The Monthly Real Estate Marketing Review: Home Buying Data, Realtor Education, and More
Real estate education advice for training brokers, insights into what’s holding back prospective home buyers, and the state of video marketing for brands: These are just some of the latest marketing updates you’ll learn about in this edition of our Monthly Real Estate Marketing Review series for April 2017.
We researched all of the latest developments in the world of marketing — including those that pertain to or could affect your very own real estate marketing strategy — and condensed that information into a half-dozen “stories” we think you ought to know about and from which you can create action plans to better your promotional efforts.
So dive right in to discover the most recent industry updates that could prove useful for your own marketing approach in the near term and data that could dictate your tactics and techniques in the months head.
A NAR survey shows economic pressures remain for buyers.
After analyzing data from its Housing Opportunities and Market Experience (HOME) survey, the National Association of REALTORS® discovered some of the core reasons that deterred many home buyers from going through with purchases during 2016 — two of which were continued lack of affordability and debt-related issues.
A further investigation into buyer data showed substantial increases in rents and home prices — the latter of which have jumped more than 40% since 2011 — and lack of clarity regarding down payments were also factors that played a role in the buying difficulties for many consumers in the 12-month period.
Leverage housing data like this NAR report in your marketing to drive traffic to your site.
Regardless of whether you’re a buyer’s or seller’s agent, it’s clear these complications could factor into your real estate business in 2017 and beyond. Having said that, the down payment problem can be handled with some explanatory content on your website.
Think of it this way: If consumers (both first-time and repeat buyers, basically) are still unsure about down payment details and/or how to even save for one, you ought to be the voice that guides them. For instance, start with a video series that explains the ins and outs of down payment assistance programs and best practices for securing enough capital to buy a home.
That’s just one of many real estate videos you can produce to educate your audience, of course. There are many more you can craft to inform your buyer persona(s) and turn them into leads. Speaking of videos …
Video is now “the” brand research method, per Wyzowl.
Brand explainers, listing highlights, local updates, how-to advice — the list of potential videos you can create for your agency are seemingly limitless. One thing is for sure, though — at least according to a recent study by video service Wyzowl: You absolutely, 100% need a video-for-real-estate plan for your business ASAP.
In the study, the animated explainer platform noted it’s not just some brands that should leverage videos for their online marketing, but pretty much all. Some of the essential tidbits discovered by the firm include:
- 84% of consumers have been convinced to purchase a product or service from a company after watching a brand video.
- 62% of brands surveyed have an explainer video, and 56% of those businesses indicated they feature that video on their homepage.
- 97% of those polled said that having marketing videos has helped consumers understand more about their particular businesses.
While you can certainly decide which types of real estate videos you should generate for your agency, this info suggests at least one explainer video that details who you are, a bit about your background, and how you can help your target audience can go a long way in boosting your website traffic and keeping those new visitors around to examine your various pages for a bit.
Nine in 10 brands find video valuable, says Brite Content
Wyzowl’s report wasn’t the only one released this year to show the importance of video for real estate pros and other brands. Brite Content also unveiled its own study on the impact of video for businesses and organizations nationwide.
Not so surprisingly, the content firm found YouTube was the unrivaled centerpiece of many companies’ video marketing strategies over the course of 2016, with 96% of brands who responded for its survey indicating they use the social network in their marketing campaigns.
The numbers don’t lie: Video is a premier content type you should create for your real estate business.
Moreover, nearly three in five professionals polled by Brite Content noted they plan to bump up their video budgets in 2017, meaning they’re likely to create some promotional and explainer videos of their own, while 59% said creating hyper-targeted videos (a.k.a. optimizing them for use in advertisements) worked well for them.
Though you may be a ways away from allocating some (or any) of your marketing spend toward video advertising, it’s safe to say that video is … well … a safe bet for impacting your marketing in all the right ways. Sure, a video may never generate a sizable portion of new business, but video’s quite the powerful nurture medium for Realtors today, so consider making it a bigger priority for your firm now and in the future.
Inman News unearths new real estate agent training data.
If you’re a new real estate agent, training to get you up to speed on all of the business best practices — like how to host listing presentations that win over leads and develop an omni-channel real estate marketing strategy — is essential … and now there’s data to back that claim up.
