According to real estate tech company Gavl, managing vendor expectations is the greatest challenge agents face in 2018, besides winning new listings. Last year’s market slowdown is thought to be a major cause, as homeowners base their expectations on the previous 5 years historic price growth.
Justin Nickerson, a spokesperson for Gavl, added that marketing was part of the problem as well.
“Properties will need a multi-tiered strategy that can be measured and bring in results, and unfortunately, many agents lack the skills or technologies to ensure success in this area.”
Luckily, we are happy to offer three tips that will help agents develop an effective strategy to win listings and help them manage their vendor’s expectations.
- Use Social Media to build your brand awareness and increase your digital reachSocial media is more than a modern buzzword. It allows you to reach larger, more targeted audience than any traditional marketing method ever before. Better yet, it tracks your results in a clear, measurable way that newspapers and letter drops never could. Vendors want to know their property is reaching the largest audience possible, so adding their property to Domain or Realestate.com.au is no longer enough. The more channels you have to attract buyers, while providing demonstrable results, the more convincing you will sound as you present your efforts to your vendors.
Here’s a guide we put together in case you’d like help building a social media strategy.
- Send effective email Marketing to showcase your propertiesYour database is your greatest asset if used effectively. One way all agents could improve their marketing efforts, and please their vendors, is by creating email campaigns that keep their database engaged and match prospective buyers with your sellers. This doesn’t mean spamming your database daily with automated property emails. Instead, try developing content rich emails that offer value and strengthen your relationship overtime. This will protect your database from unsubscribes, and keep you top-of-mind when your contacts finally decide to make a move. As well, an effective email marketing tool will provide detailed reporting that follows the reach of their listings, property clicks, and will identify interested buyers for you.
Want to learn more about building an effective property newsletter? Check this out.
- Show off your results with simple reportsYour vendors want to see results. One of the most valuable aspects of today’s marketing technology is the reporting. Traditional marketing methods simply can’t offer the same measurable data. So if you use social media and email marketing in your efforts, you have easily accessible, clear reports that can be sent directly to your vendors. This physical evidence of interest will provide greater value than words ever could.
At the end of the day, seller’s expectations are set by events and beliefs that are out of your control. Your greatest hope in winning new clients and managing their expectations comes from your ability to describe your effective marketing strategy, and offering evidence that supports your claims and demonstrates your efforts. Social media and email marketing enable you to do this simply, inexpensively, and effectively.