A No-Nonsense Guide to Real Estate Marketing this Season
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No-Nonsense Guide to Real Estate Marketing
After a year like 2023, you may be thinking, “What’s Next?” for the housing market, for the real estate industry, and for your career in 2024. We get it. The high-profile lawsuits and uncertainty in the real estate world may make you feel uneasy, but we have some advice for you – don’t panic. Here are some simple, no-nonsense steps you can take to stay competitive and ready for action in 2024.
The Possible Consequences of Sitzer|Burnett: It’s Not All Bad
Just as the national economy may manage a soft landing and avoid recession after all, the consequences of the Sitzer vs. Burnett commissions trial, and others that have followed, may be less damaging to the real estate industry than many suggest. According to Inman’s summary of statements from top Real Estate CEOs, big changes from these lawsuits are improbable. (Sigh of relief.)
Clients Still Need Experts and Advocates
These industry leaders argue against the notion that the outcome of these cases will cause commissions and buyer’s agents to evaporate, saying that when people are making the biggest purchase decision of their lives, they are still going to want advocates and experts to help them through the process.
So, what changes might you expect from these lawsuits? It is possible that sellers will have more flexibility to set the commission rates for buyer’s agents or attempt to avoid using buyer’s agents altogether in housing transactions. But if these changes happen, they will take time to come into place. Top industry voices find it unlikely that most people will try to DIY these transactions. The expertise of a real estate agent is just too valuable to pass up.
No matter the outcome, keep in mind that changes have always been a part of the real estate industry. The introduction of the MLS, Zillow, and iBuyers were also predicted to negatively affect real estate careers, but agents have continued to adapt.
So, what do you do while you’re waiting to see how these cases affect the industry? Take action by brushing up on your skills and continuing to educate yourself with this brief guide to real estate marketing.
4 Ways to Expand Your Expertise
In this industry, knowledge is your greatest asset. Here are some ways to expand your expertise:
1. Stay Updated
Enroll in industry-relevant classes, attend webinars, and tune into podcasts. Being in the know is crucial, regardless of how long you’ve been in the field. Here are some educational opportunities and podcasts to check out.
2. Learn from Experts
Gain some inspiration from agents and realtors you admire. If they’re a thought leader on social media, follow their insights and engage with their advice. Don’t be afraid to reach out and ask for an opportunity to meet with them in person or virtually. They may set you up with valuable insights and opportunities.
Attend real estate events, conferences, and local meetups to learn from your colleagues and seasoned professionals about what’s working for them in this season. Make sure you build bridges with mortgage lenders and brokers, insurance agents, and other professionals in related industries – they may be the source of your next referral.
4. Leverage Client Feedback
Connect with former clients for constructive feedback. Ask them what made your service stand out, why they chose you, and if there were any areas where you could’ve done better. This not only helps improve your skills but reinforces past client relationships.
5 Ways to Market Yourself This Year
Remember, people are always moving, no matter what the economy looks like. And for people negotiating their home sale or purchase, working with a real estate agent with the expertise and skills to assist them is invaluable.
Make sure people know to come to you when they need an expert. Here are some simple ways to do that:
1. Highlight Your Worth
Emphasize the unique value you offer to clients, otherwise known as your personal brand. On your marketing materials, educate prospects on how your expertise, personalized service, and market knowledge meet their needs. Back up your claims with success stories and positive testimonials.
2. Refresh Your Marketing Essentials
Regularly update your supplies and marketing materials. Both physical and digital assets play a vital role in maintaining your professional image, so don’t skimp on new business cards. Update your social media pages and website if they haven’t been touched in a while, and get into the habit of posting regularly so you look active and engaged online.
3. Maintain Your Touchpoints
Maintain regular communication with your network through newsletters, direct mail campaigns, social media, and email. Remind clients of your presence and readiness to assist whenever they need real estate guidance, and provide them with helpful information, too. Updates on local market trends and advice for maintaining their home will go a long way toward marketing your expertise.
4. Share Your Positive Reviews
Don’t hesitate to ask satisfied clients for referrals and then share them with your client base. Word-of-mouth is one of your most powerful tools in the real estate business. Here are some ways to gain more real estate referrals.
5. Adapt and Innovate
Don’t be afraid to be adaptable. If you accept that the real estate market is always changing in some way, you’ll be better prepared to innovate in response to changing conditions. Looking for more resources to up your marketing game? Stay tuned into our Marketing Tips blog for the latest real estate marketing advice.
Guide to Real Estate Marketing Final Thoughts
Remember, the value of a real estate agent transcends economic fluctuations or changes to the industry. Continuously hone your skills, communicate your unique worth, and maintain a robust presence in your market. By staying informed, engaging with clients, and showcasing your expertise, you’ll navigate uncertain times with confidence.