“Hyperlocal” has become a buzzword in the real estate space over the past few years – and with good reason. Hyperlocal marketing involves promoting your business in a very specific geographic area – for instance, focusing on a neighborhood or two in your city versus trying to canvas the entire city.
Whether you’re a small town agent that’s forced into hyperlocal marketing or you’re a metro area agent choosing to focus on hyperlocal marketing, there are many potential benefits to embracing it strategically.
Benefits of hyperlocal real estate marketing:
It’s less dauntingSometimes (ok, most of the time…) real estate marketing can feel overwhelming. There are many small details to consider and it can be tough to know where to start. Hyperlocal marketing helps simplify things. By getting specific with your targeting, you are able to focus on a smaller number of prospects and a smaller geographic area, which can also reduce the amount of time it takes to build local brand recognition.
It’s easier to measure successA smaller area of focus also allows you to get a better handle on what types of people you are marketing to and what types of marketing they are most responsive to. The broader your area, the harder it is to pinpoint lead demographic details and commonalities that correlate to specific types of prospects. Take advantage of a simpler system and really dig into the details to maximize your results.
Successful strategies are scalableSmaller areas = less people = smaller marketing budget to test new strategies. Businesses – particularly restaurants - run local tests all the time when they are thinking about rolling out a new item. They’ll choose a small area and test for a set period of time to see if the item will be profitable when scaled. A similar thing can be done within real estate marketing. By maintaining a hyperlocal focus, you can test multiple strategies at once, identify the ones that work well (as explained above) and scale those strategies by putting more time, effort and budget into launching them in a broader area.
It’s good for referral businessIf you work in a metropolitan area, it can be quite difficult to establish yourself as a market leader. Focusing on a smaller geographic area can help you reach more interconnected prospects. If you’re able to get a few clients in a specific area – and you do an awesome job for those clients – you’re that much more likely to put yourself in a position to build referral business (and your brand).
Powerful prospects are attainableConsider prospecting well-known figures in your hyperlocal area as a starting point. Identify the top areas of opportunity and start there. For example, if you are targeting an area that’s heavily focused on education and that has a number of schools, use the school roster to reach out to teachers and administrators. In a closed-circuit environment, people tend to talk about major life events like real estate transactions and it doesn’t take long to earn trust.
Become locally recognizedWhen you focus hyperlocally, you should adopt a mindset of always attending your target community’s events. Whether you purchase booth space or simply walk around and introduce yourself while handing out business cards, being present at community events on an ongoing basis is crucial. Your consistent presence will go a long way in gaining credibility with the thought leaders and active participants in the community.
It’s easier to successfully build a nicheConsider focusing your efforts on a specific type of transaction you’re very experienced with or a skill or interest that is unique to you. Whether you like to work with military relocations or enjoy finding pet friendly housing for animal lovers, make it known that you have a niche. Optimize your website to clearly communicate your focus. When prospects are looking for an agent to work with and see that you specialize in something that is important to them – it will give you a leg up on the competition.
If you’re feeling overwhelmed or are just looking for new marketing strategies to try, consider adopting a hyperlocal focus.
Cater your marketing to your leads for maximum effectiveness:
Have you incorporated hyperlocal marketing into your business? Share your stories in the comments!