The success of a real estate business is determined by how it markets its services. Real estate marketing is an ongoing process. The evolution of the Internet has made it easier for real estate agents to market their businesses. However, successful real estate realtors use various strategies to market their businesses.
Sphere of Influence
The most reliable source of potential clients comes from family members, friends and previous clients. Many successful real estate agents create contact lists of past and present clients as well as friends, family members and acquaintances that might use their services or know someone who might. Such lists are known as spheres of influence (SOI). Some lists might contain as many as 100 contacts. However, SOI lists should be manageable so that you can confer with each contact on a regular basis. Make contact with people in your list at least once a month. The contact may be in the form of a telephone call, birthday greeting or letter. You need to provide valuable information each time you initiate contact with a potential client.
Websites, Blogs and Social Networks
Some real estate agents create their own websites using real estate templates or website services. Real estate websites should contain information about the real estate agent and community. Another Internet marketing strategy is blogging, which involves creating real estate content and posting on any of the free blog services available online. Blogging helps to establish the identity of your real estate business. Real estate agents may also consider using social networking sites to market their businesses.
This marketing strategy promotes your market listings as well as your real estate business. There are different types of virtual tour services that you can use to create an online virtual tour of your real estate business. Virtual tours may provide information in form of photographs, video, audio and text. Some virtual tour sites provide additional services such as submitting virtual tours to real estate listing websites.
This traditional real estate marketing strategy involves sending emails to specific lists on a regular basis. The list might contain contact details of people in a certain area or neighborhood. The idea behind farming is to position yourself in the minds of potential clients so that they remember you first when they need real estate services. The mailings might consist of recipe cards, real estate information and newsletters sent on a monthly or quarterly basis.
Choose a Niche Market
The secret to success in real estate is to concentrate on the markets that guarantee profits for your business. You stand a better chance of attracting potential clients to your business by choosing a niche. For example, if you market yourself as a residential real estate specialist, you are likely to attract people in need of residential real estate. In addition, if you position yourself as an expert in a certain geographical area, you stand a better chance of building incremental sales in that geographic region. In this case, you can easily market your real estate business through word of mouth, as neighbors will recommend your business to each other.