New real estate agents face a challenging market but one that can pay off big time as they master it. Real estate marketing is a cutthroat game and it can be hard to know where to find one's edge in a busy marketplace.
To help you find your footing we have put together this list of actionable marketing tips. With this advice in hand, you should be better able to hold client attention and reach a deal that makes everyone involved happy!
Tip #1: Stay Updated on the Market
If you are in the real estate business, you should know how the market is doing. Read up on housing news, sales numbers, and whatever else is available to get as accurate a picture of the market as you can.
Some parts of this process are admittedly easier than others. In the broad sense, it can be somewhat easy to figure out how the market is doing. Enough experts write on the topic that info is everywhere.
What is harder is getting info on a more specific section of the housing market, namely wherever you operate from. It is still possible but it may require deeper research and even contacting those in the know personally.
At the very least, you will need to look at houses similar to those you are selling and see what they are going for in the area. If there is a big discrepancy in price, figure out why that is and if you can take advantage.
If this all sounds extreme, remember that even a few percentage points change in price on the scale of real estate translates to thousands or more dollars.
Tip #2: Know Your Clients' Means
In the real estate business, you are going to be dealing with clients at many different levels of income. When talking to a given client, it is important you keep in mind what it is they are working with.
At a basic level, this is so you do not show them homes above their means; however, understanding a person's relationship to money goes beyond that.
A wealthy client is mostly going to be concerned about features. They want the "perfect" home, even if price is still part of the consideration.
Moreover, wealthier clients may be used to these sorts of purchases. In fact, many people with money choose to have multiple homes, alongside cars and other luxury items that may approach the value of some smaller homes.
For these clients, your risk is mostly in showing them a home they can afford but do not want. While you should always keep a client's wishes in mind, it is essential for wealthy clients. They are going to want what they want.
Clients with less means, however, are going to be very nervous about a home purchase. For many people, this is going to be the most expensive single thing they purchase.
For these clients, often a big risk is scaring them off with options they think are nice but even slightly too expensive. You should always be keeping the price in mind because that is what they are thinking about too.
In short, you need to approach those clients knowing they might be on the fence about purchasing a home at all. Your pitch should always be customized to the client's hopes and fears.
Tip #3: Master the Expensive Sell
No matter who you are talking to, but especially if you are dealing with clients who have less means, marketing for realtors means mastering the expensive sell.
There is no way around the fact that most of the properties you will be selling will tend to go for at least one hundred thousand dollars or more. Even rentals are going to cost a person about that over a few years.
For this reason, you need to know how to sell expensive products. While we tend to put properties into their own category, the reality is that is all you are doing. You are selling a very expensive, somewhat luxury item.
While there is a lot to be said on this topic, important to selling this kind of high-ticket item is knowing that your customer is far more resistant than the average person a salesperson deals with.
Firstly, the odds are good they have come somewhat prepared. You can expect your client to have looked at at least a few of their options and that they know roughly what should be available for the money they are willing to spend.
You need to come prepared as well. Have a strong pitch ready, one that can adapt as you are asked questions and notice what interests and disinterests your client.
It can also help to acknowledge competing properties in the open. If your client knows about them and is thinking about them, it can help to just discuss those properties and why you think the ones you are offering are genuinely better.
Tip #4: Approach Clients with Confidence
There is an argument that the more expensive a product, the more confident a salesperson needs to be. People need to know you believe in what is being offered.
Even if it is accidental, giving the impression you are unsure of a property when it costs multiple hundreds of thousands of dollars can tank a sale. Something can seem wrong, and that can put clients off.
One piece of salesperson advice worth listening to is to practice your 6 "BEs":
- Believe in yourself
- Believe in your product
- Believe in the product's price
- Be an effective communicator
- Be optimistic about achieving success
- Be a product expert
Now, much of this has been touched on in earlier tips, but the core of it all is being able to speak with a client knowing what you are offering is a good deal and that you have a good chance of convincing them as much.
Unless you are a con artist, this is not some trick. Real estate is a big market that excites people. You just need to identify what about a given property should excite potential buyers.
Tip #5: Make Sure You've Modernized Your Marketing
Far too much real estate advertising is still living in the past. Digital marketing is the future and you should embrace that as a real estate agent.
As a real estate agent, you should have an online presence. A personal website, active social media accounts on the big sites (Facebook, Twitter, Instagram, etc.), and more are all cost-effective ways to build your brand.
Have you ever wondered why so many websites have blogs? It is because it is a cost-effective way to attract attention to a website while also providing visitors with value. This, in turn, raises the search ranking of a website.
Helping real estate agents adapt to the modern marketplace is also one area where our company can help. If you are interested in developing 3D tours, aerial videos, floor plans, and more for a given home, check out our offerings!
Tip #6: Identify the Client's Needs
Building a strong rapport with clients is important. For both their sake and yours, you need to identify what it is they are looking for in a home.
Good rapport and questioning can also make it easier to discover what the client does not know they need but still does. Everything from bedrooms to a large yard to a pool may be important but only once you mention it.
One interesting element to this process is that we often think we want one thing but actually want another. At the same time, being pushy or coming off as ignoring a client's requests can ruin any potential for a sale.
You want to ask questions meant to find out what they need. You also want to figure out what the client wants but will not be dealbreakers if the price is right or the area is nice.
This is where a good rapport comes into play because you want them to be as open and honest as possible. Many people are not good at communicating or may be uncomfortable with strangers. Comfort helps you push past that.
The more information you have about what precisely it is a client is looking for, the easier any kind of sale is going to be. You know what sort of properties they will be most interested in and how to guide your pitches.
New Real Estate Agents Can Still Thrive
New real estate agents do not need to flounder alone. With some preparation and a little know-how, selling properties becomes much easier than it otherwise would be.
If you found this article helpful, explore our blog for more content like this. We also encourage you to explore our site to learn about what we can offer agents and so you can see our many tools in action!