Along with all of the sometimes extremely complicated scenarios and situations that the field of Real Estate anyway poses, Advertising & Marketing has only known to add to the mix of troubles. This has been the common consensus for a lot of Realtors over the years, where-in, they’ve often come up with notions like – ‘’There is enough troubling managing the business on a day-to-day basis anyway, let’s either do as little as is necessary for the advertising or the marketing of it, or, let it go all together.”
Today, it is really unimaginable to even hear about any business not being advertised & marketed (especially, when it comes to Digital Advertising & Marketing), much less – a real estate one.
The ideas and notions of real estate being such an expensive product & investment that it actually required as much money as some of the other businesses were rumoured to put-out for advertising & marketing have now been deemed dismissive from the get-go. This directly means that the ones who were sometimes ridiculed when it came to investing, planning & implementing advertising & marketing campaigns are now being seeing as foreseers. This is because, if a real estate doesn’t invest a certain amount of energy, money & time in-to their advertising & marketing strategies today, they would most certainly lose out on a chunk/majority of the business that they could’ve otherwise done.
We know that this is a bit of a tedious process and it adds to the overall workload, but, simply, understand this – you will be taking out most of the avenues that would have otherwise helped you to grow & expand your business if you do not thoroughly focus on complementing your business with various advertising & marketing strategies.
In order for you to better deal with the cut-throat competition out there, we have compiled a list of 11 different problems & their solutions when it comes to getting your real estate business out there! They are as follows –
1) Time-Consuming Process
Buying a new home isn’t like going grocery shopping. The former is a lot more thought-about (obviously), and, well-planned (obviously again) as compared to the latter.
This should be strictly taken in-to account when a real estate agency plans any of their campaigns or strategies.
Results in real estate aren’t acquired overnight and the marketing department should know that because the whole process of making sales is a time-consuming one, they should implement & execute their marketing superpowers accordingly.
2) Unrealistic Home Seekers/Buyers
Home-Seeking is often a cumbersome process. Most people who buy houses don’t become repeat customers for at least 20 years after. This means that they would always try and get as much as they can out of their quarter-century-at-a-time purchase.
Also, many of the Home-Seekers often do not turn in to sure-shot Home-Buyers. There are a lot of reasons for this, we will not discuss them today, however – it is important to note that there are a lot of options that any customer could explore, and, most of them know this fact. For realtors, this only adds to the misery.
The best way to tackle this would literally be to find out & research every avenue of improving one’s own business whilst continually focusing on delivering the best products & services in the best possible way. Needless to say, advertising & marketing would then become the best resource & tools to get the best of the business in front of the best audience as much as is possible.
3) Poor Market Conditions
Any kind of inflation or a situation that cause an overall decrease in the mobility or liquidity of funds leads to major decline in the amount & number of investments in any market.
Such dry periods are normal. They will always be there; just as the real estate business will always be there. Although, there is a clean & neat way for a real estate agency to deal with this.
The trick is to – read & absorb very carefully – KEEP AT IT AS BEST AS YOU POSSIBLY CAN! Any & every market – no matter the reason – will always bounce back!
4) Steady Lack of Interest from Home Seekers
The fruits & overall success of any & every advertising/marketing campaign is to reach the right audience with all of the right information so a business can maximise its overall potential and reach. The sign of any good business is that it is looked at as beneficial and thoroughly-value-providing.
However, it may happen that there comes a stagnation in quality, customer perception-shift due to shifting trends, lack of advertising/marketing deliverability, etc. There should be seen as a learning curve for any business. It is important to note that such times bring with it a tremendous opportunity for innovation and growth.
Businesses shouldn’t fight to survive, but fight to thrive! So, take a step back. Breathe. And, look at the bigger picture in a renewed light; the answer(s) will come find you.
5) Thorough Market Research
It is a given that any market is a highly flexible one. Several markets across a plethora of industries have often witnessed big-highs & big-lows in their respective markets. However, in-spite of this, there are a few smart businesses who survive the big fluctuations.
How? Easy. Market Research.
Any long-lasting business in any field would attest to the fact that thorough market research has often saved them from various backlashes, or sometimes – closures.
