defects. When you disclose defects, don't convince the buyer those defects are worth overlooking. Buyers are emotional and will often jump into a bad deal for reasons of nostalgia or sentimentality. If they find their dream home, they might be willing to ignore needed repairs that should drive the cost of the home down.

If a buyer gets too emotional about buying a home, they might bypass due diligence before making a commitment to purchase the home. Don't let this happen to your buyers. There are potential legal consequences.

2. Market on Zillow and Trulia

While most businesses are limited to advertising on Google, Facebook, and all the other standard social media channels, the real estate market has two specialized platforms: Trulia and Zillow.

Zillow and Trulia have their fair share of issues. Still, you can't ignore the number of leads that come from these platforms. In fact, most home buyers will go straight to these sites to look for available homes. The majority of home buyers today search online for homes as opposed to looking in newspapers and other physical listing resources.

Is it worth listing on these sites? Absolutely. Statistics show that 50% of Zillow and Trulia visitors are planning to buy or sell. With 110 million homes in Zillow's database alone, there's a significant potential for finding a buyer.

Although it requires more work to maintain listings on these sites, you'll be missing out on leads if you don't market on these two platforms.

3. Market to leads through text

Marketing real estate properties and rental units through email can be tough. Leads don't want to hear from you all the time through email because let's be honest - what can you possibly say to your leads on a regular basis that would hold their interest?

Your leads are either looking for a place to live or a house to buy. If they haven't called you after the first contact, they probably never will. Dropping your leads into a sequence of emails will drive away more leads than it will nurture.

Instead, use a texting app like Twilio to send automated text messages to your leads and get notifications about appointment requests. Unlike long emails, your texts can be short and to-the-point. With a text, you'll have an easier time getting your leads to call you and schedule a tour.

4. Market to leads through social media messages

If your leads are contacting you through social media, communicate with them through that given platform rather than email. Social media messages are replacing email for many people and your leads are more likely to respond to messages on social media.

To make the most of social media messages, start using Facebook Messenger Ads. Clicking your ad will open a chat box to encourage the user to start a conversation with you. You can set up a chatbot to respond to messages or direct people to your website.

Stay on top of technology

Most of the marketing advantages in real estate are specialized resources like applications and websites. The best way to stay ahead of the competition is to focus on technology built for the real estate market.


Subscribe to BizReport



Copyright © 1999- BizReport. All rights reserved.
Republication or redistribution of BizReport content is expressly prohibited without the prior written consent.
BizReport shall not be liable for any errors in the content, or for any actions taken in reliance thereon.