Investing Plan in Real Estate: Marketing Strategy 101

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I can recall vividly my momma yelling at me, “Think before you act, child!” As adults, we too often forget momma’s sage advice. As business people, we are often even worse.

I certainly understand the tendency to act on the first impulse, to do the first thing that will grow the business, put cash in the bank, create a new partnership,whatever. But sometimes, we act too quickly, making rash decisions that hinder us down the road.

Your Investing Plan in Real Estate Marketing

To avoid making quick-but-detrimental decisions in your marketing, you need a plan. A good marketing plan is your “bible” – the document that guides you, keeping your decisions on track with your larger strategic goals. It’s the document that will make it easy to project a consistent brand in every media. It will make integrating your strategy online and offline a smooth, effective process.

But how to create said marketing plan? I’m glad you asked. . .

Step 1: Know your customers

Your first step to developing an effective marketing plan is to “get to know” your customers. Ask, and answer, these questions:

• Who are my prospective customers?

• Where are my prospective customers?

• What are my prospects’ problems and dreams? In other words, what motivates them?

• What objections might arise from my prospects about my product or service?

Asking, and answering, those four questions will allow you to focus on how your services benefit your customer, and to consider those services from the customers’ point of view.

Step 2: Know yourself

After you’ve “gotten to know” your prospects, you need to articulate how your service as a real estate agent or investor will help your prospects solve their problems or achieve their dreams. To articulate that about yourself, ask – and answer – these questions:

• What is my business philosophy? What do I aim to achieve?

• What is the market I serve?

• What are my services? How do those services benefit my prospective clients? How do my services help my prospects achieve their dreams or solve their problems?

• What does my client expect when he or she engages my services? Do I deliver?

• What are my strengths and core competencies? How can I prove that?

• Do I serve a particular market segment or niche?

• What are my weaknesses?

• What is my sales strategy? How do I sell my services?

Step 3: Know your competitors

As the old saying goes, “Know thy enemy.” (Not that your competitors are your enemies, but you get the point. . .) The key to your success will, at least eventually, lie in your ability to differentiate yourself from “the next guy.” But to do that, you need to know a) yourself (see step 2) and b) your competitors. Ask yourself:

• Who are my primary competitors?

• What services do they offer?

• What methods, approaches and sales techniques do they use?

• How am I different from my competitors?

Step 4: Develop your marketing media and messages

Step 4 is where you put the rubber to the road, your nose to the grindstone, your money where your mouth is. But unfortunately, I’m out of space, and anyway I like a cliffhanger once in a while to keep things interesting. So you’ll have to stay tuned ‘till next week to learn about developing your marketing media and messages.

Onward and upward.

Molly Castelazo

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.