Marketing Strategies In Real Estate
Marketing Strategies in Real Estate The American Marketing Association defines marketing as "the process of planning and executing the pricing, promotion, and distribution of goods, ideas, and services to create exchanges that satisfy individual and organizational goals."
Many companies, particularly prior to the 1970s, were product-focused, employing teams of salespeople to push their products into or onto the market, regardless of market desire.
However, a market-focused, or customer-focused, organization instead first determines what its potential customers desire, and then builds the product.
This would be done by finding out specific information about the clients wants, needs and capabilities; i.e. desired amenities, credit and financial status, geographic preferences, or limitations, etc.
After this information is gathered and assessed you then match the prospects with available properties that meet their needs. No need to try to sell someone a $500,000.00 house if they can only afford one that costs $250,000.00. I can almost guarantee that it'll turn out to be a misearble experience for at least one party, if not all; including the buyer, the seller and you.
There are two major aspects of real estate marketing strategies worth further investigation:
- the recruitment of new customers (acquisition), and
- the retention and expansion of relationships with existing customers (base management).
Also, when dissecting marketing strategies in real estate it is especially important for agents to continue marketing past clients,. If you satisfied them in the past, there is a greater chance they will come back to you for future real estate needs.
However, many agents fall way short of maintaining productive relationships with clients after making a sale. Consequently, they'll wake up one morning and discover that a client that they sold a home to 3 years ago has listed that same home with another Realtor and are looking to move up in price and size.
An emerging area of study and practice concerns internal marketing, or how employees are trained and managed to deliver the brand in a way that positively impacts the acquisition and retention of customers.
Once a marketer has converted the prospective buyer, base management marketing takes over. The process for base management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place and improving the products' service continuously to protect the business from competitive encroachments.
You, as a real estate agent, will have greater long term success if you think of each prospect as a life long customer. It's pretty common for homeowners to have 5 or more homes within their life span. Reflect for just a second on former clients, or just friends and family, who have sold and bought new homes during the last 4 - 5 years.
Now, imagine the impact this would have had on your bank account if you had been jolly on the spot and facilitated those transactions. That's the power of shifting from an acquision real estate marketing philosphy to base management marketing as one of the marketing strategies in real estate that can help you build your real estate business.
"Marketing strategies in real estate. How good of a job are you doing marketing past clients?"
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