In the not-so-distant past, property professionals sourced listings in ways that now seem almost quaint. Before the internet, you needed a real estate agent to appraise a home, but this is no longer the case—the internet now has the answer!
Back then, weekly sales meetings focused on cold calls completed, doors knocked, and print materials dropped into letterbox target numbers. Caller ID wasn’t a thing, the Do Not Call Register didn’t exist, and junk mail wasn’t considered environmentally incorrect. The in-person home appraisal was the gold standard for converting homeowners into clients.
Historic news media metrics
Advertising dollars were once handed over to the news media juggernauts, with newspapers and magazines estimating their readership through surveys and circulation figures. Radio and television broadcasters faced similar challenges, having to guess how many people they were reaching to help them sell advertising space.
While some traditional tactics remain, today’s digital landscape offers far more targeted and meaningful marketing channels for real estate prospecting. The beauty of online platforms is that they allow you to tailor your marketing messages to where people are in their property journey, saving you from the inefficiencies of the blanket advertising of old.
Modern digital media metrics
In the modern advertising landscape, driven by devices and the internet, we have more clarity on what bang we get for our advertising buck. Digital platforms tell us exactly how many people saw our ads, how often they saw them, and the cost per action taken—a marketer’s dream!
Despite this, the real estate industry often clings to outdated views, believing that if you can’t see or speak to a potential client in person, did the interaction even happen?
Now, I get it; you may not share this mindset. But let me ask you: when your agency stopped placing ads in newspapers and magazines or cut back on printed materials, where did that budget go?
To help answer that, let’s explore how a real estate business should market its services in today’s digital era. I will explain how to reach prospects who spend much of their day ‘plugged in,’ as if living in The Matrix. I’ll also outline the channels you should use and the metrics you should monitor to stay highly visible, compelling, and easily contactable.
1. The awareness game: brand reach & impressions
First up, let’s talk about getting noticed. Remember that old saying, “If a tree falls in the forest and no one’s around to hear it, does it make a sound?” The same goes for your brand. If people don’t know you exist, you might as well be whispering in the wind.
Why it matters: The more people that know about you and your services, the more opportunities you have to get listings. It’s the digital version of a neon sign.
Key metrics:
- Impressions: How many eyeballs are on your content? This metric shows how often your ads, social posts, or website are shown.
- Reach: The number of unique people who see your content. Think of it as the number of people you’ve ‘waved hello’ to online.
Pro tip: You can’t just rely on organic reach; with so much content out there, standing out can be tough – unless you’re Taylor Swift or Leo Messi! To ensure your hard work doesn’t go unnoticed, especially if you’re spending hours crafting your content each week, use ads – you’ll be surprised at how affordable it is. They help you not only reach more people but the right people. So, when you’re putting in the effort, give your content the best chance to be seen and make an impact!
2. Engagement: The digital handshake
Now that you’ve got their attention, what happens next? Engagement metrics tell you whether people are just passing by or if they’re actually interested in what you have to say.
Why it matters: Engagement is where the “dating’ starts. If your content isn’t sparking any love, it’s time to rethink your strategy.
Key metrics:
- Click-Through Rate (CTR): The percentage of people who stop and check out your content. These clicks can include actions like visiting your website, reading more of a post caption, or viewing your page on a social media platform. Think of it like this: CTR is like getting someone to walk through the door of your open house – it’s the first step towards turning interest into action!
- Time on site: How long do visitors spend on your website? If they’re leaving your site away too fast, you might need to rethink your content, as you aren’t keeping their interest.
- Video watch times: This metric tracks how long people watch your videos. It’s a key indicator of how engaging and valuable your videos are to your audience. It’s like a property inspection – if buyers stick around for the entire period, they’re genuinely interested in the property. The longer the watch time, the better the chances of turning that interest into a lasting connection!
Pro Tip: Real estate often has a bad reputation due to its competitive and intrusive nature, making prospects wary to engage. To stand out, create content that genuinely resonates with your audience, such as educational posts or informative videos, and where possible, add a touch of humour. Avoid posting property listings alone and instead address your ideal client’s frequently asked questions. You also increase the chances of turning followers into clients by honing in a specific audience (such as downsizers or upgraders).
3. Lead generation: Moving from chat to action
Okay, so they’ve clicked and engaged. Now what? This is where you turn interest into action – capturing leads you can nurture into clients.
Why it matters: Leads are the lifeblood of your business. Without them, your pipeline dries up faster than a well in the desert — no water, no sales, no thriving business.
Key metrics:
- Conversion Rate: The percentage of visitors who take a desired action, like filling out a contact form or signing up for a newsletter.
- Cost Per Lead (CPL): How much you spend to generate each lead. You might need to tweak your targeting or messaging if it’s too high.
- Pro tip: Don’t let leads slip through the cracks. Use a CRM to track and follow up with every potential client who crosses your path. Get as many details as you can from them and record them. Data is the most powerful tool in your business.
4. Nurturing leads: The long game
Not everyone is ready to sell, buy or lease right away. Some might be years away from needing your services. But this is where lead nurturing comes in – keeping your prospects warm until they’re ready to sign on the dotted line.
Why it matters: A well-nurtured lead will likely become a client. It’s like planting seeds in a garden—you’ve got to water them if you want them to grow.
Key metrics:
- Email Open Rate: How many people are actually reading your emails? If it’s low, your subject lines might need some work.
- Website Engagement: How often do your leads visit your website and interact with critical pages, like your sell or lease with us pages or blog posts? This can indicate their level of interest and how engaged they are with your content.
Pro tip: Consider an intelligent marketing system like ActiveCampaign. It helps you automate and personalise your communications, ensuring your leads receive the right message at the right time. Plus, it records all interactions, giving you valuable insights into their behaviour and interests, which can enhance your nurturing efforts.
5. Conversion: Closing the deal
Finally, the moment of truth – converting those warm leads into paying clients. This is where all your hard work pays off.
Why it matters: This is what it’s all about – closing deals and growing your business.
Key metrics:
- Conversion Rate: The percentage of leads that turn into clients.
- Customer Acquisition Cost (CAC): How much you spend acquiring each new client.
- Return on Investment (ROI): The ultimate measure of your marketing success. Are you making more than you’re spending?
Pro tip: Keep refining your process. Every client interaction is an opportunity to learn and improve.
Connecting the dots
Marketing isn’t just about getting your name out there—it’s about guiding potential clients through a journey, from that first impression to the final handshake (digital or otherwise). Monitoring key marketing metrics ensures that every step of the journey is as smooth as possible.
So, next time you’re tempted to dismiss digital interactions as less meaningful than face-to-face ones, remember this: In today’s world, they’re just as crucial – if not more so. By closely monitoring your marketing metrics from the top of the funnel all the way to the bottom (where the sales conversations happen), you ensure that every interaction is effective and impactful. You’re missing out on valuable opportunities if you’re not adapting your strategy based on these insights.
Ready to get digital help?
If you’re a real estate professional who wants to take your business to the next level with marketing tailored to your brand and clientele, take some time to book a free 1-hour consultation with me, Melanie Hoole. I’ll give you on-the-spot recommendations specific to you and show you how digital marketing can help position you as a local real estate expert. I look forward to talking with you.
Written by Melanie Hoole
My team and I specialise in helping real estate and property professionals perfect their personal brand, build a first-class digital profile and implement inbound marketing activities to attract leads. If you are unsure which direction to take with your digital marketing contact me for help.
