In March’s Marketing and Branding Month, we’ll go deep on agent branding and best practices for spending with Zillow, Realtor.com and more. Top CMOs of leading firms drop by to share their newest tactics, too. And to top off this theme month, Inman is debuting a brand new set of awards for branding and marketing leaders in the industry called Marketing All-Stars.
With the housing market cooling off quickly, it’s no surprise that listing a home with two mediocre photos doesn’t guarantee a dozen offers. Existing-home sales are down 26 percent, while new single-family homes have seen an even sharper dip of 40 percent. Inventory levels for these same homes have also shot up to near-record levels.
This slowdown is primarily due to rising interest rates in the first half of 2021; the resulting lack of affordability has made it more challenging than ever for buyers. Higher interest rates, coupled with slowing job growth, mean that this trend is likely to continue.
Agents no longer have the luxury of being lazy in a slowing housing market; instead, they must invest in marketing to stand out from their competition. With inventory volumes increasing and sales figures decreasing, agents must develop effective promotional strategies to attract buyers.
If you want to keep your pipeline filled, you can’t slack off on marketing. Take this quiz to find out if you’re doing everything you can (and should) be doing now.
As the housing market cools, agents must be more active in their marketing strategies.
A solid real estate marketing strategy must include:
- Updating social media profiles
- Maintaining a consistent content strategy
- Leveraging videos and posting on YouTube
- Attending industry-specific marketing events or training sessions
- Tracking marketing metrics
- Connecting with former clients regularly
- Sending a good number of emails annually
These are some of the essential tactics to stay active and engaged with clients. Real estate agents who regularly assess and adjust their marketing strategies are more likely to succeed in the current housing market.
Laura Viñalet is the CEO of Keenability, a marketing agency specializing in lifestyle marketing that targets the affluent buyer. Follow her on Facebook or Twitter.