3 minute read
Exceeding Marketing Expectations in a Shifting Market
By: Brian Craft, Marketing Director; The Coffey Group Fine Homes International
arketing in the real estate sector can already be a challenging mission, especially in a shifting market. A shifting market is characterized by fluctuations in prices, demand, and supply of properties. As a real estate marketer, you must stay ahead of the curve and adapt to these changes to remain competitive. The main component I weave into all of the messaging I disseminate is a sense of assurance and calm. I have broken it down into digestible strategies that will help you thrive in a shifting market.
Marketing Strategies That Work
Understand the market - keeping your thumb on the pulse of the market. To effectively market real estate in a shifting market, you must first understand the market. Keep an eye on trends, price fluctuations, and other indicators that can affect the real estate market. You can use data like the statistical reports provided by RASM, local, and national publications, and industry reports to keep yourself informed. Understanding the market will help to make informed decisions and create marketing strategies that are relevant.
Target and segment your audiences. It’s important to target your marketing efforts toward the right audience. For instance, if you’re marketing a luxury property, you should target high-net-worth individuals who can afford it. Similarly, if you’re marketing a starter home, you should target firsttime homebuyers who are looking for affordable properties. Understanding your audience will help you create more effective marketing campaigns. With the proper tools, it is easy to target feeder markets, local areas, and proven demographics.
Focus on value. In a shifting market, buyers are looking for value. They want to get the best deal for their money and to work with an actual human who has a vested interest to help. You can capitalize on this by focusing on the value of the home. Highlight the unique features of your properties, such as location, amenities, and upgrades. Advising your client with proven statistics on staging their home, or having an inhouse staging company with design boards that you can easily share, can be a huge value add.
M Leverage Digital Marketing. Digital marketing is a powerful tool for real estate marketers. Use social media platforms, email marketing campaigns, and online ads to reach potential buyers and sellers. You can also create virtual tours of your properties to give buyers a better understanding of the property. A Matterport tour is fantastic, but today’s buyer wants to connect in a more authentic way. Try arriving early to an open house and going live on social media to give a glimpse into the home. This will not only peak the attention of potential buyers, but increase your visibility, increase traffic, and show that you are thinking outside the box.
Price competitively and realistically. In a shifting market, pricing is critical. To remain competitive, you must price your properties competitively. Research the market and analyze the prices of similar properties to ensure your pricing is in line with the market. You can also consider offering incentives such as closing cost assistance or a home warranty to make your property more attractive.
Highlight the potential for growth. Buyers are always looking for properties with potential for growth. If the property is located in an area that’s undergoing redevelopment, highlighting the potential for increased property values in the future, this also goes for things that they may not see when they visit the property for a showing, such as community events like a weekly Farmer’s Market or an annual Jazz Festival.
Exceed their expectations. Customer service is an essential part of real estate marketing. In a shifting market, providing excellent customer service can help you stand out from the competition. On my team, The Coffey Group Fine Homes International, it is our standard to exceed all their expectations and to provide the ultimate experience with a RitzCarlton approach. Respond promptly to inquiries, provide accurate information, and be transparent about any issues with the property. Providing excellent customer service can help you build a positive reputation and increase referrals.
Marketing real estate in a shifting market can be challenging, but it’s far from impossible. By understanding the market, targeting your audience, focusing on value, leveraging digital marketing, pricing competitively, highlighting the potential for growth, and providing excellent customer service, you can create effective marketing campaigns that attract potential sellers and buyers and build your brand through the most powerful lead generation tool; word of mouth. •
