Real Estate is a cyclical industry and tends to mirror the general state of the US economy. So it follows that the real estate market has experienced the same slow recovery as that of the macroeconomy. And things are finally looking up. With national median list price up 6.5% from last year and an inventory increase of 14.2%, the market is becoming stronger and more balanced again. Expected profitability is also up, as realtor confidence is returning.
However, market demand is driven by a number of factors, including interest rates, population demographics, and employment rates. Job growth is happening, but slowly — we don't need to tell you that. That there are industry drag factors like this that show no signs of quick amelioration means that it's still a tough market out there. Instead of working harder, why not work smarter? If you want to rock the real estate recovery, read on to learn how.
So sure, the real estate industry is still "recovering from the recovery." But challenge is merely an opportunity for innovation. As you adapt your broker technique to market conditions, inbound marketing is one change that you can make that has been proven effective. A recently published article titled "Habits of Successful Real Estate Agents" lays out some very helpful advice, and being the marketing gurus that we are, we recognized that each tip can be easily achieved with inbound strategy! Here are a few broker practices provided by REAL Trends, complete with our commentary on how to meet your goals with inbound marketing.
Lead Generation
The first step toward completed transactions is lead generation. While the REAL Trends article is right in emphasizing the need for active connections with clients and building the awareness of your potential client base, it fails to mention the best way of doing this — inbound marketing! Through social media, calls-to-action, and blogging, inbound can bring people looking for your services right to you.
Exceptional Customer Service
You are constantly working with people, and in many ways, your brand is yourself. Branding is incredibly important, and dependable, pleasant customer service is a huge part of creating a positive personal brand. You want to set yourself apart from the competition, so that those potential leads decide to choose you when they reach the decision stage! By creating a user-friendly website with reliable information, you will distinguish yourself as a trustworthy and approachable broker. Remember, more than 90% of people do online research before buying a home or even choosing a realtor, so your online presence is important!
Networking and Communication
A quick follow-up indicates that you are organized and that you value the client. This can be made much easier by compiling client contact information through inbound landing pages, which people will find on your website — no paid advertising necessary!
You should always be available to answer questions, and focus on communicating with your client in the way that they feel most comfortable. If someone texts you, respond with a text. If they prefer to speak on the phone, reciprocate with a call. Creating a social media presence can also help with client awareness and accessibility, particularly with the growing population of millennials searching for homes. Know your prospective client, and cater to his or her individual preferences.
Make sure to maintain consistent communication with your clients throughout the transaction and after its completion. Not only does this further enhance your brand, but it also increases the chances that a satisfied new homeowner will recommend you to a friend.
Neighborhood Knowledge
Show that you are a knowledgeable and trustworthy broker by demonstrating your expertise in the real estate action in your area. Not only should you be aware of recent sales and additions to the market that may not be available for anyone online, but you should relay this information to your clients! While this can certainly be done verbally, you can also demonstrate your knowledge through a website blog. By providing up-to-date information, you will establish a trusting relationship with your clients.
Real Estate is a complicated industry that involves the diverse interface of different sectors and demand-drivers, including mortgages. While you know that we believe in inbound, you don't have to take our word for it. HubSpot user Dan Moyle, a marketing specialist at AmeriFirst Home Mortage, swears by inbound too. Over the past 8 months, web traffic has increased by over 400%, with lead conversion rates increasing monthly. "HubSpot tracks online traffic for each customer/lead so we know where we need to focus our efforts. Time and effort are no longer wasted on paid advertising that may or may not (likely not) work... HubSpot is helping AmeriFirst take our customer service into the next phase of business."
Want a couple more tips and little more in-depth overview of how to generate leads? Here you go!
