Thoughts on Real Estate Marketing…

Everyone agrees that the housing market is in trouble, but how this trouble affects individual real estate agents is the source of conflicting reports.

Some say they simply can’t make a living any more. “Nothing is selling” is a refrain I’ve heard from agents from coast to coast. Many of these agents are dropping out of the business or trying to work part-time while they take a job that pays wages.

Others say they’re doing fine – that they always make money during bad times.

So what gives?

I believe the difference lies in their attitudes and expectations. Each agent gets what they expect to get, because their expectations color their activities. And their activities determine their success – or lack of success.

I can almost guarantee that the agent sitting in the office playing video games isn’t making any money. Neither are the ones gathered in the break room crying about how bad things are. They don’t expect a buyer or a seller to call, and they don’t reach out to anyone because they “know” that no one is interested.

Then there are the ones making money. They’re either on the phone or out there making contact with potential buyers and sellers. They’re also studying – learning how to deal with the new regulations. And they never stop marketing. Instead, they’re finding creative ways to market their services without spending a ton of money.

These agents are taking a critical look at their marketing methods and measuring what works and what doesn’t work. Then they’re directing their dollars to those activities that bring them business. I may be wrong, but I think we’ll see a huge shift away from homes magazines and newspaper ads.

Since over 90% of buyers begin their search on the Internet, smart real estate agents will shift more of their attention to creating web pages that capture visitors – and they’ll set up systems to keep in touch with all their leads via email.

They’ll also do more social marketing. Agents are using sites like Active Rain to show their area expertise and drive new buyers and sellers to their websites. Those who blog regularly are reporting huge increases in sales just from this one source.

Of course, there are those who use social marketing poorly and never gain a following. I’m thinking of the ones on Twitter who post the same message about a new listing 20 times in a row. Marketers in other businesses do the same, and they’re just as forgettable.

We have entered an age of skepticism. It’s a time when we don’t automatically trust people, but wait to see if they’re worthy of our trust. We want to get acquainted and know a little about a person.
Blogging creates that opportunity for potential customers to gain insight into who you are. So does drip marketing, if you’re willing to “give away” a little helpful information in your messages.

This need to get acquainted also puts new importance on agent bios. They’re an opportunity to show potential customers that you’re a real person – with interests and passions that go beyond your professional duties. Bios give prospects a way to connect with you and trust you because you’re “like them” in some way.

One thing I believe is certain: The agents who take the time and effort to learn how to market effectively in this economy will be the market leaders when things improve.