5 Ways to Win More Business in a Low Inventory Market

We've talked a lot about strategies for finding business in low inventory market conditions. Digital ads in particular are a favorite method, as they're low cost and highly targeted.

However, the battle for business got tougher this summer after Facebook's decision to discontinue ads that let agents target "likely to move" consumers. If that development put a crimp in your digital marketing plans, never fear. Today, we'll introduce you to an alternative way to target real estate consumers on Facebook, as well as strategies that will take your marketing campaign well beyond the confines of the world's most popular social network.

Raising Brand Awareness

Before a prospect reaches out to you, first they have to know you exist! Here are a few ways to build awareness of you and your real estate services:

The Basics

Let's start with a few simple, must-do items. Like it or not, for many consumers, the real estate search begins on property search portals. Be sure you've claimed and completed your agent profile (don't worry, it's free!) on sites like Realtor.com, Homes.com, Zillow, and Trulia. Double-check that your contact information is correct, and add a headshot to increase profile views. Bonus points if you actively ask for and display client reviews.

In that vein, make sure you double-check that your contact information on file with your brokerage is correct, too. Agent information is often syndicated to national portals via listing data, so if it's incorrect with your broker, it will be incorrect across the web, too.

Targeted Digital Ads

Did you know that there's a powerful way to target real estate consumers online? It's called "retargeting," and it's one of the most effective forms of online advertising available today. If you've ever noticed that certain ads seem to follow you online, you've experienced retargeting.

Adwerx is the retargeting leader in the real estate space. Their technology analyzes the online behavior of consumers to determine who is most likely to buy or sell a home in the near future. So if, for instance, a consumer uses an online mortgage calculator or fills out a form for a home valuation, that behavior signals that they're likely interested in buying or selling a soon--and therefore an excellent target for real estate ads.

Once a consumer is identified as a good prospect, Adwerx then shows them your ad as they surf across the web--including on Facebook, within mobile apps, and on major sites like ESPN.com, the Wall Street Journal, CNN.com, and beyond.

Because of the persistent nature of the ads, retargeting is an excellent way to establish your brand among those most likely to be interested. They're effective, too--targeted ads lead to a 1,046 percent increase in branded search, according to comScore. And because the ads are targeted to a very specific audience, they're very cost effective.

When it comes to branding, Adwerx's Zip Code Ads lets agents put their business and contact information directly in front of those consumers in their area who are most likely to transact in the near future. And if you want to brand yourself while impressing your seller clients, their Listing Ads let you advertise your listings to buyers. And, bonus: they can even help you win listing presentations.

Geographic Farming

Good, old-fashioned geographic farming has been used for decades to build brand awareness for real estate services. But instead of blanketing your entire farm area with expensive print materials, you can save money by using a tool you already have access to in order to target those most likely to sell their home.

What are we talking about? Your public records tool! First, determine what the average length of occupancy is for homeowners in your area. Next, use the public records database provided by your MLS or association to create a list of local homeowners who are approaching (or have surpassed) that average. Then send marketing materials only to those on that list. Try an offer for a free home valuation, or a postcard that touts how much home prices have appreciated in your area.

Re-engaging Your Sphere of Influence

Attracting new leads is one thing, but one of the most effective ways to drum up business is by engaging those who already know you. According to NAR, Sixty-four percent of recent home sellers used a referral or the same agent they had worked with in the past to purchase their next home. That's no small number--and your sphere is not something you can ignore. Here are a few ideas to keep your sphere primed for business:

Lean on Your CRM

Your CRM's contact database is one of the most valuable assets you have--and the more detailed information you input, the more valuable that asset becomes.

For example, if you've recorded the date that a former client purchased their current home, you can reach out on the anniversary of the closing date with a complimentary home valuation. Whether or not your clients are ready to sell again, they'll appreciate seeing how the value of what is likely their biggest financial investment has grown!

You can also use your database to invite your contacts to events like client appreciation parties, homeowner seminars, and beyond. Whatever keeps you top of mind is a plus!

Advertise to Your Sphere

Speaking of your contact database, Adwerx offers a simple, hands-off approach that will keep you top of mind with your sphere. Their Sphere Ads let you upload, sync, or even email a list contacts into their system. Then, Adwerx will target those contacts with ads for your business as they surf across the web, including on Facebook, and in mobile apps. It's a gentle way to keep you top of mind--and even encourage referrals.

To learn more about connecting with your sphere of influence, check out these helpful articles from Adwerx:

• Which Kind of Sphere of Influence Do You Have?
• The Care and Feeding of Your Sphere of Influence for Real Estate Agents

As the summer selling season wanes and inventory constricts further, try these tips to stand out from your competition!

Want to learn more about targeted digital advertising for real estate? Visit Adwerx.com for more information.