The real estate industry is notoriously competitive. Buying a home is the biggest single transaction most consumers will ever make. Each home sold typically translates into big financial returns for realtors, so it’s easy to see why competition is fierce. In this setting, it’s only natural to wonder if there are special marketing tips for realtors.
The real estate market has seen a lot of changes over the last few years. Not long ago, a sudden booming market led to a short supply of housing and skyrocketing prices. More recently, rising mortgage interest rates have deterred some potential buyers from purchasing.
In response to these dizzying housing market changes, realtors have had to adjust their marketing tactics. Here are five marketing tips for realtors that can enable realtors to stay at the forefront of their industry.
1. Become an authority on FHA loans.
Rising mortgage interest rates have increased buyer trepidation and slowed home sales. In response to buyer hesitancy, more realtors are suggesting FHA loans as an alternative to conventional 30-year fixed-rate mortgages.
FHA loans are insured by the government and carry a lower risk for lenders. They often come with lower interest rates than conventional home loans, which is an attractive feature for buyers. Additionally, they are easier to obtain because they allow lower credit scores and require a down payment of only 3.5%.
To stay at the top of your marketing game, become an authoritative source of information on the FHA loan. This type of loan is not an all-size-fits-all solution and thus won’t be ideal for all buyers. But it can help you appeal to those who may not qualify for a conventional home loan.
Reference a comprehensive FHA loan guide from a trusted source such as Mortgage Research Center. Guides like these can assist you in relaying the pros and cons of these loans, how they work, and eligibility requirements.
2. Update your website.
How old is your website? If it’s two or more years old, it’s probably time for an update.
Ideally, realtors should look over their websites on a monthly basis to make minor changes and updates. But more extensive overhauls should occur every two to four years.
When updating your website, make sure it’s designed to help you get real estate leads. A lead-generating website should utilize the newest and most effective web design trends. It should also be quick-loading and easy for visitors to navigate.
Finally, your website should contain optimized content that improves your online search engine rankings and engages visitors. If your site checks off all these boxes, you’re in a good position to increase sales as a realtor.
3. Use social media effectively.
Whether you personally love or hate social media, you need to use it in your marketing campaigns. Approximately 70% of adults between the ages of 18 and 29 use social media platforms.
If your goal is to reach a wider audience, the best way to achieve it is through social media. Using this channel effectively involves more than occasionally posting a few pictures of for-sale homes. As a result, you need to craft your posts so they stand out and demand attention.
There are a few ways to help grow your sales through social media. First, make your content as interactive as possible. You can do this by posting polls, sharing live videos, and hosting contests.
Second, make sure you know your audience and craft your posts to appeal to them.
Third, create a social media schedule and post religiously so your target audience consistently sees fresh, on-point content.
4. Become a master of the virtual tour.
Virtual reality is no longer an experience primarily reserved for gaming enthusiasts. It has become a powerful marketing tool across a variety of industries, not least real estate.
To remain competitive as a realtor, you need to expand your horizons beyond using photos alone to sell homes.
Today’s buyers are looking for an immersive experience when house shopping. They don’t want to look at still pictures and fill in the blanks with their imaginations. They want to feel like they’re exploring a home in person even when they’re not really there.
So, if you’ve only dipped your toes in the world of virtual tours, it’s time to jump in with both feet. Let VR technology do the hard work of convincing potential buyers to fall in love with the homes they tour.
5. Advertise at local events.
If you live in a tight-knit community, local advertising techniques are great for increasing sales. Check community calendars to see what big events are approaching.
Is there a popular holiday light show coming up? Check whether you can hang fliers at the ticket booth. Is your community crazy about local sports? Become a team sponsor so you can get your business name out there while supporting your community.
People pay attention to and appreciate businesses that help make community events possible. Never underestimate the power of donating your time and financial resources to your city or neighborhood. Your efforts will likely pay off in a big way as community members rally to support you in return.
In an industry as competitive as real estate, you must constantly analyze and adjust your marketing strategies to stay relevant. As a result, it can be challenging to stand apart from other realtors and reap the highest rewards from your marketing efforts. To take your marketing game to the next level, give the marketing tips for realtors in this guide a shot. You have nothing to lose and increased home sales to gain.