Even the most successful real estate agents hit a wall. At some point, you might feel like a dinosaur compared to every new agent you meet and that you're wasting your marketing dollars.
The answer to this problem is simple: it’s time to level up your real estate marketing strategy.
Markets shift, industries evolve and rules change, like the recent NAR lawsuit settlement. Most successful real estate agents must accept that their business needs a shot in the arm before other agents steal those precious leads and sales.
Keep reading to learn four steps to bring your real estate marketing strategy into modern times, from identifying your audience and investing in more effective lead generation to creating outreach that will prompt a response.
Why Do Real Estate Agents Fail?
Before we get into it, let’s recognize that most agents will experience one or more of these common real estate challenges:
- A drop in real estate leads and sales due to an increase in local competitors
- Chasing new markets and opportunities that your business is not equipped to handle
- Outdated marketing tactics
- Time-consuming and manual back-end administration and operations
Not dealing with these challenges early is a major reason most real estate agents fail.
Step #1: Identify the Problem
Your problem isn’t that you haven’t sold enough homes. That’s the result of your problem. You need to get granular and figure out what is causing your sales to dip or flatline.
For instance, if you’re having trouble finding leads, you need a new real estate lead generator. If your conversion rate has dropped, your outreach and follow-up need a tune-up. If you don't know how to nurture cold leads, invest in a customer relationship management (CRM) tool.
Guess what? All these tactics should be part of your revamped real estate marketing strategy.
Step #2: Find the Right Real Estate Resources and Tools
The internet is overwhelmed with documents, platforms and posts telling you how to find leads, close deals and manage your business. Despite many being valuable, it’s a headache to find the ones that can help you.
Resources and tools to evolve your real estate marketing strategy
- Even the most seasoned and charming realtors need a sales script. This script helps you handle common objections and keep the conversation moving toward the finish line. It ensures you don't get stuck in the quicksand of small talk with people "just browsing" (the most common real estate objection).
- No one gets excited when a realtor emails them, but a video message stands out. BombBomb, a video messaging platform, makes your first outreach to a potential lead more memorable than a boring email. It’s also easy to use.
- A CRM for real estate agents can keep you better organized. Unless you love spreadsheets (which you don’t) and think they’re manageable (they’re not), a CRM ensures you nurture every real estate lead while not missing an opportunity to convert those ready to buy.
Watch Hayley discuss The Best CRM for Real Estate in 2024, so you can pick the right one for your business.
Anything that can automate your business’ back end and personalize its front end will simplify your operations and create more meaningful relationships with leads and clients.
TIPS FOR TOP REAL ESTATE AGENTS: The Agent Launch Community is a thriving place for real estate agents of all experience levels to connect and grow. Members get exclusive access to content, scripts, guest experts, workshops and personalized help from the Agent Launch team.
Step #3: Take a Red Pen to Your Real Estate Marketing Strategy
It’s not that your real estate marketing strategy is bad, it’s that it’s failed to evolve to meet the needs of modern homebuyers. Or maybe it's both.
After identifying your problems and selecting the right resources and tools, you must review every part of your marketing plan.
Start by answering these four questions:
- Have you updated your marketing strategy in the last two years?
- Does your marketing strategy mostly reflect off-line tactics like bus shelter ads and networking events?
- Are you overly reliant on referrals?
- Are you getting enough bang for your marketing buck?
If you answered “yes” to any of these questions, your marketing strategy needs refinement.
If you answered “yes” to all four, throw that strategy in the trash because it’s time for a new one.
Either way, uncap your red pen and get to work.
As you review, remember that the goal is to keep what's working and ditch what isn't. If a tactic has been part of your strategy for several years but hasn't worked in the last 18 months, replace it with a more relevant tactic for your goals and audience. For instance, why spend time on Facebook when your audience is on TikTok? Are you paying for a billboard in an industrial area when you can generate more real estate leads with a Google Ads campaign?
Be open to changing your marketing ways and don't think about the time and money you've lost executing a dated plan.
Tips to Develop a New Marketing Strategy
Craft a modern and more effective marketing strategy with these real estate tips:
You must know your audience and accept that if you're a real estate agent for long enough, your audience will change. The clients you helped buy their last house might now be empty-nesters looking to downsize. If you target first-time homebuyers, recognize that the average buyer in competitive housing markets is older than the average first-time homebuyer a decade ago.
The two pillars of any real estate marketing strategy are online lead generation and branding (which we’ll get to soon). This means that the goal of any tactic should be to drive leads into your pipeline or build a positive reputation in your industry and market. Otherwise, what purpose do they serve?
Google Ads and Facebook Ads are your best bet for online real estate lead generation. Both offer targeted reach to local leads whose intent and interest match what you’re looking for in a client.
Google’s reach is the best available bar none, but it is the more expensive option. For both advertising platforms, your ads will appear for users based on the parameters you sent (age, location, interests, keywords, etc.). You receive more impressions than with traditional ads, like bus shelters and billboards, and get to handpick the type of user you want to see your ads.
Watch Hayley breakdown Google Ads vs. Facebook Ads and where to find the best real estate leads:
Include a lead magnet in your marketing strategy. This is a free resource or service you give leads in exchange for contact information. A lead magnet can be a free consultation or a tip sheet on an area of real estate. Some options include "Steps to Get Pre-Approved For a Mortgage" or "What to Know When Reviewing a Home Inspection".
Buyers and sellers need help. You can help them. A lead magnet gives them a taste of your knowledge, experience and expertise.
Step #4: Build an Undeniable Real Estate Brand
People work with professionals they like who seem trustworthy, honest and upfront. If you’re a successful real estate agent, you already know this and have benefited from building a strong reputation in your market.
But that doesn’t mean it’s not time to retool your brand to connect with new real estate leads.
Keep your brand direct, memorable and simple. Communicate your specialty or niche, unique value and personality. Instagram, Facebook and TikTok are great places to create short content that conveys your personality and style. If you’re unfamiliar with social marketing, read this article on ideal content length for social networks.
Remember, when we mentioned BombBomb? Well, a video message is a great branding tool. A video introduction to leads showcases your personality and proves you’re a real human who can help them.
TIPS FOR TOP REAL ESTATE AGENTS: Keep your branding consistent. You want consistent, clear messaging and avoid huge personality swings where one email is written with too many exclamation marks but you’re toned down on videos.
FAQ
What are some key elements of a real estate marketing strategy?
When developing your marketing strategy, focus on identifying your target audience, setting clear and achievable goals, outlining your online lead generation system and budget and selecting the right branding tools and lead magnets.
Is branding important for real estate agents?
Branding is an effective way to stand out among the crowded field of realtors in your area. Developing a strong and positive brand can help a real estate agent build credibility and more meaningful relationships and generate higher-quality leads.
What is the best real estate lead generation?
Online lead generation, such as advertising with Google and Facebook, is the most efficient and effective way to reach qualified leads. You control your budget and can set up campaigns to reach your intended audience while avoiding leads less likely to convert or outside your market.
