Traditional marketing versus digital marketing, which one is more effective and valuable for estate agents? In short, both forms of marketing have their uses, and the savviest property professionals, attempt to implement and combine traditional and digital marketing strategies.
Traditional marketing – What’s in it for estate agents?
Traditional marketing refers to carrying out promotional efforts via more conventional, non-digitised means, such as radio, newspapers and TV.
Estate agents can benefit from this traditional approach to advertising, particularly when it comes to reaching out to a more local audience. For example, putting an advert on a local radio station or in a local newspaper promoting the merits of the agency and sponsoring particular properties for sale or rent, is an effect way to generate interest at a local level.
In fact, a cross-media study conducted in Germany shows that print advertising still generates high levels of return on investment for businesses.
The rise and important of digital marketing for estate agents
That said, more and more people are relying on digital means for media, information and consumer consumption, and estate agents simply can’t afford to miss out on the growing prominence of digital methods of marketing.
Social media is one of the most effective forms of digital marketing. Buyers, sellers, landlords and renters, they’re all using social media on a daily basis, and one of the best ways a property agency can connect and engage with potential clients is to be active on social media themselves.
A multi-way form of communication
The property industry is, by its very essence, a three-way process, requiring a vendor, a buyer and a ‘middleman’. The majority of traditional marketing mediums provide a one-way communication channel, whilst digital marketing encourages multi-way communication. The likes of social media, blogs, email marketing, vlogs and forums, provide agencies with the chance to have conversations with followers, clients and potential clients, engaging people with the business and building relationships.
You might gain the attention of Mr Brown living down the road in a local newspaper advertisement but how do you market your services and properties to investors in China, Russia or the United States?
This is when the globalised world of digital marketing is invaluable, enabling property professionals to market their services to a worldwide audience.
Estate agents might be on tight marketing budget leashes but to remain competitive and to reach out to the broadest audience possible, a combination of traditional and digital marketing strategies could prove to be the most effective.