Like most real estate professionals, now you should start analyzing your real estate marketing plan outcomes for last year, and learn from the problems you faced. What went wrong? This is always the question any marketing professional should have some answers to.
From getting new clients, to failure to closing deals, to facing a robust competition within the industry. It’s time to start solving the main Real estate marketing roadblocks for a stronger marketing strategy that will act as your main foundation for the upcoming year.
Here’s the list of the major challenges the real estate marketing professionals face today and the best practices to overcome them.
- Not Having a “Pipeline” of Potential Customers:
Well, just like any other business, you need a steady stream of potential customers to keep your Real Estate business going. Acquiring leads or potential customers are among the first steps in the sales funnel, which is why converting “qualified leads” is critical to any business. The conversion rate should be optimized to get as much closings as possible.
Yes, your website (if you don’t have one you should probably start constructing a website for your business). Your website is the focal point of all your marketing actions and is your “best salesperson”.
Creating and launching an optimized website for your visitors, and analyzing how users interact with the website continuously is one way to help solving Real Estate Marketing problems. Analyzed data will be used to further improve your website design and better optimize it to reach your objectives.
- Limited Use of Technology and Creativity:
Since the birth of the internet, everything has changed, including the consumers’ behavior, and the pace of technology is going like the wind.
Consumers now can shop whenever, wherever and however they want. There are no constraints or challenges facing them.
Are you still sticking to the old, traditional marketing ways only? Are you still following the old mindset our great ancestors established and asking why it’s not effective for your real estate industry?
Solution: Always use the latest technologies: AI, machine learning, chatbots...
The bottom line is, you need to alter your old, traditional mindset fast. For instance, you can use chatbots to start a conversation with those who showed interest in your services: website or social media visitors. Also, take advantage of machine learning, a computer can analyze the profiles of those who clicked on your ads and automatically show your ad to people with the same interests and behavior like them! You can use AI feature to show the houses you sell instead of real estate brokers, which is more creative and definitely less expensive!
Take advantage of the latest technologies in order to achieve better marketing results, compete, and to stand out in the market.
- High competition in the market:
There are tons of real estate agencies in Egypt, you are not the only one. And they are definitely going after the same prospects as you are. You can’t catch the eye using the same marketing strategy everyone else is using. You need to first change your marketing method if you are looking to expand your business.
If you want to catch those prospects you are after, you got to have what it takes to actually convince them to choose you over your competitors.
Solution: Build more Relationships with your Prospects!
As the saying goes “Out of sight, is out of mind”-if you are not keeping up with your prospects, they will probably forget about you. Don’t think that one billboard, a Facebook post or a visit for your website will keep your name stuck in your prospects’ mind for long. The moment your name is out of sight, you are already out of their mind.
Stay in contact with them periodically; educate them to testify your expertise and present your services in a personal, creative and engaging way. The more you educate your audience, the more they'll buy from you.
Be cautious! These best practices and solutions won't get you any further means nothing without tracking! Continuous evaluation and analysis will guide you and help you orient our marketing efforts. After all, you don’t want to end up wasting your marketing budget on marketing techniques that have no impact on your sales.
To know more about Real Estate Marketing, Download this Free Real Estate Guide.
Tell us what are the most marketing challenges you face in your Real Estate Industry