Principals are looking to diversify how they spend their marketing money, rather than just shelling out on traditional marketing tools.
Edwin Almeida, managing partner of Just Think in Parramatta, NSW, plans to take the existing amount he budgets for marketing and use it to include different and diverse channels.
“We will not so much spend more, but we will diversify our marketing budget to incorporate more and more free marketing tools and systems, such as social media, YouTube and Tumblr,” he told Real Estate Business.
“New business will come by the nature of the marketing we are doing,” he said.
Similarly, Ella Reid, principal at Harcourts Townsville City in Queensland does not intend to put any more money into marketing over the coming quarter.
“We have a 12-month budget for marketing and so our focus for marketing is yearly,” she said.
“We will be looking to use our budgeted money on internet marketing.”
However, newspaper marketing is still the main focus of advertising for the Townsville agency.
“We have a long standing relationship with the Townsville Bulletin because it is the only newspaper in town,” Ms Reid said.
“It is our only source of marketing, in the local real estate guide, that captures our audience.
“Those are the realities of living in a regional area.”
In the latest Real Estate Business Quarterly Sentiment Survey, undertaken in late March and early April, 42 per cent of the 283 respondents said they intended to spend more money on marketing over this coming quarter, a slight increase (five per cent) from the previous quarter.
Forty-three per cent of respondents said they do not intend to spend more money and 15 per cent of respondents were unsure.
The Real Estate Business Quarterly Sentiment Survey is an online poll. The results for the latest survey were based on 283 replies, with a majority of respondents (88.2 per cent) coming from the residential sales and property management sectors. More than half were principals (53.9 per cent) or licensees (10.4 per cent), while another 22.9 per cent were sales representatives.