Developing and implementing an efficient marketing plan is a common challenge in today's real estate market. Many factors are behind this difficulty, one of which is the increase in available marketing plans for real estate agencies. Deciding what’s right for you may not be easy when you have to choose from such a wide pool of possible options.
Regardless, making the ideal real estate marketing plan is essential. Do you know why? Your marketing links your real estate business with your buyers. Therefore, it sets the tone of your brand.
Besides this, your marketing plan plays a vital role in the success of your real estate investment. In this lesson, you'll find marketing plans for real estate listings to help you decide on the perfect growth strategy for your agency.
What Is a Real Estate Marketing Plan?
A real estate marketing plan is a document that defines the sales objectives, appropriate target audience, and ideal marketing techniques for your agency. With the right strategy, you can set yourself apart from your competitors and gain good ground early.
An effective way to establish firm credibility is to have an effective marketing foundation.
This foundation encourages prospects to take you seriously from the get-go. Also, as your marketing efforts expand, it generates leads from other agents, establishing a solid platform for firm success.
Why a Marketing Plan in Real Estate Is Important
All parts of a marketing plan work harmoniously to achieve the same result: developing a strong customer base that'll enable significant agency success. When broken down, these functions include:
A real estate agent studying vital marketing plans crucial for real estate listing
New Property Introduction
A marketing plan can introduce a specific new property. Your real estate marketing checklist should contain crucial details.
Strategic Planning Enablement
Your real estate marketing plan defines your short and long-term goals. As such, you can monitor performance and develop expectations.
Promotion Tactics Development
The appropriate marketing plan ensures that you get optimal value for the money you spend on promoting or advertising a property. This part of the strategy aims to guide you in using media that will likely yield greater returns.
Demonstrates How the Budget Meet Goals
The marketing plan is your chance to properly document how your budget is to be spent to ensure you have the amount needed to achieve success.
Remember, real estate agents have to deal with online listings, billboard listings, and other forms of listings.
Types of Real Estate Marketing Plans
You might use several marketing plans depending on what you want to achieve. Here are just a few:
Annual or Quarterly Marketing Plans
This type of plan focuses on the campaigns or strategies you'll take over a certain period.
Paid Marketing Plan
A paid marketing plan involves paid strategies like local advertising and promotions on other platforms.
Social Media Marketing Plan
This plan focuses on the tactics, channels, and campaigns you intend to carry out, particularly on social media.
Content Marketing Plan
A content marketing plan focuses on strategies you'll use to create content to advertise your property.
New Property Launch Marketing Plan
This plan will serve as a roadmap for the strategies you'll implement to promote a new property.
Purpose of a Marketing Plan for Real Estate
The purpose of a real estate marketing plan includes the following:
- To appropriately define your business's marketing goals and make sure that they correspond with your organization's corporate vision and mission. The marketing goals show where your organization plans to be at any given time in the future.
- A marketing plan helps grow the business by stating marketing strategies, such as plans for increasing your chances of getting a potential buyer.
- Include strategies to improve market share, enter a different market area, and enhance brand awareness within the marketing plan.
- The marketing plan will consist of a detailed report on the resources and funds needed to carry out the daily activities indicated in the marketing plan.
- Assigns duties and tasks.
- Identifies business opportunities and strategies designed to exploit them.
A marketing plan advances the business goals, through customer need assessments, market research, competitor analysis, and studying other real estate agents.
In today's real estate market, a marketing plan helps integrate business functions to operate smoothly.
How to Write a Marketing Plan for Real Estate Listing
State Your Business's Mission
Your first step in writing a real estate marketing plan is to state your mission. Although this mission is unique to your marketing strategy, it should be directed at your business's mission statement.
Be distinct, but not too different. You have lots of space left in this marketing plan to discuss how you'll get new customers and execute your mission.
For instance, if your business's mission is "to offer the most affordable real estate," your marketing mission might be to attract a middle-class audience, educate them on your unique services, and convert them into customers.
An effective marketing plan describes how you will track your mission's progress. To do so, you'll need to develop key performance indicators (KPIs). KPIs are metrics that measure the outcomes of the numerous components of a marketing campaign. These units help you create short-term goals within your mission and communicate your growth to your business associates.
