Whether you are an experienced real estate agent or a relative novice in the field, you should have a well-defined real estate marketing strategy in place to be successful. Marketing is the foundation of your business, and if the foundation is not sound, then before you know it, your business could end up in dire straits. To prevent this from happening, you need to understand what potential pitfalls you could face while marketing your real estate business. Keeping in mind that it’s essential to be aware of what real estate agents get wrong about marketing and take preventive action accordingly.
Not Having Measurable Objectives in Place
To begin, you should set realistic goals, measure how you perform against those goals, and adjust your marketing strategy accordingly. For example, if you are promoting your business on social media, you need to take heed of feedback from your clients and prospects. To gauge your success, keep track of newsletter signups, likes and shares on social media posts, and any other quantitative data you can collect. Setting overambitious goals without clear metrics to measure your marketing campaigns’ performance is nothing but a waste of your time and effort. Conversely, setting measurable objectives will give you insight into how effective your marketing efforts were over time.
Spending without a Fixed Marketing Budget
A lot of real estate agents do not have a fixed budget for their marketing efforts. If you are such an individual, then you may end up spending too much on your promotional efforts without getting adequate returns. The Balance recommends that real estate agents should set aside 10% of their commission income as their marketing budget. This is an excellent benchmark to keep in mind while planning your marketing strategy each quarter.
Marketing to Every Tom, Dick, and Harry Instead of Adopting a Targeted Approach
When marketing, you should have a specific persona in mind, even if you are trying to reach as many people as possible, because unless you specialize and target a specific niche, your efforts may not bear fruit. Do your homework and prepare an ideal buyer persona while segmenting your database by income, age group, home type, and location. Narrowing down your target market will allow you to promote your services effectively.
Not Having a Detailed Marketing Plan to Work On
Many real estate agents are unsuccessful when it comes to marketing because they do not have a well-defined marketing plan in place. To solve this problem, it is essential to analyze the success rate of all the marketing activities you carried out in the previous quarter or year. Try to focus on what has already worked historically for you rather than invent the wheel from scratch. Create a marketing calendar to plan your activities daily, weekly, monthly, and quarterly. Having a well-defined marketing strategy before you execute your marketing efforts will prove to be beneficial for you in the long run.
Not Using Social Media Correctly
In the last decade, social media usage has exploded globally. So, as a real estate agent, if you aren’t leveraging social media to promote your business, then you’re making a big mistake because, if used correctly, social media platforms like Facebook, Instagram, and Twitter can help you get the best bang for your marketing buck.
Don’t spam your prospects with sales-y posts each day– all that will do is annoy your prospects and drive away your existing customers. Instead, you should focus on posting authentic, relevant, and helpful content for your readers. If you do so, you’ll be standing out from your competition.