Posts Tagged as competition

Establishing a Marketing Plan for Your Real Estate Business

Before you can really take advantage of all the great (and often free) real estate marketing options available to you, you need to set a few goals and ground rules. Establishing a marketing plan for your real estate business is the first step toward achieving your marketing goals, attracting new clients and finding more leads.

Read on for 8 steps you can take to establish your real estate marketing plan.

1. Name your business objective. Think of this like a mission statement. In one to two sentences, what are you, as a real estate professional, trying to achieve, and why?

2. Name your goals. Your business objective or mission statement covers your entire business and will likely remain stable for years. But you should have individual objectives and goals on a daily, weekly, monthly and annual basis. To achieve them, you’ll need many action plans. Stay true to your wider business objective and maintain branding consistency. But don’t be scared to set big goals

3. Name your target market. Be specific here – who are the ideal home buyers and sellers for you? What areas and locations do you serve? Commercial or residential? You don’t have to focus on only one type or area, but the better you know your individual client types, the better you’ll be able to target your marketing strategies.

4. Name your USP. USP = Unique Selling Proposition. This can be difficult to pinpoint, but it’s crucial. What can do you offer or provide that others don’t? What sets you apart from the rest? If you can answer that question succinctly, you are light years ahead of the majority of your competitors.

5. Name your competition. Speaking of competitors, knowing who they are, how they operate and their USPs is a major piece of marketing strategy puzzle. There are A LOT of real estate agents out there. Why should a home seller choose you to list their property? Be sure you understand what you’re up against, and go back to your USP. Sometimes, it’s as simple as attitude and attentiveness.

6. Set your budget. How much money do you have to spend on marketing? This figure will help you to choose the best avenues for promotion and lead generation. Many online marketing tools are inexpensive or free. Investing in a quality agent website and individual property websites are costs that are no brainers – so much of your strategy will come back to having these things in place.

7. Write your To Do list. Now that you have established some markers, you’re ready to get started. Begin with a detailed action plan, step-by-step, and start ticking things off as you go. This is a great way to make a big job feel more manageable, and to make sure you don’t forget anything important. Include short- and long-term objectives. Refer back to your mission statement and your individual goals.

8. Ask and answer this question: “Did it work?” You need to be able to measure the success of each of your marketing attempts. If you set clear objectives and KPIs, this is easy to do. Familiarize yourself with conversion rates where applicable, website analytics, social media metrics, leads, etc. When things work, do them again. When they don’t, consider it a great learning experience. Either do it better or differently or try something else entirely.

How to Keep Your Offer Hot in a Fast Paced Market

Competing for Market Share as a Real Estate Agent

I’ve been reading a lot lately about competition amongst listing agents. Depends who you ask as to the biggest competing factors, the best tools to have in your arsenal and the most important points of difference (POD). Many sellers look for a listing agent based on two criteria – lowest commission and highest listing price. But that is only a tiny part of the big picture, really. If you’re competing for market share as a real estate agent, what are some things that can set you apart and get you ahead?

NAR tells us that nearly half of all sellers (45%) said they expect an instant response from their agent and 97% of all sellers expect a response within an hour. Timeliness is a critical factor when it comes to beating your competition and winning listings. Like sellers, buyers also rank immediate response highly. Adopting mobile technology is a great way to enable faster response times and greater availability to your sellers. Make an impact with potential buyers by providing extensive information on your website, available via QR codes and SMS.

Sellers and buyers alike most commonly choose an agent based on a referral, with trustworthiness and reputation being the most important factors. For all the dissatisfaction (27% of sellers say their agent doesn’t respond quickly enough), 89% of buyers are likely to use the same agent again or recommend to others. Winning the first sale is most important, or so it would seem.

Knowing how to put together a solid marketing plan, and being able and willing to share than plan with your client, shows you have the nous and the professionalism to handle their sale. In fact, if you know a potential client is comparing you to another agent or agents, offer to provide a track record of your original list price and final sale numbers – this proves you can back up your claims as the best agent for the listing.

Real estate has always been a profession that relies on people skills, networking and communication. But today’s realtor has to do that and more – being technically savvy is no longer an add-on. It’s a must do. Sellers demand single property websites highlighting their homes – complete with video, photos and strategic marketing initiatives that take advantage of today’s highly mobile individuals.

This may have been a scary undertaking once, but there are some fantastic offerings available now that make it easy and cost effective for an agent – even a sole trader – to be visible and successful online. After all, 75% of sellers find their agent online, according to the California Association of Realtors.

Offering high quality service will always set you apart. Ensure you are utilizing today’s technology and mobile tools to cement your POD.