How to Write a Marketing Plan for Real Estate

A solid real estate marketing plan can increase your earnings potential. The process of creating the plan will help you to focus on critical factors including what sets your business apart from other real estate firms, who your clients are and the easiest ways you can reach your clients for minimal cost. Be clear and concise in your writing as you may find it beneficial to return to your marketing plan several times throughout the year to ensure that you are tracking toward your clearly defined goals.

Instructions

1. Create an executive summary for your real estate business. Define the nature of your business including if your firm focuses on commercial or residential properties. Note previous milestones and achievements you have had as a real estate agent. \Write up a mission statement. For example, your statement could read, "To be in the top 15 percent of real estate agents in Bucks County, Pennsylvania who increases client mortgage loan success rates by 25 percent within the second year of operation." Supply the physical location for your business.

2. Identify your management team. List the names and roles of your management team. Include contractors and consultants you partner with if you are the only full-time member of your real estate team.

3. Study other real estate firms. Analyze services, prices and rates offered by other real estate providers in your area. Identify the amount of time it takes other agents to secure property and low interest rate loans for eligible clients. Include the name and work address for each competitor firm. Note the types of customers that they target and service. Assess areas of the industry that may be saturated in your area such as single family home sales or stand alone commercial property. Define how you will fill existing gaps and add new benefits in saturated areas such as lowering rates and diminishing closing times to move your business forward.

4. Identify your customer. Describe how large your existing and potential customer base or target market is. Provide characteristics such as the age, gender, marital status and income level of your target market. Identify their home and commercial property buying and renting habits. Note where your potential customers live, shop, dine and go for entertainment. Keep in mind that the more you study and know about your target audience, the stronger your chances are of reaching potential customers and gaining real estate sales.

5. Define doable steps you will take to promote your firm. For example, you could take out monthly ads in periodicals such as apartment hunter guides and home buying magazines. Note how and where you will advertise your services including distributing weekly press releases through companies such as PRWeb, PR News Wire and Business Wire. Outline direct mail marketing efforts you will conduct including distributing electronic opt-in flyers, catalogs and targeted offline bulk mail campaigns. Supply the website URL for your real estate Internet page. Include information on videos, property profiles and customer success stories you will include at your website.

6. Create an effective budget. Use a spreadsheet or accounting tool such as Ware Seeker, Online Budget & Invoicing System (OBIS), Lotus 1,2,3 or Microsoft Access. Set spend limits for line items such as real estate agent and broker salaries, licensing fees, taxes, office supplies, open house promotional signs, travel, advertising and training. Set your budget up so that you can track current total spends against your year-end budget.

Resources

• Small Business Administration