RISMedia's Real Estate Magazine

AUG 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1146817

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Page 90 of 118

86 August 2019 RISMedia's REAL ESTATE LeBron James was still struggling to get past the Celtics, The Black Eyed Peas were winning music awards and Face- book was just starting to emerge as the cool new place to hang out online. What followed was the introduction of Facebook's advanced ad-targeting system, which created an entirely new industry of specialist social media agencies and a talent market full of social media "gurus" and "nin- jas." Businesses and media outlets were quick to jump onboard, embrac- ing this new "blue-lit" world while si- multaneously exclaiming that email and other marketing channels were dead. Email became somewhat forgot- ten and underutilized by many busi- nesses, but those that stuck around saw great success. Ten years on and there's been a resurgence in the use of email amid extensive research that validates it as delivering the best ROI. It's 40 times more effective than social at acquiring customers (McKinsey) and has an average ROI of 3,800 percent (DMA). Depending on the platform you're using, you can automate end-to-end customer journeys, tailor content specific to each prospect and make them far more engaging than just words in a browser. Through it all, email has remained a tried-and-true method of communicating to your customers—and it's here to stay. In industries such as real estate, where the market is extreme - ly competitive and purchasing deci- sions are highly involved, the need for personal and targeted communi- cation has never been more appar- ent. You can't simply rely on e-com- merce tactics like social media ads, because while they're useful and do provide leads, they can't match the value of emails from both an ROI and customer experience standpoint. There's no one-size-fits-all in email, but that's the beauty of it. The more personal you get, the more engaging your message becomes. Email, when used correctly, can be an agent's best asset. It has sur - passed the large majority of other digital marketing channels, and here's how. DATA Behavioral data based on email in- teractions is the new frontier in real estate (and many other industries). Historical data, such as that held in CRM systems, is not an indicator of future activity. Data that reflects the behavior of a prospect and what they're currently interested in is the eureka moment in real estate. The agent with "first-data" insight into their sphere's behavior and inten - tions has a distinct advantage over the agent that relies on programmat- ic and periodic engagement. NURTURE Automated drip campaigns along with dynamic personalization means agents can continuously build, nur- ture and maintain relationships while greatly amplifying their sphere of pros- pects. This means agents are more efficient with their time and are only dealing with prospects that display behavior consistent with an immedi- ate/upcoming property transaction. AGENT TO AGENT Advertising properties to potential buyers is important, but it's limited to those in your sphere. Email gives you a direct and immediate line of communication to all buying agents, meaning you'll find yourself in front of multiple spheres. RECRUITMENT AND RETENTION Real estate isn't just a competitive market when it comes to buying and selling property. The talent market- place is full of mobile agents that are happy to move to greener or more productive pastures. This means that to retain the best, brokerages need to ensure their agents and bro- kers have access to the best tools. A robust digital marketing mix is important for gaining a competitive advantage, but not all channels are created equal. You must re-evaluate old strategies, look at what you're currently doing, be informed on in- dustry trends and ensure you always optimize to maximize positive busi- ness outcomes. RE Michael Feller is the chief revenue officer of ActivePipe, a marketing automation platform built specifi- cally for the real estate industry. For more information, please visit activepipe.com. The New Email: Dynamic, Personalized, Automated and Delivering a Treasure Trove of Data Commentary by Michael Feller T he world is a vastly different place compared to what it was just a decade ago.

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