Tips for Real Estate Agent Marketing on a Budget
Whether you’re a new agent or more established in your career, budgeting your marketing dollar is an important business decision for every real estate agent.
Marketing is all about generating high-quality leads. It’s that simple. And regardless of whether you’re on a shoe-string budget or have some resources to devote to marketing, no one wants to throw away hard-earned income chasing ineffective or expensive marketing strategies. One rule of thumb suggests agents should spend about 10 percent of their commission income on their marketing budget, which can be difficult if you don’t yet have a commission income to speak of.
So it is important to understand marketing principles and theories and then leverage that knowledge to find budget-wise marketing tactics that fit your budget. Here are seven budget-smart marketing tactics any real estate agent can use:
Don’t forget about business cards. Word of mouth marketing is time-tested to be effective, and while they might be old-school, business cards are inexpensive and a proven lead generator. Give all your acquaintances and business associates more than one so they can pass them along.
Networking in the real-life social scene. You need to be meeting new people every day. So join clubs, a local chamber of commerce, start a networking group with like-minded people, or turn into a regular somewhere (like the dog park or a local bar). It’s a cost-effective way of meeting new potential clients.
Be active in the community. Being an active member of your community puts yourself in a positive light among your neighbors and increases your social circles. Volunteer in your community, sponsor youth sports, or be an active member of a religious or community organization.
Social-powered word of mouth. If nothing else, make sure everyone in your social media circles knows who you are and what you do for a living. It’s free. Social media is amazing word-of-mouth advertising. Ask all of your friends and clients to refer you to anyone that might need your services.
Testimonials and reviews. Ask those who have worked with you, and other professional associates who can vouch for your abilities, to write an online review or testimonial. Feature them on your website, and post them across all of your social and digital platforms for future clients to see when they research you.
Prospect expired listings and FSBOs. Find the low-hanging fruit in your area. Put in the research to find expired listings and properties that are for sale by owners, and send them a letter to introduce yourself. Follow up later by offering something of value, such as a market report or home appraisal.
Content-based marketing. Great content has tremendous value online, especially for search engines, and the result is a tremendous ROI. Figure out a way to generate content that offers value – a blog, videos, podcasts or information social media posts – and promote them on your digital and social media platforms. Digital promotion is cheap and drives traffic back to your brand.