A Result Oriented Digital Marketing Plan for a Real Estate Business
With over 566 million internet users currently, the digital market has really opened up plenty of opportunities for brands today. Real estate is one such industry that has highly benefitted from the digital marketing wave. In fact, data suggests that 92% of property buyers search online to find their dream home. Moreover, 82% of real estate market investors trust online agents as a reliable source of information, and 42% have resorted to the Internet as their first search medium. Therefore, having a strong digital marketing strategy is of utmost significance to make the business stand out in this competitive real estate industry.
Real Estate Marketing Challenges
For a real estate business to grow, selling the properties you build is fundamental. And in order to sell properties the marketer needs to do strategic marketing. Today there are several real estate marketing challenges that are blocking the road to success.
These real estate marketing challenges slows down marketing initiatives, reduces revenue growth, damages the marketing ROI, and hampers overall growth. Here are five such real-life issues that a real estate marketer faces while trying to market real estate business.
- Volatile market conditions
- User intentions can be unreasonable
- Uncontrollable advertising expenses
Let’s Understand the Cause of these Problems
To deal with tough times such as poor market conditions, a real estate marketer needs a strategy. The first step is the need to find out the cause of the low market real estate. It could be a government policy or stagnation of the market with too many real estate businesses. It could also be due to the poor economic condition of the general population of the area in which the property is situated.
We know for a real estate business to flourish, the most important thing to keep in my mind is your customer sentiments. Buying property is an investment decision for many. However, some clients have unrealistic expectations. The real estate properties that are on sale may be ready to buy, but the client might be unreasonable at times. They may ask for extra reworks, change in design or some last minute additions, which if missing could be a hindrance in selling the property. Moreover, some real estate marketing challenges also occur due to the financial difficulties of the leads.
Real estate marketing depends largely on advertising your properties. It gives you an opportunity to reach most of the target audience. In today’s digital scenario, real estate companies must adapt to digital marketing for improving their position in this competitive market.
However, advertising your real estate business requires a budget. Moreover, when budgets are allocated to real estate advertising, the business expects proper returns for every rupee spent. Yet, most of the times it may seem like the advertisement expenditure is more than what is needed, thus decreasing the ROI of your real estate business.
Maintaining a healthy balance between spending on advertisements, and earning proportionate revenue is another major real estate marketing challenge. It happens when the marketer knows that advertising is essential but he does not know how much of it is enough.
Yes, advertisements do allow a marketer to expand the reach. However, he must understand that the reach is only useful as long as it generates quality leads. Moreover, reaching audience facing geographical constraints or uninterested in the properties will make your advertising efforts futile.
Social Media all the way!
Real estate digital marketing is applied in order to maximize the leverage of reaching out to the target audience through various channels such as social media.
What greater way to find your clients than to be on the platforms they frequently visit? Social media is no longer an option for nearly every industry.
Social media provides a channel for:
- Content publishing
- Customer Relations Management (CRM)
- Brand Reinforcement
Property buying is a big purchase for the average person. Social media provides the excellent platform for consistent visibility and engagement.
Social media has a convenient messaging functionality. People are more willing to talk and share their opinion. Because communication is so much more accessible on social media, a real estate business must expect a great deal of communication to be conducted. Social media tends to be lighter than the average email.
What social media platform best suits you?
It completely depends on what kind of real estate business it is. Snapchat and Instagram cater to a much younger audience than what Facebook and LinkedIn does. However, Instagram and Facebook are proven to be leading converters and so an ideal real estate social media strategy would be Facebook and Instagram. LinkedIn is also very advantageous if you are in commercial real estate or in any other B2B setting.
Here are 3 tips that work for every platform-
Include: your address, hours of operation & area of service on all account bios.
Have several calls to action on your social media page like: Call Now, Schedule a Meeting, Website Link. You are trying to drive conversions over just traffic.
Keep it professional: Use business accounts.
This helps to send an an Ad to a specific person entering their location.
Facebook supports panoramic & 3D views, which are especially beneficial to the real estate industry.
Tracking Facebook Analytics-
For measuring performance, one can track these metrics on Facebook ads for real estate.
Impressions – This is the number of people who had your ad appear on their screen. This doesn’t mean they saw it. They could have scrolled past quickly or completely ignored it.
Clicks – How many times did someone click on your ad. Each time they click, you pay for a click. You want people to click. But you also care about the quality of clicks. That’s where these others come in.
(CPC) – Your cost per click is your ad cost divided by the number of clicks. Ideally, you want to keep your CPC low while getting the best results you can for that money. If one of your ads is delivering a lower CPC, that’s your winner.
(CTR) – Your click through rate on real estate Facebook ads is the number of clicks divided by the number of impressions.
Conversion rate – This is the number of leads your ad generated divided by the number of clicks. Someone only becomes a solid lead once they’ve provided their contact information through the landing page.
(CPA) – Cost per action is something most marketing professional track as well. This is the total ad cost divided by the number of leads you generated. This helps you understand the actual total cost of acquiring a real estate lead.
(ROAS) – Return on ad spend. It’s the revenues generated divided by ad cost. Be sure to track which leads came in through Facebook ads. Then make note of commissions made from those leads. Track how much of the revenue is coming in through Facebook.
