For the past 11 years, it has been easy selling real estate until the beginning of June 2022.
With interest rates rising, inflation out of control and builders experiencing economic concerns there is no reason to panic.
Now is the time to reorganize your marketing and sales initiatives to create and implement a new marketing strategy.
Those of us who have experienced one or more recessions can share our experiences to help you get back on track. My positive and productive experiences have provided me with success having endured eight recessions.
For more than two years, most companies limited their marketing campaigns to digital marketing, search engine optimization, social media and an occasional print or electronic (radio and television) advertisement, public relations release and a promotion or two.
Now, it’s time to pull out your marketing scrapbooks, take a professional refresher marketing course, contact a mentor and create a new marketing plan of action. In addition to the above, a plan should consist of 50% advertising, 35% promotions and 15% public relations.
Determine where your buyers and prospects have been coming from within the last two years in your trading area. Use a territorial map. Place pins on the map identifying the streets and addresses with one color for prospects, another color for a deposit taken, the next color for an agreement and a green pin for closing.
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Contact a direct mail service to obtain additional target market lists of potential prospects from the same trading areas from which you can create and execute a direct mail campaign.
The campaign needs to be a minimum of three mailers delivered at the beginning of each of the next three months on an oversized eight-inch-wide by four-inch-deep, four-color postcard with the same marketing call to action. Additionally, use testimonials from satisfied buyers including a choice of one incentive to purchase such as:
- below-market mortgage interest rate;
- front-yard landscaping options included as standard for the next 45 days; or
- an upgraded appliance package with an expiration date.
A front-yard landscaping referral program should be created for all current prospects who enter into an agreement within 45 days of the beginning of the promotion and all past buyers from the inception of the company or the current owners. Postcards with testimonials of past buyers should be included with a call to action. The landscaping will enhance the streetscape and add value for the residents, builders, and neighborhoods.
Strategies like these will increase qualified prospect interest, sales and closings.