Should you invest in marketing activities that don’t give high monetary returns? Obviously not.
However, this scenario is more common than you would think. Many companies, and realtors, spend their valuable time and energy in overly-hyped marketing campaigns that cost more than they deliver.
Yes, strong customer relationships and positive PR are important, but not at the expense of bringing you to the verge of bankruptcy. How do you intend to survive when all you do is constantly payout cash?
Don’t worry; there is one marketing strategy that will have you bathing in money in no time. What is it? Email marketing, my friend.
Isn’t email marketing dead?
Yes. But for those who’ve bought email lists, send spammy emails, and wonder why no one is responding to them.
Email marketing is alive and thriving, and it will be for years to come. It has a Return On Investment (ROI) of 4,400 percent. That means for every dollar you spend, you get $44 in return. Let that sink in.
According to RESAAS, 63 percent of all email marketing campaigns related to real estate receive positive engagement. The latter strengthens ties with customers and eventually increases conversions.
Why is email marketing so profitable? That’s because it’s the finest example of permission-based marketing – your subscribers actually want to hear from you. Emails are not affected by algorithm changes as opposed to social media and don’t cost all your savings.
If you’re a realtor who’s interested in making bucks from email marketing, the following section would be of interest to you. Get ready to note down these words of gold.
How can realtors generate revenue from email marketing?
According to Tom Ferry, 87% of brokers leave the real estate industry within 5 years because they didn’t make enough money. Don’t be like one of those lads.
Below are 10 actionable ways for you to make money through email marketing.
1. Sell your service
This is an obvious. The best way to make money through emails is by promoting your service. Tell people why you’re the best, invite them to open houses, and share client testimonials. If you’re confused about where to get started with email marketing, this guide would be of great benefit to you.
Remember, the secret for high converting promotional emails is to keep the focus on the reader and not on you. Talk about their problems and how you can solve them. Share why a property would be their dream investment. Focus on building strong relationships, and money will keep flowing in.
The following is a great example of how a real estate email should be.
2. Sell other’s products/services
Have you ever heard about affiliate marketing? In simple terms, you market someone else’s product/service and get a commission every time it results in a sale.
“But wouldn’t that decrease my sales?” No, unless you market your competing realtors. Be very picky with who you promote. Ideally, you should be interested in companies related to you.
What’s the first thing that a buyer does after purchasing a house? Buy furniture! Become an affiliate of a furniture business. You can also consider moving companies, painters, home security companies – you know better.
3. Create engaging emails
You can’t entice a purchase if your subscribers don’t engage with the email.
There are many ways of creating engaging emails, but it all starts with the design. We understand that realtors are busy people and can’t spend hours designing emails, which is why we recommend these real estate email templates. The latter does all the hard work for you, and you’re left with highly engaging emails created in a matter of minutes.
You should additionally consider writing in conversational, easy-to-understand language. Remember, your audience are people interested in investing in real estate, not your high school English teacher.
Interactive elements can be incorporated into the email design. They make emails stand out from the inbox clutter and invite interaction.
The following real estate email has absolutely nailed the design.
4. Feature email ads
If you’ve been emailing your clientele for a while now, chances are you’ve built a pretty neat and valuable email list. The latter is not an easy feat in today’s day and time – it’s your asset, and you should earn from it.
Rent out ad space in the emails you send. You can directly gather willing ad buyers or use an email ad network that provides you with programmatic email ads.
With email ads, be watchful of the following practices:
- Don’t bombard your emails with ads. You don’t want to annoy your readers and encourage them to click on the unsubscribe link.
- Don’t feature ads of companies not related to the real estate industry. Your readers are not interested in buying youthful serums or taking a vacation.
- Don’t include ads of companies with shady reputations or those offering poor-quality products/services. You don’t want people to associate you with negative encounters.
5. Segment your audience
If you’re not segmenting your mailing list, you’re doing it wrong. Why should your audience reward you with purchases when you’re not sending them personalized messages?
Email marketers have witnessed a 760 percent increase in revenue because of segmented campaigns. As a realtor, you should be dividing your subscribers based on their geographical location, income class, family size, and property preferences.
Once you’ve created different campaigns targeting each of the above segments, you’ll witness a boost in your emails’ open and click-through rates.
If you believe segmentation is another useless step, think would it be beneficial to invite a Washington resident to an open house in Texas? We rest our case here.
6. Offer a tripwire
A tripwire is a great way to transform your potential customers into buying ones. Any low-priced offer, usually between $5-$50, pitched to convert customers is called tripwire.
The thing is that people are apprehensive when spending large sums of money on services they have never bought from before – there is always a risk of getting scammed. A tripwire increases their trust and persuades them to purchase high-priced offerings.
As a realtor, you can offer reasonably priced consultations to potential customers; providing them their financial analysis, showing the best properties in their state, and discussing payment plans.
7. Upsell your services
Upselling is a great way of generating more revenue as potential customers are already in the mindset of purchasing.
If a prospect is interested in investing in a property, you can always send them an email showing a better location. Highlight why they should spend their money on the expensive property; talk about the neighborhood, future land value, and security, among other features.
When they’re already buying a high ticket property, you can persuade them to spend some more. An expensive property equals to high commission – why wouldn’t you upsell?
8. Downsell your services
Okay, don’t get confused, but you should both upsell and downsell property. Upsell it for those ready to purchase and downsell for those doubtful of buying.
The truth is that purchasing property is a big investment for everyone. Some may back off mid-way because of the high cost. The latter could be avoided by offering properties of a lower budget.
When you notice a prospect shying away from purchasing, you can send them an email of properties with similar features to what is demanded but at a lower cost.
You’d be surprised how many potential buyers will positively respond to your emails when you downsell the property being advertised.
9. Use psychology tricks
One way through which you can generate additional revenue from email marketing is by incorporating psychology tricks in the emails you send.
The truth is that people are impulsive. When they see a limited-time discount, they get excited to purchase since they believe they’re getting a good deal.
Use this to your advantage by creating a sense of urgency in the real estate emails you send. Segment your audience by their property preferences and email them seasonal sales to entice an impulsive purchase.
The below email shows a discounted property.
Source
10. Reward buyers
How do you transform a positive behavior into a repeated habit? Through positive reinforcement.
Say a recently married couple bought a 2-room apartment. After the sale has been finalized, an email can be sent to them offering a 10% discount on your services for their next purchase. The discount acts as a hook as you’ve successfully turned a one-time buyer into a repeated one.
Additionally, you can reward buyers by giving them a referral benefit. If they refer your services to a friend and the latter makes a purchase, they get a small percentage of the commission you earn.
The cost of giving up a percentage of your commission is minimal to the revenue you’re earning from referrals.
Wrapping it up
If you’re a realtor discouraged about your meager earnings, this article would be of great help to you. Email marketing is a sure way of earning some extra revenue to make you the next real estate giant.
What was your favorite method? Comment below.
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