Digital marketing for Real Estate isn’t a new concept. In the past 5 years, lots of agents join the digital landscape and it became highly competitive.
Potential Real Estate clients use Google, Facebook, Twitter, Instagram so we follow them there to meet their needs and expectations because people do shop for Real Estate online.
The question is not whether you use it or not. It’s how to use it right. I’m not going to talk about nitty-gritty technical details in this article but I’ll explain the 5 major success factors in Real Estate digital marketing.
At the end of the day in business is all about return. We spend money on advertising because we want to make money. Digital marketing gives us a great opportunity to keep track of our investments and see how much we get in return per campaign, ad or platform.
In digital it’s all about transparency. In comparison to any other advertising methods, we can see where people click and what they do after. Which gives us precise control over our budgets.
The problem here is that not many agents and/or marketers know what success should look like. To measure our success we need to choose a couple of metrics which we’ll treat as Key Performance Indicators (KPIs).
KPIs help you to monitor your strategy performance and adjust it if needed. It always depends on your business goals.
Here are examples of business goals and meaningful KPIs attached to them.
Probably the most common goal for Real Estate Agents:
For Conversion rate, I suggest you have a short term conversion rate and a long term conversion rate.
People know your Brokerage brand name or Real Estate Agent name.
Are you trying to attract buyers and sellers through content?
Then you have to measure brand engagement to see how people like it (how they engage with it?).
Always start your planning process by setting business goals and relevant KPIs to them.
You know your KPIs and now it’s time to use them. It’s time-consuming to check various platforms or ask your marketer to pull new numbers every time you need them.
Therefore, I suggest you ask your marketer to build a dashboard for you with all the necessary numbers you want to see.
Spending money on marketing without a marketing dashboard is like driving a car without a dashboard when you don’t know the speed or how much gas you have left.
A dashboard can be as simple as this one:
Look at your KPIs on the dashboard and adjust your strategy. Digital marketing makes your marketing strategy agile, you can change your strategies and tactics very fast.
Try different campaigns, creatives, see a performance, adjust if needed. If you work with a marketer brainstorm together.
You can swap strategies overtime. For example, start with a brand awareness campaign then continue through slowly swapping it to acquiring leads. By the time when you can’t manage too many leads at once you swapping back to brand awareness.
It’s very important to have brainstorming sessions when you dig in-depth into nitty-gritty details of digital marketing. Ask your marketer to prepare a monthly/bi-weekly report for that.
In these reports you should expect the following:
This is the time when your Real Estate expertise meets the expertise of your digital marketer and you can mould your marketing strategy in a competitive advantage of your business.
No one knows your business better than you, so don’t just rely on a marketer’s opinion to direct your strategy. Think of a marketer as your partner, that will bring you the best results.
Do you see some audience doesn’t perform as well as others? Apply your Real Estate expertise and think about what should you say differently in your ad copies to improve the results.
Some of your leads acquired online may sign a contract after months of following up. This creates a problem of keeping a track of all the marketing stages for all the leads you have.
A CRM platform will keep a leads database organized. Most CRMs offer a built-in email automation feature.
You can segment your leads and depending on the marketing stage and send them automated emails. It will improve your results significantly.