A result focus ensures the Effectiveness of Real Estate Marketing

Barry Osborne

Proof_of_Theory_in_Marketing_Real_Estate

I am sure every Real Estate Agent have their own theories as to the best way to Market Real Estate. But how often do they really put their theories to the test by ensuring all their marketing are really being monitored in a way where they can say to the Seller the results are such and the figures are placed in front of the owner. The older the marketing practices are, the less likely you are of receiving data that will give meaningful monitored results. This is where the vendors are being convinced to waste their money, if the result of a certain advertising cannot be monitored, then it is no good doing.

The Seller of the property has to cut through all the sales hype and focus on the facts that are available. It is no good completing a marketing campaign with a good result, and not knowing how it was achieved, or not achieving a Sale and the property is not attracting buyers and having to determine what went wrong? What can now be done, to turn the situation around?

First Step Start with a documented Marketing Plan

By documenting something, you have information to refer to and in that information should be the reasons as to WHY the strategy was thought to be achieve the effectiveness of Real Estate marketing. This document should cover the 5 P’s of marketing which are:

  1.       Product - The unique selling proposition of the property.
  2.       Price - The realistic price range that can be supported.
  3.       Place - Where will buyers see this property?
  4.       Promotion - Effectively communicate to create awarenes but monitor.
  5.       People - Who is the Marketing Persona aimed at?

If the owners received this type of document, then they would be in a much better position to be aware as to the strategy in marketing their property. This is essential that they are.

Second Step Only do marketing that can be monitored

So much of Marketing Real Estate is done on the basis of doing the same old, same old. It is like what happens in most businesses, a system/procedure is designed and then adopted as the ongoing procedure. The problem with this is that the market changes. So we have press advertising being heavily sold by certain agencies and convincing the vendors that this is bringing good results. But go to the paper and look at the advertisement and see for yourself.

How could anyone monitor whether this advertisement brought results?

The only tie there is to the advertisement is the phone number or email address to contact the Agent. In some cases, you may find a QR Code which at least sends them to a web page, hopefully not a portal page. 

But this could be easily overcome by adopting a strategy change, making your advertisement less informative and sending the inquiry to an individual property website that will give them all the information they require and at the same time, recording the visits to the website. This is what you the vendor is paying for; tangible results in marketing Real Estate. Important not to waste your money on theories that results cannot be measured. You want to know how important was the advertisement compared to the portal or the sign outside the house. All these can be monitored by creative marketing and helpful software. If your agent is not able to support your marketing spend with this sort of information, then you need a new up to date marketing agent.

Third Step Select your Agent for their creativity and flexibility.

One of the real issues with Marketing Real Estate today is the issue that all the properties start to look the same whether in the press or on the portal because of standard templates, etc. This creates a real problem of differentiation, the importance of making your property stand out from the rest. The new style agencies are not only showing their creativity by doing things differently but most importantly are monitoring the Effectiveness of Real Estate Marketing to ensure the best results are being achieved for the money spent.

 


Just like the movie where Tom Cruise playing Jerry McQuire made the great statement "Show me the money", in achieving the effectiveness in Real Estate Marketing the catch cry from the vendor should be "show me the numbers". Without the backup of some of these agent theories with actual figures, then good money is being wasted and the unsupported sales hype continues.

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