Instagram has overtaken other social media leaders like Twitter and Pinterest. It’s found its place as the second best social media site for daily engagement. In this competitive industry, for a realtor it’s extremely important to keep social media pages up to date. An ideal real estate Instagram showcases your style and includes diverse posts.
Instagram is always updating itself and rolling out new features like Instagram TV – also known as IGTV. This Instagram feature allows you to create a channel and shoot videos that upload to Instagram and appear at the top of the profile. A huge advantage to IGTV is that Instagram will show users suggested videos on their profiles when someone they follow posts something new.
One main use of IGTV is to give virtual tours of your properties. Many of the clients may not be able to take time out of their day to visit the property and spend time touring it. Therefore, posting videos of your listings can save their time.
Use the location feature- It increases the discoverability on Instagram. Users can search by places or current location to find places or business near them. When they tap a location they can see posts from this location.
User generated content- Repost photos from your clients! User generated content boosts engagement and brand visibility.
Run Ads- One can track analytics and insights from ads to improve future ad campaigns. Sponsored ads on Instagram originate on Facebook so a Facebook account for your real estate business is necessary.
Attractive photos- Shoot wide, show different angles and use great lighting if you want your photos to make a lasting impression. Show before and after photos of the properties. This is helpful for clients to see the progress of the listings and can make them more interested in the properties.
Photos of clients- Along with property photos when potential customers see that real people have had good experiences with the brand it makes them more likely to convert.
Client testimonials- Post pictures of client reviews. This adds a personal touch.
Video is one of the most powerful tools available to real estate business owners. Video adds more dimension to visual listings and your brand. Making videos is another great way to build reputation online, sharing professional perspective and increases search rankings and leads. Real estate listings with videos receive 4 times more inquiries than those without videos.
Benefits of using YouTube-
Uploading real estate videos to YouTube, one can get found in search results for years to come. YouTube is owned by Google and it’s the second most popular search engine on the planet. In real estate, we all know how hard it is to get ranked on the first page of Google because of the stiff competition. Google knows that videos are harder to create than just written content, so they weigh video differently when computing their web page rankings. Using this service ensures videos are seamlessly integrated and supported in their search results.
People only do business with people they trust and remember. Videos allow you to do all of these at once, very quickly, and with ease. YouTube is extremely reliable for streaming (essential in today’s short-attention-span market).
Video marketing is a powerful way to show that you are the expert in your niche. Building a collection of videos is key to showcasing your knowledge, professionalism, and expertise to the masses. After people have watched a few of the videos, there will be no doubt regarding the breadth of knowledge.
A good real estate agent can tell people how much they know, but a great real estate agent can also demonstrate it. One cam demonstrate knowledge with video.
Types of real estate videos:
#1 Video blogs
In addition to the traditional written blogs, video blogging is way more attractive. Shoot a quick video, have it transcribed, then upload the transcription to your blog.
#2 Screen capture video
Create a set of slides on Powerpoint, Keynote, or Canva. Then record your voice as you speak about each slide.
#3 Real estate market videos
Record a quick market update on weekly or monthly basis explaining how the market is doing and why. It’s a great way to showcase your market knowledge and provide great value to the clients.
#4 Property tours
Every listing should have a property tour video included.
Not only will this make your seller happy, but it’s a great way to get to the top of the Google search results. Again, Google owns YouTube, so these videos will be imported into the search results whenever Google thinks that it’s relevant to do so.
Client testimonials are a source of powerful social proof, but they are even more effective when done with a video. Once the video is edited and uploaded to YouTube, take portions of the video and syndicate them on your website, social media, and any ads that you’re running.
#6 About me video
Connect instantly with people who find you online. Uploading an “About Me” video will showcase who you are, what you do, where your niche is, and how you serve it.
It will provide instant rapport with potential clients and allow you to stand out among a sea of faceless websites. You can also create videos for members of your team as well.
#7 Community videos
Take a video of the community as you walk around the area of the property listings.
For a really high-tech video, one can attach a GoPro to the hood of the car and drive around the neighborhood. Buyers want to know everything about a community before they relocate, so make it easy for them.
This video can be uploaded on the YouTube Channel in order to boost local rankings.
#8 Video E-mail
This is a wonderful way to send a personalized message to a past or potential client on a special occasion. Record a video of your company wishing “Happy Birthday,” “Merry Christmas,” etc and mail it to the clients. It will make them feel special and keep you top of mind.
Note down and make a list of all the questions people ask through the website or social media pages. Chances are, if one person wants to know the answer to that question, other people do too!
Once your list gets a good number of questions, answer them all on camera, one-by-one. Once they’re uploaded to YouTube, they can also be found by other people who happen to search online for the same thing.
Social media marketing takes time to build a quality foundation. But once well established, social media will be the greatest after hours sales funnel for a real estate business in accordance with other real estate digital marketing strategies. Social media platform also facilitates ORM (Online relationship management).
We at 1702 Digital offer real estate marketing solutions such as social media management where our specialists will consult with you on the direction you want to take your accounts and help you get there through live monitoring and smart posts.
We also offer social media advertising services if that is what you think is missing from your real estate social media strategy.