On the 5th Day of Christmas Caruso Gave to Me – 5 Fundamentals of Real Estate Marketing.
Real estate marketing is based on fundamentals which are often overlooked because real estate sales are considered by many people to be sales work. It is actually marketing because the customer cannot be sold until the real estate agency understands the customer, and what the customer wants.
1. The first Fundamental is Research. Effective marketing requires thorough research, and it is difficult to do too much research. Research is the first and most important of the fundamentals because it is the beginning of knowledge. You cannot advertise or create a web site to attract clients without knowing everything about your audience. It would not be practical to market a property to people earning $25 per hour if $50 per hour would be required to pay for it. Knowing what the market is intended to generate is critical to finding the people who will respond to the marketing. Marketing your agency to the people you want to attract as sellers and buyers is nearly an art. Professional web site development help can be invaluable.
2. Fundamentals of Focus. Focus and consistency result in success. Focus on your target clients and do not lose sight of their objectives. Focus on the learning process no matter how long you have been marketing real estate. There is always something to learn about your business, services, customer preferences, sales techniques, and the competition that will help your marketing efforts. New ideas and strategies are being developed every day, and there is something new to be learned every day. The business does not stand still. Competition requires advancement in every aspect of the business.
3. Give Free Advice. Customers appreciate good free advice or tips that will help them. Make yourself the person that customers consider a steady resource. Make yourself an indispensable advisor. New and repeat customers will be profit making customers. Often, giving people advice about potential governmental actions that might affect some property values or usage will always be appreciated.
4. Be Predictable. People are always looking at you for the quality of help that you might provide them. Honesty, promptness, keeping your word, delivering when you promised, and always making sure your actions match your words are essential characteristics of a successful real estate sales person. People will talk about you regardless of what you do, so they should be able to talk about you in a positive manner. The real estate sales person’s reputation in the community is vital to their success.
5. Adaptability Is an Important Fundamental. Successful people and particularly successful real estate sales people need to be flexible and willing to change where appropriate. A sales person will fail, if they cannot follow their client’s lead and accept their personal characteristics. It’s a good idea to mirror the behavior of the client. For example, if the client is quiet and reserved, avoid loud talk or boisterous talk and laughter. Use language that reflects their language. For example, if the client describes a property as a fixer, do not try to position the property as a potential charmer. If the client is chatty decide whether they want you to listen, or whether they want you to be chatty too.
And thank you for making me Your Orange County Real Estate Connection.
Michael Caruso, Broker ABR ABRM CLHMS CRB CRS GREEN GRI
Past President, Orange County Association of Realtors (949) 753-7900