To get a better understanding of why digital marketing solutions are of vital importance for real estate agents, we decided to dive into the current state of the US housing market. Let’s paint a clear picture of the state of the US housing market in 2024 and beyond before jumping to real estate marketing tips.
The compound annual growth rate (GAGR) of the U.S. real estate market for 2022-2030 is 5.2%. In 2023, the industry’s size has overflown USD 700 b. These numbers suggest vast potential for the market, as well as harsh competition for realtors. According to Grand View Research (2022), the highest estimated growth is expected for commercial real estate followed by residential properties, industrial estate, and land.
The US real estate market is among the most saturated and competitive industries prone to fluctuations and external impacts. Over the spring period of 2023, the elevated mortgage rates downsized the purchasing power of homebuyers. That eventually led to the slide in home prices in many real estate markets countrywide. The stable demand is explained due to the inventory costs below pre-pandemic levels.
Still, the US housing market is restrained. There’ve been comparatively fewer listings over the course of the past decade. Sales and contracts are beneath the pre-pandemic levels. While buyer demand has increased over the recent months, seasonal year-over-year (YoY) sales are lower compared to previous periods.
Notwithstanding macro housing metrics, a rather competitive housing market signals good news for prospective property buyers. This means that as a local real estate player, be sure to expect an increased demand for housing and local properties in the coming months. And this is where digital marketing solutions come into play.
Prior to introducing the best-fit performance marketing solutions, let’s explore the nationwide housing trends to get a better idea about the market.
Promodo experts have gathered major insights to highlight current trends in the US housing market:
🔴 The domestic housing market is in transition while the conditions vary countrywide.
🔴 An average home cost increased by 20%-30% compared to 2020 rates.
🔴 With a decreased housing demand vs. 2022, you may still expect to sell 3.4 offers a month. With that, some 30% of properties are being sold for above asking price.
🔴 Rather than targeting first-time buyers who are less likely to become homeowners in 2023-2024, strategically bet on higher-income buyers across your local area; they are more likely to invest extra cash into a new home purchase.
🔴 As for mortgage fatigue, 70% of homebuyers claim that the rates are not the decisive factor in their purchasing decision. The good news is that 50% of homebuyers are firm about purchasing new homes regardless of mortgage rates. This indicates that an average shift of 6.5% to 7% (the two-decade record-high 7.49% fixed in October) in mortgage rates is not essential.
🔴 Local property sellers have turned way more selective. They are trying to sell second homes, investment properties, rental properties, vacation homes, and commercial estate in far-flung locations they bought during the pandemic.
🔴 The end of 2023 and the early months of 2024 will mark atypical seasonality. This means that local real estate agents will much depend on economic uncertainties and constrained inventory. The forthcoming months will not be as busy as usual for the housing market.
Based on vital housing market indicators, we’ve compared the top five strongest state housing markets Texas, California, New York, New Jersey, and Colorado with Arkansas as the weakest performing state following Kentucky, Mississippi, and Florida:
Being aware of the current and forthcoming housing trends, you’ll cope with both local homebuyers and home sellers.
While helping your customers buy properties:
🔴 Consider lower-priced housing market offers across the local outskirts and suburb areas
🔴 Follow local prices and property listings to stand out from the competition
While helping your customers sell properties:
🔴 Offer individual terms to customize pricing for your customers
🔴 Make sure your local properties are in sound shape and well-prepared for pre-sale visits
🔴 Make an appealing visual portfolio for your properties online
🔴 Arrange a 3-D home virtual tour
🔴 Introduce floor plans in the most interactive manner
Out of three million licensed real estate agents in the U.S., 60% are actively searching for leads.
These numbers prove fierce housing market rivalry. They also signal a vital necessity to implement performance marketing tools to catch up with lead players and get your name above the pack.
Our tried and true real estate digital marketing strategies will help you generate qualified leads out of thousands of occasional visitors to your site.
To survive the cut-throat housing market competition, generate a stable client base and retain the most loyal real estate customers to your brand. For that, you should follow a full-funnel strategic approach with the use of the best-fit marketing channels underway.
