Since what seems like the beginning of time, not a month goes by that we don’t run into at least three to four Real Estate Agents that claim that digital marketing is useless and a waste of time and money. Because I’m a naturally curious person, I feel compelled to dig into this, ask some questions, and find out if things truly are as they seem, or if there may be something else afoot, that could simply be overlooked by the Realtor®. Over the years, we’ve noticed that there are some common thoughts that come up time and time again. All these things, I would put under the category of using “Outdated Digital Farming Practices”, and not actually problems with doing digital marketing campaigns in your marketplace.
With a few small tweaks, these agents could actually be very successful with their digital marketing programs. To those ends, today, I thought I would share the three most common mistakes we see that can be tweaked, and avoided, turning your Real Estate Farming efforts into immediate successes.
If you aren’t tracking your response rates with your Postcard marketing, how can you truly say your marketing isn’t effective?
This one comes up time and time again. In fact, this has always been the most fascinating part of the Real Estate Industry to me. Unlike any other industry in Corporate America, the Real Estate Industry at large seems to be accepting of conducting long term, very expensive marketing campaigns, without any true way to track ROI.
If I were to go into Pepsi, for instance, pitch my marketing plan and when asked how we would gauge success or ROI, say, “I Don’t Know”, I would get tossed out of the meeting. They would be right to do so, because it’s simply unheard of to not have any plan for tracking marketing results. If major corporations refuse to throw money out to simply be “visible”, you should too!
First off, you have to set up your campaigns so there is a “next step”. I can’t tell you how many Real Estate Facebook ad campaigns I see and they don’t have any sort of next step or magnet to try and get a person’s information. For instance, maybe it’s an ad for a new listing. Rather than only give a few details about the home and hook the ad to a facebook lead form, they simply give every detail of the home in the ad itself and that’s it. The problem with this is when you give somebody all the information, they are very unlikely to reach out to you and engage.
Once you tune up your ads and have leads coming in from various sources, you HAVE TO analyze your analytics. I know stats aren’t sexy. Your analytics though will paint stories for you to give you ideas on what is over performing, what is under performing, and where leads are coming from.
When you actually start tracking results, you may be very surprised to find out that your campaign wasn’t broken at all. You just didn’t know where your deals were coming from. Conversely, if you find out that your campaign indeed is not effective, this gives you a quick way to find out, without wasting a bunch of money, and allowing you to make tweaks, to get your campaign firing on all cylinders.
Neighborhood Demographics Have Changed, But Your Marketing Content Didn’t
There is a saying that says “If you stop for lunch, you become lunch”. This saying can apply to your Real Estate marketing techniques. You see, in the past 10-15 years, across many of America’s cities, home values have risen dramatically. As the home values have risen, many aging homeowners chose to sell their homes, taking advantage of the high prices, and downsize to a smaller home, retirement community, etc.
Who moved into these homes? In the Silicon Valley, where our offices are based, for instance, many young, high tech executives moved into these homes. They were doing very well with stock options and great salaries and decided to settle down, buy a home close to their company and start a family. Many of these people are also actually from other Countries, like India or China.
If you are a Realtor® that didn’t notice these changes, the problem here, is that in a flash, the demographics of your marketplace changed. As a result of these changes, what used to interest the people you were marketing to, simply doesn’t cut it anymore.
Learn about your marketplace, give them what they want, and you will be successful.
Relentless Consistency Has Become The Name Of The Game
In the last 10-15 years, more than ever, mass media has hit a fever pitch. Americans are given so many marketing messages throughout the day, at such a rapid pace, and the Internet has given us such an “on demand” style of living that we have simply had our attention spans reduced to that of the mosquito.
Time and time again we hear from Realtors® that say they marketed religiously to their marketplace, year after year and it yielded zero results. Come to find out, when we dig a bit and ask them how frequently they were deploying campaign messages, we most commonly hear, “twice a year”, “every quarter”, or at best, “every other month”.
THIS WILL NOT WORK
In today’s marketplace, if you want to have a successful geographic digital marketing campaign, you have to your marketplace a minimum of two to three times per month with digital ads. On top of that, I would suggest also investing in ad retargeting campaigns and even intelligent, marketing automation drip marketing campaigns. Remember, digital marketing is not like the traditional marketing forms of the past, like postcards. It’s not as expensive as you think to have an aggressive campaign. If you want to be successful in your marketplace, this is the bar minimum number of touches you should be planning to touch homeowners in your marketplace.
You work hard on your marketing messages. Don’t let something as easily solvable as consistency be the thing that ruins your campaign.
So there you have it. These of course are just the three most common things we hear from Realtors® when discussing their digital marketing practices and why they think this form of marketing doesn’t work. There are many others we have encountered though, and thankfully, they all have simple solutions as those detailed above.
Do you need help analyzing your current marketing campaigns and want to figure out how to get it back on track? Have you completely stopped marketing and want to see about getting a campaign up and running? Have you never participated in this form of marketing and would like to learn “best practices”, before getting started? Click the button below and we’d be happy to help you.