Successful Realtors are the ones who have a solid marketing strategy.
Easier said than done! Creating a marketing strategy takes a lot of effort; it is hard to get it right.
One common mistake that many luxury Realtors make is not customizing their marketing strategy for high-net-worth clients. That’s a BIG mistake. Marketing a luxury real estate business is different and requires different activities.
Here is a step by step guide to luxury real estate marketing so you and your team can receive the highest return from your marketing efforts.
1. Analyze Your Listings to Find the Right Buyer
As a luxury Realtor, your marketing efforts should target only a small niche, otherwise, you will be wasting your time, energy, and marketing budget.
Never create a marketing plan or strategy before identifying your prospects.
If you have defined a broad target audience for your entire business, you are making a big mistake. In the luxury market, every property has its own audience and you should tailor your marketing strategy for each property you sell.
If your audience is constantly changing depending on the property you sell, how do you know how to market?
The best way to accomplish this is to analyze your listings and create a custom audience. To determine the audience you need to target:
• List all of the positive features of the property
• List all of the negative features of the property
• Consider priorities of the different luxury home buyers
This exercise will help you narrow down your target audience for different listings and help you execute a better-targeted marketing program.
2. Create a Custom Program for Each Property
Customizing your marketing strategy for high-end clients is the first step toward success in the luxury market – but it is not enough. As previously mentioned, every property in the luxury market has its own special audience, so you should create and execute custom marketing programs for different properties.
After identifying the right buyer persona for a property, create a marketing program that is specifically tailored to that audience.
• Identify the best channels to reach the audience you are targeting
• Tailor your copy/messaging and visuals
• Allocate the right marketing budget to execute your program
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3. Market Only to the “Select Few”
When executing property-specific programs, it doesn’t make sense to include all of your database in your distribution list. You should create a custom list for each campaign.
This step narrows down the targeted audience you have created in the first step. Analyze the property and identify the ideal prospects to include in your program. Always remember to prioritize quality over quantity.
4. Perfect Your Customer Journey
The customer journey is the total summary of a client’s experiences, from first their contact with your company through the process of buying/selling and becoming a past client.
You need to have processes in place to define every stage your clients go through when interacting with your business. The best way to accomplish this is by mapping your customer’s journey, identifying problems, and resolving them.