{"id":6688,"date":"2018-11-30T14:22:07","date_gmt":"2018-11-30T22:22:07","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=6688"},"modified":"2024-05-31T11:27:02","modified_gmt":"2024-05-31T18:27:02","slug":"how-to-create-a-marketing-plan-for-real-estate","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/how-to-create-a-marketing-plan-for-real-estate\/","title":{"rendered":"Create a Marketing Plan for Real Estate With 4 Proven Business Techniques"},"content":{"rendered":"

In 2013 Behr Paint company had the foresight to build up its brand with the future generation of homeowners. The challenge? Marketing to a consumer base currently living in dorm rooms.<\/p>\n

So Behr launched a successful sponsored content marketing campaign with Buzzfeed, known for capturing an audience of more than 60 million millennials per month.<\/p>\n

The case study highlights the power of developing a marketing plan, knowing your audience, and reaching them where they are.<\/p>\n

Now, a house is unlike any other product on the market, paint included. It\u2019s in many cases the biggest purchase of a lifetime and not one you make every day.<\/p>\n

That means marketing your home for sale can\u2019t be compared apples to apples with, say, selling a car or a cup of coffee. However, tried-and-true marketing theory nevertheless helps create a marketing plan for real estate that\u2019s organized, strategic, and targeted.<\/p>\n

In fact, marketers with a documented strategy are 538% more successful<\/a>, according to Coschedule, while an insufficient marketing plan is one of the top 3 reasons your home won\u2019t sell<\/a>.<\/p>\n

\u201cWe don\u2019t just throw a sign in the yard, put a lockbox on the front door and sit back and wait for buyers,\u201d says top Phoenix, Arizona<\/a>, agent Kim Panozzo<\/a>, who\u2019s sold over 76% more properties and sold 60% quicker than the average agent in her region.<\/p>\n

\u201cWe invest in marketing because we want to sell homes for the most amount of money in the least amount of time.\u201d<\/p><\/blockquote>\n

Rather than market your home using the flimsy trial-and-error method (hey, let\u2019s test some stuff and see what works!), we\u2019ll introduce you to a few basic marketing tools and techniques that help you think about selling your house like a seasoned business executive, including:<\/p>\n

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    1. Conducting a SWOT analysis (strengths, weaknesses, opportunities, threats)<\/li>\n
    2. Identifying your ideal customer profile<\/li>\n
    3. Developing your marketing mix<\/li>\n
    4. Outlining your marketing timeline<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n

      Any real estate marketing plan worth its salt will have similarities to some of these top-rated marketing strategies. And if you do some of this marketing analysis yourself, you\u2019ll be better equipped to give your agent the right information to develop the best marketing plan.<\/p>\n

      1. Evaluate your home like a buyer with a SWOT analysis<\/h2>\n

      Skillful salespeople know that solid product knowledge<\/a> is essential to making a sale, and it can even increase your chances<\/a> of crafting the best deal in real estate.<\/p>\n

      The SWOT analysis<\/a> is a marketing assessment tool that examines a product or company (in this case, your house) for Strengths, Weaknesses, Opportunities, and Threats.<\/p>\n

      It\u2019s one of the most comprehensive and user-friendly ways to obtain the product knowledge you need because it analyzes both the house itself and how it stacks up against the competition.<\/p>\n

      \"Infographic<\/a>
      Source: (notemba.com<\/a>)<\/figcaption><\/figure>\n

      In essence, with SWOT you\u2019re creating an objective profile of your home\u2014one that highlights the various features that\u2019ll appeal to or disinterest various buyer pools.<\/p>\n

      Just don\u2019t make the mistake of assuming you know everything about your house, simply because you\u2019ve spent years living in it. When you analyze your home, you need to stop thinking with the emotional attachment of a homeowner and evaluate your house and neighborhood as a buyer would.<\/p>\n

      This analysis is designed to do just that. It goes beyond the listing of basic demographics, such as size, location, and number of rooms. It focuses instead on how the various features of your home will influence the marketing strategy. However, it\u2019s easier said than done.<\/p>\n

      For a simple example, imagine a two-story, three-bedroom home that was built in the 1950s. It has its original kitchen and bathrooms, new flooring and an older HVAC system. It\u2019s also located in a sought-after suburb near great schools, with no other homes on the market.<\/p>\n

      Looking at the Strengths and Weaknesses of this home with the SWOT analysis, you\u2019d put the schools, flooring and neighborhood under Strengths, and the HVAC\u2019s age under Weaknesses.<\/p>\n

      Other features of this home, such as its age and older fixtures, are harder to categorize. For buyers who love the retro look, the original kitchen and baths are a Strength that\u2019ll inspire higher offers. For others, it\u2019s a Weakness, because it\u2019s a sign of an as-is property that needs expensive remodel work.<\/p>\n

      The fact that it\u2019s a two-story home is tricky, too. On one hand, it\u2019ll have a smaller foundation than a one-story home\u2014which means a more spacious backyard. On the other hand, the stairs limit your home\u2019s accessibility for some seniors.<\/p>\n

