Real Estate Marketing Challenges
Three additional key challenges facing real estate markets today include managing market volatility, attaining the expertise to use real estate marketing tools, and easily falling prey to ill-advised marketing campaigns.
(i) Managing Market Volatility
- Market volatility is beyond the control of real estate marketers and one key challenge they face is thriving through the volatility, such as poor market conditions, government policy, or general stagnation of the market arising from too many real estate businesses or poor economic conditions in the target audience.
- Managing market volatility is important to stay relevant in the real estate market and ahead of competitors when conditions improve, therefore, avoiding the low selling of properties or halting of the real estate business altogether.
- It's important for real estate marketers to determine the source of the volatility and come up with relevant strategies to handle it, such as trying to interest buyers by offering them incentives or sharing relevant information with the target audience to create awareness about the situation.
(ii) Real Estate Marketing Tools Expertise
- The customer journey in the technological and digitally-connected world is constantly evolving and real estate marketers face the challenge of finding the right marketing tools to reach them and attaining the expertise to use them.
- Attaining the expertise to use real estate marketing tools is crucial in helping marketers handle their campaigns easily and avoid both overusing and under-using the tools, which can, therefore, help generate leads, measure performance, and streamline transactions.
- Marketers need to understand their real estate marketing goals, including aligning them with the goals set for each marketing tool, such as choosing offline marketing channels than can display properties with visuals, which are a significant factor in real estate.
- Additionally, although digital campaigns provide a wide range of functionalities for increasing and converting leads and are easy to run, marketers need to monitor them and align the budget, goals, and activity of each tool for marketing optimization.
(iii) Ill-Advised Marketing Campaigns
- Digital marketing provides marketers with a wide range of channels to use, strategies to implement, and tools to leverage in running campaigns posing the challenge of easily falling prey to ill-advised marketing campaigns.
- Leveraging the right marketing tools and strategies is critical to revenue generation, remaining profitable, optimizing the marketing ROI, having complete control over marketing campaigns, and building awareness and intent to convert the target audience more quickly.
- Marketers need to have a systematic strategy where they are fully informed about the right digital marketing channels for their real estate business, including their pros and cons and the right tools to run campaigns on those channels, which can help run them much smoother.