There’s more to being a successful real estate investor than just picking the right properties. While it would be nice if you could simply pick a property to invest in, find a buyer or a tenant and begin collecting money, there’s more to it.
That’s why today’s top real estate investors are also in the marketing business, and have created a successful real estate marketing plan.
Because a large part of your success as a real estate investor hinges on your ability to successfully market your properties, it's critical to have a real estate marketing plan.
What Is A Real Estate Marketing Plan?
A real estate marketing plan is a written plan that investors use to promote themselves and their business to potential clients.
If you are already involved in business, you may be familiar with the concept and importance of a written business plan.
Marketing plans are very similar; however, they only focus on the marketing aspect of your real estate business.
5 Elements of A Successful Real Estate Marketing Plan
There is no shortage of real estate marketing methods that you can incorporate into your real estate marketing plan, but there are items that your real estate marketing plan must have in order to be successful.
Here are 5 items that need to be in your real estate marketing plan.
Identify and Find Customers/Clients
Every type of investment property has its own clientele. For example:
- If you invest in single family homes, your target demographic will be families
- If you invest in commercial property, you need to find entrepreneurs who are looking for a place to base their business
To find families, consider using social media advertising or direct mail.
If you are looking for businesses, you should consider investing in search engine optimization that will get your property to the top of Google searches.
In most markets, you won’t be the only real estate investor.
Knowing who your competition is and how they market their properties is vital.
It’s important to focus on how you can differentiate from your competition and what you do better than them — and highlight this in your real estate marketing plan.
Create A Real Estate Marketing Budget
After you know what you will need to do to market to your customer base, it’s time to make a budget.
Every dollar in your real estate marketing budget should be spent with one goal in mind: to produce more business.
Having a written budget as a part of your real estate marketing plan helps you track where each dollar is going and what advertising methods are producing a positive return on investment.
Clarify Your Message
Your “message” is another way of saying your “brand.”
Potential clients don’t want to have to figure out what your real estate business is about. If you’re aimed at commercial real estate investing and professionals who are looking for a place to open a business, your message should make that clear.
Don’t spend time discussing families, fenced in yards and family homes if that’s not who your business is catering to.
As an investor, you should have short-term and long-term goals for your business and your advertising methods — goals that are achievable.
Your real estate marketing plan should list and detail these goals as a way for you to keep up with what advertising methods are helping you obtain those goals.
Have a written goal for every advertising method you’re going to employ and keep track of which methods are helping you make those goals reality.
Real Estate Marketing Plan
As you create or refine your own real estate marketing plan, If you recognize that a certain marketing method isn’t working, don’t be afraid to re-analyze your strategy and make changes.
Knowing your market and paying attention to what advertising methods are producing successful transactions can help you ensure that you are successful in your real estate investment business.