Written by Michelle Ayala, Director of Marketing Better Homes and Gardens Real Estate Universal
Mortgage rates continue to increase nationwide; inventory is increasing slightly as buyers back off, and the extremely hot seller’s market we saw during the peak of COVID-19 is cooling down. We see terms like “bubble,” “buyer remorse,” and “recession” thrown around, sparking emotion and even fear in some. Is the sky falling?
In May of this year, NAR’s Chief Economist Lawrence Yun referred to the real estate market as uncertain. But what does this mean for you today, and more importantly, for your clients? You, as the real estate professional, are seen by so many as an expert in your local market, a trusted advisor, a problem solver, and an advocate for fair housing and home ownership.
Your marketing is a direct reflection of who you are and personifies your business so it’s critical that your marketing efforts are informed by current market conditions. Therefore, having the most up-to-date local and national housing market information is pivotal to your marketing strategy and to position yourself for receiving the best return on investment for your marketing dollars spent.
Here are three tips for keeping your marketing efforts up to date.
The Importance of Staying in-the-Know
Knowing opportunities available to home buyers, sellers, and renters, and being informed of potential challenges comes with the territory of being a trusted real estate professional. In fact, whether you’ve been in the profession for 30 years or three days, consumers expect that you know this information, and more. As real estate professionals, we legally can’t be all things to all people, but being the source of the sources holds value. If your goal is to be the first-person clients think of when they think of the home (and it should be), having your arsenal of knowledge fully packed always should be key. Do you know the local market median price? Do you know why we look at median price rather than average? What about inventory? What kind of market are we in? If you can’t quite answer those questions, it’s time to do some homework. Knowledge can put you in the right place at the right time and move you closer to transacting.
Tapping into the Fountain of Knowledge
Consumers are more informed and tech-savvy than ever before and fully believe you should not only be on the same page but ahead of the curve on what they’ve already personally researched. The good news is that you have a valuable resource at your fingertips. Real estate licensees rely on the expertise of the National Association of REALTORS®, and with a venerable think tank of industry giants and mega minds in the field, NAR Research truly delivers. With details on everything from the financial return on home staging to pet-friendly features to attract home buyers, to… you guessed it… the market, this is your one-stop-shop, and if you want to drill down to every aspect imaginable about the market on a national level. You’ll also find metropolitan area reports and state reports here. REALTORS® can benefit from REALTORS® Property Resource for even more in-depth local and neighborhood analytics provided and is included with NAR membership. They can also look to their associations for reports as well as their national brands for insight. Beyond that, opening the newspaper and turning to the real estate section daily can go a long way in filling your fountain of knowledge.
Making your Message Fit your Audience
It’s important to remember that real estate associations tailor a message to the real estate professional. All too often, licensees will take that message and recycle it verbatim. That may be fine if you’re at a real estate conference or connecting with colleagues on LinkedIn, but for the average consumer, that message needs to be modified. This is not just for the practical application of your marketing efforts but to be respectful and sensitive to your potential clients. We use a lot of jargon in the real estate world, so much that we have a large portion of the real estate exam dedicated to the terminology of the field. Don’t assume that your potential clients are hip to the lingo. Simplify the message you want to convey with your marketing and tell why it matters to them specifically. Don’t forget your call to action, which should be just as clear and easy to understand as your overall messaging. It’s the punctuation in the sentence of your marketing piece. Besides, do you really want to be that person that refers to your client’s home as “inventory?”
Marketing conditions are always changing, but what doesn’t change is the need for real estate professionals to build trust and provide value. Show potential clients who you really are: someone who cares about them and is there to help them. Be that expert and know your market. That’s marketing done right.
Author: Michelle Ayala, Director of Marketing Better Homes and Gardens Real Estate Universal