How to Reduce Your Real Estate Marketing Budget - Without Quitting
© 2010, Brandon Cornett. All rights reserved.
Reader Question: I feel like I need to reduce my real estate marketing budget because of the economy (fewer clients, spending cutbacks, etc.). Any suggestions?
Without knowing what your marketing budget is, it's hard to make any recommendations. So let me use this opportunity to offer some general advice on real estate marketing budget matters...
We are certainly having some touch economic times right now, and agents are feeling it more than most. One of the biggest problems is that many buyers can't get mortgage loans right now. All of the banks are nervous, and they have tightened up their credit criteria quite a bit.
In most market areas (but not all), real estate agents are really feeling the squeeze. Business is down, so they are now examining their marketing budgets in an effort to control spending. Here are some ways to reduce spending without scrapping your real estate marketing program entirely.
1. Focus on Your Top-Performing Techniques
Identify your strongest marketing channels, and focus you energy on those. Actually, this is something you should do on a regular basis, to ensure you are spending your time and money on the right techniques. But it's even more important when looking for ways to reduce your real estate marketing budget in pace with the economy.
2. Eliminate Costly Marketing Techniques
If you use direct mail letters or postcards, and you outsource the printing and mailing to a vendor, consider scaling back or putting the program on hold. Of course, you'll have to consider your ROI before doing this. I just know from experience that direct mail can be a real money drain when used wrong. If you want to continue using it, check out my postcard marketing book for tips on improving your ROI.
3. Use Guerrilla Marketing
Use more networking and word-of-mouth techniques. It doesn't cost you anything to be more active in your community, except time out of your day. But this can also be a great way to gain new clients without spending extra on real estate marketing. Earlier this month, I blogged about buyer seminars and how they are a great marketing idea for the current economy (for many reasons). This is a classic example of doing more with less.
4. Prepare Now for the Next Upswing
I often get questions from agent who ask, "Why does this other agent's website do so well in the search engines? What does he / she have that I don't?" Usually, it comes down to the fact that the person started working on their real estate SEO long ago, and thus they are now reaping the rewards. This illustrates the need to plant seeds in the present that will grow in the future.
If you have some extra time on your hands, start working on your website to boost its ranking in the search engines -- and to reap the rewards when your market picks up again. Here is some step-by-step SEO advice that will help you get started.
Without knowing what your marketing budget is, it's hard to make any recommendations. So let me use this opportunity to offer some general advice on real estate marketing budget matters...
We are certainly having some touch economic times right now, and agents are feeling it more than most. One of the biggest problems is that many buyers can't get mortgage loans right now. All of the banks are nervous, and they have tightened up their credit criteria quite a bit.
In most market areas (but not all), real estate agents are really feeling the squeeze. Business is down, so they are now examining their marketing budgets in an effort to control spending. Here are some ways to reduce spending without scrapping your real estate marketing program entirely.
1. Focus on Your Top-Performing Techniques
Identify your strongest marketing channels, and focus you energy on those. Actually, this is something you should do on a regular basis, to ensure you are spending your time and money on the right techniques. But it's even more important when looking for ways to reduce your real estate marketing budget in pace with the economy.
2. Eliminate Costly Marketing Techniques
If you use direct mail letters or postcards, and you outsource the printing and mailing to a vendor, consider scaling back or putting the program on hold. Of course, you'll have to consider your ROI before doing this. I just know from experience that direct mail can be a real money drain when used wrong. If you want to continue using it, check out my postcard marketing book for tips on improving your ROI.
3. Use Guerrilla Marketing
Use more networking and word-of-mouth techniques. It doesn't cost you anything to be more active in your community, except time out of your day. But this can also be a great way to gain new clients without spending extra on real estate marketing. Earlier this month, I blogged about buyer seminars and how they are a great marketing idea for the current economy (for many reasons). This is a classic example of doing more with less.
4. Prepare Now for the Next Upswing
I often get questions from agent who ask, "Why does this other agent's website do so well in the search engines? What does he / she have that I don't?" Usually, it comes down to the fact that the person started working on their real estate SEO long ago, and thus they are now reaping the rewards. This illustrates the need to plant seeds in the present that will grow in the future.
If you have some extra time on your hands, start working on your website to boost its ranking in the search engines -- and to reap the rewards when your market picks up again. Here is some step-by-step SEO advice that will help you get started.
Labels: General Marketing Advice
posted by Brandon at
9:29 AM
