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Most of us in real estate marked the April 30 deadline for the home buyer tax credit in red—and now that date is almost here with no sign yet of being extended. There’s no agreement as to whether the end of the credit will or won’t cause a backslide in the market. Some areas, such as Las Vegas, are predicting the market will slow down, others aren’t so sure.
In any case, the smart real estate professional will be prepared to adjust and accelerate their marketing strategies to continue strong results. Here’s how:
Shift more advertising dollars online.
While we’ve seen a significant increase in online ad budgets among real estate professionals, they continue to lag behind the 90+% of buyers who search for homes online (according to NAR). Online advertising can be a highly cost-effective way to generate significant leads.
Diversify your marketing.
The more touchpoints you and your team have with prospective clients, the stronger the relationship. Thus social media marketing with Facebook, Twitter and your blog should take priority. If it seems overwhelming, take a progressive approach by learning and adding these tools over the course of a few weeks.
Send a referral request.
Referrals are extremely valuable—and now is the ideal time to send a request to your entire sphere. Remember to personally thank every person who sends a referral, regardless of the outcome. This will help encourage them to send more in the future.
Keep your team motivated.
If you’re a broker, your team is likely as nervous about the end of the tax credit as you are. Stay calm and confident, and they will follow your lead. Continue to reward success to keep agents focused on closing business.
Do a training/coaching session for your team.
It’s essential to continually sharpen the skills of your team, so organize a hands-on training and coaching opportunity. Be sure to include role-play, objection handling and sharing of best practices.
Bring in a local expert.
Bring in a local expert to present or help your team brainstorm their own sales and marketing ideas. Often having someone new lead the discussion can help individuals generate new ideas and gain fresh perspective on methods to close more business.
This is just the beginning of what you can do. Spend some time thinking about how you can keep your business rolling after the tax credit ends—then write up a plan and do it.
