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Knowing how much to spend on real estate marketing materials for your own real estate business can be difficult. Spending too much is a waste, but spending to little could result in lower earnings. But, a little marketing research can help you estimate the correct amount. Estimate is the operable word, because a good estimate is the best you can hope for, especially when you are new to the business and haven’t yet learned from experience.
For all real estate agents, it is imperative to have a well thought out marketing plan. A good marketing plan will tell you how much to spend and what real estate marketing materials and activities to spend it on. Learn how to network and take advantage of friends, family and contacts in the area where you will be working. Networking is free and very effective. Word of mouth is the best type of advertising.
Also, there are ways to advertise for free or nearly free. Post flyers on bulletin boards in shopping centers and public libraries, canvas parking lots with windshield flyers and cold call door to door. Use your imagination to come up with any number of ways to market your business for free and stretch your available budget as far as possible.
Conduct statistical research for the area where you will be working. Find out the number of home sales in the area for the past year. Break those sales down by real estate agent. This will not only help you to know your competition, but also to know how much you can reasonably expect to earn as you break into the market. Base your budget on these expected earnings, you can always adjust it up or down as needed.
Use metrics to measure the effectiveness of each marketing activity. For example, if you send out post cards, track how many leads are generated from this activity and how many sales are made from the leads. If you do not get the results you expect or need it may be more efficient to spend the money on some other marketing activity. Concentrate on the activities that are most effective.
Use technology to your advantage. A website and blog are now considered essential for success in real estate. This is where most people begin their search for a home. Investing in a web presence will allow prospects to find you and your listings, when they searching online. A good smartphone is also considered essential technology for a real estate agent. It will help you stay connected when out of the office and also present a professional cutting edge image.
When done right, your real estate marketing does not have to break the bank. Research, planning and tracking your results will help you to get the most out of the marketing budget by allowing you to channel the most money toward the real estate marketing materials and activities that are highly effective.
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