Did you know more than 87% of real estate dealers fail within the first 5 years of business? But it’s not their fault. Political anxiety and laws around the country, increasing fluctuation, and ever-growing marketing strategies made the competition quite tough.
In short, real estate is a challenging field. You need to learn methods to sustain and beat your cutthroat competition. And those who can’t learn or implement the latest techniques, surely can’t survive for so long… even if they invest a lot of money.
Yes, that’s true! Making a tremendous amount of money in this area is not a joke. You have to be transparent in your policies, keep eye on new developments and check with your competitors what techniques they are implementing for robust growth.
If you are a real estate dealer in Pakistan and have faced failure and disappointments in 2022, then this is the right article for you. Let’s find out what caused the failure and what you can actually do about them in 2023.
Reasons Why Real Estate Dealers Fail in 2022: Overview
- Not leveraging the benefits of social media marketing
- Never considered the help of websites like Zillow
- They thought real estate is an easy-peasy field
- Failed in managing budget and cashflow
- Failed to establish a strong online presence through digital marketing
Let’s discuss each reason in detail and learn what they can further do about it in 2023.
Not Leveraged the Benefits of Social Media Marketing
In 2022, I have seen many real estate dealers handing out their visiting cards to clients, friends, and other connections. And in the end, that card could easily be forgotten or hidden inside the drawers. Handing out your card to others isn’t a solution that can increase your brand awareness or help generate targeted leads.
Instead, social media marketing has become the latest trend that can help spread the positive word about your business, convince people about your credibility, and also help generate strong leads in no time. Previously, real estate dealers were not convinced that social media marketing can actually generate leads or sales. They thought social media is only for e-commerce businesses. But that’s not the fact.
Social media marketing has become the backbone of every business. Running free and paid ad campaigns can help boost your credibility and tell people about your business. That’s the reason, the best tip for real estate dealers is – to rely on social media marketing companies in Pakistan that have enough expertise and knowledge in handling campaigns.
Never Considered the Help of Websites like Zillow
Another common reason why real estate dealers fail is, they do not consider the assistance of companies like Zillow which is an American tech real estate marketplace. The real estate market is now changing rapidly. There are just a few people who get the help of a regular broker and more people prefer to choose third-party marketplaces.
Companies like Zillow are extremely beneficial in generating solid leads and connections in the real estate market. They do not just highlight houses for sale outside the MLIS, but they even sell the houses directly to buyers. Every new dealer goes up against thousands of dollars of disruptive technology. All the new real estate dealers must consider the latest platforms like Zillow where people search millions of rental and for-sale listings.
They Thought Real Estate is an Easy Peasy Field
Many people get into this profession with the wrong thought. They believe that real estate is lucrative as well as an easy field to consider. And that’s the reason, they get failed in this industry. The least they know is, real estate is an extremely complicated and challenging market especially if you don’t know anything about it.
If you are a real estate dealer, you may have the potential to generate six figures a month, but it depends on your ability to accomplish goals and your motivation to do something better than others.
Do not consider it easy, just consider it a big challenge to accomplish. If you think real estate is easy, you won’t do much effort or work hard and that’s where you start seeing failure and disappointments.
Failed in Managing Budget and Cashflow
Real estate dealers and agencies step into this business by investing a huge amount. But what they don’t know is, how to manage their budget and cash flow – which is definitely the biggest factor in their failure.
They don’t know how much to spend on the projects and can’t estimate how much to bring in for the next months. Financial goal setting and budgeting are extremely important for success. Once you build your client base, you can generate a significant amount of money. But till then, it is vital to keep an eye on your savings, cash flow, and overall budget.
Failed to Establish Online Presence Through Digital Marketing
Here’s another biggest reason for failure in the real estate industry. Most real estate dealers do not know the importance of digital marketing. Hence, they don’t implement the methods for lead generation and get disappointed when their competitors earn more than them.
I have seen many real estate dealers who choose traditional mediums like print and electronic media marketing. The fact is, these mediums are outdated now. Nobody reads newspapers for real estate projects. Your audience is already online, so the need is to approach them online instead of wasting money on traditional mediums.
Today, real estate dealers post interesting content on Facebook, Instagram, and Twitter. They try to convince the audience that they are the best and they can simply be more helpful to them as compared to others.
Methods like web development, paid ads, branding, email marketing, SEO, content marketing, and all digital marketing techniques are effective enough in generating valuable connections that turn into potential clients.
Final Thoughts
We all know that it takes time to build strong recognition in an industry where there is already a lot of competition. So, what you need to do is, leave all the boring and pathetic strategies behind, and consider digital marketing which has become a versatile solution to consider for success. If you want guaranteed growth and development, this is just like a shortcut to choose.
Wondering what strategies could bring long-term success? Contact our team at Buildings which is efficient enough in generating leads through different marketing methods. Once you choose us, you can taste real success. So, what are you thinking? Just move on from your past failure and let’s step into the world of digital marketing!
