The Future of Real Estate Marketing
In today's competitive market, the importance of advertising for real estate agents should never be underestimated. You need to use all the right real estate marketing and advertising tactics to your advantage to stand out from other agents and reach the right buyers.
NPR reports that there are more agents than there are houses for sale in the U.S. On "any given day, you're likely to see about half a million homes for sale, and there are 1.5 million members of the National Association of Realtors." Small Biz Genius adds that when you combine licensed NAR realtors and the real estate agents outside the association, you're actually looking at more than two million agents.
In an industry this saturated, you need to pull out all the stops to set your brand apart. Below are a few trends and strategies realtors are embracing.
The Future of Real Estate Advertising
The future of real estate advertising is looking bright, with new innovative tactics bringing agents and buyers closer than ever before. This is significant since agents need buyers to trust them to get the sale, and buyers need reliable guidance and support throughout the difficult journey. After all, home buying and selling are among the biggest investment transactions some people have or will ever participate in, so they need reassurance they're being taken care of.
Use Data and Analytics to Keep Audiences Engaged
As the industry begins to slow after the pandemic, it's important for brands to keep their audiences engaged. You can do this by doing one or more of the following realtor marketing tactics:
- Target the right people who are actively searching for properties to maximize revenue and minimize waste
- Adjust creative/messaging to let clients and home buyers know you are there for them every step of the way
- Knowing your audience allows you to determine the best content to create
- Track your analytics to know what's working and what's not
Powerful Digital Presence
Having a powerful digital presence is crucial for local real estate marketers. Real estate agents must have a strong online presence to cater to buyers' ever-changing behaviors and needs. Not only are more people working from home, but there are also fewer face-to-face interactions between agents and buyers. Every industry has been forced into the online space following the pandemic, and real estate is no exception. In fact, 90% of real estate firms already have websites.
Fastest Growing Homebuying Demographic: Millennials
According to research reported by Bankrate, "There are 66 million millennials in the U.S., and they now represent 37% of the total national homebuying market." The report also noted that the millennial generation is the largest share of first-time homebuyers. This is nothing new and certainly not temporary since NAR adds that millennials have dominated the real estate home buying space since 2014.
What does this mean to you? Having a digital presence is no longer an option but a necessity for effective real estate marketing.
According to the Real Estate in a Digital Age 2019 report, 98% of older millennials search online websites for home search information, and 81% of older millennials/80% of younger millennials found their home using a mobile device. As for finding their real estate agent in the beginning steps, 23% of younger millennials used mobile for this step. And this was before the pandemic fast-tracked nearly everything digital and virtual.
Utilizing Social Media Marketing to Build Communication
One of the best ways for relators to advertise is through social media. Connect with consumers on social media – where most of your target audience is spending their free time.