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Being a real estate agent is a risk/reward proposition; you assume a lot of risk when you dedicate hours – even days or week – of your time to sell a home or find your clients their dream home, but it’s all worth it when you sit down to sign on payday.
One great way to get from listing to closing fast is to understand your market.
Consider these ten real estate marketing statistics:
Despite the fact that 44% of buyers find their homes online, real estate agents still account for a full one-third of home discovery . That’s a strong indicator that you need to be marketing yourself, not just relying on your agency or website to send leads your way. Business cards, door hangers, and postcards can help put you on clients’ radars, especially if you engage in networking and direct-mail marketing. Oh, and the 44% who find their homes online? For most of them, the next call is their real estate agent.
Baby boomers whose children have moved back or who are caring for elderly parents account for most multi-generational home sales, presenting an excellent opportunity for you to cater to a niche market. Young baby boomers aged 50 to 59 comprise the largest portion of the market at 21 percent. You can use that data to develop a targeted postcard marketing campaign to introduce your ability to find a multi-generational home that works for all family members.
This statistic is probably common sense, since most millennials are young enough that they’ve only owned one home. Still, it represents an excellent opportunity for you to present yourself as a seller’s agent to a targeted age group. For example, you could send a direct-mail postcard to homeowners in the millennial age bracket.
You already know how important word-of-mouth marketing is, but do you have a dedicated strategy to solicit referrals from past and existing clients? If not, you could be missing a golden opportunity to double or even triple your leads. You might give your clients referral cards that promise an incentive or gift for each referral they give you that ultimately buys or sells their home. Brainstorm a strategy that will reward your clients, and you’ll reap your own rewards.
So what if 44% of people find their homes online? That leaves more than half the homebuying population to search elsewhere – and yard signs are powerful ways to promote properties. Not to mention, many of the online searches will conduct drive-by’s, and they’ll check out your yard sign then. Yard signs are landlocked beacons to listed properties, but you can think of ways you can make your yard signs even better. For example, you could add a flyer packed with photos, information about the home, and links to online photos and videos – plus your own contact information and sales pitch. Staple a business card to make it easy for prospects to follow up.
It’s a long sales cycle , but you have a small window to get your foot in the door. Think of ways you can leverage your marketing strategy to reach leads when they first begin prospecting; that is, during the first two weeks when they begin looking at homes. One strategy might be to use your website to promote a guide booklet to your local housing mark and community. You can ask prospects to fill out a form to receive the guide, so you have both their email and physical address. If they’re local, you could even hand-deliver it!
Just because people are renting doesn’t mean they’re not in the market to buy. You can develop targeted marketing campaigns to send to those who are tired of renting. For example, one large subset of renters only rents because they struggle to find a loan. If you can partner with a mortgage broker who specializes in FHA loans and similar programs, you could send a direct-mail campaign to renters who might qualify for a loan. You find the home, the broker gets the loan, the client gets the home, and everyone wins. You might also consider sending your newsletter to targeted renters, so you’re opt-of-mind when they’re ready to take the next step toward home ownership.
Yet 56% of real estate agents do not use drones (in fact, just 23% reported their office uses drones). At the same time, people are expecting more video footage, which is difficult to capture for higher-end listings such as large estates, farms, and commercial properties. Drones can convey the enormity of an estate and give a bird’s eye view, while giving you a leg up over the competition and helping skyrocket your business this year.
In addition, they sell within six months 64% of the time. Compare those figures with averages of 13% and 46%, respectively.
This means you not only need a good dSLR camera, you need high-quality printing to display your listings in beautiful detail that convinces homebuyers to call.
Customer response rates increased by 43%, while response rates for prospect lists increased by a whopping 190% over the past year.
While real estate agents are clamoring for Zillow spots and trying to leverage Facebook, the savviest agents are sticking with the tried-and-true. Direct-mail marketing isn’t dying, it’s surging, and if your competitors are ignoring it you have an excellent opportunity to leverage it for leads. Even if they are using it, you don’t want to be the odd man (or woman) out. What about digital marketing? There’s plenty of room for both, even if you’re operating on a modest budget. The best part is they can work in tandem to yield even more leads.
Develop a fine-tuned, well-targeted, strong marketing campaign based on the insights gleaned here, increase your leads, and earn more sales this year.
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