If you’re having a tough time getting leads, prospects and sales for your real estate listings, don’t blame the market just yet. Playing the blame game won’t get you anywhere.
Instead take a look at your own real estate marketing strategies and ask yourself if these are still in tune with what consumers are doing.
Too often real estate agents spend so much time in the field that they get tunnel vision: meaning they don’t take stock and look what’s happening in the overall scheme of things. They think they’re too busy to read, study or keep themselves in step with the latest real estate buying trends.
It is these agents who’ll wake up one day wondering why their usual selling tactics are no longer working and their sales pipeline has dried up.
And if you think reassessing marketing plans applies only when sales are down, think again. Initial successes actually blinds you from a painful reality check that will come crashing down when you least expect it.
Rapid Changes + Slow Reaction = Failure
Face the truth that change is not only constant, it is happening at a very rapid pace. Your marketing techniques may have worked well in the past but if you don’t bother to check what’s happening on the ground, those tried and proven techniques will end up obsolete.
To illustrate, check out data below which is among gold-mine of insights released by the National Association of Realtors last February 2012 in their NAR 2011 Home Buyer And Seller survey:
- 9 out of 10 home buyers use the internet to search for a home to buy
- 9 out of 10 of home buyers used a real estate agent to help them with their search…they found these agents by using, again…the internet
- 55% of home buyers also say yard signs helped them with their house hunting
- Only 45% of buyers attend open houses
- Just 30% of prospective buyers respond to newspaper advertising
While the NAR report goes on to reveal a ton of other very useful stats, the 5 items listed above should be more than enough reason to seriously rethink your real estate marketing strategy.
Use data to create more powerful strategies
Serious real estate agents / realtors should start asking themselves these crucial questions:
a.) Do I have an online presence?
If yes, are my listings and my realty agency / practice easily found on the search engines using relevant keywords?
Is my website or blog found at least on the first page of the search results for relevant keywords?
b.) Am I making full use of my property for sale signs?
Are my “For \Sale” signs easy to read, well designed and helping me project a professional image?
b.) Should I hold regular or just special open houses?
c.) Am I wasting money on newspaper ads?
If my newspaper ads are still delivering results, how often should I advertise?
How much budget should I allocate so I can redirect resources to other more effective activities?
These are just a few of the many critical questions you should ask about your present real estate marketing activities.If your present techniques are no longer working then chances are your real estate selling strategies are becoming obsolete.
Bottom line: read, study and adjust to market realities.
How about you? Do you think some of your marketing methods are becoming obsolete? Leave a comment.