The real estate industry has always been competitive, but it has become doubly aggressive in the past half-century. Therefore, real estate owners should polish their strategies with useful tactics to drive qualified leads.
Today, many newbies jump inside the real estate business without an appropriate marketing plan. Thus, even after a handsome investment and utmost effort, they fail to generate a hefty revenue.
To make things work efficiently, we need to plan and have a foundation for it. The same is the case with real estate marketing. No matter in which region you are, a solid marketing plan can turn your business curve in no time.
How to Write a Real Estate Marketing Plan–
So, let us see how to create this marketing plan from scratch:
1. Define Your Goals
Firstly, you should know what your goals are? This will shape all your future moves. Don’t try to copy the goals of your competitors; what works for them may not work for you.
Instead, try to understand your position and resources. These things will help you in defining your goals. Additionally, you need to split goals into two parts, short and long term.
Example: Goals of a property investor :
-Getting a high-value property
-Increasing its worth
-Reaching a larger audience
Setting these goals is not enough. You also need to decide your sub-goals to clarify your business direction. These sub-goals will work to achieve the long-term goals. For instance, reaching more people is possible by building a good social media identity. So, creating social profiles can be a sub-goal.
Once you have set all your sub-goals, you know where to go. But, you will need to know your target audience. So, this will be the next step.
2. Identify Your Target Market
Identifying the right audience for your business is considered one of the most difficult steps. Since everything is based on assumptions, marketers are in doubt about their success rate. However, qualified marketers never fail in perfectly highlighting their targets.
For this, you need to understand that every other person searching for property is not your target. There should be a particular segment on which you will focus. This is done by creating profiles of prospects based on research and assumptions. In marketing terminology, we call it “personas.”
In this profile, you will add things like income level, age, demographics, buying motivation, etc. Using Google and social media channels, you can do thorough research and get a rough idea about these attributes. Once you have this list of prospects in hand, your next step is to reach them.
3. Select the Platforms to Reach Prospects
Redfin, Zillow, and Trulia are some well-known platforms where thousands of property buyers are present. However, well-established real estate companies have already made a great investment in influencing these people. Therefore, even an average investment in these platforms won’t make much difference.
However, you can stand out with your offer. Try to make your message as convincing as possible. Besides this, give other benefits like payment in installment, full cash payment, limited-time discounts, etc., to gain attention.
Additionally, you can join social media groups and market your brand differently. Also, make YouTube videos and try to gain maximum subscribers. Similarly, create a website for content marketing of your company.
But nothing comes without a cost. No matter which option you choose, you need to bear the expense. So, deciding your budget is highly important before start working.
4. Set a Budget
Budgeting is not a joke, and it can make or break your business. Yes, if you invest in something that is out of your budget, your business will lag easily. Therefore, you should set a limit for your expenses.
Furthermore, you can take assistance from your business plan to decide your marketing budget. There should be a maximum figure in mind; anything above it should be rejected.
For instance, if the cost of Facebook ads is not in your budget, you can cut just this part of your plan temporarily. However, you can continue with your Facebook profile.
Some common expenses required in reaching your target audience include:
- Subscription charges to get data for research
- Employee payment such as web designers, graphic designers, content writers, SEOs, etc.
- Advertisement cost
Moreover, try your best to set a budget and include all possible expenses into it. Experts advise keeping the budget a little higher than your assumed expenses. When we do things practically, we face many accidental costs that can augment our overall cost of the project.
5. Measure Results
Even if everything goes as planned, measuring results is important. It will keep you on the right track and will help in making adjustments right away. You can measure your results in the following ways:
- Setting KPIs
We cannot always trust our instincts. Therefore, KPIs are an ideal way to know the results of our plan in numbers. Similarly, they help in deciding the time required for each action and enhance the overall growth of the company.
Some common KPIs for real estate are:
- Net profit
- Total number of visitors
- Visitors who converted into leads
- Total web traffic
People also use CRM for real estate to get in-depth details about their customers. It is an ideal way to know how many customers are loyal, who did not make a purchase for long, and who left the site without converting.
- Deciding Timeline
Select a particular timeline for reviewing your KPI. Real estate firms often access their timelines after every three months.
- Creating Backup
Many newbies ignore this step, but it helps in the long run. Creating a backup can uplift your business in crises. Once you have put everything in action, create a backup of things not in use—for instance, employees like digital marketers, customer service representatives, business executives, etc.
Similarly, if any of the platforms were not used, you should also save it as your backup plan. In this way, if things won’t work in a positive direction, you will have a backup to support your plan.
Write a Real Estate Marketing Plan like a Pro–
In short, making a real estate marketing plan is imperative for business success. This five-step plan comprises of defining the goals, identifying the audience, picking up the right platforms, selecting budget, and measuring the results.
So, start testing this plan from today. Make adjustments and then create a customized plan as per your business environment.