How To Generate Real Estate Leads Using Incentive Marketing
BY ANDY WATTS, OCTOBER 27, 2020 11:00 AM
What is Incentive Marketing?
Incentive marketing is a strategy used to persuade, encourage, or motivate people to take a particular action by giving them something in return.
We see it all the time.
Countless infomercials use the same strategy to boost their sales. You’ve probably purchased a product or two in the past just because it came with a special bonus.
You can use the same strategy to increase the response rates in your marketing campaigns. Eager buyers aren’t just going to flock to your open houses. Offering potential clients something extra is a great way to ensure that you always clinch the sale.
Reasons Why You Should Use Incentives
Before we continue, let’s check out some interesting stats from The Wirecard 2019 Consumer Incentives report.
- After receiving an incentive, 75% of consumers are likely to make another purchase
- In the past year, 45% of consumers made 1 to 3 purchases because of incentives
- 18% of consumers say incentives always persuade them to choose one brand over another
The report consisted of information from randomly selected people in different age categories, backgrounds, gender, and geographic areas within the U.S. It proves that incentive marketing works, and there’s no reason you shouldn’t use the same strategy.
The benefits include:
- Sales growth
- Getting buyers to switch from your competitors
- Influencing the buyer's behavior in the future
This type of marketing is one of the best lead generation methods for realtors, and with good reason. Incentives will also come in handy when you’re looking to:
- Reward long-term customers for their loyalty
- Build trust-worthy relationships
- Improve retention
- Improve awareness
- Increase referrals
What Are Some Of The Incentives You Can Offer?
Example of incentives that offer the best lead generation for realtors include:
- Decorating allowances
- Free deeded parking spaces
- Paying the buyer's closing costs
- Covering the mortgage for a set time
- Offering to pay for new appliances
- Covering a Condo unit's assessments for a specified time
- Gift cards
- Vacation packages
Of course, they’ll only work if the buyer already likes the property. The incentives are only there to encourage buyers to move forward. They’re not going to purchase property they don’t want just because you’re offering them something for free.
Compared to most incentives, many realtors have found that potential buyers respond well to vacation packages. Few people would pass up the chance to go on a luxury getaway. It involves a lot of planning, and not everyone can handle the expenses involved.
You might hesitate when you think about offering vacation incentives as a bonus. But the good news is that you don’t have to pay for them out of pocket.
The great thing about being a realtor in the modern world is there are tons of useful marketing tools and resources that you can use to generate leads. For instance, in this case, you could use a subscription service like Marketing Boost to offer the vacation packages.
How To Use Vacation Incentives To Generate Leads As A Real Estate Agent?
Incorporating vacation packages into your offers is easier than it sounds. All you have to do is take advantage of tools like Marketing Boost and increase your conversions.
To get access to the vacation incentives:
- Sign up for the service b choosing an affordable subscription
- Take advantage of the free marketing training resources and systems
- Come up with a reasonable offer for your clients and include the incentives
The subscription company works with insiders in the luxury travel industry; that’s why it has access to such amazing vacation packages. This partnership allows them to take advantage of the unsold rooms and get revenue out of them instead of incurring losses.
As a member, you’ll be able to offer your customers restaurant vouchers, hotel savings cards, and other vacation incentives. So if you’re looking to get more leads, you can choose the vacation you like and add it to your current promotion.
Here are some examples of promotions you could run:
- List your home and win a free European getaway
- Register for my home buying seminar and get a free 3-night stay in Vegas
- The first five sellers to list their home will receive a four-night, five-day Caribbean Cruise vacation getaway.
These are just a few of the offers you could come up with without cutting down your profits. Your clients will only need to cater for personal expenses like air travel, resort fees, taxes, and other amenities.
Remember, your offer has to be enticing enough to capture the attention of your potential clients. That’s why you can’t go wrong with vacation packages because they’ll make you stand out from the competition.
You can also use them to entice old clients or re-activate unconverted leads.
Let’s face it; you’re probably not the only realtor trying to win buyers over with incentives. And the reality is that most buyers can see through the motivation behind the bonuses.
To keep you on the right track, we’ve listed some of the best practices to follow when offering homebuyer incentives.
The Right Ways To Generate Leads in Real Estate Using Incentives
Here are some of the do’s and don’ts to keep in mind when coming up with an incentive marketing strategy.
- Consider using incentives to compensate for flaws.
- Avoid using incentives to mask high prices; only use them to add value.
- Consider consulting a real estate attorney to check whether it’s legal to offer some incentives in your state.
- Look at what your close competitors are offering and include some incentives if they will make you stand out.
Even though there are several tactics you can use to generate real estate leads. You want to focus on effective methods that can help you attract and convert prospects into people who are interested in buying, renting, or selling property.
You could choose to knock on doors or buy a list of contacts you can use to make cold calls. But incentive marketing is a proven way of ensuring that you always have a steady flow of active leads. You won’t need to rely on discounts or rebates if you do it right.
Stick around if you’re interested in ways to generate leads in real estate and learn why incentive marketing is highly recommended.
There’s probably no shortage of real estate lead generation ideas we could come up with if we wanted to make a long list. However, if you’re looking for a proven method, then incentive marketing is more than enough to make your offer irresistible.
You can’t go wrong with high-value incentives, and complimentary vacations will help you with that.
Learn more about the vacation incentive company here and how you can use the program to grow your real estate business further.
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