In this blog post, we’ll explore the basics of SMS marketing for real estate investors, including why it’s so effective, how to get started, and some best practices to follow.
Ultimate Guide on SMS Marketing for Real Estate
SMS or text messages are less intrusive than phone calls, more effective than email, and elicit more response. In fact, it takes just about 3 minutes for the average person to see and scan through a text. This is where SMS marketing for real estate comes in. First let’s take a peek at why it works. 👀
Why SMS Marketing Works for Real Estate Investors
SMS sounds great, but why is it so effective? In general it can be less costly than other marketing channels and produce higher results. Text marketing fits into an overall lean marketing strategy, and provides the following:
- No data, no problem. SMS marketing doesn’t require internet or data. Text messages are received without the need for cellular data, nor do they require upfront targeting rules or complex pricing strategies. Text messages come in and go out seamlessly. [If you’re keeping score, that’s 1 point for SMS, 0 for email, 0 for direct mail, and 0 for PPC or other advertising.]
- High open rates. According to a recent study, SMS marketing boasts an open rate of 98%, which is significantly higher than email marketing (20%) and social media marketing (2%). This means that when you send an SMS message to a potential client, they’re much more likely to see it and take action. [Scoreboard check: still goose eggs for all but SMS]
- High response rate. SMS provides quicker and stronger responses. Text are delivered straight to your potential client’s phone, and they can respond right away. This immediacy means that you can start a conversation with them without delay and move closer to a sale. [Scoreboard check: Email responses vary by industry, but on a high end it’s still around 20%. Let’s give this one a half point. SMS 3 | Email 0.5 | Direct mail 0 | PPC/ads 0]
- Simplicity. It is simple to use. The more technology grows, the more complex it becomes, and this is why SMS is an easier option. It is simple and very basic. Anyone without a technological inclination can easily send and receive a text message. This can play to your favor in REI, where you could be dealing with a wide variety of demographics and tech skills. [Scoreboard check: well… I guess we have to give email a point here as well, but your grandparents may still be asking for help with it, so simplicity is subjective. SMS 4 | Email 1.5 | | Direct mail 1 | PPC/ads 0]
- Privacy. SMS gives a sense of privacy. With texting, information is discreetly passed back and forth between a client and an investor. Nobody overhears conversations made and competitors have only to compete with your text writing skills. Stay tuned when we get to the best practices section. [Scoreboard check: Hard to assign points on this, but texts are less vulnerable to hackers. SMS 5 | Email 1.5 | | Direct mail 1 | PPC/ads 0]
- Reach. SMS can reach many people at a time. You can send out batch messages, reaching out to many people at once. The right SMS engagement platform will make this easy for you and remain TCPA compliant. It saves you the stress of reaching out one after the other. [Still keeping score? This one is across the board, so we have to give it up for marketing in general here. SMS 6 | Email 2.5 | Direct mail 2 | PPC/ads 1]
- Cost-Effective. SMS marketing is substantially less expensive than other forms of marketing, and there are many low-cost SMS marketing platforms available. This makes it a cost-effective way to reach a large audience without breaking the bank. [Final Scoreboard: Ding ding ding! This is the nail in the coffin for other marketing channels. SMS continues to be the most cost effective channel for REI. SMS 7 | Email 2.5 | Direct mail 2 | PPC/ads 1]
Getting Started with SMS Marketing for Real Estate Investors
So, how do you get started with SMS marketing for real estate? I could just cut to the chase and point you here, toward the #1 SMS Engagement platform, but let’s be judicial. Here are the basic steps you need to follow:
Choose an SMS Marketing Platform:
There are many SMS marketing platforms available, and you’ll need to choose one that fits your needs in REI. When choosing a platform, consider factors such as the cost, message deliverability, ease of use, and ability to generate deals.
Build Your Contact List:
Your contact list is the foundation of your SMS marketing efforts, so it’s important to have a strong strategy. You could start by collecting phone numbers from your existing contacts, or you could have lists from other sources or marketing channels.
Craft Your Messages:
Once you have a contact list, it’s time to start crafting your SMS messages. This is where many investors struggle, so keep in mind a good SMS engagement platform will guide you in this area and teach you. What’s working? What should you avoid? How do you get started? [Hint: Launchers have 80% better results when following best practices.] Keep your messages short and to the point, and include a call to action that encourages your recipients to reply. Avoid sounding salesy and impersonal. You want to provide the illusion of a personal, one-to-one conversation. Use first names or peculiar information. This is a good way to keep a personal touch.
Optimize sending times:
Some SMS marketing platforms allow you to schedule your messages in advance. But, ideally you want to have a send window and a response window so you can respond to your replies in real time (within 3 minutes) for maximum impact.
Analyze Your Results:
Finally, it’s important to track your results and analyze the success of your SMS marketing efforts. Look at metrics such as open rates, response rates, and conversion rates, and use this information to tweak and improve your messages over time.
SMS marketing best practices for REI
Texting is faster than any other form of communication. Research has it that it takes about 3 minutes for 95 percent of people to open and read an SMS, and also it takes 90 seconds to reply to one. So keep that in mind when you’re planning SMS marketing campaigns and finding a routine that works for you. Let’s dive in.
Keep it Personal:
As mentioned earlier, the personal nature of texting makes it an effective tool for real estate investors. You’ll want to avoid overspending the same text. Use the recipient’s name in your messages and address them directly, as this helps to build a stronger connection.
Timing is Key:
Timing is everything with real estate investing and the same goes for SMS marketing. Send your messages to go out at times when they’re most likely to be seen, and when you’re able to quickly respond to your replies. Consider sending messages at different times of day to see what works best for your audience and market. Keep in mind this could vary depending on the type of properties, owners, statuses.
Tag! You’re it:
Use the tagging or dispositioning features of the SMS platform to guide your prospecting. Are you getting hot replies? Tag them. Not ready yet? Throw them into a drip campaign. Keep tabs on all your potential deals so you can get the most from every list.
Test Your Messages:
Before sending out a large-scale SMS marketing campaign, it’s a good idea to test your messages with a smaller group first. This will help you refine your messages and identify any issues before sending to a larger audience. To this same effect, if you’re trying variations in your messages, take the time to preview each version to make sure the language is natural and portraying the right things. Don’t let bad grammar or unnatural lingo slip by. Monitor the template performance of each message and use that insight to fuel your refinement.
Use all your resources:
Work with SMS experts and network with other REIs focused on SMS marketing. Start with content and messages provided by your SMS platform. Work with your success resources and pay attention to others’ successes. What can you beg, borrow, and steal to apply to your business? Are you attending any mastermind sessions? Listening to high performing peers?
Launch Control 🚀 Take your SMS Real Estate Marketing to the Next Level
SMS marketing as a form of business communication is only used by an average of 6% of REI businesses, so you don’t want to be lagging on opportunities that would help you reach out to more prospective clients. Launch is here to help you achieve SMS engagement success and uncover the most deals from every list. Get started to unlock all the SMS best practices available to Launchers.