Facebook started out as a simple social network and has evolved into its own full-blown media channel.  With more than 175 Million members comprised of highly sought after demographics, Facebook is a fantastic option for making new connections and branding your real estate business. But are you taking advantage of the viral marketing channels available to you? Just recently Facebook made significant layout changes, including making all Facebook pages function more like the user profiles we’ve come to love.  These new business profiles allow for the sharing of status updates, photos, videos and more-helping your business facilitate deeper engagement by Facebook users.

If I’ve peaked your interest or you just need a Facebook marketing refresher please join me on March 12^th, 2009 at 10am (pacific) for a free webinar.   Attendees to the webinar will learn about:

• The shift from outbound to inbound marketing
• The demographics behind who’s on Facebook today
• Strategies for growing and interacting with your network
• Best practices for applying Facebook profiles, pages, groups and events to your business
• Methods for sharing local real estate trends via the news feed

If you would like to attend this free introductory webinar, please RSVP here.

This will be the first of many posts on target marketing your real estate business.  Let’s start by identifying why a niche is important, what questions you should be asking yourself and how you can complete the corresponding research.

When the topic of target marketing comes up, most will agree it sounds like a great idea.  But I have a hunch that many real estate agents will not go the extra steps required.  Now obviously once you’ve identified a niche, you’ll still except business from other sources-especially given the current economic and housing turmoil.  But rather it will enable you to optimize your marketing efforts and bring a consistent message for a particular age group or lifestyle type.

Ask yourself who’s the perfect customer? Is it a first-time buyer or seasoned homeowner looking to buy their next home? Do you cater to young families? As you identify these demographics, look at your market to see if there’s a fit. Does your local market have more of a particular type of client? Does your skill set have more to offer a particular type of buyers or seller?

Researching Your Local Market Segments

Using the “Maps” section of Cyberhomes.com you can segment your local market.  For example, start by selecting “Maps” from the search dropdown, then enter the zip code you think generates most of your business.  Now on the Maps page, look to the left-hand side and you’ll see various demographic and market groupings.  Segment your market area by age group, lifestyle, type of neighbor or neighborhood characteristics.  As you review the maps, look for high concentrations of your target customer. Zoom in and out as needed; also click on any area to see the actual percentages. Repeat as needed for each market area.

Coming up next, we will uncover strategies for researching your closest competitors.

Last week I was talking with Neil, the Art Director for Cyberhomes, about some of the hidden gems on the Cyberhomes site.  We both fired off a few of our favorites and then it became apparent…we need to share this on the new blog! And just like that, the following list was born. I think it’s important to note that I did not add the obvious tools like home search; even though it’s reach is incredible. I was going for the hidden WOW-factor and I hope you will agree.

So here they are, 7 of my favorite hidden gems:

1. Heat Maps:  I’m sure you’ve seen the mapping we include next to home results, but have you searched the “Maps” section? It’s remarkable and will prove handy next time your buyers ask questions about neighborhood characteristics, demographics and market trends.  Use the map interface to drag and zoom around your area.  Each map includes a color coded key; use that to match against various segments of the map.

2. Comparables:  You’ve probably already investigated the “Change Home Value” feature, but sometimes you’re just looking for comparable properties. Try searching a property and then scroll down the page and look to the right-hand side for “Comparable Homes.”  In that section click “View All Comparables.” Now you can sort through the comps and select the properties you feel are most appropriate.  On the right side a matrix will display the impact of your changes on the subject property.

3. Zip Code Level Market Indicators: Search a zip code in your market area using the “Neighborhood” section. Track everything from Median Estimated Home Value to Projected Job Growth in the next 10 years.  You’ll appreciate the quick access to such prolific data. Look through bar charts, graphs and data sets.

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