As the real estate market continues to evolve in 2023, it is crucial to adopt effective strategies that can help you succeed in this highly competitive industry. To gain some insights into the ever-changing landscape of real estate, Patrick Ferry, a seasoned business coach with Tom Ferry International, shares some valuable tips on how to navigate the current real estate market and achieve success. He emphasizes the importance of going back to basics with lead generation and marketing, and outlines his Four Foundations and other powerful techniques. So, if you’re ready to take your real estate business to the next level, let’s dive in!
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The real estate industry is going through a major shift in 2023. Agents who were able to ride high last year with little effort are now feeling the pressure to go back to the basics to generate more business. This means doubling the amount of opportunities they generate through lead generation and marketing efforts. To stabilize or grow their income, agents need to focus on four foundational strategies for lead generation and marketing.
The Four Foundations:
1. Past clients and Centers of influence
Agents should focus on increasing new business from their sphere, referrals from their sphere, and repeat business from past clients. This requires intentional communication, building a strong brand, and making good offers to engage with clients about their future buying or selling plans. Many agents fall short in this area, but there is great opportunity for those who can successfully utilize their database and past clients/centers of influence.
2. Geographic farming
Geographic farming, or focusing on a specific area, is a key strategy for generating access to both listings and buyers. However, many agents struggle with the traditional methods of geographic farming, such as direct mail. Instead, successful agents focus on becoming a great community member and utilizing a variety of tactics, such as networking, participation in events, and digital marketing, to increase their influence in the area. Agents with small geographic farms should focus on expanding their market share to increase their opportunities.
Benefits are another important consideration for job seekers, and we have seen a steady rise in the number of real estate candidates receiving health benefits. Back in 2020, when we started conducting this survey, less than 10% of respondents reported receiving any health benefits. In our latest survey, almost 40% reported receiving some benefits, which is a positive development.
3. Direct to Consumer Strategy
Direct to consumer strategies involve communicating with potential clients directly, such as through hosting open houses or prospecting. Agents can also pay for lead generation services like Realtor.com or Zillow to increase their opportunities. Every agent should have one or two direct to consumer strategies that they excel at.
4. Your Online Presence and Digital Marketing
Building a strong online presence is essential in today’s digital age. Agents need to focus on building their brand, expanding their reach online, and strategically monetizing their subscriber or follower base. This includes utilizing social media, creating quality content, and learning how to leverage that content to create clients and appointments.
What Marketing Strategies Work
One effective strategy for agents is the “I have a buyer” approach. This involves creating a beautiful “I have a buyer” letter and sending it to homeowners in marketplaces. This approach can lead to conversations with sellers and ultimately result in high-value deals.
Another effective tool for agents is YouTube. YouTube shorts, in particular, are performing well and can increase view and subscriber counts. However, agents must have a content education marketing plan in place to create clients from their YouTube content. They should also prioritize clear calls to action in their videos to encourage viewers to connect with them.
In summary, agents must go back to the basics to generate more business in 2023. They should focus on past clients and centers of influence, geographic farming, direct to consumer strategies, and building a strong online presence. By utilizing these foundational strategies and staying up to date on the latest marketing tools and tactics, agents can increase their opportunities and stabilize or grow their income.