Inman News reports many Realtors desire a hefty amount of education and training from their brokerages. Specifically, these industry professionals stated in the news publication’s survey they want to have a regular mentor or coach, get assistance with lead gen activities, and learn about the best tech solutions to use daily.
Agents have been heard loud and clear: They want more on-the-job training from their brokerages.
For instance, 30% of surveyed agents said they need help learning to run their real estate businesses was a priority and something they want their brokers to set up for them. Meanwhile, a third of respondents said mastering time management and growing their real estate lead generation strategies were the two biggest factors for success.
On-the-job training is common for many fields, and the residential sector is no different, so it’s definitely wise to reach out to your broker or team lead to find out how you can gain more knowledge about how to become a top producer. You can also take advice from high-earning agents as well, like RE/MAX’s Bill Gassett, who relayed the top five online marketing activities Realtors should implement to earn more.
TopRank Marketing reveals influencer marketing insights.
Influencer marketing may sound like one of those buzzword-y types of promotional activities only enterprise-level businesses conduct … but more and more over the years, smaller companies and organizations — including agents — have learned just how fruitful it can be to connect with popular individuals who they can have promote their products and services.
TopRankMarketing’s latest report, developed in conjunction with Traackr, run somewhat ironically by content marketing influencer Lee Odden, it’s evident those with large networks and vast expertise can be wildly beneficial for brands to utilize in their own marketing. Some of the study’s key findings include:
- Two-thirds of marketing pros want to improve their lead generation by using influencers in their digital marketing campaigns.
- Four in five marketers surveyed said influencers had the biggest impact for their brands’ content marketing efforts (e.g. through things like guest posting).
- More than half of respondents stated an influencer marketing plan will be implemented in their overall marketing strategies within the next three years.
You may think that, to get influencers onboard with your marketing, you need to incentivize them with money — on the contrary. Getting well-known, super-smart influencers to aid your promotional endeavors can be accomplished with a little give and take: They agree to help you as long as you can help them in some manner — usually just by heavily promoting the content you create with or about them.
So, for instance, if you think chatting with a trendy home decor expert may help you grow your real estate website traffic and establish your credentials in your market, it could be worth your time to connect with someone who fits the bill (that is, has a large social following and a lot of unique and interesting things to say your audience would eat up) and develop an outreach plan and explain how, say, an on-camera interview video (there we go with video again) could be mutually beneficial.
Either way, influencer marketing is evolving into an excellent marketing tactic for brands of all sizes, so think long and hard about how you can infuse the approach into your efforts — and take some advice from the influencers themselves on how to implement your action plan.
A Clutch report covers brands’ content wants and needs.
The more originality in your real estate content marketing, the better. Yes, you can definitely use others’ content and curate it across your IDX website, but your own collateral should account for the better part of your total asset library.
As a new study from Clutch demonstrates, most brands are catching on to this “We-oughta-craft-our-own-content” approach.
In many respects, your marketing strategy starts with solid branding that explains your business.
Along with telling their brand stories and sharing their mission statements with their audiences, professionals polled by the marketing services company said constructing a bevy of unique content was one of the most important traits for their overarching content strategies.
When asking respondents to dive a little deeper into their content plans, surveyed marketing pros stated brand awareness, greater search engine visibility, and lead generation improvement were their top three goals for their content marketing, with the first option head and shoulders above the other two objectives.
One could argue your marketing begins entirely with branding, so it’s surely worth probing your existing brand awareness-driving collateral to see if it’s doing the trick for your real estate business … or if you need some real estate branding inspiration that can attract more (digital) eyeballs to your agency.
Catch up on the March 2016 edition of the Monthly Real Estate Marketing Review for even more marketing info and tips!
What do you think of the insights in this month’s review? Which story do you find most interesting? Share your thoughts below!
Published on April 3, 2017
Written by Matthew Bushery
As the Content Creator at Placester, I'm devoted to producing content that helps transform real estate professionals' marketing efforts and bottom lines. When I'm not developing Academy posts here, I'm writing film reviews and screenplays (the latter of which will never see the light of day).