The housing boom has attracted a flood of newcomers to the real estate profession. Those who have been downsized, retirees, and even people who just want a better lifestyle see real estate careers as exciting, less stressful, and offering great rewards.
But they soon discover that the real estate profession is saturated and very competitive. It is difficult to break into the market and win a clientele. Unfortunately, following the standard real estate formula for new agents generally leads to several years of long hours with low compensation. Most give up and quit, and their “established” brokers and agents gladly follow up on any leads they may have generated.
According to a recent study by the National Association of REALTORS®, rookie agents work more but earn less. Agents who have been in real estate for two years or less earned an average of just $ 12,850 in 2004, and the majority (54 percent) reported working more than 40 hours a week. This figure was down from a median income of $ 27,973 earned in 2002. Bottom Line: There are many more people in real estate now competing for the same business. Trying to gain traction strictly through referrals, sitting at open houses, sending postcards, or handing out flyers goes a long way for novice REALTORS.
In today’s residential real estate market, the name of the game is getting listings and buyers from all sources. Simply “farming” a territory the traditional way is not a practical strategy for real estate newbies. First, there are no virgin territories. Second, newbies must always outgrow entrenched competition. To accelerate their success, new real estate agents must work smarter than their established colleagues by leveraging internet marketing tactics to promote themselves, tap into a larger market, and increase productivity.
Unless a newbie is entering the real estate profession with a captive clientele, you’d better take control of your own business strategy. And the only way a new agent can distinguish themselves today is by coloring outside the lines. Internet marketing is a proven means of helping new agents stand out from the crowd. Here are some solid recommendations for a kid new to the block:
1. Get your own website, not a page or subdomain of someone else’s site. Build your site to promote yourself, your talents, your listings, and your services.
2. Use your website as the focal point of all your marketing efforts. Everything you do, in terms of marketing, must be calculated to drive traffic to your website.
3. Make your website as attractive as possible. Update content often with relevant community news and RSS feeds to ensure that visitors return frequently. Try a blog – they are easy to implement and generate interesting content. Offer meaningful articles that will attract potential buyers and sellers (industry insights for mortgage rates, what to do when selling your home, a summary of local sales, home value trends, etc.).
4. Build visibility among the major search engines so your site appears on the first page when someone searches for agents in your area:
To. Establish a meaningful domain name that reflects your location and emphasis on the market.
B. Optimize your site for search engines by choosing specific keywords based on your geographic location. Set the proper keyword density in your site content, meta tags, alt tags, and internal links.
vs. Establish a link exchange program with complementary sites, such as non-competing REALTORS or real estate related services. Building external links increases your search engine ranking and qualified lead traffic to your site.
D. Make sure you’re listed in the top real estate and business directories.
me. Use sponsored search engine listings alongside affordable “local search” listings and pay-per-click advertising to increase online visibility and acquire qualified traffic.
F. Get a list of one or more of the popular online “yellow pages” like Verizon Superpages.
gram. Take advantage of free local advertising like Craig’s List.
h. Learn how to use landing pages to capture metrics and tune your promotional activities for optimal performance.
5. Use viral marketing tactics, such as placing a “forward to a friend” script on your site and in your newsletter, to win over customers you have not had previous contact with.
6. Implement marketing tactics to capture sales lead information from website visitors:
To. Start a free monthly newsletter and offer a significant incentive to sign up. Use this as a mechanism to nurture leads through “drip, drip, drip” marketing.
B. Write or purchase a relevant white paper or e-book. Use this as a giveaway to attract new newsletter subscriptions.
vs. Offer a free “home appraisal” service based on local comparables.
D. Put “special offers” in your newsletter that only subscribers can enjoy. This will promote viral marketing among friends and family.
me. Run an online giveaway for a desirable prize for acquiring email addresses, then request subscriptions to the ticket newsletter.
F. If you can afford it, log into your MLS database so that registered visitors can inspect local listings.
7. Improve your productivity by using an automatic reply for newsletter delivery and automatic follow-up of inquiries.
In short, make your website the destination for all marketing activities. Even offline advertising must be designed to drive traffic to your website. Once there, focus on selling yourself and your services to potential clients. Differentiate yourself from the competition by presenting yourself as more in tune with current marketing methods, using more modern and advanced tactics to find the best home for buyers, or achieve the fastest sale at the best price for homeowners.
Compared to the “old school” of real estate marketing, websites are 24×7 virtual storefronts promoting products, services and talents 24 hours a day to a global audience. Internet marketing pushes your promotional dollars further and helps you stand out from the crowd. It also dramatically expands its audience, attracting clients from across the country and even the world.
Rookie agents need to chart their own course to be successful. Don’t be afraid to adopt new methods of marketing your services. Above all, don’t follow the herd. Be Different – Take control of your real estate career and outperform your competitors through aggressive internet marketing.
