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REALTOR® Emeritus | | Marketing your brokerage Setting Marketing Strategies | | ||
| Setting Marketing Strategies Analyzing the Business Climate Creating Your Market Identity Planning Your Advertising Coordinating Company and Salesperson Marketing Developing Public Relations Strategies Enhancing Customer Service | Marketing is essential to every business’s success. In real estate, marketing breaks down into two basic areas—marketing individual properties and marketing your brokerage. The goal of your marketing may be different at different times. But whatever your marketing goals, many of the same basic principles apply. Are You Selling or Marketing? For years, real estate companies emphasized selling rather than marketing, and some still do. But putting all your emphasis on sales reduces your ability to establish your brand identity and build your company’s customer base.
5 Times You Need to Market Your Brokerage There’s never a time when you don’t need to market. 1. Launch a new business 2. Protect your existing market share 3. Expand market share 4. Expand into new markets or niches 5. Add new products or services A 6–Step Marketing Process Whether you’re opening a new office, planning to expand, or just looking for a way to improve your current marketing, this systematic approach is a good place to start. 1. Analyze your current situation. What is your company’s current market position? How does that compare to your competitors' position? TIP: Survey both your internal staff and external customers and vendors to help assess your current market position. 2. Identify your target market. What characteristics do many of your customers share? For example, what is the income range of the buyer group you usually serve? In what ways, if any, do you want to alter your marketing approach to reach buyers in another price range? 3. Select objectives and strategies. What objectives do you need to meet to fulfill your vision and achieve the market position you want? For example, if your goal is to build a large, dominant company in your market, your objectives might include selling more units and opening a second office to expand market reach. 4. Determine position strategies. How can you differentiate yourself from your competition in the perception of prospective clients? 5. Decide on what marketing mix of the 4Ps you will use to achieve your objectives. 6. Establish mechanisms for tracking the results or market.How are individual promotions working? Is the overall marketing strategy enabling the company to reach its goals? Adapted from “Marketing for Competitive Advantage,” Course Manual 503, Council of Real Estate Brokerage Managers, 2001 Marketing Plan Musts > | |