The Evolution of Marketing Real Estate; Then vs Now
Posted by Tori Lockard on Wednesday, April 4th, 2018 at 9:13am.
Customers are the lifeblood of any business. Advertising is the lifeblood to attracting customers. Real estate agents, just as with any other business out there, need to continuously find new buyers, sellers, and properties. To do this, the real estate agent deploys a variety of marketing strategies in order to keep a steady flow of business coming their way.
Gone are the days of the “spray and pray” technique of newspapers, bus stops, and direct mailers. The market has changed. There is more competition for everyone’s attention, and the age of being the “knowledge bearer” given way to the information age. Below are some comparisons of how the real estate business has evolved over the years.
Ease of selling properties
Selling real estate in the “good old days” was a fast and easy process. All that was needed for marketing was a real estate professional, a Multiple Listing Service (MLS), run a few newspaper ads, and then close the deal. Today, marketing is much more planned and the property is listed in as many as 15 to 20 platforms. Websites, apps, social channels, videos, listing services, all on top of the still popular print ads helps agents compete in a crowded marketplace for prospective and knowledgeable clients.
“Among nearly all generations of home buyers, the first step taken was to look online for properties, except for buyers 71 years and older who contacted a real estate agent first.”
Geo-specific marketing, with a twist!
Real estate agents used to “own” areas. There always was on agent or office that handled the majority of the market in a specific geography. These local agents where located in those towns and were the subject matter experts for that area.
Today, with websites, social media and knowledgeable consumers, agents need to know about larger markets and Have an understanding of how these markets work. Website traffic will attract buyers and sellers from a larger geographical region, and increase the amount of competition for consumers. In order to satisfy the larger market, real estate agents deploy geo-specific marketing campaigns that allow them to appear in specific regions of a market, pinpointing a custom tailored message to potential buyers and sellers. They look local, with a regional grasp oN the market. These tactics help with getting their client the attention desired.
Business is about reviews
Not much has changed with word of mouth marketing. Instead of someone tell one friend at a time about your services, you are able to tell all your friends at one time about your services. Word of mouth advertising can give your business that edge over the competition. Today, more people base their realtor selection from word of recommendation than any other form of advertising.
"Eighty-eight percent of buyers would use their agent again or recommend their agent to others, also consistent across all generations."