I couldn’t believe it when I read the findings of a study done by Real Estate Book. A national survey of “Top Real Estate Professionals” showed that 75% of marketing budgets were spent on internet marketing, personal websites, and print advertising. The study went on to say that these each made up 25% of the spending. Really!?!
That means that top real estate agents are spending at least HALF of their marketing budget online. This sounds almost too good to be true! We often have a tough time getting the offices we work with to spend half of their marketing budget on SEO, PPC, Email marketing and other online media. Maybe we’ve been preaching about this for long enough and real estate brokers and agents are starting to come around.
Not surprisingly, the study also showed that when ranked against one another, the media with the lowest value to those surveyed were traditional mass media. Those included radio and newspapers. I think that calls for repeating. Real Estate professionals will see the lowest value from traditional mass media, including newspapers.
We’ve said it before, a dozen times on this blog, newspapers do not provide good value for real estate marketing. Our clients still try to tell us that an ad in the New York Times or the Boston Globe will produce leads. Yes, of course they do, but look at what they cost you. Spend the same amount of money on real estate seo or on your Google Adwords budget and you’ll get far better results.
The same study showed that the median real estate professional surveyed was spending $622 each month on marketing. They’re spending half of that on their website and online marketing. That’s $311 per month or $3700 per year per agent spent on the web. That means that the typical office employing 10 real estate agents should be spending almost $40,000 per year on online marketing. Now we’re talking. This math makes some sense. If your budget lines up with this kind of spending, then you’re on the right track.
Now, this money should not be spent by every agent on their own. You should be working together. The study said that these numbers were often based on what the office spent. So, this means that the office was putting their money behind a common campaign. We see fantastic economies of scale for our clients when they work together to invest in great real estate websites and well executed real estate seo.
Search Engine Marketing:
The Real Estate Book study showed that 61% of the real estate professionals surveyed, and these were top real estate agents according to the study, used some kind of search engine marketing. And 25% used social media sites as well. No wonder these are top agents.
Don’t get left behind. Get ahead of these trends. Realize what these numbers would have looked like just a few years ago and know that leading real estate professionals will continue to invest more and more into online marketing media. Be a leader, not a follower.
Thanks for reading.