This post is the fourth of a series of six posts dedicated to the results of The Real Estate Agents study conducted by Network Communications, Inc., The Real Estate Book and The OSR Group. The scope of the series is outlined in this post.
In surveying Top Real Estate Agents about their marketing choices, we found near unanimity about what they were trying to accomplish with their marketing spend.
The most important goal, not surprisingly in this tight market, was finding more buyers. Of the survey participants, 85% rated finding more buyers very important; another 13% said it was somewhat important.
The second most important goal of their marketing spend among top agent was “Getting more listings.” A total of 97% said this goal was very or somewhat important, putting it on par with finding buyers as a primary focus of marketing. The agents were not as urgent around this goal, however: 76% cited this as a very important goal. Again, this result is not surprising in a market with such a surfeit of inventory.
There were some interesting differences between those agents who use specialty magazines and those who do not.
Agents who advertise in real estate magazines share the focus on finding buyers and getting listings with other agents, but they are somewhat more focused on communicating their presence in the market than non-advertising agents.
77% of the agents that advertise in specialty media considered showing current customers you are working for them a very important goal of their marketing, compared to 70% of the agents who do not use specialty magazines.
Furthermore, 39% of the advertising agents cited “Promoting your name to other real estate agents and brokers” as a very important goal, compared to only 25% of the non-advertising agents.
In general, when asked to compare the effectivenesss of print and internet media in accomplishing their marketing goals, top agents widely favored internet media for finding more buyers. However, they considered both media equally effective in helping to get new listings.
In Part 5 of this six part series, we’ll look at measure the effectiveness of their marketing.