Over the past 12 months the real estate market has surpassed many expectations. Record low interest rates, migration and government incentives have seen buyers flood the market. While this has driven double digit growth in the majority of markets, it has also seen agents having to navigate high buyer interest with less stock and highly competitive sales times. Deeming the past 12 months (and likely the year ahead) a ‘seller’s market’.
So why when it is arguably easier than ever to sell listings, are we seeing anything but a slow down in property advertising? Well, there are a couple of key reasons. Firstly, the obvious need for agents to shift from their traditional means of connecting with the community. Secondly, agents have to leverage online measures to prospect buyers and sellers.
When someone says to you ‘social media advertising’ your mind probably goes to property adverts commonly paid for by your vendors. Later in this article we are going to explore some helpful tips for approaching VPA with your vendors and how to get more benefit out of your property ads. We are first going to explore how agents can use social media marketing to generate sales leads.
We recommend ultilising at least one advertising campaign each month aimed at generating leads from potential sellers. Now there are a few tips to follow when spending money these campaigns.
Don’t push a hard sell to a cold audience. What this means is that if you are just starting social media advertising. Instead of creating an ad that simply says “Call me for a free market appraisal” which is less likely to get results from someone who has never seen or heard of you. Try a helpful, content led approach like the example below:
Spring is well underway with a flurry of buyers entering the market. Do you know what current buyers are looking for in a property? Download our ‘10 tips to selling’ guide to find out what buyers look for in the perfect home.
You would then offer the free guide and send a follow up email to all of the potential sellers that downloaded. Not only do you have locals you know are interested in selling, you have provided value to that prospect which they will remember when it comes time to sell. Check out our recent blog for more locally targeted social media examples.
Asking vendors for money can be tough if you don’t have the right tools or knowledge to accurately convince them that without social media as part of their marketing strategy they could be missing out on buyers and a higher sales price. The great thing about social media is that it works for both on and off market listings and the advertising cost can be incorporated into your overall marketing budget in your listing kit.
Each market will have an amount that most sellers will feel comfortable spending on average. Most agents will have 2+ packages they offer and social media advertising can be accommodated in that structure.