Real Estate Agents: do you know your target market?

August 11, 2015

Before thinking about embarking on a marketing campaign or strategy, you must understand your target audience. In order to create the most effective campaign, each message must work together with the last, and also be tailored to the same target market. Failing to do this could result in valuable dollars being wasted with little results. When we ask potential clients who their target market is, they usually respond by saying “anyone with money,” which is indeed the answer that seems most logical. Unfortunately, this train of thought will surely yield poor results, as attempting to reach everyone often results in reaching no one.

As a real estate agent, or any business owner for that matter, you must fully understand your audience. If you sell homes upwards of $5 million, don’t assume your target is anyone with a net worth of over $20 million. Someone looking to live at a country club with a net worth of over $20 million is not your target audience if you sell high-rise city apartments. Thus, you’re wasting precious dollars attempting to reach an audience that is not receptive to your message.

Your goal as a real estate agent is not to convince people to change their preferences, except when the client is relying on you for direction, but instead to make your target audience aware of the home you have for sale that will meet their needs.

 

To identify your target audience, ask your self the following questions:

 


  1. What is the desired action of your audience? Are you looking for your audience to list a home with you, or would you like for them to purchase a home from you?

  2. What demographic group is most likely to take action? Here is where you describe your audience in terms of gender, age group, location, marital status, income level, education, and possibly even occupation.

  3. How does your audience think? It is important to get into the more personal questions that tell you who they truly are and begin to describe their personality. Ask yourself how your target behaves, along with defining their personality, lifestyle, attitude, and interests. This will tell you a lot about the type of marketing that will resonate with potential clients and generate results.

  4. What are their existing needs and frustrations? This helps determine messaging that will resonate with them. Don’t expect your audience to give you money without satisfying one of their needs.

  5. In which way does your target audience benefit from your services? Ask yourself what exactly is it that you provide to your target audience and how does it help them.

  6. What is it that drives potential clients to make a purchase decision? What will drive your audience to either list a home with you or purchase a home from you? What obstacles should be overcome?

  7. What media does your audience engage with? Is it online news? Printed news? Magazines? The answer matters.

 

After answering these questions you should better understand the target audience for your service. Review your work, and make sure you have a true target market narrowed down. It is at this point that you can create a marketing strategy specific enough to reach your audience. Still have questions? Let’s meet.