Unique Marketing Ideas for Realtors - Assignment Example

Unique Marketing Ideas for Realtors The success of real estate business is solely dependent on the efficiency and effectiveness of the marketing tools and strategies that the realtors apply. This is because, the business of realtors is becoming increasingly costly, owing to the rising economic costs, coupled with the high expectations of the sellers of the real estates, leaving the realtors with little financial muscles to flex (Barlowe, 2014). Thus, considering that it is essential for the realtors to strategize on creative ways of increasing their earnings, the application of efficient and cost effective marketing strategies and tools remains the only possible option for the realtors to increase their incomes.

The situation is even worsened by the fact that some realtors earn their income as a commission on the sales they make, instead of a fixed income fee from the sale of the real estates, making it necessary for them to find the most cost effective strategies of advertising their products (Agent Boost, 2013). Thus, the following are some unique ideas for the realtors, which can enable them to effectively promote their products in the market, yet save on the advertising costs: Focusing on a single market at a time The business of real estate is fairly expansive, and the temptation of venturing to every town, city or region has seen many realtors expand their horizons indefinitely, while increasing the costs of operation of the business, yet reaping little benefits from the expansion (Jackson, 2013).

Therefore, by focusing on a particular market within an area, the realtors can build a formidable empire that will bring more business, than when they would have expanded to different other regions. This is because, the profitability of the real estate business is not based on the geographical expansiveness of the region the realtors serve, but the number of businesses that the realtor handles every single day (Agent Boost, 2013). Therefore, it would be a very unique strategy to pick a phone and talk to five of the present and past clients every single day, to ensure that there is constant connection and interaction between the realtors and their clients.

This strategy will serve to increase the chances of referrals from the current and past clients, considering that keeping in constant touch with them reminds them that the business of the realtor still values them, while keeping the realtor in the mind of such clients, in case a business opportunity arises, which they will quickly remember to refer to the realtor (Jackson, 2013). While many might consider this a bothersome strategy that might put off the clients, it is very effective on the contrary, especially when the realtor does not call to ask or request for referrals or more business, but to thank the client for being part of the realtors business at some point.

The essence of this strategy is to make the clients feel appreciated, while at the same time ensuring that they constantly remember the realtor, and are ready to work with the realtor again, or to refer clients to them (Turner, 2010). Dedicate one day every week for marketing and business strategizing The major problem associated with many business, the real estate business included is the fact that; there is little focus and time that is dedicated for marketing and developing business strategies, with most of the business hours committed for routine operations and chasing after the customers (Jackson, 2013).

Growing business and applying new tact and strategies require that there is sufficient time that is set aside for establishing, refining and tailor-making the strategies and marketing tactics towards ensuring that the business is continuously growing. While many business perceive selecting a task force to look into the marketing and growth strategies, or appointing sometime in the middle of the business to reflect, brain storm and generate ideas that can be used to effectively advertise the business and bring more business as adequate, the case is always different.

This is because, such special occasions are only considered when the need for promoting the business arises, especially where the business of the organization seems to be low (Turner, 2010). Thus, to avert this risk of concentrating on improving the business when it is already sinking, it is important to dedicate quality time every often, to ensure that realtor business strategies are continuously and consistently evaluated, updated and refined. This in turn serves to ensure that the realtor is constantly in touch with new developments in real estate business every often, and is directing the business strategies towards meeting the new developments, through weekly evaluations and strategy formulation (Jackson, 2013).

Dominating a market niche While focusing on a certain geographical market that is lean enough to effectively serve is a great stride towards achieving successful business for realtors, the strategy is not enough, until the realtor business dominates a certain market niche and sticks with it so firmly, that all the clients will know that the realtor is efficient in a certain area (Barlowe, 2014). Diversification is a great business strategy that ensures that a business will not run into total loss when one side of the business fails, since the business will definitely lean on the other side of the business.

Consequently, many realtor businesses tend to venture into different aspect of the business, selling houses, lands and other associated properties. This diversified strategy can be beneficial, but not so much as the specialization strategy, which puts a business on top of a market niche, seeking to develop competency in a single area of specialization, and gather all the customer loyalty that comes with it (Jackson, 2013). It would be one thing to be able to work on various aspect of the real estate business and generate income from all of them, but it is another thing to develop competency, efficiency and loyalty in a specific area of the business.

The advantage associated with specializing in a single aspect of the real estate business and seeking to serve a certain market niche is that; the strategy builds trust, loyalty and confidence amongst the clients, because they know that the realtor understands every aspect of the area of specialization, even the very minor details, and thus encourages the clients to seek for such a realtor and make even more referrals (Agent Boost, 2013). Consequently, there will be business always flowing in, even when the economic crisis and other adverse factors are in play, thus generating constant business for the realtor.

Focusing on getting reach and not being famous The tendency in the realtor business has been that every real estate business seeks to have its name out there, mentioned by all, but may be sought by few (Jackson, 2013). This tendency has seen many real estate businesses spend a fortune advertising themselves through print, mass media and the internet, while the only thing they need to get clients continuously flowing, is leave a message on every letter, email or text message sent to the client, stating for example, “Thank You!

My greatest reward would be a referral from you”. Such a message will directly go to the heart of the current or past client, since it is a message directed towards the client, specifically in recognition of his value for the business, as opposed to the advertisement message that is targeted at reaching millions of people and make the business famous (Jackson, 2013). The application of strategies specifically targeting the direct and immediate clients of a realtor business will bring more business and wealth to the realtor, while the widely publicized and broad targeting advertisement will bring fame to the real estate business, but with no guarantee of reciprocating with good business flow.

References Agent Boost. (March 5, 2013). Marketing With No Money In Real Estate. Retrieved Wednesday 12, 2014 from http://agentsboost.com/20-lowno-cost-real-estate-marketing-tips/ Barlowe,B. (2014). Creative Marketing Ideas for Real Estate. Demand Media. Retrieved Wednesday 12, 2014 from http://homeguides.sfgate.com/creative-marketing-ideas-real-estate-1460.html Jackson, D. (2013). 10 Killer Real Estate Marketing Ideas. Marketing Monday. Retrieved Wednesday 12, 2014 from http://marketingmonday.

com/10-killer-real-estate-marketing-ideas/ Turner, B. (November11, 2010. Three Marketing Ideas Your Real Estate Agent Probably Won’t Do (But You Can…). Big Pockets. Retrieved Wednesday 12, 2014 from http://www.biggerpockets.com/renewsblog/2012/11/11/creative-marketing-tips-for-selling-a-home/