Marketing may be the secret to success in this tight market. By remaining focused on your marketing initiatives, agents are poised for long-term success, at least according to a recent report released by Luxury Presence and Sell it Like Serhant. The two organizations joined forces to create a marketing-focused report based on responses from over 1,000 luxury agents.
The trends in marketing are always changing, especially in the fast-paced world of social media. Broadly, the trends thus far in 2023 suggest new, popular marketing channels compared to the top marketing channels of 2022. Looking to up your marketing game today? According to the report, invest your time and resources in:
- Website
- SEO
- Youtube
Despite 2023’s challenging market thus far, 75% of responding agents said they still expected their business to increase this year and marketing will be a big part of that increase. To achieve this growth, respondents said their focus is on two main areas of marketing: brand strategy and lead generation.
According to the report, these responses indicated that “agents are still willing to invest in marketing initiatives that help them achieve their goals.”
Brand Strategy
Building a personal, and business, brand can be essential to your marketing strategy. And, brand strategy is more than the aesthetic of your social media account or the color of your business cards. You can enhance your brand in the messaging you use on customer relationship management (CRM) software too. Using personalized messaging can do just as much to enhance your brand as any visual element.
Brand strategy also includes online presence, and according to the report, “agents are particularly recognizing the value in professional websites, which allow them to communicate their brand, showcase their listings and services and provide valuable information to potential clients. This is especially important in the luxury real estate market, where a memorable online presence plays a big role in differentiating agents from their competitors.”
Generating Leads
Social media is also one of the best ways to generate leads, according to luxury agents. Organic social media posts that inform their audience, use high-quality visuals and include valuable tips are among luxury agents’ best practices. These strategies prove that generating leads does not have to be confined to paid lead generation.
In fact, one of the most fool-proof ways to find new business is still through referrals. According to the report, “63% of sellers found their agent through a referral and 73% said they would recommend their agent.” This kind of lead generation is invaluable to your real estate business. The report goes on to recommend that agents request testimonials, create newsletters and reward previous clients who send recommendations their way.
Just like your CRM can be a great asset for building a brand, it can also be a powerful lead-generation tool. “Use automated reminders to stay on top of important tasks and follow-ups, and capitalize on opportunities to meet in person,” the report said.
Marketing Insights for Agents
At the end of the day, the report by Luxury Presence and Sell it Like Serhant emphasizes that, “Top-producing agents know that success requires a thoughtful approach to marketing, combining a strong brand, personalized communication and smart technology that makes your life easier.”
Whether your top priorities for the remainder of 2023 are a brand strategy and lead generation or other facets of marketing, remember that money spent on marketing is money earned later on. The right marketing strategy can put your business over the top in any market.