The Area I Serve Is Shifting Towards a Buyer’s Market After Years of Being More Favourable to Sellers. How Do I Adapt My Marketing Accordingly?
Recognizing that a marketing pivot is required is the first step in ensuring that your business will survive and thrive during a period of change.
Your chosen marketing mediums — your real estate website, your newsletter, Instagram and TikTok, print postcards and pay-per-click ads, for example — don’t have to change. But your content and your tone do.
Here’s what we mean.
Your seller-focused marketing
Not every prospective seller will decide to wait things out; your job is to try to capture those who want to sell despite a change in market conditions.
You can’t rely on the same seller marketing messages you used during a seller’s market. Time to switch up your key messaging, tone and the specific areas you target.
For example, rather than cast a wide net, zero in on highly desirable neighbourhoods where homes are more likely to sell at above-average prices despite market conditions. Use your messaging to remind sellers that there are buyers out there waiting, in a tone that’s friendly and helpful, but not brazen.
Your buyer-focused marketing
Time to beef up how you market to buyers and strengthen your marketing messages.
Your goal is to make buyers feel excited about the market possibilities and empowered to take the leap — with you as their trusty advisor.
While your seller-focused marketing will become more reserved in both message and tone, your buyer-focused marketing should become bolder and more confident.
Other things to consider
- Whether you’re marketing to sellers or to buyers, remember to remind them why they need a realtor in these particular market conditions.
- Think about redistributing your marketing budget in order to more strongly target buyers.
Never try to manipulate statistics in order to exaggerate or minimize market conditions.