The Digital revolution has brought massive changes in businesses operations around the world. Real estate was no exception too. Just like people search for information online, the digital revolution has brought changes in the way properties are bought and sold. Now people around the world reach out to the internet to sell or buy a property. They begin their property search on social media platforms. This shows that real estate agents have a great opportunity to generate property leads through social media.
Looking at the evolving and highly competitive real estate market, staying digitally active on social media has become the need of the hour. A digital mindset is critical to staying on the top. It would help in connecting with the potential buyers and vendors, hold their attention until the sale becomes feasible.
Analytics Behind Real Estate Lead Generation
Before we jump onto the real estate lead generation strategies, let us first look into the conversion metrics that would help in tracking the progress.
Here are the ways by which real estate agents can calculate the ROI for organic lead generation.
It shows the number of times any given post or google ads are seen.
CPM (Cost Per-Thousand Impressions)
CPM is used specifically for awareness campaigns. It is calculated by dividing cost by total impressions/1000.
CPC (Cost Per Click)
This is primarily used for lead-based campaigns driving to a landing page. CPC is calculated by dividing campaign cost by clicks received.
This percentage is calculated by dividing clicks received by total impressions.
CPL (Cost Per Lead)
The average cost to acquire a lead is calculated by dividing marketing spend by total leads.
CAC (Customer Acquisition Cost)
The average cost to acquire a customer is calculated by dividing marketing spend by customers acquired.
Bu using the above tactics, you can track the metrics of your real estate lead generation campaigns. These will give you a close ratio. You may even get two different close ratios – one will help you identify the number of leads converted into the customers. The other one will help you indicate the frequency at which you close a sale. This is the best way to see who is interested in your real estate brand. Following the metrics, you can stick to the leads that show interest, therefore nurture them with emails, offers, advice, and newsletters.
Effective Tactics to Generate Real Estate Leads
As per the Digital 2021 global report, 98% of Australian internet users reach out to social media to get real estate information. This shows that the real estate audience is already there. It is just that many real estate agents fail to leverage the true potential of social media platforms because they are unaware of smart social media strategies.
To help real estate agents combat such challenges and build pipeline of leads, we have provided the following tactics.
Target the Right Niche
Cold calling was the most prevalent method to generate business opportunities. But over time, its ineffectiveness has led to the birth of many effective strategies. One such strategy is lead generation rooted in the idea of social selling. It works because it promotes authenticity and brings in transparency. Through the use of effective real estate marketing strategies, you target only the ideal prospects. For that, one has to understand the target group, establish a purposeful marketing approach and delight them.
Start this by identifying the demographics and creating content tailored to engaging the targeted group of people. While creating content, keep the following elements in mind, like, marital status, location, job title, income, interests, hobbies, and age.
Do this by directing your potential clients to your website. This you can do by following the lead generation process.
Add Value Through Content
Curating content that adds value to the customer’s interest, and knowledge is a necessity. It forms one of the crucial ingredients in generating real estate leads. Once you pitch a customer, they would only be interested in knowing why and how should they rely on you. By creating effective, informative, and engaging content, you get a chance to build trust. The content creation allows you to interact personally through emails, blogs, newsletters, and offers.
Create Videos to Bring Transparency
Video is the best way to give customers an insight into your real estate business. While texts can be effective, videos have the potential to create an everlasting impact. It is effective especially for the real estate industry as more than 80% of people are likely to see the property online before making a purchase. Through professional pictures and well-captured videos, you can always create a fantastic impact on your brand engagement levels. In fact, it is seen that all those realtors who used video marketing were able to earn high ROI. There are several ways by which you can attract customers through videos but to build trust, it is always good to start with video testimonials. Build social proof by showing happy customers and build confidence in them.
Develop A Clear Conversion Path on social media
Now that you have successfully invited your potential customers to your website, or social media page. The next step is to offer them something valuable that they end up turning into current customers. Give them a guide on tips to sell a home fast, eBook, a free pass to online webinar or anything that may interest them.
The world works this way – First offer something and then ask a favour.
This holds true for generating real estate leads too. Most importantly, you’ll need to frequently update and optimize your landing page to get the best results. A/B testing can help determine which words, phrases, and even colors are more likely to convert your prospects into leads.
Care and Nurture
Perhaps the real estate agents need this more often. Unless lucky, it may take between 5 and 12 exposure points to convince a customer to do business with you. Through social media, you can constantly follow up with your customers and develop long-lasting customer relations.
There is no pre-set path to generating real estate leads. All that you need is, to understand the needs of your clients and the power of digital marketing for real estate. To know more about generating real estate leads, head to our next blog. It will take you through the entire process of generating property leads through google ads.
If you are a real estate agent and are looking for ways to get more leads, contact the best real estate digital marketing services provider company, The Big Unit, in Australia.