Are you eager to maximize your real estate business’s potential through digital marketing? Whether you’re just starting out or feeling frustrated by the lack of desired results, it’s essential to face the reality of real estate digital marketing. Embracing the truth can lead to remarkable success, while neglecting it may result in costly failures.
● The Digital Shift in Real Estate Marketing
In today’s world, digital is the new norm.
Almost 100% of home searches begin online, with the majority conducted on mobile devices. Younger generations may never experience the days of phone books or printed newspapers and might not even need a keyboard or email. Consequently, real estate marketing has predominantly moved into the digital realm to meet the evolving preferences of buyers and sellers.
To be there for your customers when they need assistance with selling, buying, renting, or investing in homes, establishing a strong online presence is crucial.
Thankfully, the majority of industry professionals and businesses have recognized the significance of digital marketing. According to RealTrends, 70% of agents now have a website, and their preferred advertising channels include social media, newspaper advertising, and search engine marketing. This shift towards online engagement is essential for staying relevant in the ever-evolving real estate landscape.
According to ATTOM Data, real estate marketers, brokerages, and Realtors allocate just 2% to 6% of their advertising budget to PPC and drip campaigns. Surprisingly, this percentage is similar to what is spent on websites. While social media remains a significant investment, it is often overshadowed by the amount spent on purchasing internet leads from external sources. Interestingly, old-school methods like mail and flyers still receive more budget allocation compared to modern digital marketing practices. This imbalance in spending highlights the need for real estate professionals to shift their focus towards more effective and efficient digital marketing strategies.
Relying on purchased leads has proven to be a costly, unreliable, and unsustainable method of maintaining a business. As a result, an increasing number of real estate investors, brokers, and agents are now opting to develop their own campaigns and digital marketing funnels. This shift is driven by the fact that the majority of leads are generated through these channels. However, it is important to acknowledge that this approach is also giving rise to significant waste and frustration within the industry.
● Digital Marketing in Real Estate: Between Aspirations and Setbacks
Despite the enticing promises and the appealing façade of generating real estate leads online, the reality often falls short of expectations.
Numerous success stories and hype surround digital marketing, and when executed correctly, it can indeed provide a steady stream of deals and revenue. It boasts the potential to deliver unparalleled marketing Return on Investment (ROI).
Yet, the journey of getting started in this realm is seldom as effortless and predictable as it may seem. Many individuals find themselves facing financial hardships during the process, with some even going broke. Even those who appear to be thriving may be achieving lackluster and non-competitive results.
Merely posting the occasional random content on Facebook, experimenting with a DIY Google Ads campaign for a short period, or launching a podcast may not yield the impressive results you envision. It is crucial to differentiate between potential successes and highly probable failures before investing your resources into digital marketing.
● The Perils of Illusionary Marketing
Failure to grasp the true requirements for success in this domain can lead to significant financial consequences. It’s essential to be realistic about the challenges and costs involved.
The initial year in the real estate industry proves to be an uphill battle for many agents. A considerable number of them struggle to stay afloat and end up facing financial difficulties to the extent that they cannot afford to renew their licenses.
Similar challenges plague numerous small businesses as well. Cash flow issues emerge as a leading cause behind the majority of their failures. The road to establishing a successful presence can be tough and demanding for both real estate agents and small business owners alike.
While generating leads and closing deals through your marketing efforts is a positive start, it’s not enough to ensure long-term survival. If your returns and profitability aren’t leading the pack, your competitors will swiftly take advantage of the situation.
The consequences of falling behind can be significant. You may experience frustration, stress, and missed opportunities to collaborate with top talent. Additionally, you’ll likely miss out on potential deals and the chance to build lasting customer relationships, resulting in slow growth.
However, there is hope to avoid such outcomes. Realistic expectations and a strategic approach can lead you towards sustainable success in the face of competition.
