Market Focus: Real Estate Agents
Looking for a large market that purchases a wide variety of products and services and influences other prospective customers on a daily basis? Try real estate agents. According to Mal Dunn Associates, a list management and brokerage firm based in Brewster, N.Y., there are more than 1.3 million realtors in the United States, 60,000 of which specialize in commercial realty. (The term realtor identifies a real estate professional who is a member of the National Association of Realtors; if you include all real estate licensees, the number jumps to 2.6 million.) While real estate agents are buying and selling property, they’re also buying products for themselves, their businesses, and their clients. Furthermore, they’re in contact with clients who are in a buying mood—so if real estate agents like your offerings, they may become your brand evangelists.
Understanding the Market
To market to real estate agents, it helps to understand what they do and how they do it. Real estate agents do more than buy and sell real estate for commissions; they also have a thorough knowledge of the communities they serve so they can recommend locales that fit their clients’ needs. They’re familiar with tax and zoning laws, and they know how to get financing for their clients. Agents also determine appropriate prices for the properties they’re selling and help both buyers and sellers negotiate costs.
Because real estate agents usually are independent professionals, they’re savvy in all aspects of running a business. They often have home offices with all the necessary supplies and equipment, and Internet connections since property searches are now conducted online.
Because real estate agents have to be available when their clients are, many of them work nights and weekends. They’re often on the go, driving from property to property. According to statistics provided by Mal Dunn, the average age of agents is 45 to 50 years. More than 80 percent of agents are college educated, and 70 percent are married. Fifty-five percent of real estate agents are female.