For instance, if part of your mission is to attract customers who are travelers, you may monitor website visits using organic page views. In this situation, "organic page views'' is one KPI, and you can watch your number of page views increase with time.
Determine Your Buyer's Personality
Your buyer persona is an integral part of real estate investing. It describes the type of customer you want to attract. This buyer persona could include sex, location, social status, age, family size, job title, etcetera.
Each buyer's personality should directly reflect your potential buyer and future clients.
Define Your Content Strategies and Initiatives
In this step, you'll include the main points in your content strategy. Because there are several content types and channels available, you must pick wisely and explain how you'll use each platform and the content you create for them.
Your content strategy should contain:
This can include YouTube videos, blog posts, eBooks, and infographics.
You can define content quantity in daily, weekly, or even monthly intervals. It all depends on your short-term goals and workflow.
The KPIs and Goals for Monitoring Ads
KPIs can include social platforms traffic, email traffic, organic traffic, and referral traffic. Your goals should also include what pages you want to drive those Google ads to, such as blog pages or landing pages.
Popular channels at your disposal are Twitter, Instagram, Facebook, LinkedIn, YouTube, and Pinterest.
Plainly Describe Your Plan's Omissions
A marketing plan explains your plan's focus and what shouldn't be included in your plan. If there are other facets of your business that you aren't attending to in this particular blueprint, include them in this part.
These omissions help explain your mission, KPIs, buyer personas, and content. You can't satisfy everyone in a single marketing campaign, and if you aren't on the hook for something, you need to make it public.
Describe Your Marketing Budget
Your content plan may leverage many free platforms and channels, but there are hidden expenses you need to consider. Whether it's sponsorships, freelance fees, or a new full-time marketing hire, use these costs to create a budget and list each expenditure in this part of your marketing plan.
Know Your Competition
A crucial part of a real estate listing marketing plan is knowing your competitors. Research other real estate agents and consider profiling each one in this section.
Remember that not everyone in real estate investing will pose the same level of threat to your business. For instance, while one real estate agent might be ranking highly on platforms you want to rank on, another agent might have a massive footprint on a social network where you plan to get active buyers.
List Your Plan's Contributors and Their Responsibilities
With your marketing plan completely written out, it's time to explain who's responsible for doing what. While you don't have to explain everyone's role, consider explaining who is in charge of KPIs, channels, and specific content types.
Questions to Answer Before Creating Your Real Estate Marketing Plan
While the complete game plan is different for most local real estate agents, the starting point is always the same.
Ask yourself the following questions:
What is your client buying from you?
They want to know the steps you'll take to improve their lives.
What is your unique selling point?
When carrying out your situational analysis, you must define what you're doing differently (quality, convenience, pricing, or something else?).
Are you communicating value to your customers?
The most outstanding real estate marketing plans in the world won't work unless you adequately communicate the value of your property to your customers. Share what your product offers.
Is your marketing plan directed towards helping customers?
It's best to consider customer interests as you target profit. Avoid trampling on client satisfaction due to greed. As soon as you start focusing on offering value to customers, there is an exponential growth that occurs.
You might also need to ask yourself the last time you tried something new. A good real estate listing marketing plan evolves every day, so you must be willing to put in the work.
Components of an Effective Real Estate Listing Marketing Plan
To understand the scope of a marketing strategy, we need to study its components. A simple marketing plan consists of the following marketing components.
Define your competitors, the unique services they offer, and their price range. By doing so, you can find out what customers are lacking and work towards the ideal solution. With this resolution in place, you'll be a force to contend with if you maintain consistency.
This component attempts to understand buyers' decision-making thought processes (either individually or in groups) by studying features such as habits and demographics. Through surveys, questionnaires, observations, and statistical analysis, you can gain this information.
Thanks to potential instability in the economy, due to technology, social-cultural, and political factors, you'll have to contend with an ever-changing environment. Therefore, your plan has to consider potential changes and how to tackle them.
Reviews and Revisions
A good listing marketing plan involves creating goals, tracking performance, and measuring results. Developing a marketing plan does little if you don't note its returns. Essentially, there's no marketing plan if you don't compare your plan with tangible results and make necessary corrections.
