Untapped potential: Online marketing for your real estate business
Consider an agent representing a seller of a property. To ensure the highest possible selling price, they want as many eyes on the property as economically feasible. No vest pocket listing treatment.
The agent lists the property on multiple listing services (MLS)
to ensure other brokers and agents interested in their area view the property. The agent also sends marketing emails to past clients.
A handful of potential buyers and buyer’s agents view the property, but no offers are submitted. The seller wants to sell the property quickly and is not satisfied with the limited number of buyers who have visited the property.
What else can the agent do to attract buyers?
Here, the agent has not yet tapped into their full potential for marketing the property. Marketing can be extended to targeted online ads, campaigns on social media, and posting on the agent’s website.
Throughout the 20th century, brokers and agents relied heavily on local MLS books to buy and sell property.
To go the extra mile, agents committed to door-knocking campaigns and FARMing for clientele by personally distributing physical marketing materials in target neighborhoods — the farm of, say, 1,000 homes.
But today, no sales effort is complete without an internet marketing plan. Homebuyers now turn first to the internet when they consider buying or renting real estate, well before they ask a friend for a referral or remember an old business card stuffed in a drawer.
In 2022, 80% of successful buyers viewed online listings before contacting a real estate agent, according to Zillow.
Additionally, homebuyers viewing property online is a priced-right option for homebuyers who are subject to discrimination in many locations, according to the Joint Center for Housing Studies.
Buyers in classifications subject to implicit biases investigate available real estate online without being shut out of markets by discriminatory biases of agents. Further, they avoid the financial burden of taking time off work to see a property in person.
Online real estate activity ballooned during the pandemic economy when the pandemic’s initial halt on brokerage operations left homebuyers unable to view properties in person.
Though brokerage offices are now up and running, potential homebuyers are fewer and more likely now to turn to online real estate presentations before they contact a real estate agent. This has become the maxing out of a trend long in the making.
Agents who have their own websites are more able to attract buyers and sellers as they have greater exposure when selling property — especially necessary during a buyer’s market, when attracting buyer clients is paramount to earning fees. If you and the availability of a property are not known to others, they cannot submit an offer.