Fundamentals in Real Estate Series Part 2 Marketing


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Oftentimes more money is wasted on marketing than just about any other aspect of running a business. It is a difficult and vague science that many companies get wrong. The first lesson of marketing is to be careful when listening to experts.

Marketing by definition is to discover the needs and wants of prospective customers and satisfy them. What is important is to recognize that marketing is your dominant function. Marketing is what ultimately separates the great Sales Associate from the rest.

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Fundamentals in Real Estate Series Part 2 Marketing

  1. 1. Fundamentals in Real Estate Series Part - 2 Pranav Pandya Franchise Development Manager RE/MAX Mumbai Gujarat Maharashtra
  2. 2. Marketing Subtitle
  3. 3. RE/MAX Mumbai Gujarat Maharashtra Agenda  Needs and wants of consumers are changing  The brand  Marketing a service  Building relationships  Marketing rules  Personal promotion  Specialize  Elements for your marketing plan  Tips for online marketing success  Social media marketing  Writing property ads
  4. 4. Needs and Wants of Customers are Changing
  5. 5. RE/MAX Mumbai Gujarat Maharashtra  Internet and Technologies  Importance of Referrals  Have a brand
  6. 6. The Brand
  7. 7. RE/MAX Mumbai Gujarat Maharashtra  Identifies what service you represent  Differentiates from competition  Establishes your credibility  It “pre-sells” you Think of yourself as an ambassador of the RE/MAX brand.
  8. 8. Marketing a service
  9. 9. RE/MAX Mumbai Gujarat Maharashtra When developing your marketing plan:  Inventory  Services are intangible  Consumers evaluate you based on what they can see.  Dress for success  The Anchoring Principal  Familiarity breeds business  Brand name
  10. 10. RE/MAX Mumbai Gujarat Maharashtra  Services are inconsistent  To be consistent you must have systems  Services are inseparable  Goods are produced, then sold, then consumed.  Services are sold, then produced and consumed at the same time.  Capacity management  Services are perishable
  11. 11. Building Relationships
  12. 12. RE/MAX Mumbai Gujarat Maharashtra  Superior expertise is not critical to success in services  Enthusiasm beats out ability  Service doesn’t sell houses – price does!  Promote Your Success Remember, out of sight is out of mind.
  13. 13. Marketing Rules
  14. 14. RE/MAX Mumbai Gujarat Maharashtra Basic Rules 1. You cannot market effectively without marketing research 2. Consider how marketing interacts with other parts of your business 3. The antithesis factor 4. Combine the interaction of three basic concepts 5. Steal ideas from other businesses 6. Be able to answer the question “Why should I choose you?”
  15. 15. RE/MAX Mumbai Gujarat Maharashtra 7. There are no magic answers leading to bigger production 8. You should also think about things you can offer to your customer as part of your marketing and something you can become known for. 9. Any good marketing piece is better if it is specialized 10.Market yourself to RE/MAX Sales Associates 11.Develop a lead generating website
  16. 16. RE/MAX Mumbai Gujarat Maharashtra 12. Your image is everything - Don’t settle for second best 13. For every Rs.1.00 spent on promotion you must get back Rs.4.00 14.To increase the amount of marketing you can do, co-op your advertising 15.Get a second opinion - Ask your Broker or Manager. 16.Cause Marketing
  17. 17. Personal Promotion
  18. 18. RE/MAX Mumbai Gujarat Maharashtra  Be business person rather than being a real estate salesperson  Repeat and referral business  Some effective forms  Brochures  Print advertising
  19. 19. RE/MAX Mumbai Gujarat Maharashtra  Promotional items  Online campaign (blog, website, social media, and forums)  Magnetic car signs Visit RE/MAX Mainstreet for hundreds of personal promotion ideas
  20. 20. Specialize
  21. 21. RE/MAX Mumbai Gujarat Maharashtra  Narrow your target  If you specialize, be sure to tell consumers in your marketing
  22. 22. Elements for your marketing plan
  23. 23. RE/MAX Mumbai Gujarat Maharashtra  Publish a blog post twice per week.  Update website twice per month.  Knock on 50 doors per week.  Distribute 25 business cards per week.  Send e-mail to the sphere of influence every month.  Hold a holiday appreciation party every first week of December.  Select a specific customer segment and focus on the segment.  Be either the big fish in a little pond or create a niche and own the pond.
  24. 24. RE/MAX Mumbai Gujarat Maharashtra  Work only with exclusive listing agreements.  Have the business card that stands out the most.  Yard signs with your photo.  Identify yourself with “5 Star Service.”  Identify yourself as “Each Sale is an Artwork.”  Community involvement.  Public relations campaign.  Sponsorship of sports events or a team.
  25. 25. RE/MAX Mumbai Gujarat Maharashtra  Testimonials from past clients.  Become known for your certifications and courses.  Be the Associate that provides better market statistics.  Have the best listing presentation.  Frequent Open Houses in all of your listings.
  26. 26. RE/MAX Mumbai Gujarat Maharashtra  Present seminars for buyers and/or sellers.  Write a real estate column in your newsletters.. …. ..  Publish innovative classified ads.  Print ads in newspapers and magazines.  Postcard campaign to sphere of influence.  Send out monthly newsletter to your neighborhood.  Promotional items (specialty items).