Real estate agents might be spreading themselves too thin, according to the Hyperlocal Real Estate Survey conducted byWAV Group. While the vast majority of agents believe that local market knowledge and neighborhood expertise is very important, only a small fraction of them claimed that their marketing specializes in neighborhoods.
- Hyperlocal marketing is focused on a groups of neighborhoods – about 3,000 homes
- About 95% of agents called local market knowledge ‘very important’ or ‘extremely important’
- Only 12% of those agents say their marketing specializes in neighborhoods
- There is a disconnect between beliefs and actions in agents surveyed
“Agents, teams and broker-owner, and execs are saying one thing and are doing another,” says Lane Hornung, CEO and co-founder of zavvie, a hyperlocal marketing platform. “The survey clearly shows their marketing activities are not consistent with hyperlocal being an actual priority. … In fact, the study found that most real estate professionals are doing the exact opposite of hyperlocal marketing: They are casting the largest net, trying to throw down their marketing circle as broad as possible.”
Many agents, unfortunately, are saying one thing and doing another. About 60% of agents and 65% of teams surveyed said they “specialize” in a large metro area, while only 12% specialize in neighborhoods.
“It’s an oxymoron to specialize in a metro area,” says Stefan Peterson, COO of zavvie. “You can’t even specialize in a city or a town—it’s just too big of an area, geographically, to be a ‘go-to expert’ that knows every single home in that size of a market. Yet that’s what folks were claiming.”
“The truth is, for busy agents, social media, and hyperlocal marketing tools and activities such as neighborhood websites and blogs are hard—they typically take a considerable amount of time and resources to create and maintain,” Peterson continued. “But for those who invest the time and the effort, the deeper data we collected shows that hyperlocal marketing delivers significant results for those that employ it.”
To get started, check out some local marketing tools, such as a blog, neighborhood website, or presence on Nextdoor – a private social network for specific neighborhoods. Less than 20% of agents and brokers report using any of the tactics listed, so building a strong name for yourself in a hyperlocal market presents ample opportunity.