The Anatomy of a Marketing Budget
How to best spend money marketing a listing? Since every listing is unique, every budget is too. These days, though, the biggest part often goes to listing services.
NEW YORK – The marketing budget for a real estate listing is uniquely determined by the particulars of the individual property it will market – but experts warn that budgeting is a fragile negotiation because it can alienate sellers if handled badly.
To tabulate the right amount of dollars for listing marketing, agents should start by considering the best communication channels, most effective messaging and most appropriate audience.
When it comes to how money is spent, a good chunk goes to listing services, which eXp’s David Tully estimates can claim anywhere from 20-50% of the pot.
“Listing platforms have become increasingly important in the digital age, as potential buyers and renters often begin their property search online,” says Tully.
A significant share also goes to production and promotion. That investment can vary greatly, depending on the listing, with some agents snapping images on their smartphones and others shelling out big for drone photography and over-the-top videos.
Additionally, more of the marketing spend these days is aimed at social media platforms and other digital destinations rather than traditional television, radio and print media.
Still, industry insiders like Eric Bramlett of Austin, Texas-based Bramlett Residential point to the human connection garnered from doing business the old-fashioned way.
“Personal relationships and word-of-mouth, despite all technological advances, are as priceless as ever,” he insists. “In our digitized age, these personal touches are becoming rare commodities.”
Source: RISMedia (10/09/23) King, Andrew
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