The Reason Behind Low Success Rate In Real Estate Business - MEC workshop

The Reason Behind Low Success Rate In Real Estate Business

Do you know that 87% of real estate agents fail during the first five years of their business? According to the Bureau of Labour Statistics, the top 10% of real estate brokers earned more than $150,000 in 2017, but what about the rest? The failure rate here is shockingly high. What are these 10% of real estate agents doing that the average brokers are not?

Tom Ferry– a real estate agent and coach, mentions that one of the reasons why real estate agents fail is poor marketing. If your branding strategy isn’t up-to-scratch, then it’s pretty challenging to build a nest of trust in your prospects. The right branding strategy gives your leads the peace of mind they want while approaching a real estate agent. Just a logo and slogan won’t motivate your clients to take action.

A marketing plan is driven by your goals, budget, data, and demographics of your target market. It gives you a roadmap for how you want to reach your goals. Most brokers fail to create a plan to support their overall business objectives. As a result, even though you may decide you want to engage your audience better or use social media more actively, you frequently overlook the details of how you will do so. It is how you end up doing what everyone else is doing– being a sheep rather than a good shepherd. If you wish to jump on the bandwagon of 10% successful real estate agents, the power of advertising should not be overlooked.

If you have been trying to get results with advertising but have gained nothing yet, then you need a different solution to offer your prospects. Your solution should be customer-centric. Before building a branding strategy, you must know your prospects and craft a plan based on experience and data. A solid branding plan should be crafted with research and modified with time according to your prospects to show up effective results. 

VIP real estate properties in the GCC
what are the brands that are advertising those properties? Can you differentiate them?

Are your ads any different?

Let’s understand this with an example: Suppose you are showcasing the same image of a property to your customers as available on your competitor’s website. Do you expect your leads to trust you? Take a pause and look: You have nothing different to offer your prospects. Making this branding mistake knocks you out from the lead chase. On the contrary, you will make an everlasting impression if you have different financial plans and offers.

If you wish to emerge as one of the 10% of real estate brokers, your brand needs a voice. Stop targeting your leads with the same ads; they need a personal touch. Show your unique selling proposition so your target can differentiate between you and your competitors.

Branding adds an emotional element to your brand that helps the audience connect and trust. Before speaking with the potential customer face-to-face, you can foster trust and confidence that may influence their decision with branding power. Real estate transactions are known as one of the most significant financial decisions, so trust building is the foundation of real estate.

A strong brand image can spread your brand voice and create a reliable image in your prospect’s mind. It helps you:

  • Build a brand reputation in front of your competitors and audience
  • Gain your target’s trust and also the people who don’t work with you

Remember, the most successful real estate agents are those who understand the power of branding and marketing.

We at the MEC workshop will help craft plans that cater to your target customer’s needs. We help to bridge the gap between you and your leads by setting up the right marketing pace and tone. In today’s cutthroat business environment, developing a real estate marketing strategy is your best chance to expand and maintain a profitable business. Are you ready to take it?