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The media landscape is changing, but the need for authentic relationships with local buyers and sellers is not.
Today’s real estate sector is saturated with new ways of reaching customers, from digital business cards to AI-powered social media advertisements. But according to new research from CoreLogic, the number one business strategy preferred by real estate agents is face-to-face communication.
Four in five real estate agents stated that they plan to carve out more time for face-to-face conversations with clients, making this the top listed goal for agents in 2024.
As interest rate rises and turbulent price growth put pressure on home owners and buyers across the country, building strong relationships is essential in easing client anxiety.
Dirk Miller, general manager at CoreLogic, stated that the results found that “low levels of stock and deepening customer relationships are weighing on agents’ minds”.
He explained: “This will make smart prospecting, maximising the untapped potential of their databases and building a stronger brand pivotal to success through 2024 and beyond.”
As well as strengthening one-on-one client connections, Australian real estate agents are also looking to strengthen their brand identity in 2024.
Three in five respondents stated that they plan to focus on enhancing their digital presence over the next 12 months, with the aim of building up their brand.
With almost 70 per cent of agencies managing their social media in-house, at least in part, the onus is on team members themselves to create a strong social media impact.
“Consumers now spend around two hours a day on social media,” said James McGregor, head of solution sales at CoreLogic.
“It’s no surprise that respondents see this method as far more impactful than traditional media of the past.”
Out of all the agents surveyed, 29 per cent stated that social media advertising is the most effective activity for building their brand, over seven times the 4 per cent who cited traditional advertising formats like billboards and print ads.
However, the most effective strategy identified by most agents is utilising the data they already have: their CRM.
Over two-thirds of agents surveyed named better utilisations of the data within their CRM as a top priority for 2024, especially using this data as a launching pad to rekindle face-to-face relationships.
According to CoreLogic, a massive 97.5 per cent of CRM databases “haven’t received a connected phone call in the past year”.
“This presents an immense opportunity for businesses,” said Mr McGregor.
“Leveraging this untapped data can help build stronger relationships with contacts, support your brand and drive new business.”
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