Real estate market conditions may have hit an all-time low, but that doesn’t necessarily mean the end of the road for realtors. As any top agent will tell you, the first step to recovery during a down market is to adopt the right attitude and accept the market conditions as they are. While pundits have shown optimism by forecasting improvements within a year, the best way to survive until then is by staying positive and examining all your options. Here are some tips and pointers to help real estate agents brave these dire times and even come out on top:
Integrate social networking sites into your strategy – Top real estate agents Ted Mackel andÂ Irina Netchaev agree that one of the keys is to market yourself in new ways. Social media such as Facebook is a great way to use marketing in a way where you can tap into thousands of people in your network. This is your instant ticket to connecting with friends who are in the market, and their friends who are just a status update away. Never underestimate the power of networking.
Establish your authority – Consumers are wary of whom to trust and believe when it comes to real estate, so it is important to establish your authority early on and let them know that YOU are the expert. A simple way of doing this is through your own website. Make sure that a client can find everything they would need for a real estate transaction on your website. Add unique, relevant content that is informational and captivating that will entice visitors to come back for more and even pass around your information to their friends, family and colleagues.
Be up to date – Another vital tip is to change with the times and reinvent yourself whenever possible. While you have no control over market conditions, you can obviously fine tune your real estate website to adapt to the circumstances by redesigning it to give it a fresh look. Choose a specific niche that you can specialize in or already specialize in and center your agent website and internet marketing strategy around that. If you know Beverly Hills or Brentwood like the back of your hand, focus on those areas. If your client base is diverse, you might want to group them according to property types, i.e. young professionals with condos, senior executives with luxury properties, etc.
Think out of the box – With the real estate business growing more and more saturated each day, keeping track of the reputable ones versus the more dubious ones becomes a challenge. Not having a memorable brand name is a surefire way to disappear into the oblivion of their collective consciousness. Be creative – stand out from the clutter of mediocre website designs and invest in a dynamic look, compelling and relevant domain names and strategic email marketing. All these elements put together will ultimately define your brand. Synergy is key, the results will follow.
Spread the word – Last but not least, go viral. Word of mouth marketing has always been one of the most cost effective ways to grow a business. This time may soon come to an end as internet marketing continues to become one of the most cost effective ways to spread information and services quickly and effectively. Aside from social networking, use email and SMS to help steer your business in the right direction. Drip marketing, when implemented correctly, can convert more leads and yield positive results. Targeting a niche market with a series of well thought out email messages has been proven to win over the trust of home buyers and sellers over time.
Again, once you’ve accepted the state of the market, that’s half the battle won. It’s how you deal with it and move on that will determine whether your business will sink or stay afloat.
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