The real estate market is competitive, so there’s constant pressure for real estate professionals to stay on top. Likewise, the world of real estate marketing is constantly evolving, and staying on top of trends is crucial to your success.
And if you’re like most real estate professionals, you’ve already got enough on your plate; staying informed on the latest marketing trends can be challenging. Mistakes are bound to happen even among the most skilled real estate professionals. However, by being aware of some of the most common mistakes, you can exercise extra precautions to avoid them.
Assuming Direct Mail Marketing is Dead
One of the biggest myths regarding real estate marketing is that print marketing is obsolete. In reality, print marketing has the best returns on investment in real estate, from “just listed/sold postcards” to brochures and open house flyers. The key to finding success is knowing where to spend your money.
You can discover some practical print marketing tips for the luxury real estate market in our Estate of Mind podcast episode “Improve Your Targeting Strategies in Luxury Real Estate” with David Collins (President and CEO of REAL Marketing).
Assuming You Know the Market
As easy and convenient as it is to “trust your gut” and make assumptions about the market based on your own experience alone, the reality is that this can lead to some serious mistakes. Rather than assuming you know the market at any given time, it’s better to pull stats regularly and set aside time in your day to study local market trends.
This may mean, for example, taking inventory of how many new homes were listed and how that number impacts local inventory levels. You may also want to keep a close eye on the Luxury Market Report for the latest metrics and statistics. Knowing the actual state of your local market at any given time is one of the best ways to set yourself apart from your competition and deliver the best service to your clients.
Only Using Social Media to Showcase Your Listings
It’s no secret that social media is valuable for showing off your latest listings and even bragging about your most recent sales. On the other hand, when you’re only using social media to showcase your listings, you’re missing out on a lot of its true potential.
To take your marketing to the next level, use social media to establish your brand image, connect with your audience and forge new relationships that could help you expand your referral network. Post personal stories or share client testimonials. While every other real estate professional is on social media, you can use your social media platforms to differentiate yourself.
Not Saying “Thank You” Enough
When was the last time you gave a heartfelt “thank you” to the people in your network who have helped you reach the level of success you’re enjoying today? Make sure that you’re expressing your gratitude not just to those who have provided you with referrals but to others who have helped you get where you are today.
This may not seem like a marketing strategy at first glance, but the truth is that long-lasting building relationships within your network are one of the best ways to get more referrals in the future. This, in turn, can help you even further expand your network and grow your brand. However, when you fail to acknowledge or appreciate those who have helped you in the past, they’re less likely to want to help you again. Whether it’s something as simple as a handwritten “thank you” note/card or a grander gesture, a little acknowledgment goes a long way.
How Being a Member of The Institute Can Improve Your Career?
Building an effective marketing strategy as a luxury real estate professional requires much time, effort, and fine-tuning. However, your efforts can pay off when you bring in new clients or referrals and grow your reputation as a trusted real estate expert in your area.
In addition to avoiding the common mistakes above, you can take your real estate marketing to the next level with some help from the Institute for Luxury Home Marketing. Specifically, having our Certified Luxury Home Marketing Specialist™ (CLHMS) designation on your resume can help you stand out while gaining the online and in-person training you need to succeed in this competitive market. Likewise, you can always count on The Institute for valuable insights and tips from industry experts, as well as our online community of like-minded individuals with which you can share marketing ideas and lessons learned.
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I’m definitely looking into direct mail marketing. It’s only now because starting out we barely had any allocated budget for it, but since business has been rather stable, it wouldn’t hurt to expand our marketing front.