Today, our real estate marketers are sharing 6 best-fit real estate digital marketing ideas you should use to propel your local property business.
As for marketing strategies for real estate, your priority is to invest in a user-friendly website. This is the primary spot of your digital marketing journey. No matter which digital marketing channels you use, you’ll want to get real estate prospects onto your website pages.
Rather than any external online platform, your website is your home territory with its own structure and content. This is exactly where you’ll end your customer journey throughout the marketing funnel.
First things first, hire a professional designer or marketing agency to elaborate a web design work for you. You should produce an easily navigated website visually associated with local properties. So, be sure to mix the informative content on your pages with a fair share of visual and video materials. These are all about user interface (UI) that predetermines the quality of user interaction and engagement with your real estate offers. The more relevant touchpoints you capture on your pages, the more likely users will engage with your digital services.
Mobile-friendliness is another top priority in due pursuit. You should integrate your pages with the mobile version to ensure the most comfortable user experience. Up to 80% of your target audience will seek your property offers with their smartphones.
An optimized web presence is also about the inclusion and maintenance of various unknown metrics embraced by the on-site audit. Safeguarding this technical part is of crucial importance for another vital metric known as user experience (UX). Depending on the quality of the speed load of your pages and the convenience of on-site navigation, users are likely to stay longer on your site and interact with your property offers.
Link your website pages and content to your social media profiles. It is a two-way street to make your audience follow you, comment on you, and share your posts.
As a seamless web platform, your site will engage users and make them spend more time on your pages. With that, you should integrate interactive pop-ups and call-to-action buttons (CTAs) to make users take more action on your site.
In exchange for their personal details (i.e. name, phone number, and email) offer your prospects some kind of gift like
An online consultation
🔴 A free-of-charge appointment
🔴 A one-time seasonal discount
🔴 An individual home site visit across your area.
Your site is also the finest starting point to build a local community of the most concerned homebuyers and sellers. Matching actual housing supply with the local demand is an essential part of your realtor’s job.
At Promodo we create customized websites:
👌 Lead management capabilities
👌 SEO-friendly features
👌 Analytics and Reporting
👌 Mobile responsive design.
While utilizing the best real estate marketing strategies, your first step to leverage the local presence is to list your company on Google Business Profile. This is where potential property buyers and sellers will seek you beyond your website.
Among the core advantages of such presence is to position yourself on the local business listing. With that, more prospects with search intent for local properties will spot you on Google Search and Google Maps.
A free-of-charge business profile on Google is like a sound-looking business card that will help you make the first impression and engage with your future clientele. You may even use Google local business listing as a substitute for a website. However, while we emphasize our digital marketing strategy on pursuing a full-funnel customer journey, that’s not the recommended option whatsoever.
The great news is that your local business profile is fully manageable, and you may track views and clicks on your local listing account.
To make your positioning genuinely outstanding, be sure to include local property photos and videos. Customize all available categories to make first-time homebuyers and seasoned customers buy from you.
Showcasing contact details (Google Search) and your location (Google Maps) will boost direct calls and visits to your office. Your local Google Business Profile is also about tracking how many people searched for your real estate business across your area and beyond.
Local listings are exceptionally important because people are not buying properties online. They search for reliable real estate agents to help them make the best choice.
Your prospects want to browse through optimized local property listings on your site filled with high-quality images showcasing local properties, flexible price options, and interactive video tours.
At Promodo we help real estate agents with:
👌 Plug-in software website integration
👌 CRM systems
👌 Mobile applications
👌 Marketing local estate listings.
Social media marketing (SMM) is a centerpiece in your marketing journey. This is because most of your potential clients are spending their daytime online. Social media is where they interact, buzz over news, and share trends.
Among creative real estate marketing ideas, setting up your social media presence is strategically important because social media features a high % lead generation capacity of 52% for real estate agents. Some 90% of real estate agents rely on Facebook ad campaigns to promote their services.
All social media platforms like Facebook, Instagram, and LinkedIn are relevant to pursue real estate marketing. Your job is to explore your target audience, their purchasing power, and behavioral patterns. With an ideal customer portrait, you’ll better target your prospects and save on advertising costs.
