If you want to succeed in your real estate marketing game, you must think carefully about creating a strategic plan to showcase your properties and target the right people. Creating a perfect real estate marketing plan depends on many factors; if it is not executed well, it won’t bring the success you hope. In addition, the plan needs to be reviewed and adjusted all the time, especially if the trends in the local real estate markets are changing fast.
So, how can you create a marketing plan that ensures your success as a real estate agent, property manager, or investor? Let’s outline the steps you’ll need to take to create a marketing plan for a real estate project. Remember that being unique and showcasing what you stand for is the base of any plan.
Understand the Market
When you begin crafting a strategy or a plan for marketing your brand, you need to understand who you are competing with, how interesting your product is, what its price is, and whether the time and place are right. Let’s take a closer look at each one of these segments.
Product
Regarding the product, you need to think about what type of properties in the region you will cover as a real estate agent or the type of properties you will manage as a property manager. If you are located in the heart of an urban area then condos and townhouses should be your choice. If you are in a suburban or rural area, think about working with houses.
Timing and Place
Now, take a look at what is happening in the real estate market at the moment. Is the location right, and is the housing demand in that specific geographical area increasing or decreasing? The answers will give you an idea of whether the timing is right.
Price
Is your price competitive, and does it justify the value of the property? Do some good research on the price of a specific type of property in the neighborhood where you want to operate, and make sure you advertise the benefits of owning a property in that area, highlighting why the price covers everything.
Analyze the Market Competition
This analysis is still a part of the research that you would start doing as a step one. Still, it covers a more extensive understanding of the market and deepens into the competition in that area. You need to look at things like the number of closes in a year, the average list price, and the market share that the competitors have.
You can think about what others do to represent their personal brand, what marketing channels they’re using to spread awareness, whether they leverage real estate marketplaces like Zillow, and what digital marketing assets they use for their property listings.
Define Your Unique Value Proposition
With the unique value proposition, you can stand out from the competition. You must promote it so that people know what exactly you’re representing. For example, you need to be clear about what type of properties you’re working with and whether your experience has made you better than the rest of the competition.
To get to your answers faster, you can complete a SWOT analysis of your real estate marketing strategy, which is an analysis of the strengths, weaknesses, and opportunities along with the threats that are coming your way.
Adjust Your Current Real Estate Marketing Strategy
If you have been in the market for some time now, you have probably been practicing some marketing strategy. Instead of starting from scratch, try to see what is wrong with it and why it doesn’t work, improve it, and adjust it to answer the current needs of the target clientele.
If your current strategy is not bringing you any success then starting a new one is a better idea. You can even consult a real estate marketing specialist who can guide you through the challenges and help you get in a good direction.
Set KPIs and Monitor The Performance
Once you plan your strategy, you must know how to measure its success. For that purpose, you need to set KPIs and monitor the performance of your real estate marketing campaigns. You can review it monthly, quarterly, and yearly to improve some areas that need fixing. Also, based on the findings, you can make data-driven decisions about where to invest more money versus what to scale back on.
Coming up with the perfect real estate marketing plan is not easy because it takes time, during which you need to improve, learn, and make better decisions. However, with the steps outlined in the text, you will be able to set the basis of your marketing plan and then improve and adjust it along the way. Remember that being a successful real estate agent, investor, or property manager means putting all your knowledge and experience into a plan that works.
