It’s no secret that you’ll need to invest money into marketing to attract listings and buyers when you’re a real estate agent. But how much money should you spend on marketing? There is no real science to this and it is unique for everyone.
According to the National Association of REALTORS® only 1% of REALTORS® licensed as sales agents spent $15,000 or more towards marketing. Surprisingly 18% of sales agents said they didn’t spend any money on marketing. In the chart below you can see the full picture for how much agents spend on marketing:
As social media channels like Instagram Reels and TikTok grow and your clients spend more time there, it’s very possible that the amount of money agents spends on marketing increases on those channels. If you want to reach your target demographic outside your sphere, you'll definitely need to spend money. If you look at the agents spending the most on marketing, they also tend to be some of the top selling agents in their market. Even if the majority of their business is from their sphere, they understand they have to keep their sales funnel full.
Social media isn't the only place you can spend money though. You can buy ads on Zillow, Realtor.com, newspapers, podcasts, billboards, etc. We recommend working with a local marketing expert if you have the budget to do so!