A real estate business should always invest in market research as best as they can so they can prepare themselves for any kind of sudden dip/rise in the market. To fulfil this, they should either hire an in-house market researcher or, seek guidance from third-party advisors & experts in the field.
6) Profit Turn-Around Time
The profits in a field such as real estate just do not come easy. This is a fact. Builders & developers invest huge sums of capital to create/construct projects from scratch, but, do not see profits for years later.
The average turn-around time is usually 2-to-3 years after beginning construction. During this time, there are a lot of other expenditures to cover – Salaries, Maintenance, Materials, Transport, Advertising and Marketing, and, a lot more.
Now, the time to take note of all of these isn’t after the construction has begun, but, well in time before. This is the reason that there a lot of successful real estate companies around; they have always thought, acted, implemented & invested smartly!
Always, think about everything (before-hand). And then, think about everything again; and again. Then and only then should you go out to begin to execute your ideas.
7) Lack of Expertise
There are a lot of industries in the world that have often faced scenarios even as big as closures. How? Why? Well, a consistent lack of good & credible information.
Remember, information soon becomes the life behind any & every business. This quite literally makes it the building blocks for any business – no matter if they’re new on the block, or, have been around for a while.
This is where the urgent demand & need for experts in any field of business arise.
Real estate businesses should always invest in making any big or small decisions on the advice from their experts, researchers, etc.
8) Tapping/Targeting the Right Audience
The most successful advertising & marketing campaigns are successful because they have tapped & targeted the perfect audience to whom their products or services were the most relevant.
Doing this, automatically doubles, triples, quadruples, etc. the potential reach and parameters of success for a business. Real estate agencies should always make it a prime agenda to focus on this point.
No business is ever successful without customers – never has this statement ever been truer than when spoken in the context of real estate.
Understand your business; Understand your audience; And then, work tirelessly to fuse the two as best as you can!
9) Keeping Up with The Fluctuation/Trends
The state of any and every market in any field of business has always been in a state of perpetual flux. There is only a little room for markets to be inflexible. This means that they are volatile in their very nature.
At some point, all real estate agencies will have to deal with situations created out of fluctuating and shifting trends. The best way to keep on having thy legs on the ground and neck above the water would be to try and stay ahead of time as much as possible.
This could & would only be possible with the help of consistent and good-quality – expert advice from the ones who always have their noses dipped in the industry.
Social Listening is an up-&-coming tool that a lot of realtors have successfully been employing to better understand the market.
10) Logistical Issues
We are going to cover this point even if it mostly applies to offline marketing. We’re here to give you as much relevant information as we possibly can (because this is our curve/turn)!
Real estate business heavily rely on various forms of offline marketing like Billboards, Hoardings, Banners, Exhibitions, Tele-Marketing, Radio, Television Ads, and, a plethora of print paraphernalia. This abundant and powerful mix has well-carried the real estate industry for eons.
However, there may arise situations where one or more of the components of the mix might experience backlashes like the stagnation of delivery, responses, sales, etc. among a host of other reasons that are out of any business’s control.
The most important thing to keep in mind is to not get dissuaded as these are situations that most-likely – universally affect all of the players in the market. During such times, a business should always focus some more of their attention towards the several other available channels that would bring out the best in their sales’ funnels.
11) Technical Issues
This is a sister point of the above – with the main difference being – Technical Issues is related directly to the domain of Digital Advertising & Marketing. Technical glitches’ are always-a-plenty. Although, the biggest relief here is that these even though the frequency of technical issues are quite high – in most cases – their duration doesn’t always last for too long.
Technical issues are a part-&-parcel of any & every business that finds its way in-to the online world. The internet has always been quite unpredictable, and for most – still difficult to understand.
Therefore, in order to get ahead of these, a business should always make provision for a person or a department (depending on the size of the business & extent of needs) that caters to everything technology!
Downs-&-ups and highs-&-lows are a part of every business that has ever existed. Although, this is no way should translate to taking any of them too easily or for granted.
A business should always have both its ears to the ground when it comes to learning about newer and better ways of enhancing their business – in-terms of both – providing more (overall benefit & value) to customers, and, living the experience & journey of conducting an enterprise in the best possible way!
So, now, it’s (time for) your turn! Go out there and do everything you can to wholly maximise your enterprise’s potential, along with your own!
Grow Better, always!