Promotional management requires a good understanding of the various moving parts in a promotional plan. When the promotional mix presents messaging to the right people with the right message, a campaign is considered a success. A real estate promoter needs to carefully consider what goes into the mix and what should be left out. This is called an internal analysis. The objective is to find a path to success by adjusting the mix.
There are a series of steps in the analysis that are designed to produce a high-level view of strengths and weaknesses. Many agents have developed a personal brand and so the first step might be to examine your brand and message and make sure they are working in the current environment. Things change in the market and your brand message should be flexible enough to adapt to new conditions.
Test your brand by reflecting on the current real estate market. Does the message align with reality? It should align with a number of factors, such as the brokerage brand, consumer needs and wants, and competitive issues. If someone can challenge your brand message on the basis of fact, it may be time for a rebrand or repositioning in the competitive market.
Promotion is an extension of your intent as a sales representative. If your objective is to be the local expert for a particular development or condo tower, then promotional campaigns should reflect that ambition. Campaigns should give explicit voice to intent: “I am the association consultant for this tower. Hire me with confidence.”
The next step is to assess the promotional capability of your business and fill in gaps where necessary. Gather the tools you’re using or will actually use. If you want to use database marketing, sign up for a customer management tool, such as Hubspot. If social media is missing from the mix, research and choose a couple of platforms that suit your style. You can always add sites later rather than allowing a channel to become dormant.
Knowing your target market is critical. People tend to think really big when it comes to real estate promotion when, in reality, consistency is better than size. For example, studies have shown that a farm area of just 4000 people can provide an agent with a good living. In Toronto, that’s one square kilometre of single family residences or a small group of condo towers.
Zillow found that 74% of consumers were likely to choose an agent who farmed their neighbourhood for new listings. Farming is cost efficient, especially for agents who are intimately familiar with their territory.
How often will you contact people and what will you say to them? What sort of reaction do you want from the people you contact? These questions will influence the overall budget and specific goals. You may want to begin with a monthly budget and a time allowance and work back from there to create a management plan.
At this point, you’re ready to begin managing an integrated promotion plan. It’s easy to get discouraged especially when tangible benefits may not be realized for months. There are a lot of moving parts working together. Each seems to require a deep understanding to avoid snags with the others. It’s okay to start small and build over time.
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