Staying active on social accounts is crucial to sustain an overall interest in your real estate content. Be creative and do your best to focus on the most rewarding social media channels. While Facebook may work well for Baby Boomers and Millennials, Gen Zs may prefer Instagram and TikTok.
Our top advice here is to establish your own YouTube channel. That is the best-fit strategy to highlight your expertise and share local property insights with your viewers. Over time, you’ll gain an unprecedented level of local resonance and beat up your competitors. When you’ve reached your first 1000 subscribers to your channel, YouTube is a sound way to interact with your target audience and potential customers through comments and live streams.
The integration of video content in social media channels generates 1200% more shares than textual and image content
By sharing 80% of informative and helpful content through social media networking, you’ll reach a sufficient share of property bargains.
Just as organic traffic generation across social media networks, consider investing in paid social ad campaigns to generate qualified real estate leads. The approach will help you boost your social media presence beyond local and get your name on a nationwide scale.
Among the real estate marketing campaign examples we’ve proceeded internationally is the The Place Group case in UAE. We used Facebook, Linkedin, and Google ads to help the company turn into the domestic real estate leader.
Prior to targeting your prospects with social media campaigns, research your audience and capitalize a decent share of your followers into local property customers. The more you experiment with A/B tests, the deeper you’ll explore your prospects.
While each ad campaign will cost you an extra marketing investment, optimize your budget with tested approaches across your local property niche. You may learn from the tactics applied by your five closest local competitors by exploring who are they targeting, what are their monthly marketing budgets, and what is the return on investment (ROI).
At Promodo we help local property realtors generate leads with:
👌 Customizable lead capture forms
👌 Plug-in software website integration
👌 Automated task reminders
👌 Paid advertising services.
Quality content generation is part of your permanent search engine optimization (SEO) endeavor. Among best-fit real estate marketing tactics, Google wants you to stick to the E-E-A-T requirements and see you as a reputable and stable provider of local property services.
While quality content is about your brand positioning, there are essential stages to follow in this pursuit:
🔴 Content Audit
🔴 Content Strategy
🔴 Content Management
🔴 Backlink Audit & Strategy
Textual, graphical, audio, and video content is all about properly maintaining your site to engage more customers. Content is also about your off-site marketing effort to earn backlinks from more reputable real estate players, state and national media, and popular influencers. This is another way you boost your online presence and promote your brand name across social media.
Among the vast array of suggested real estate marketing ideas, the surest option to play a lifetime SEO game and stay aboard is to craft quality content through blogging. Customer-friendly blog posts of about 600- 800 words present a splendid opportunity to engage with more potential customers, respond to their comments, and share your local property expertise through social media.
Among real estate marketing examples, we’ve discovered email marketing as a relevant channel to maximize ROI. Emailing is among the finest tactics to build closer connections with potential customers and retain a loyal customer base through a personal touch.
The success of your email marketing strategy will depend on how well you can manage your email campaigns and automate the process. The strategic goal is to retain a stable customer base of your local community homebuyers, tenants, and sellers and make them buy more from you.
In this pursuit, you should generate a sustainable amount of customer information with the help of relevant customer data management software and platforms (CDP) to lead individual email marketing campaigns.
At Promodo we boost customized email marketing campaigns with:
👌 Customizable email templates
👌 Contact management and segmentation
👌 Social media marketing tools
👌 Email reporting, and analytics.
While the word about your real estate business will soon spread across, bet on referrals from the local community. Among the unique real estate marketing ideas, a strategic connection of your marketing effort to the local community is the surest way to earn people’s trust and respect.
On your website, business profile, social media accounts, and elsewhere communicate your local property value with your target audience. Customer feedback, reviews, and testimonials are the surest social proof of your commercial offers and services.
Both brick-and-mortar and digital, keep your business as transparent as possible. Communicate with your prospects with clear messages they would like to share. To win people’s loyalty, you need to explain difficult things in layman’s terms so that the local community dwellers resonate with your messages.
Mind that, many people are leaving negative reviews on public platforms. To avoid a word of bad reputation, get in close touch with your most loyal customers and ask them for a review after completing a bargain.
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