According to the World Economic Outlook Report October 2022, global economic activity is experiencing a significant decline, with inflation at its highest in many years. Based on the reports, the growth has plummeted from 6% in 2021 to 3.2% in 2022. This number is expected to decline even further in the coming year, up to 2.7%. Policymakers in every sector are looking to double down on lead generation to survive this bear market. This article teaches 5 lead generation tips in a down market that will bring your number up and help you excel in the rapidly evolving real estate industry.
What is lead generation for real estate?
Lead generation is the process of acquiring and turning potential customers into leads. The marketing principles for other businesses also apply to the real estate industry. In an ideal scenario, combining many real estate lead generation techniques at once assures a constant flow of potential new customers for your firm. A successful real estate professional is driven by successful lead generation.
Now let us learn five lead generation tips in a down market to foster growth and success in your real estate career.
Referral Marketing: Leverage your circle of influence
Real estate professionals are always trying to focus on finding new clients. However, in a down market, you don’t always have information on people’s financial situations. But you do know the financial circumstances of the people around you. Your circle of influence refers to the close people around you, i.e., your family, friends, colleagues, previous clients, etc. You can generate leads from these people through direct connections and even from their contacts and referrals.
Your current clients can play a great role in lead generation too. Ask your past clients: the folks you assisted with buying, selling, or investing. Prepare a well-thought-out strategy for requesting recommendations and testimonials from your previous customers.
Use Social Media to increase traffic and awareness
Even though people are in a bear market, they still spend time on social media. In this era, social media marketing should definitely be a part of your lead generation strategies. Some of the most worthwhile platforms include:
X (formerly Twitter)
I placed LinkedIn higher because it is more focused on professional networking. However, X and Instagram can also give significant exposure to your business. With the Custom Audiences feature on Facebook, you can target existing leads in your database. Facebook marketing is a very cost-efficient way to increase your brand exposure. In addition, consider creating a local Facebook community that will enable customers to share their experiences and provide real-time customer perspectives of what could be in store for them as buyers.
Many real estate professionals are finding that TikTok is a good platform for them. If you have a dynamic personality and feel good on camera, you may find this platform to be another great way to farm new leads.
Farming your neighborhood
Farming means emphasizing a certain area and building your reputation there. To make this happen, you must perform targeted marketing and community involvement. When you make a name for yourself, people will reach out to you if they need a real estate agent in that specific location. However, this strategy can be difficult for new real estate professionals since there is already a lot of competition. But that doesn’t mean you should step back. If you are competent and can prove it to people in the area, you will stand out amongst your competition. Spread awareness about your brand and stay on top of community events because they will help you attract attention as a realtor.
Answer questions, share advice, and be an active voice in your community. This isn’t a quid pro quo arrangement, so avoid the mindset that you’re doing this to get leads. Just do it, and you’ll get the leads – but be genuine.
Generate leads with Search Engine Optimization
Before taking any action regarding real estate, home buyers regularly use search engines to do their own ‘research.’ Incorporating search engine optimization into your website is a great way to present your services to a potential client. Your property listings will also appear higher and have a better chance of being converted than your competition. While SEO is certainly not an easy technique for generating leads, it can help you create brand awareness and provide fresh, highly targeted leads in the long term. To incorporate local SEO, do the following:
Create a Google My Business Profile
Get listed on online directories.
Set up on-page local SEO techniques.
Use structured data markups.
Create new content on a regular basis. Look at your local community, and try to find where there’s a lack of information, then create content to fill that gap. For example, if your community has a lot of great schools, an article comparing the different types of educational opportunities can help your prospects find your site when they’re looking for a home in different communities.
You can write the articles yourself or you can hire a writer to do it for you (ask us about our article writing service) but get that content out there so people can find you when they’re looking for new homes in your area.
Another great way to build SEO is to create an article to showcase your professional network. If you have a team of mortgage brokers, financial advisors, home inspectors, contractors, and other professionals that your homeowners might need, craft an article that shares what these people do and why you like to refer them. Make sure to share the article with the professionals, so they can share it through their channels, too. You might get a valuable backlink out of it as well as exposure to their audiences. It’s a win for everyone.
Old School Advertising
In this time of economic turmoil, there is no alternative to using traditional methods of lead generation. Consider radio commercials, newspaper listings, ads on park benches, etc. Remember that advertising in a bear market is not similar to the bull market. You must approach your audience with a message that will resonate with them immediately. For instance, some renters have yet to learn that purchasing a home has become more affordable than continuing to rent. They also may need to learn that a 20% down payment is not required in all cases. Your advertisement should have indications that compel them to get in touch with you.
An open house is another ideal lead-generation technique for real estate professionals. When you make a home available to the public for a limited time, potential buyers may tour the house without making an appointment. This allows them to check the place out because everybody wants to make their investments worth it in a down market. If potential home buyers visit, gather their information so you can follow up later.
While old-school methods are tried and true, look for ways to shake them up and make them more personalized. Get a neon (or LED) sign that says ‘open house now’ and put it in the front window so there’s no ambiguity about the address. Decorate your signage to match the season – some Christmas cheer or Halloween skeletons can make your listing pop. Don’t worry about it being cheesy – people will notice it, and they’ll look to you when it’s time to buy or sell their home.
Producing leads in a down market will take a lot of work. If you want to survive until the conditions are back to what they were in 2021, you’ll need to work on spreading your brand awareness and letting people know about your services. Mixing up traditional and modern methods of marketing can surely go a long way in producing high-quality leads. Whether you pay for producing leads, use your one-on-one connections, or focus on conventional methods, using the above lead generation tips market can keep your business up and running during any dry spell.