Common Marketing Mistakes You Might Be Making as a Luxury Real Estate Agent — RISMedia

The real estate market is highly competitive, so real estate professionals are under constant pressure to stay on top. Likewise, the world of real estate marketing is constantly evolving, and staying on top of trends is critical to your success.

And if you’re like most real estate professionals, you already have enough to do; It can be a challenge to keep up with the latest marketing trends. Even the most experienced real estate professionals can make mistakes. However, if you are aware of some of the most common mistakes, you can take extra precautions to avoid them.

Suppose direct mail marketing is dead

One of the biggest myths surrounding real estate marketing is that print marketing is obsolete. In reality, print marketing has the best returns for real estate, from “just listed/sold postcards” to brochures and open house flyers. The key to success is knowing where to spend your money.

Discover some practical print marketing tips for the luxury real estate market in our Estate of Mind podcast episode, “Improve Your Targeting Strategies in Luxury Real Estate” with David Collins (President and CEO of REAL Marketing).

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Assuming you know the market

As easy and convenient as it is to “trust your gut” and make assumptions about the market based solely on your own experience, the reality is that doing so can lead to some serious mistakes. Instead of assuming that you know the market at all times, it is better to compile statistics regularly and take time every day to study local market trends.

This can mean, for example, taking an inventory of how many new homes have been listed and how that number affects local inventory levels. You might also want to keep a close eye on the Luxury Market Report for the latest metrics and statistics. Knowing the current state of your local market at any given time is one of the best ways to differentiate yourself from your competition and provide the best service to your customers.

Only use social media to showcase your offers

It’s no secret that social media is valuable for showcasing your latest deals and even bragging about your recent sales. On the other hand, if you’re only using social media to showcase your offerings, you’re missing out on a lot of their true potential.

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To take your marketing to the next level, use social media to establish your brand image, connect with your audience, and form new relationships that could help you grow your referral network. Post personal stories or share customer testimonials. While every other real estate professional is on social media, you can use your social media platforms to set yourself apart.

Not saying “thank you” enough

When was the last time you gave a heartfelt thank you to the people in your network who helped you achieve the success you enjoy today? Be sure to express your gratitude not only to those who provided you with referrals, but also to others who helped you get where you are today.

This may not seem like a marketing strategy at first, but the truth is that building long-term relationships within your network is one of the best ways to get more referrals in the future. This, in turn, can help you expand your network even further and build your brand. However, if you don’t recognize or value those who have helped you in the past, they are less likely to want to help you again. Whether it’s something as simple as a handwritten thank you note/card or a larger gesture, a little appreciation goes a long way.

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How can membership in the institute improve your career?

Building an effective marketing strategy as a luxury real estate professional takes a lot of time, effort and fine tuning. However, your efforts can pay off as you gain new clients or referrals and build your reputation as a trusted real estate professional in your area.

In addition to avoiding the common mistakes above, you can take your real estate marketing to the next level with the help of The Institute for Luxury Home Marketing. In particular, having the Certified Luxury Home Marketing Specialist™ (CLHMS) designation on your resume can help you differentiate yourself while receiving the online and in-person training you need to thrive in this competitive marketplace. Likewise, you can always count on The Institute for valuable insights and tips from industry experts, as well as our online community of like-minded people to share marketing ideas and lessons learned.

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