Marketing Real Estate: Do's and Don'ts
Develop a Social Media Presence
While creating real estate websites seems enough to get your target audience, social media is crucial for digital marketing. Use social media platforms like Facebook, Instagram, and Twitter to showcase new listings and generate website traffic.
If you don't have a presence there, people might doubt your credibility. In addition, you want to develop your account and increase your followers, which might boost the number of sales you get from an online listing.
Don't Ignore Millennials
Millennials spend significantly on real estate, as they keep a lookout for a convenient retirement property. As such, make plans for them. Fortunately, they spend sufficient time on social media, so your social media presence tends to go a long way.
Take Advantage of In-House Technology
No one is asking you to turn your property into a smart home, but adding a few thoughtful amenities might make it more desirable.
Don't Disregard Weather Concerns
With unpredictable weather conditions, it may be wise to include any unique safety features your property has.
Also, to protect your property, you should contact insurance companies and find out about your options for insurance against damage due to bad weather.
Advertise the Community and Not Just the Property
Buyers not only want to know about the property, but they also want to know about the location of their potential home. Most real estate agents use a blog post to give buyers a detailed review of the desired area.
Don't Neglect Clients After the Transaction
Reviews from other customers bolster the confidence of new buyers. It's advisable to invite previous contacts to leave honest reviews on your social media accounts. By including buyers, sellers, and even friends, your account will display a variety of experiences.
Top 7 Marketing Techniques for Real Estate Listing in 2023 to Practice
The following are seven excellent listing marketing strategies to generate more positive responses to your real estate listings in 2023.
1. Stick Within Your Budget
If you ask different agents how much they spend on marketing plans for real estate listings, you'll likely get different answers. That's because all agents have different goals.
For instance, an agent may reduce money spent on marketing if they are getting more customers than they can handle at that particular time. Similarly, a realtor who wants to offer unique selling propositions on digital platforms may have to budget extra money for marketing.
The amount of money set aside for marketing will also depend on how much you want your real estate brand to grow and how much market control and exposure you want.
An excellent way to start is to develop a marketing plan and set a yearly marketing budget. A marketing budget is a guide to ensure that you stay on target with spending.
2. Define Your Target Audience
So you have decided on the budget to develop a marketing plan as a real estate agent, what's next? Identifying your real estate target audience. It's no longer sufficient to just market to the general public.
Let's begin with the essentials. A target audience is a clearly-defined group that needs your product. Therefore, you can easily find and attract the right customers through this form of targeted marketing.
To form a target audience, you'll have to consider patterns of behavior, demographic information, and internal beliefs. So, instead of classifying your customers by age group and income level, you consider the entire individual.
What makes them who they are? What are the issues they're facing? How can you, in turn, use the obtained information to help them with their real estate needs?
Think about your current client base.
- Are they from around the area?
- Are they from another neighborhood? Are they from your Facebook advertising?
- What is their age?
- Is this the first time they are purchasing a home?
- Are they members of the military?
- Have they relocated to a specific organization?
- Where did you find them?
Now think about whether there's a way to grow your current client base.
Your target audience doesn't have to be a particular set group. They may consist of numerous groups. Suppose your real estate client base in 2020 comprised primarily military families who were not from around the area. You might still want to continue the trend of helping military families get their desired homes.
Like any other strategy, you'll frequently get consumers that don't fit these molds, but knowing what most customers look like will positively affect your sales.
3. Employ a Professional Photographer
Competition may be extreme in the real estate market. For regular sales, your marketing plan has to incorporate valuable technology — cameras in this case. Simply put, real estate photography is an essential factor in property marketing.
The idea is not just to snap various pictures of the property, but you have to do so attractively. In most cases, we recommend a professional. Remember that exposure and sharpness aren't the only qualities that define a photo. Detail is vital too, and it's best captured by experts.
Most buyers demand to see the property top to bottom, and inside and out. Your real estate images have to take the buyer on a virtual tour through the bathroom, bedroom, shared living spaces, basement, garage, and around the grounds. To usher prospects through these spaces, arrange images in a fashion that demonstrates how they would go through the property in real ilfe.
Using high-quality photos for your listing presentations is a fantastic way to make a customer fall in love with the properties you have to offer.
