Re. Gen Consulting – "Generating Success in Real Estate"

WHAT MAKES REAL ESTATE MARKETING DIFFERENT?

Highly Localized Focus

Real Estate: Marketing efforts are often hyper-local, targeting specific neighborhoods, cities, or regions. Success depends on understanding local market trends, demographics, and community nuances.

Traditional Business: Broader, often focusing on wider geographic areas or even national/global markets, depending on the product or service.

Longer Sales Cycle

Real Estate: The buying or selling process in real estate typically takes months, involving multiple stages like property search, financing, and negotiation. Marketing must sustain interest over this extended period.

Traditional Business: Many traditional businesses operate on shorter sales cycles, where marketing drives quick decisions and impulse purchases.

Emotional and Financial Decision

Real Estate: Buying a home is both an emotional and significant financial investment. Marketing needs to connect on an emotional level, showcasing how a property can fulfill personal dreams and aspirations.

Traditional Business: While some purchases may be emotionally driven, many are practical or based on immediate needs, with less emphasis on long-term impact.

Target Audience Segmentation

Real Estate: Audience segmentation is often based on factors like income level, family status, and lifestyle preferences. Marketing must cater to different buyer personas—first-time buyers, luxury buyers, investors, etc.

Traditional Business: Segmentation may be broader or more product-specific, focusing on demographics like age, gender, or occupation but often without the same level of detailed personalization.

Relationship-Driven

Real Estate: Success heavily depends on building relationships with clients, as repeat business and referrals are crucial. Marketing often involves personalized outreach, maintaining client relationships, and leveraging testimonials.

Traditional Business: While relationships are important, especially in B2B, many traditional businesses rely more on brand marketing and advertising to drive sales rather than personal relationships.

Regulatory and Legal Considerations

Real Estate: Marketing must comply with strict regulations and laws regarding property disclosure, advertising claims, and fair housing rules. Compliance is crucial to avoid legal issues.

Traditional Business: While regulations exist, they are often less stringent and specific than in real estate, allowing for more flexibility in marketing messages.

SIGNS YOUR COMPANY NEEDS MARKETING SUPPORT

You have big marketing needs without a big marketing budget

Your company might be small to mid-size but is growing rapidly. You have people in place on your marketing team but they don’t have the experience to take your marketing strategy to the next level. You’ve thought about hiring a full-time CMO but aren’t sure you have the need or the budget quite yet.

You need to fill a leadership hole in your marketing strategy

For many companies, a marketing plan just sort of evolves. They try one thing and move on to the next, without strategic direction. The President or CEO might provide occasional input, but nobody is really taking a hard look at potentially transformative marketing strategies.

The sales team lacks support

If your sales team is spending more time on creating sales collateral and presentations than actual selling, it might be time to call in the marketing cavalry. Your company needs a comprehensive strategy and targeted marketing plan that brings in leads for your sales team to close.

Your target market doesn’t understand your business

If there are potential ideal customers that don’t know what you offer, then you have a big problem. Marketing is not an ad hoc activity, where your team performs random acts of marketing. It is a logical process that creates a customer experience and moves prospects through a coordinated buying journey.