● Essential Components of Contemporary Real Estate Digital Marketing
A comprehensive digital marketing strategy in the real estate industry should incorporate the following key elements:
- Facebook chatbots
- Online classified ads
- A professional real estate website
- Landing pages for targeted campaigns
- Google Ads for targeted online advertising
- Click-to-call functionality for easy communication
- Text and SMS messaging for instant outreach
- Integrated Customer Relationship Management (CRM) systems for streamlined interactions
- ingless voicemails and voice broadcasts for effective communication with prospects and clients.
By incorporating these elements, real estate marketers can establish a strong digital presence and efficiently engage with potential clients to drive growth and success in today’s competitive market.
● Understanding the Root of Failure in Real Estate Marketing
The primary cause behind the failure of real estate companies and individual professionals can be attributed to unrealistic expectations.
Many of them fall into the trap of purchasing programs from self-proclaimed gurus who lack specialization in real estate marketing or target audiences. Alternatively, they attempt to replicate strategies without understanding their effectiveness or suitability. Getting the marketing funnel right becomes a challenge for them. Even if other aspects are in order, a significant issue arises when they fail to follow up with leads effectively.
To succeed in real estate marketing, it is essential to set realistic goals, implement strategies tailored to the industry, and prioritize lead follow-up to foster lasting success.
● The Pillars of Achieving Success
To excel in this realm today, it is crucial to focus on the following key elements:
- Fully Integrated Lead Funnels: Develop cohesive and efficient lead funnels that cover the entire customer journey.
- Attractive Design: Present your marketing materials and platforms with visually appealing and engaging designs.
- Instant Follow-Up: Promptly respond to leads and inquiries to establish a strong initial connection.
- Ongoing Follow-Up: Maintain consistent and persistent follow-up with potential clients to nurture relationships.
- Establish a Real and Sustainable Budget: Allocate appropriate resources to support your marketing efforts effectively.
- Conduct Thorough Research: Engage in comprehensive research to understand your target market and their needs.
- Constantly Updated Research and SEO: Stay on top of market trends and optimize your search engine presence.
- Empathize with Customers: Always put yourself in the shoes of your customers to better understand their perspectives and preferences.
Remember, closing deals in this space requires more than just a single Facebook post or Google ad. Success is a numbers game, involving genuine engagement amidst a mix of clicks, fakes, bots, and potential scams. Converting leads into actual clients often necessitates consistent follow-ups, with an average of seven interactions to achieve the desired results in terms of clients and revenue.
Beware of undervaluing your marketing efforts. Each piece of content you put out is a reflection of your brand. A first impression can make or break a potential customer relationship forever. While you may not have the budget to dominate the most obvious local keywords or spend like renowned publications, there’s still room for effective marketing.
Real Trends data indicates that the top 11% in your industry invest significantly, ranging from $20,000 to over $80,000 in their advertising. Quality should be your priority over quantity, and cost-effectiveness is essential. However, be cautious about going too cheap, as it may lead to wasted resources. Striking the right balance between investment and results is key to successful and impactful marketing.
Don’t hesitate to seek the best possible assistance. SEO alone demands the efforts of an entire team working full-time to stay ahead. Recognize where your strengths lie and where your time is best invested. Your expertise is likely in closing deals and devising growth strategies, not in deciphering two decades’ worth of SEO intricacies and landing page techniques. Enlisting specialized help allows you to focus on what you do best, while leaving the complexities of SEO and digital marketing in capable hands.
● Practice Patience in Your Online Endeavors
While online campaigns can be launched swiftly and may show initial results, achieving sustainable success and optimizing returns requires time and financial investment.
Overnight viral successes are often backed by substantial ad spend, sometimes reaching $1 million, or they result from consistent efforts in delivering exceptional content and branding over an extended period.
Avoid fixating on the wrong metrics, as this can lead to frustration and confusion. Instead, focus on hiring skilled individuals, conducting thorough research, testing, and making necessary adjustments to establish a robust model.
Scale your efforts wisely and continue to build upon your successes. Remember, it’s a journey that requires patience, commitment, and a well-structured approach to achieve your desired outcomes.