4. Use Quality Marketing Materials
Good real estate marketing materials can create trust among potential customers while also developing brand awareness. Dedicating time to creating the perfect set of visuals and writing good copy is necessary.
Whether you're looking to reach possible buyers and clients, trying to generate leads for the first time, or increasing commission intake, one thing is sure: you need to begin investing in a top-notch real estate listing marketing plan.
Printed materials like business cards are among the most crucial marketing materials you can have. A customized logo can make a strong, lasting impression. Instead of regular, white cards, try something more colorful and creative.
For example, consider adding your headshot to your cards, so people can put a face to your business name. Also, include your website, logo, and color scheme in your cards to establish cohesion.
Set your real estate company apart from your competitors by having a high-quality listing appointment book. You can create stunning photo books to put your properties in the best light possible. Branding is the magic that happens when these components are placed together.
Through the use of adequately branded print materials, thoroughly thought-out branding creates a persistent identity that consumers will link to your company.
You establish a likable brand and customer loyalty by creating quality marketing materials and building trust. Through this, you'll also be able to take advantage of all of these benefits and achieve higher sales and repeat business for your listing.
5. Optimize the Multiple Listing Service (MLS)
The ability to locate the right home is the most crucial step of a 7-step marketing plan for real estate. Thanks to multiple listing services (MLS), both sellers and potential buyers can work closely with a credible real estate professional of their choice while looking at the best outcomes for their real estate transactions.
A multiple listing service (MLS) is a district-particular database of properties for sale. Its essential purpose is to enhance property and compensation information exchange.
This listing strategy utilizes a locally standardized format to provide dealers with thorough, extensive information about the area, age, size, and characteristics of properties. With the MLS, you can locate potential buyers more easily and earn commissions by brokering deals.
MLS involves each dealer and agent representing the buyers and sellers and helping to negotiate the transaction. The business is unique in that buyer's agents must cooperate with the seller's agent to ensure an effective transaction. MLS listings help promote that cooperation.
With MLS, the playing field is leveled, such that the minor agent in town gets to deal with the most prominent real estate firm. Buyers and sellers pick the professional of their choice and work with them, confident that they have access to a giant pool of properties for sale in the market.
6. Host Open Houses
While having excellent photos and using multiple online listing services is necessary, you mustn't close the door on this old-school technique.
An open house doesn't involve any national association and provides a real estate agent with a neighborhood storefront to do transactions for a day.
Each time you host an open house, there is a high chance that you will open the door to the opportunity to meet potential buyers and expand your real estate client list.
Although an open house doesn't sell homes on their own, they serve a crucial purpose: eyeballs. They're perfect for getting your possible buyer a feel of your home.
Open houses are a fantastic way to get in front of "ready to buy" buyers and potential sellers in the area. Plus, an open house also gets your name out there.
7. Follow Up
Following-up is a crucial part of the home sale process. First, a casual “check-up” call demonstrates that you value the prospect. It may be the nudge required for the client to decide in your favor.
Remember, buying or selling a home often coincides with a significant life event. Whether it's a divorce, a move, or sending the kids off to college, the process may be strenuous even for people who have bought properties in the past.
If you put yourself in their position, you can understand why buyers take their time making a decision. After a sale, making a follow-up call has been known to enhance a business's credibility.
The follow-up contributes value to the property the customer purchased from you and gives you an avenue to develop a healthy relationship that could lead to future sales from the same consumer and referrals to more possible clients.
Naturally, a follow-up after a sale aims to increase your sales. Customers are far more likely to buy real estate from someone they trust who appreciates their patronage and offers excellent customer service.
You can also use a follow-up to ask your loyal customers for referrals. It will be even better if you provide incentives for referrals and assure customers that everyone who patronizes you receives the same consideration and follow-up care.
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A marketing plan for real estate listing means that you have a structure for measuring your success. Periodically, you can assess current achievements and measure against preset standards. With this exercise, you can also ascertain if your plan is ideal for your business.
Scrutinizing what goes into your marketing plan is a good idea. Write down all you can remember on a blank sheet and compare it to what we have discussed in this article. Although not all marketing plans are equal, it's essential to achieve success in real estate.