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Digital Marketing in Real Estate: What Can You Expect in 2023?

by | Sep 2, 2022 | Real Estate | 0 comments

REN AI

Written by Erin E.

September 2, 2022

When it comes to marketing in real estate, things have changed. The old days of cold calling and door knocking are obsolete; digital marketing and social media are a must if you want to stay relevant and afloat in your region. A number of these changes occurred as a result of COVID-19; the inability to visit in-person forced real estate agents to turn to the internet to stay in contact with their leads. 

How COVID-19 Continues to Impact Lead Generation

 Although life has improved in the wake of COVID-19, it continues to affect the way agents generate new leads, follow-up with old leads, and keep in touch with their sphere of influence. Let’s take a look at what we can expect from the end of 2022 and beginning of 2023 when it comes to digital marketing trends.

  1. Virtual is the new normal. This is especially true when it comes to lead generation for real estate agents. One study revealed that virtual meetings or webinars have a 40% to 50% attendance rate – much higher than in-person events. It’s no surprise that 43.42% of in-person event budgets were re-allocated to digital marketing channels in 2021! The digital marketing trends listed below can help you make the most of your outreach efforts, saving you time and money in the long run.

    2. Video content is a must. The pandemic forced many businesses to switch to video options, and the situation was no different for real estate agents. Not only is video marketing a more effective way to introduce yourself and keep in touch with your SOI, it’s also necessary; an estimated 8 in 10 Americans don’t answer the phone if they don’t recognize the number. Video texts and emails, however, can achieve the same end goal without losing out on 80% of opportunities. This is because 69% of consumers stated that short videos are their preferred way of learning about a product or service (Hubspot,  2021).

 3. AI lead gen is growing. Artificial intelligence can help real estate lead generation in a number of ways, from determining where leads are in the sales funnel (hot, warm, cold) to the implementation of automation. Both can save agents a significant amount of time when it comes to digital marketing! 

Follow-up campaigns can automatically be triggered when your AI technology discovers that a lead has recently gotten a new job, posted online about moving, or recently had a baby. New leads can be contacted within seconds of opting into an online lead gen source like zBuyer or REDX. With a 189% growth rate since 2020, the use of artificial intelligence is guaranteed to boom well into 2023.

 4. Value-based experiences are top-priority. With approximately $3.2 billion expected to be invested into lead generation by the end of 2023, it’s no secret that high-quality leads are highly desired in the real estate industry (eMarketer, 2019). In order to achieve this goal, more and more agents are implementing value-based selling strategies; rather than prioritizing closing deals, you focus on benefitting the customer throughout the sales process. This means figuring out the pain and motivations of your clients and treating them directly. Talk less and listen more!

5. Email marketing is still relevant. Though this may sound old hat, email marketing offers one of the best return on investments compared to other digital marketing real estate lead generation strategies. Statistics reveal that for every dollar spent on email marketing, $36 was earned. Considering the fact that 4.6 billion people are estimated to be email users by 2025, this strategy cannot be left out of your digital marketing plan.

The Power of Internet Leads

Lead generation tech and digital marketing strategies can only be put used once you understand your lead type. Since almost all lead sources come from the internet, they can be broken down into four categories: social media leads, forced registration leads, organic leads, and premium leads. Let’s break down what you can expect from each type and why your database should contain a mix of all of them.

 Organic leads tend to be every agents’ favorite because they are so low cost! However, you’ll need a fully optimized website and marketing plan in order to start driving qualified leads to contact you. Provided you have SEO experience, you can convert between 3% and 5% of organic leads. Fortunately, even if these leads don’t convert, they’re still getting to know and trust your brand.

 Social media leads, understandably, come from social media platforms. Facebook, Instagram Twitter, TikTok, and LinkedIn are the most popular sources, but you never know when a new one is going to pop up and take the world by storm! Statistically, leads from social media are some of the coldest and require consistent follow-up, only converting between 1% and 3%. However, they are also relatively cost-effective and provide a great way to build your database and brand.

Premium leads have the highest conversion rate – between 5% and 10% – but they are much more expensive than other leads. If you’re not following up with them correctly, they could slip through the cracks and end up costing your business a significant amount of money. Google LSA is a great option for premium leads but any lead that you have to purchase (such as those from Zillow or referral sources) is premium.

Forced registration leads are leads that require visitors to provide their contact information in order to access information. This is a common trend in the real estate industry with Google PPC being a great example. The conversion rates are between 3% and 5% for forced registration leads, but they offer a great ROI if you follow-up with them properly.

 

The Bottom Line

Understanding predicted real estate lead generation trends and implementing them are two very different things. You might know that you need to start using social media more and posting weekly videos, but you’re stuck: what do you post? When do you post it? How should you let everyone know that you have information they need to hear? 

 You’re not alone! The real estate industry is in the midst of a shift which has everyone panicking. If you want help creating and implementing a sales & marketing strategy unique to your business, REN 360 can help. This all-in-one platform has everything you need to start marketing to your database using the trends we discussed in this article; there’s even a support staff ready and available to help you if you ever have questions.

 2023 will be here before you know it; you need to take action today. Check out REN 360 with a free 14-day trial and find out what your digital marketing plan has been missing.

 

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