A marketing plan is possibly the most important aspect of a real estate business: it provides a clear roadmap to success.
You’re probably thinking:
How do I even begin developing a real estate marketing plan?
Follow these 5 steps to get started.
Step One: Decide on your goals
You can’t get anywhere if you don’t know where you’re going. That’s why your first step is to define your overall objective and goals. Maybe you want to:
- Get 40 listings in a year.
- Increase newsletter subscribers by 25%.
- Boost website traffic by 20%.
Whatever your goals are, it’s vital that they are SMART.
Step Two: Specify target market
Observe the market and think about your experience to decide: Do you want to work with first-time buyers? Growing families? Investors?
It can seem counter-productive to narrow down your target audience, but here’s the deal: If you know who you’re talking to, you can design a tailored message, attracting more clients.
Step Three: Identify what makes YOU different?
Your Unique Selling Point (USP) includes what you want people to know about you. The bottom line?
It’s what makes you special, and how that will benefit your customers.
Think carefully about qualities and skills that will make customers want to work with you. It’s important you have a clear message to your marketing plan.
Step Four: Choose your tactics
OK, you know where you want to be, who you’re targeting and what you’re saying. Now: It’s time to think about ‘how’.
There are a great selection of ways to market your real estate business – events, adverts, Facebook, blogs, newsletters and more – but don’t spread yourself too thin. Focus on two or three approaches.
While experiential marketing and media quotes have benefits, you also want to have an active social media presence. Why?
“Social media is the new networking. It’s a virtual way to get to know your ‘neighbors’ so that they… feel comfortable working with you.” —Pili Meyer, Monday Marketing Tips
Schedule regular updates (blogs, videos or tweets) to maintain the relationship with clients. Word of mouth is the most effective strategy: build that.
Step Five: Plan and Budget
The nuts and bolts of your real estate marketing plan. Create a monthly overview with special campaigns included, then a detailed schedule for each week. Think about:
- When you want to post social media updates.
- When you will post your newsletter.
- Events and important dates to remember.
Now we come to the money. It might not be the most fun part, but it’s essential to have a comprehensive budget to achieve results.
You already know the costs of offline marketing. But here’s the good part: Your digital marketing won’t cost too much; producing content could even be free. However, you should invest in things like social media analytics tools.
You’re probably wondering: “how much should my marketing budget be?” A safe estimate for newer businesses is 12 to 20% of annual income.
Good luck developing your real estate marketing plan – review it regularly and you’ll soon be reaping the benefits!