      The second half of the analysis (Opportunities and Threats) focuses more on external factors, like how your home fits into the current real estate market.<\/p>\n

      The fact that you\u2019ll be the only listing in the neighborhood certainly fits under Opportunities. However, this opens up the possibility of a Threat if another nearby home becomes available at a lower price than your list price.<\/p>\n

      Figuring out which of the trickier home features are Strengths or Weaknesses\u2014and identifying all of the Threats and Opportunities\u2014often only becomes clear after you have a better understanding of your potential buyer pool.<\/p>\n

      \"\"<\/a>
      Source: (Free-Photos\/ Pixabay)<\/figcaption><\/figure>\n

      2. Create your ideal customer profile<\/h2>\n

      Since your home is a product that you\u2019re selling, it makes sense to plan your marketing the way many of the over 13,000 ad agencies<\/a> do\u2014by identifying your ideal customer.<\/p>\n

      An ideal customer profile<\/a> helps you pinpoint the type of homebuyer most likely to fall in love with your home and neighborhood\u2014because these are the prospective buyers most likely to make you the best offer.<\/p>\n

      Identifying your ideal homebuyer begins with demographics, such as age, occupation, marital status, and income. This information is vital for your marketing materials\u2014especially for determining things like which buyer pools can afford your home.<\/p>\n

      \"Infographic<\/a>
      Source: (nar.realtor<\/a>)<\/figcaption><\/figure>\n

      Next, you\u2019ll want to hone in on family and lifestyle factors that your home is best suited for. For example, if you\u2019re selling a one-bedroom condo, your ideal homebuyer isn\u2019t a couple with children, or if your one-bedroom home is located in a 55+ community, your ideal customer isn\u2019t a millennial.<\/p>\n

      This profile can also serve to widen your buyer pool, too. For instance, maybe you\u2019ve got a 3-bedroom, family-friendly home near a major tech company\u2014perfect for a family, or a single tech guru with roommates.<\/p>\n

      Armed with this information, you\u2019re set to create marketing that targets the wants and needs of a specific segment of the buyer pool. Plus you\u2019ll have a good idea on where to find your target market.<\/p>\n

      3. Develop your marketing mix<\/h2>\n

      The analysis of your target buyer and market makes it easier to decide which marketing materials will best reach your home\u2019s ideal buyers and where to spend those marketing dollars.<\/p>\n

      Some marketing materials are a given, like the listing in the MLS\u2014for which you\u2019ll need high quality, professional photographs<\/a>. Others can be tailored specifically to target your ideal buyer\u2014both in visibility and content.<\/p>\n

      \u201cOnce a listing goes live in the MLS, it actually data-feeds out to over 900 websites,\u201d says Panozzo. \u201cIn fact, 80% of our sales come from other agents showing their buyers our listings in the MLS.\u201d<\/p>\n

      Consider that one-bedroom home located in the 55+ community. While that property should have an online presence for those seniors who are tech-savvy, there\u2019s no need for a full-blown digital marketing campaign.<\/p>\n

      \"Graph<\/a>
      Source: (pewinternet.org<\/a>)<\/figcaption><\/figure>\n

      You\u2019re better off spending any extra time and money marketing your home in places where seniors are most likely to see it\u2014such as flyers at local senior community centers, a feature in the real estate section of local senior living publications, or online publications that target retirees<\/a>.<\/p>\n

      However, if your target market includes millennials, the largest buyer pool<\/a>, it\u2019s a smart idea to develop online-friendly marketing materials that take advantage of technology, like virtual tours<\/a> or drone photos and videos.<\/p>\n

      The market research data you\u2019ve collected can even influence details as minute as word choice in your listing description<\/a>\u2014especially when you\u2019re working with an agent who knows which home features and buzzwords are bringing in the buyers.<\/p>\n

      For instance, if your agent knows that buyers are clamoring for 1950s homes with original bathroom fixtures in decorative colors, and boomerang skylark Formica countertops in the kitchen\u2014those retro assets will be featured in the listing description.<\/p>\n

      Once you\u2019ve crafted all of your marketing materials, all that\u2019s left is nailing down the timeline on when to go public with your strategy.<\/p>\n

      \"Calendar<\/a>
      Source: (Free-Photos\/ Pixabay)<\/figcaption><\/figure>\n

      4. Outline your marketing timeline<\/h2>\n

      \u201cTiming is everything.\u201d<\/p>\n

      This familiar phrase is especially appropriate in sales and marketing. This is especially true in real estate, where a high number of days on market<\/a> is a red flag that your home is subpar. The longer it sits unsold, the more likely you\u2019ll have to lower your list price.<\/p>\n

      So what exactly is the right timeline to launch a marketing campaign to help your house sell?<\/p>\n

      Each local real estate market, neighborhood, and home is unique, so unfortunately there\u2019s no cut-and-dried timeline.<\/p>\n

      However, this timeline template which hits all of the marketing fundamentals can help your jumpstart your own, personalized marketing plan calendar.<\/p>\n

      3 weeks before listing<\/h4>\n
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