May 10, 2023
As technology continues to advance, the real estate industry is experiencing a shift in the way agents generate leads. Although traditional referrals are still common, digital platforms are becoming increasingly important in connecting potential clients with agents. Understanding this changing landscape is essential for agents who want to stay relevant and grow their business.
In the past, most people found their agents through word-of-mouth referrals. However, this trend is rapidly changing as more people turn to online resources like Zillow, Realtor.com, and Facebook to find their agents. With the digital world continuing to expand, agents must adapt their strategies to stay competitive in the marketplace.
The biggest gatekeepers in the online real estate space are Zillow, Realtor.com, and Facebook. These platforms hold significant sway over the market, and their influence is only growing. As they become more dominant, agents must decide how much they are willing to pay for access to online real estate leads through these platforms.
In addition to the major players, new platforms like Nextdoor are entering the market, with rumors of Amazon potentially joining the fray as well. As these companies gain traction, agents must stay up-to-date with the latest developments and determine whether they should invest in these platforms for lead generation.
As more companies enter the online real estate space, the cost of acquiring leads is skyrocketing. For example, Facebook ads have more than quadrupled in price since 2014. Agents need to ask themselves, “What am I willing to pay the gatekeepers for access to online real estate leads?”
As the importance of digital marketing in real estate grows, agents need to develop a comprehensive strategy to stay ahead of the game. This includes identifying the key platforms that target their desired customers and determining how to fit these platforms into their marketing plans. Traditional marketing still has a role, but ignoring the digital shift could prove costly.
It’s not enough to simply generate leads through digital platforms. Agents must also nurture these leads and build lasting relationships with their clients. A recent Zillow report found that only 8%-14% of buyers (depending on age group) reported using the same agent twice, indicating that many agents are failing to maintain strong client relationships.
To convert more real estate leads into sales and build stronger relationships with clients, agents should invest in a real estate-specific IDX CRM solution, like UltimateIDX. These tools help manage increasing lead volumes in an efficient and cost-effective manner, ensuring nothing falls through the cracks. If you’re unsure how an IDX CRM can benefit your business, reach out to experts for assistance.
One advantage of platforms like Nextdoor is their focus on local communities. As agents, you can leverage your local knowledge and expertise to appeal to potential clients in your area. This kind of niche marketing can help you stand out from the competition and establish a strong presence in your community.
Once you’ve secured a client, your work is far from over. In order to turn one-time clients into lifetime customers, you need to maintain strong relationships and provide exceptional service. Focus on relationship management and follow-through to ensure that your clients continue to trust you with their real estate needs, both now and in the future.
Q. Which digital platforms are most important for real estate agents?
A. The most dominant digital platforms in real estate are Zillow, Realtor.com, and Facebook. However, emerging platforms like Nextdoor and potential Amazon entry should also be considered when developing your digital marketing strategy.
Q. Why is investing in IDX CRM solutions important for agents?
A. IDX CRM solutions like UltimateIDX help agents manage increasing lead volumes efficiently and cost-effectively. They also ensure proper follow-through and relationship management, which are critical for turning leads into loyal customers.
Q. How can agents leverage local knowledge in their marketing strategy?
A. By focusing on niche marketing strategies and platforms like Nextdoor, agents can showcase their local expertise and build a strong presence in their communities, which can help attract and retain clients.
Q. What should be the focus when trying to turn one-time clients into lifetime customers?
A. To turn one-time clients into lifetime customers, agents should focus on relationship management, follow-through, and providing exceptional service to build trust and maintain strong connections with their clients.
Q. How do the costs of online real estate leads compare to traditional marketing methods?
A. The costs of online real estate leads have been steadily increasing, with some platforms seeing ad prices quadruple since 2014. While traditional marketing methods still have a place in agents’ strategies, it’s important to carefully consider the costs and potential returns of investing in various digital platforms.
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