The Real Estate Encyclopedia
How do I Create a Marketing Plan?
Category - Professional Development - Become a Real Estate Agent

Unlike the Business Plan, the Marketing Plan focuses on the client.  A good Marketing Plan includes numbers, facts and objectives and is primarily strategic.  It defines your plan of action supported by a budgeted dollar figure. 

 

The first part of your Marketing Plan defines your service, its features and benefits in detail, as well as how it differs from the competition. 

 

Pricing and placement are critical to competitive positioning.  Real estate is a very competitive business and the focus from the client’s perspective is how to save on the real estate commission.  Knowing this fact should assist you in identifying ways in which to provide the best service and how to position your service as most advantageous.  How “flexible” can you be, while remaining profitable?  As a new agent, you must consult your broker regarding the agency’s expectations and commission sharing. 

 

You may want to address the following questions before you finalize your Marketing Plan:

 

  • Have you described how your service will benefit your clients?
  • Have you prepared a commission schedule?  How much flexibility do you have under your brokerage agreement? 
  • Which media will you use in your campaign? 
  • Will your marketing materials offer any optional services, which might benefit your clients?  For example, you might offer greater commission discounts for basic listing services and increase the percent commission, if the client wants extensive advertising, luxury signs, etc. 
  • What type of customer service to you offer after the closing?

 

Your second step in preparing your Marketing Plan is to define your target client.  Will you be working with sellers, buyers, farms, land, residential properties, condominiums, commercial properties, etc?  This step should consider the peak real estate periods (spring and summer) vs. fall and winter.  What kind of advertising can you do during the low seasons? 

 

Your third step will be to define your communications strategy.  Consider the following steps:

 

  • Create a positioning statement for your business.  In one or two sentences, describe what distinguishes you from your competition.
  • Test your positioning statement.  Does it appeal to your target client?  Refine it until it speaks directly to their wants and needs. 
  • Use your positioning statement in every written communication with your clients.
  • Find out what your target audience listens to and reads. 
  • How will you evaluate the results of your advertising campaign?

 



References
 
Category(s)
Professional Development - Become a Real Estate Agent
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