Marketing Overview for Real Estate Agents

It seems to be an absolute information overload for new agents coming into the business. There are so many marketing agencies as well as seasoned agents who tell you to spend your money and time marketing your business in more ways than we can count. The term "marketing" is so broad that it is easy to get lost in the mix which equates to losing much time and money. Sometimes these marketers or other seasoned agents don't understand marketing themselves. Marketing is a very broad term and it is much more than just printing some brochures or advertisements.

Realtors or anyone who is self-employed and working in the service industries should understand the basics of marketing. It's literally the livelihood of their business. So designing integrated marketing campaigns should be at the forefront of a new business.

There are six types of marketing operations that can supplement and work together synergistically to drive business. This is empirical evidence and you don't have to go get a graduate or Ph.D. degree in marketing to learn it. I've done that for you.

They are personal selling, advertisements, direct mail, digital/online media, public relations, and sales promotions.

Personal Selling

There is a reason why a lot of marketers and trainers say "get the appointment." Personal selling is meeting face to face so that you can provide value to the prospect by educating them on the value of your product or services. This is also a way to leave a favorable impression. However, just meeting someone once may not be enough for a transaction as well as branding. But if you leave a favorable impression, we are off to a good start.

Advertisements

Advertisements are a way to continue leaving impressions. It's only one-way communication but it's another avenue that can be automated. These are display ads such as billboards or signs.

Direct Mail

Direct mail is an avenue to provide a targeted and customizable approach. It can be more impactful and cut waste if done appropriately. With an address, you can mail some type of impactful impression or valuable piece of information. For real estate agents, it could be a neighborhood report or a value analysis of the prospect's home.

Digital/Online Media

So many avenues fall into the digital realm. Some examples are email campaigns, social media, and Google ads. A benefit of conducting digital/online media campaigns is that there are typically metrics available to measure the effectiveness of your marketing efforts. This is also a fast-growing avenue due to technology and the growing number of internet users.

Public Relations

This is an opportunity to provide value and promote greater good into a community. This could be coat drives, food drives, or some other avenue to raise resources for a certain cause. This can progress to large exposure.

Sale Promotions

Sale promotions are important because the majority of the market is price sensitive. Price plays a huge roll in value. Value equates to solutions plus treatment divided by price plus hassle (Value = Solutions + Treatment/Price + Hassle). So if all other variables are fixed, but the price is lower, then you just increased the value of your service. It's a conceptual equation but can be influenced how needed.

As a realtor, it is your duty to MARKET. You must market yourself to grow your business and help clients with their real estate needs. If you can't market and advertise yourself, how are you going to market and advertise a home to sell? You must grow, develop, and sustain a marketing plan just as you do your business plan.