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As they say, “When times get tough, the tough turn to grassroots marketing.” OK, maybe they don’t say that, but we do at Busby Group.
The 2023 market’s theme so far, for us in Chicago, is volatility. We have experienced many highs and lows since January, though it is possible that we are in the midst of a plateau now.
My response to a volatile market is always the same: Stable and consistent marketing, focusing on those who have to move, not just those who want to move. This year, our marketing has leaned heavily toward grassroots, inexpensive or free, and we have seen some of our best results. Here is an overview of what worked best for us.
Build agent relationships
In a volatile market, relationships with other agents are more important than ever. Call, email or text agents in your area to share listings you have coming, share what your current buyers are looking for plus brainstorm ideas based on the new marketplace.
Host an event just for agents — we usually host at a listing and brainstorm market ideas. It’s a win-win. Plus, expand your broker network nationwide. This way you have more opportunities to refer back and forth and share ideas. We have put together several transactions this year through our deep relationships.
Leveraging existing events
My team and I are always looking for creative ways to market our brand and listings and stay in touch with our sphere, especially in a shifting marketplace. Leveraging existing community events is a great way to do all of the above, plus it is more cost-effective than a standalone event — and you reach more people.
Some examples of events we have had success with in the past include
- sponsoring food at an expecting parent class
- featuring listings in community garden walks
- providing entertainment to get more attendees at a local event
- sponsoring a table with a craft at local farmer’s markets
These are all gatherings of people with growing families, and we invite our clients for further reach.
At a recent expecting parents class that we sponsored at a local business, 50 new-to-us couples attended and also created an ongoing relationship with the business. Another win-win.
Develop relationships with local businesses
In a fluctuating market, it’s important to focus on local and have deep roots in the community. We like to be aligned with local businesses, so we work with them in a few ways, including giving away something from a featured local business at an open house and marketing them, as well as partnering with local businesses like a free yoga class in the park, with coffee afterward. Local businesses will have local employees with deep roots.
It is always surprising how much marketing can be free if you think strategically. The key is persistence and follow-up, as with almost anything in real estate — and in life.