Real Estate Marketing Challenges
To understand the biggest challenges facing real estate marketers today by establishing a list of 4-5 key challenges they face. This information will be used to help create a thought leadership strategy targeted towards real estate marketers, including content that will be most useful to them.
(i) Understanding the Intention of Users
- One of the key challenges facing real estate marketers today is understanding the intention of users or buyers primarily due to clients having unrealistic expectations. Properties could be ready to the standards of the marketer but clients often have unique requirements such as extra works, design changes, or other small changes that could be deterrent to property selling.
- The successful sale of properties requires understanding the intention of buyers or users to be able to provide them with properties that meet their needs and preferences.
To deal with this challenge, marketers require a customizable approach towards the client, such as trying to convince them about the impracticality of some of their property adjustment demands or offering relevant alternatives or incentives.
(ii) Balancing Advertising Costs with ROI
- Real estate marketing is heavily reliant on advertising properties, whether offline or online, to reach and display them to the intended audience.
- The key challenge facing real estate marketers on advertising spend is being able to strike a balance between the budgeted costs and the proportionate revenue earned due to the centrality of advertising in real estate marketing. The marketers are often tempted to persist.
- The optimization of advertising costs requires a budget and proper returns without risking spending more than is needed, which would significantly impact the properties' return on investment. Although reaching the target audience is crucial for real estate marketers, it is only beneficial if it results in quality leads.
- Some advertising errors leading to uncontrollable costs include
targeting a geographically non-viable audience, one that is uninterested in the marketer's properties, or making a poor choice of the advertising platform, for instance, Google search engine advertising costs being less compared to billboards.
Summary of Findings
- During our preliminary research, we have been able to uncover two key challenges facing real estate marketers today, including why they are important and some insights on dealing with the challenges.
- Below is our recommended research path.
Proposed next steps:
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