Today’s Real Estate market is very competitive and would be clients have a range of agents from which to choose. Whether you are a one-person independent Real Estate Agent or part of a Broker Team, you must have an individual Marketing Plan to help you stand out in a crowded field.
Before going off and developing a large document, here is a simple one-page Marketing Plan, that should not cost you scarce funds, one that can help you start your journey to success and can be further developed as you grow. I have developed it in the form of a Question and Answer format.
Q1. What is the name of your practice? Choose a captivating, short, memorable name. It could be your name or a shortened form, ideally one that identifies your service. Ask yourself…If I heard this name for the first time, would I easily remember it and would I associate it with a Real Estate practice? I for instance, practice business coaching and I have shortened my name to Coach Bengo. What about Realtor Rose?
Q2. What is your specialization? In a crowded field it is better to be known as a specialist in a segment of the market. You can specialize in a geographical area, like a community, a particular type of service, for example, helping first time home buyers or catering to women wishing to rent in a safe neighbourhood. Capture your specialization in the form of a short clear phrase, this is your motto. Place this phrase under the name of your practice in italic font. Whenever you mention the name of your practice be sure to add the phrase about your specialization. E.g.
Helping single professional women find an ideal apartment
Q3. How do people know you and your service exist? In today’s world, there are three key market spaces, i) Person to Person Networking – meeting persons in various formal and informal functions and introducing your practice. ii) Social Media – having an entertaining presence for your practice on the Social Media sites. The most popular being: Facebook, Instagram and LinkedIn. iii) The durable road side signage. Use these three market spaces to get your name and service out there to potential clients.
Q4. How will you Go to Market? How will you get in front of your target? In the example above, describe where you will meet Single Profession Women, e.g. joining associations, attending professional women seminars, signing up to receive publications targeted to this group, conducting research on their likes and dislikes, visiting their popular watering holes and getting invited to their parties. At each meeting, introducing your name and your motto and inquire about their homes.
Q5. How will you Sell to Them? Describe how you will approach the sale. How you will introduce the topic of homes. How you will get them to share with you their home aspirations. Describe how you will go about getting a follow up meeting with the potential client. Describe what your needs analysis form would look like, the information the form will capture.
Q6. Your Follow Up. Describe how often you would follow up your first meeting. How you will go about recording your meetings, telephone calls and presentations until you close the sale and satisfy your client.
Answering these six questions will enable you to have a very decent Marketing Plan that you can build upon as your practice grows. And it should not cost you too much money, only time and creativity.