Parts of a Marketing Plan for Real Estate
A marketing plan is just that: a plan for your marketing and advertising efforts. In constructing parts of a marketing plan, you’ll further develop your ideas for your business, your goals and needs, and learn a bit more about your market. Let’s talk for a moment about what goes into developing the right marketing plan for you.
Perhaps the best way to start on a marketing plan is to break it down into its different parts.The National Association of REALTORS® has some thoughts about that, particularly regarding these 7 parts of a marketing plan:
- Set clear goals. As they say, “Begin with the end in mind.” Do you want to obtain twenty-five, fifty, or one hundred listings in the next year? Expand your name recognition by 75 percent? Secure at 20 percent market share in your area? Make your goals specific and it’ll be easier to find a way to achieve them.
- Identify and target your audience. Again, be specific. Who’s interested in what you sell? Where are they? What do they want and how can you let them know you have it? Focusing your efforts this way will make your marketing plan more efficient.
- Set yourself apart and develop your message. This is a bit more nebulous, but focus on what makes you unique in your field or market. What do you offer that others don’t? What makes you the right choice for your potential clients? If your marketing plan makes you stand out from the crowd, you’re more likely to see results. It’s time to craft a message designed to reach your audience. It’s hard to give specifics here—everyone’s situation is different—but following the above guidelines should help get you there. You need to communicate your value to your audience—make it happen.
- Make best use of media. Currently, most home buyers use online resources in the house hunt. And while digital media is vital, there’s still a role for broadcast media and print in many markets—not to mention conventional advertising. Assess your situation and plan accordingly.
- Create a plan of action—including a timeline. A detailed plan—including a timeline for rollout of its various components—keeps you on track and moving forward.
- Budget! You knew it would come up. Make sure you’re spending your money effectively and appropriately.
- Measure your results. You have to have a way to track the results of your effort, and adjust your plan accordingly. Basic parts of a marketing plan evolve over time. Help yours do it effectively.
Marketing is a big part of success in real estate, and hopefully we’ve given you the tools you need to get started down that road. Follow the principles, make a plan, and you may be surprised with the results!
There’s a lot that goes into building your brand, and every piece of it is important. Real estate marketing can keep you busy, and take time away from dealing with clients and following new leads. Check out this video to gain insight into what to look for in a marketing company.