When I look at the way the greater Real Estate Industry markets property these days, I see that many agents are using outdated tactics and ignoring new mediums.
Irrespective of how big the brand is, whether its national or even global, the vast majority of the practitioners working for that brand do not have enough of an understanding of what marketing actually is or how to use it c.2016.
The industry operates on the ‘business within a business’ mentality where the individual sales person is responsible for creating the campaign and recovering the cost of that campaign from the seller. Contrary to what a consumer may believe, in nearly all cases, the brand actually has zero control over things such as where the property is advertised, quality of photos taken or the method that is used to sell a property.
The traditional forms of marketing real estate have been;
- Major web portal
- Print media (newspaper)
What most agents are failing to take on board or realise, is where the 2016 consumer has their focus right now, and here’s the hot tip…. It’s not in the Saturday Advertiser or your local newspaper. A very small amount of people are still using this to look for property compared to the number of people in that age bracket taking up social media and Facebook.
Currently, over 55’s have the biggest uptake of new social accounts than any other age bracket.
*Source: International Business Times.
You only have to look at the consistent decline in readership of newspapers and their rising cost to see that people aren’t sitting around every morning sipping coffee flicking through the paper. Attention spans are much shorter than they were 20 years ago, heck even 2 years ago and with the addition of 1000X the amount of information being accessible and pushed toward them, is it any wonder.
Currently there are approximately 215 real estate portals and around the same number of social medial apps/sites.
As the world continues the shift away from traditional advertising such as print and TV, social media and in particular Facebook is currently the best ROI marketing strategy outside of the dominant real estate portals.
The example Facebook advert pictured, at the time of this article being written was 3 days old and with a total investment to date of $15AUD it achieved great results totaling 75 reactions and shares and 1239 post clicks. More importantly it has been marketed specifically to people with interests in buying real estate in that particular area. Compare that to the ROI on print which is 99.9% not quantifiable.
What we are seeing here is the evolution of targeted marketing which is extremely exciting for anyone in marketing. It’s not only cost-effective, its overall effectiveness outweighs that of many of the traditional mediums.
Of course there and multiple other avenues including other social portals and media that are easily accessible to agents and sellers which we will get to in future articles.
In this case, the reach is 100% quantifiable and visible by easy to access and understand reporting functions and the value this adds to a home seller is exceptional. Combined with a strong presence on portals such as realestate.com.au and domain.com.au the available reach is larger and more effective than ever before.
Many marketers continue to ignore and underestimate the power of social media at the detriment of their sellers and their future business.
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