Why Real Estate can’t survive without Marketing
In an industry of innovation, technology, and competition, real estate has surpassed the boundaries of marketing to stay relevant.
With nearly 17,000 licensed agents in San Diego and approximately 500 top producing agents in San Diego, it's important to choose an agent that not only knows what they are doing but also someone that follows current market trends to sell the biggest asset you own and to sell it for the best price. (Anonymous, 2020)
“It’s not about what you know or who you know, but who knows you,” Author, Susan RoAne once said.
This is where Marketing plays a crucial role in the world we live in today. The point is to provide the most exposure possible and see who can do it better. With the use of technology, the competition has really heated up, allowing realtors to advertise at a much faster pace across all different platforms. Approximately 70-percent of the U.S. population holds a social media account. (2020, internet and eCommerce researcher, J. Clement)
However, that doesn’t always mean that is the best possible way to advertise to certain audiences. That is why realtors should hire a Marketing person, if they haven’t, to follow the trends and discover the most effective way to sell in any market.
“You’ve got to give the people what they want,” Compass Realtor, Blake Todd said.
Truthfully, that is marketing summed up into one sentence. In order to advertise, you have to know what will grab someone's interest. There are a number of ways to discover what it is that people want in the area you are selling in. You can try mailers, video, photography, digital ads, social media, blogging, etc.
Over the last year, I tested the boundaries of marketing for Compass Realtors, Lyle, and Grace in their farm area. What I discovered was, that it’s all about the relationships they build with the members of the community.
Realtors are “public figures” to their prospective communities and it is my job that people see them for who they are. Many would assume that I would protect their reputations and only offer people what they want to hear but, in fact, I have done the complete opposite. Most people would say that this is complete business suicide, but “eighty-six percent surveyed consumers think transparency from businesses is more important than ever, and 40% attribute the importance to the influence of social media,” according to findings from a report by Sprout Social.
By following this statistic, Lyle and Grace’s volume went up more than 20% year-to-date of 2020 compared to January to August of 2019. (as of August 2020, BrokerMetrics)
Trust goes a long way when it comes to a real estate transaction especially between the marketing representative and the agent. In other words, the agent has to trust that the marketing representative has their best interests and trust the process.
“The truth of the matter is that marketing takes time and consistency . . . and patience,” 100th Monkey said.
In the real estate industry, it is hard to be patient but that’s what it takes to get the best results.
Here are the steps Realtors Encounter (best-case scenario):
Generating a lead through social media, email campaigns, videos, billboards, mailers, digital ads, newspaper articles, referrals, word of mouth, etc.
Gaining a listing by creating a listing/marketing packet that establishes the estimated cost of the home and how the agent plans to sell it.
Listing a home and preparing it to hit the market by getting photos, video, matterport, etc.
Compass Coming Soon to give prospective buyers a heads up that the home is days away from hitting the market while the agent gathers insights and captures leads before it goes live.
Signage in front of the home
Listing launch on MLS, Compass.com, Website, and other real estate directories with limited photos of the home.
Market Virtual Open House through our multiple success platforms.
Virtual Open House to give people a first look into the home before the listing is open to the public to see in person and capture potential buyers.
Open listing to the public for private showings.
Accept offer and place home in Escrow.
Close Escrow and everyone’s goals have been achieved.
Staying in touch with past clients to check on any real estate questions they may have.
As you can see, most of the marketing action happens in the pre-listing stages. This has to be if not, the most crucial part of a successful sale. During these stages, it is important to be patient to make sure the home has had just enough exposure to capture the interest of potential buyers.
These steps are the most ideal scenarios, however, they may not always be the best steps to take when a home is contingent, a short-sale, a foreclosure, or in another situation where a home must be sold in a certain timespan. In this case, the real estate agent and the marketing representative must choose a different plan of action to sell the home as quickly and seamlessly as possible.