Selling real estate is a very different endeavor than just about any other sales. You are trying to market a major asset that is both an investment and a basic necessity. People may be buying a home for very different reasons, and may have extremely different sources of capital to do so.
Real estate is also unique in that there is never a fixed price. Prices fluctuate based on factors that have little to do with the seller or the property itself. Potential buyers may negotiate to get a better price, based on nothing more than their own instincts or ability to afford the home.
In addition, buying a home comes with a lot of associated costs. As such, the agents marketing the home need to know about everything from insurance coverage for new homeowners to the legal ins-and-outs of property transfers. There is no bluffing your way through a sale.
For people in the marketing industry, there is therefore a lot to learn from real estate advertising. Real estate agencies have found ways to manage a whole host of issues most marketers don’t need to think about. These strategies can come in handy no matter what you’re selling.
Here are some of the most important lessons marketing firms can learn from real estate advertising.
Consider how customers pay for goods
A realtor needs to take into account how potential buyers are going to pay for a home, as some will buy cash while others will get decades-long loans. Most marketing does not require such a consideration, but it is definitely worthwhile. This is because you are far better positioned to sell to someone if you know how they can afford the product.
Think about the most simple form of marketing: hawking wares on the street. Traditionally, a vendor would hape that the passersby are able to pay for their product in cash. Few people carry cash any more, and those vendors that recognize this are able to find alternatives, whether using portable PoS machines or smartphone apps.
This knowledge does not only make it possible for vendors to receive payment, but also puts them in a good position to make the sale. A passerby who uses their lack of cash as an excuse not to buy the product is suddenly in a sticky position when the vendor pulls out a card machine.
Knowing the potential ways people pay for the specific goods you are selling allows you to push through with the sale. In more typical scenarios to that of the street vendor, this may mean offering payment plans or using a buy-now-pay-later system.
Get on board with the associated admin
When it comes to selling property, agents need to know a lot about how the sale will work and what the new homeowner requires from the start. Most products are far more simple. A sale requires nothing more than an exchange of goods and cash.
However, there are many products and services that do require some more insight, at least on the customer’s part. Marketing a fancy new fridge as having instant-freezing capabilities sounds great, but customers may be intimidated by the thought of having to figure out how to use the feature.
With more knowledge of the associated admin, you can make it clear in your marketing that customers have nothing to worry about. You give them the basic information they need to know so that they embrace the complexities.
Understand what customers need
Finally, there is a common mistake marketers make that would never fly in the real estate market. They forget to consider what the customers need. When selling a fancy new product, they list all of the exciting features. But this is basically asking the product to sell itself. Certain features may be technologically incredible, but won’t make much difference to the customer experience.
Realtors need to understand why potential buyers are looking at the home. This way they can sell it based on a family’s needs, the earnings potential for an investor, or the potential for design projects for DIY-lovers.
You should have a similar understanding when selling anything else. By pinpointing what it is the customers truly need, you can focus on selling that aspect of it. Your marketing is relevant to your customers’ lives, and you are more likely to get them to buy the product.
Real estate agencies have to deal with factors that most marketers don’t need to consider. However, by learning some lessons from the realty market, you can improve your marketing prowess.