Great Real Estate Marketing Matters Now More Than Ever — RISMedia |
In many large companies, the first thing you need to do is marketing during difficult economic times. However, research has shown that this move can set these companies back even further. A study from the Harvard Business Review showed that companies that drastically curtailed marketing after the 2008 recession were the least likely to stand out from the competition. Another study showed something similar, suggesting that companies that cut marketing had to spend even more money to recover.
How does this carry over to the real estate business? Let’s start with a look at the real estate market before the coronavirus pandemic. Inventories were tight and mortgage rates at historic lows. That means aspiring buyers with secure jobs will now have less competition in their home search and an opportunity to get a great mortgage. Buyers are out there and as economists suggest a backlog phase in the near future, consumers will look for agents who can best serve them.
Even if the market has slowed down, your customers still want to hear from you. Your marketing shouldn’t pause – your messages should change. Adjust your marketing tone to nurture empathy and compassion and keep track of your relationships. Here are ways to market smarter this year:
Understand your market
Stay up to date with the latest market information. Get your updates straight from the source and get interviews and insights from real estate leaders, economists, government officials and other experts in the field. Make sure your customers know they can reach out to you with questions. Establish yourself as a valuable resource for information and your relationships will remember when they’re ready to buy or sell again.
Share quality content
The marketing articles you share with your customers during this time should be uplifting, informative, and valuable. Send out marketing materials in the mail and email on relevant and insightful topics monthly to help people during this time. Only share content on social media with verified, reliable information straight from industry leaders. The content you share is meant to help people find their way around these times rather than harshly marketing your services.
Increase your service
Your marketing strategy needs to demonstrate your character. Show your diligence by taking personal notes and making calls to see how your customers are doing. Check-in calls and notes will help and will keep you posted when this crisis is over. You should also look for ways to serve your best employees outside of your company. Drop a small thank you on your customer’s doorstep, send them a digital gift card, or send them a board game from Amazon.
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