In order to take your business to the highest level possible, it’s important to create a real estate marketing plan that includes a variety of campaigns and strategies to reach your target audience throughout the year. A marketing campaign can include anything from direct mail postcards, newspaper advertising, mobile ads, and press releases, to emails, newsletters, and more. We’ll walk you through the steps needed to create and implement your real estate marketing plan below.
Building a Campaign
Developing an effective real estate marketing campaign can seem overwhelming, but the foundation of any plan should be built upon a budget and a specific set of goals.
Budget Based on ROI
The first step in creating a real estate marketing plan? Create a budget based on your return on investment (ROI), or the real estate marketing strategies that will offer you the biggest return on money spent. To determine ROI, you need to know the result rate of your chosen marketing medium, your lead-to-client conversion rate, and the total cost of the marketing campaign. Suppose you choose a newspaper advertising campaign that historically generates 20 leads, and your lead-to-client conversion rate is one client per 20 leads. If the cost of the campaign is $1,000, and your profit is $20,000 for every client, your ROI would be 2,000 percent ($20,000/$1,000).
Set Goals and Measure Results
Once you have determined the budget, you can set specific and attainable campaign goals based on it. These goals should address your core message, the marketing medium you have chosen for that message, and how the campaign will generate leads that will eventually become clients. Always be sure to determine how you plan to measure the results of the campaign to achieve your desired goals.
While it is important to maintain your budget, it is also important to track your results; this means creating spreadsheets, programs, and procedures to track any new leads generated from the campaign. For example, each time a potential client contacts the agency because of your advertisement, you can note their information in a spreadsheet. You could also analyze your net sales figures from previous months to determine if advertising has generated additional sales.
Targeting the Right Audience for Your Campaigns
The next step in your real estate marketing plan is to research your desired target audience to ensure your marketing campaigns are directed to the appropriate consumers. Knowing your target audience maximizes the return on marketing dollars and offers you the best chance of generating leads and clients throughout the marketing campaign.
Use Demographics to Develop a Consumer Profile
There are several methods for determining the correct target market for any real estate marketing plan. One way is to use different demographics based on the market you are trying to reach. Demographics may include age, income, geography, or marital status. For example, families with children will have different real estate needs than retired executives. You can then utilize these demographics to create consumer profiles which can help you create marketing strategies specific to each demographic. Think about the beliefs, values, emotions, and lifestyle choices of your customers and put together a general profile about them. Because each demographic in your market shops in different locations and finds information about products in different ways, choosing the right marketing method is crucial to achieving success through any real estate marketing strategy.
Market to a Targeted Audience
By focusing your messages on targeted audiences, you can focus the advertising budget on those who are most likely to respond to your campaign. A focused campaign motivates consumers to respond because they feel the campaign is directed specifically towards them. This will help to ensure your advertising dollars are generating the maximum return on your investment.
Defining Your Message
After you have determined your audience, the next step in creating a real estate marketing plan is to define the messages of your marketing campaigns. And once you identify the target market(s), defining the message becomes easier since you will have an idea of what appeals to the desired demographics and to what messages they are more likely to respond.
Focus on Products and Service
Your real estate marketing campaigns should always focus on the unique products and services you offer. Although the average consumer may not realize it, real estate agencies offer many benefits beyond simply selling or renting homes, condominiums, and apartments. As a real estate agent, you can serve as a source of wisdom about the area you serve and can answer a wide variety of questions for consumers.
Provide Offers and Incentives
To ensure the message of your real estate marketing campaign makes an impact, include offers or incentives to entice consumers to reach out to you. A good example would be offering discount coupons to local stores to help potential clients purchase moving items, or include a free relocation kit. The offer will pull them in, but your service will keep them there.
When defining the message of your real estate marketing campaigns, capture your audience’s attention quickly and effectively by being consistent, concise, and clear with what you can offer them.
Selecting Your Communication Channels
Once you have determined the budget, set goals, identified the target audience and defined the message for your real estate marketing plan, it is time to choose the right advertising channels. The message may be perfectly crafted, but unless the correct distribution channels are used, it may not deliver the results you desire.
Choose the Right Channel(s)
There are many real estate marketing channels, including direct mail, email, social media, and many more. It may be difficult to decide which channel best fits your real estate marketing plan, but your budget and target market should help you determine the channels that will give your investment the best return. Review all options and then build a plan of action that works best with your budget and with how your target market shops.
You may end up choosing a combination of marketing channels. Sending a direct mail piece that is followed up with an email can effectively reach different target audiences. Those who prefer to receive advertising via “snail-mail” will notice the direct mail piece, and those who prefer electronic methods will acknowledge the email advertisement. For those who use both, you will be providing two opportunities for them to receive information. Don’t forget that the more your audience sees your message, the more likely they’ll be to reach out to you.
Use Social Media
Incorporating social media into the real estate marketing plan is almost a requirement in today’s society, but creating a real estate marketing campaign using such media must be handled properly. Many people use social media for its original purpose – to socialize with friends and acquaintances through the internet. However, social media has become an excellent advertising method. Social media makes it easy to announce open houses, offer incentives to entice visitors, or announce new listings. Most social media sites offer the option to create a separate page for your business, giving you a distinct line between your personal and professional social media profiles. Social media can be a low-cost avenue that should be considered for real estate marketing campaigns, however, it can be relatively high maintenance to update frequently.
The final step in your real estate marketing plan is to measure how your campaigns and strategies performed. While there is no one exact way to measure the success of real estate marketing strategies, several methods can indicate whether the campaign was a success.
Review Original Goals and Compare Results
Remember, the first step in evaluating the effectiveness of any real estate marketing plan is to review the original goals. If the goal was to increase lead-to-client ratio, check to see if the leads generated from your advertising were greater than in previous campaigns. If the goal was to increase sales, check sales figures from previous periods against the current period to see if sales increased.
It is imperative to compare statistics before, during, and after the campaign. If the strategies were successful, statistics should be more favorable during and after the campaign than they were before the campaign launched. If the plan included an incentive, such as a discount coupon, simply checking the number of redemptions can also provide insights as to the success of the campaign.
Adjust and Plan Again
Once you determine how well your real estate marketing plan performed, make any necessary adjustments and begin planning the next campaign. You may find that one marketing channel was more successful than another, leading you to allocate more of your advertising budget to that channel as opposed to one that was less successful. Gathering feedback from customers is a simple way to determine which real estate marketing ideas worked best and which did not.
The ultimate goal of any real estate marketing plan is to build a larger customer base, grow your brand, and increase your revenues. Using the advice above will help you to create a strong and practical plan to grow your real estate business and truly conquer your market.