How to Write a Real Estate Marketing Plan

real estate agentThe real estate industry is a very big industry as the investments made in this area are huge and involve a large amount of money. Every real estate business is different.  A well-formed and executed real estate marketing plan can highly increase one’s potential to reap huge profits in this industry. The procedure for coming up with the plan goes a long way in helping one to focus on the important factors such as those that set ones business apart from others in the same industry. The steps to be followed when writing the plan are outlined in the following sections below.

6 Steps For A Great Real Estate Marketing Plan

1. Creating an executive summary for the real estate business

This involves defining the nature of one’s business. For example, one can state whether the business is involved in the commercial or residential form of real estate. The other details to be included at this stage are the previous accomplishments; milestones reached, and even the physical location of one’s business.

2. Identification of the team

One has to work with a team for marketing to be effective and to accomplish significant results. It is important to list down the members of the team which includes the members and the management. In cases where one is the sole member of the team who works on a full time basis, they should include names of the contractors and the consultants that they usually work with.

3. Looking at the competition

One should look at the competing real estate service providers in their area and look at the prices and services that they offer. One should also identify the time it takes for competing agents to close on property buys and loans at low interest rates for eligible homeowners. This should also include the names and business addresses of the competition. One should look carefully at the kind of customers that the competition targets and the services that they offer. It is also important to look at the areas that can become saturated in one’s areas.

4. Identifying the customers

At this point, one should identify how large a customer base they have and the potential market available. One should also study some other demographic characteristics such as income levels, age, marital status and sex. The rental and purchasing habits and the properties owned by potential home buyers should also be taken into consideration. Studying the behavior and characteristics of one’s potential market increases the possibilities of reaching them and securing real estate sales.

5. Defining feasible steps that will be taken in order to promote one’s business

This may be in the form of ads in the newspapers or in other publications such as property guides for home hunters looking to purchase apartments and home magazines. Press releases are also another feasible option that ensures that there is sufficient coverage of the real estate company in the media. Coverage by the press is a sure way to get noticed by the potential market and grow the client base. Other ways include direct mail which can be carried out by having opt-in brochures which are distributed electronically, catalogs and offline campaigns involving bulk mail. One can also provide a web address of the real estate website in order to increase the traffic to their site. The website should include information such as promotional videos, property profiles and success stories.

6. Establishing an operational and marketing budget

A real estate marketing plan has to include a budget that will be used for accounting purposes. The budget is used to establish limits to spending on items such as licensing fees, taxes, advertising, training, promotional open house signs, salaries and office supplies. It is important to determine a budget from the very beginning in order to easily track the expenditure and compare it with the success of the marketing campaign. The budget should act as a yard stick with which to measure progress and track the usage of the money set aside for the marketing campaign.

In conclusion, a real estate marketing plan involves a couple of very important steps which when followed in the proper manner will ensure that one’s business has an increases reputation, customer base and more potential customers. One should therefore take the steps outlined above very seriously as they are key to ensuring that one attains success in their marketing endeavors.

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