Written by Amy Gerrish, Realtor & Data Scientist
What encompasses a good real estate digital marketing strategy?
Real Estate digital marketing is the act of gaining the public’s trust, promoting local real estate and real estate services online. A real estate agent does this by utilizing social media platforms like Facebook, Instagram, Snapchat and more. An agent also has to be proficient in online search marketing and email marketing.
I bet you don’t remember learning about all of that in Real Estate school did you?
Overwhelmed yet? It’s ok. I will be sharing more about the 5 strategies needed to perfect your digital marketing plan in another post. Let’s continue with the analysis.
Both home buyers & sellers begin their search online, which is why a digital marketing strategy is so deeply important. They google specific questions related to their situation. They base their decision off of past client reviews they read online, information they consume online, along with casually consulting friends, family & coworkers.
A good real estate digital marketing strategy starts with the customer journey. The customer journey for a buyer differs from a seller. As a real estate agent, understanding this journey for both buyers and sellers is critical. Their journey can actually be mapped out and is methodical. Through a digital marketing strategy you can lead a buyer/seller straight to you.
Understanding the distribution of buyers & sellers in your contact database.
Human behavior is one of the HARDEST things to predict.
However, if you put humans in a group, for the most part their behavior can be measured, there will always be a group that conforms to a certain behavior. In real estate that number is 68%. Knowing about this statistical distribution is what makes Facebook’s advertising algorithm so fascinating & powerful!
- 68.26% of the population are NOT interested in buying/selling real estate.
- 27.18% Are interested in buying/selling. They just need to be qualified for financing and motivation.
- 4.56% will actually buy or sell.
You can see why it’s important for a Real Estate agent to build a large database because only 4.56% of them are actually going to turn out to be a buyer or a seller. In data science we call these people the outliers. Outliers are a part of the population that do things outside what the majority does. And in our database, the majority does not buy or sell homes.
If the average agent maintains a database of 250 people, statistics show that 11 people that will buy or sell. Many agents have well over 250 people but only sell 5 homes a year. Can you guess why?
No strategy, no communication.
A fantastic digital marketing strategy will allow a real estate agent to communicate & manage a database full of thousands of contacts.
1,000 contacts says 45 people will buy or sell. It’s up to you, as a local agent to build trust & a personalized experience through well rounded digital marketing plan and get those 45 buyers & sellers to work with you.
Learn about the 5 steps to a great real estate digital marketing strategy.