Product marketing is knowing the people who need your products or services. Finding ways to engage them is one of the most difficult things to master in business. Everyone talks about marketing, and everyone does some form of marketing, but most business owners and investors do not know how to make their marketing work. Actually, most businesses suck at marketing.
But the theory of marketing is fairly straightforward. You find out who needs what you offer, why they need it and where to find them. To get their attention, you design your communications in ways that will resonate with them. You then deploy the message in places where they gather. Next, you amplify your efforts to increase the probability of making a sale or more sales.
What could be simpler? Although it sounds easy, the process of combining these different aspects and making them work takes a lot of work. Moreover, you are not the only one trying to do it; your competitors are trying to do the same thing. This makes it hard to craft a unique marketing strategy and hold your customers’ attention.
As a real estate investor trying to sell or rent a property, you know this. Getting your message to be heard in this crowded market is a huge challenge. But sometimes, the best way to solve a problem is to step back and reassess your efforts. Is your marketing approach properly aligned with your real estate investment strategy?
You are doing a lot, but are you doing it the wrong way?
To help you answer this question, we list some of the most effective ways to market a property based on the type of property investor you are. Depending on your aims, not all strategies will work for you; some approaches are better. Find the methods that suit you, study the strategies, and adopt the best ones for your business needs.
Marketing Strategies for Short-Term Rentals
Marketing short-term rentals can be challenging because people only think of a vacation after meeting their need for a place of primary residence. Here is how to market a short-term rental:
Build A Website
A profile on Airbnb or a similar site is not enough; you need a dedicated website. It should include lots of photos and videos of the home and fun things to do in the area.
Maximize Social Media
In addition to a website, your business should have its social media pages. By getting customers to share their videos, photos, and reviews on your pages, you gain authenticity and access to their network.
Use Airbnb
This should not be your sole strategy. But it is important for getting exposure. Do not limit yourself to Airbnb; use other similar sites to amplify your reach.
Marketing Strategies for Buy-and-Hold Investors
When you buy-and-hold a property, you have no immediate need for a buyer; you want a renter who will pay rent monthly. Here are the marketing strategies for that:
Social Media Marketing
Since you target the home or office end-user, you should go to their favorite watering holes. In most cases, this will be a social media platform.
Hire A Marketing Agency
Depending on the property, social media might not work. Renters of luxury properties, for instance, will pay more for digital and print media delivered at upscale online and offline locations.
Hire A Property Manager or Realtor
This will help you get the property on the local Multiple Listing Service (MLS). You can also benefit from the experience and network of a property manager.
Marketing Strategies for Fix-and-Flip Investors
As a fix-and-flip investor, more often than not, you will be selling to someone who is going to live in the home versus rent it out. The best strategies for that are:
Use Video Marketing
Borrow a page from HGTV’s playbook and document the process of improving the home. Create a YouTube channel for this, or simply include before and after footage in your video ads.
Create A Blog or Vlog
Create content about fixing and flipping homes. Homeowners and buyers like these types of content. Some may eventually buy from you, or the buzz generated by your content will catch a buyer’s attention.
Become An Estate Agent
Given that you constantly buy and sell houses, this makes sense. It will give you access to MLS listings, give you more control, and cut your costs.
Marketing Strategies for Estate Wholesalers
As a real estate wholesaler, speed is essential. Finding a buyer before your contract with the seller expires is the heart and soul of this strategy. How can you do it?
Network with People in the Industry
The wider your network, the farther you can spread your nets and the likelier it is that someone connected to a connection will be interested in the home.
Connect with Other Investors
Property investors, especially buy-and-hold investors, are always on the lookout for distressed homes. One of them may be interested in buying the home.
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