Real estate agents are always looking for that competitive edge, that unique way to stand out and be found, known, and remembered in their local market. But how?
While there are many great ways to dominate the mindshare in your local market, today I believe that podcasting very well could be the best, most powerful, and easiest to start. Do not underestimate the power of being the host of a show in your town.
No doubt, podcasts are hot right now. It seems like everyone and their dog has a podcast. Hell, some of those dogs actually do have their own show! New podcasts launch every day. Stats show that now more than half of the U.S. population listen, or have listened, to podcasts. Furthermore, the vast majority of those listeners listen to more than one podcast, and an overwhelming majority listen to each episode of their favorite shows. So it’s safe to say that podcasting is hot.
But what if I told you there were still less than 1 million podcasts total? On Apple Podcasts 800,000 podcasts total? That’s right. As much as it feels like podcasts are everywhere, and everyone has one, there are still a shockingly low number of podcasts.
This is fantastic news for real estate agents, especially at a local level. I don’t care which city or market you live in, there aren’t hundreds of podcasts that serve your community. Maybe a few? Maybe a few dozen even in bigger cities?
When I launched the Massive Agent Podcast in January 2018, I had no idea what it would lead to, how life-changing it would be and how many doors would open along the way. We just published episode 113 yesterday, and we’ll hit 200,000 downloads within the next two weeks. I can honestly say that of all the things I’ve done in my career, nothing has been more powerful or “performed better” than my podcast.
The Massive Agent Podcast is for real estate agents and loan officers, anywhere in the world. It’s not even a local show! But I’ve absolutely sold more homes in Salt Lake City because of it. So imagine the power of your own local podcast, with all the focus on one geographical area. There’s some real opportunity to grab big chunks of market share for local podcasts.
Because of the very low barrier to entry for starting a podcast and the power of voice, podcasting very well could be “the thing” you’ve been looking for.
Here are just a few benefits of podcasting for real estate agents:
1. Local celebrity: Podcast hosts build a ton of influence and credibility in the community over time. The same way local news anchors or local radio show hosts are seen as local celebrities, podcast hosts can be too. Hosting your own show is one of the quickest ways to build credibility in the eyes of others.
2. Referrals from other agents: when you become known as the local real estate expert in your market, it’s not just consumers who notice. Other agents do too, inside and outside your market. Podcasts often show up in Google search results, so agents in other markets can find you and send deals your way. That credibility you built as a show host isn’t just consumers.
3. Networking: If you interview guests for your podcast (which you absolutely should!), you’re growing your network with each new guest. Especially when interviewing more prominent, well-known community leaders. Once you’ve done a bunch of interviews, you naturally become one of those prominent local leaders. Let’s call it, “guilt by association” in the most awesome way possible. Now you are the one that influential, prominent local people come to.
4. Extra Income: If you want to create new revenue streams, you can directly monetize your podcast. Like any other popular podcast you listen to, you can have sponsors of your show too. A vendor can sponsor the whole podcast, or sponsor individual episodes. I’ve done it both ways for my podcast (Shameless plug alert: I’m actually looking for a new sponsor or two, so holler if you know anyone wanting to get in front of real estate agents).
Podcast advertising is actually one of the most effective forms of advertising these days. Think about it, you have an audience that mostly listens to every episode, and they listen to 75% or so of each episode. They obviously trust or respect the host. So when the host recommends and/or endorses a product or service, most within that audience are much more receptive to that product, brand or service than if they just saw a random Facebook Ad or tv commercial. If you choose your sponsors wisely, they become partners that will help to promote the show. Often, just having a sponsor gives your show more credibility in the eyes of some.
5. Advertise on other podcasts: Real estate agents should absolutely sponsor other local podcasts in their markets! You can usually sponsor an episode for as little as $50-$250, and that reaches thousands of people in the exact area you want to be known in. Even larger shows with large audiences can still be a great value to advertise with. When you break down the cost of each impression (or listen), it’s cheap!
For example, if you’re paying $250 to sponsor an episode that will get on average, say 2,000 listens, that comes out to only 12¢ per listener! This is amazing considering that most listeners listen to an average of 65-75% of each and every episode!
One final tip though about advertising on other podcasts: You have to give it time. Don’t even think about ROI right now. This is branding, not direct conversion or sales. Don’t expect to sponsor one or two episodes and close three listing transactions from them.
The “ROI” doesn’t work like that with podcast advertising, although you can absolutely get some direct conversion if you’re doing smart calls to action. I recommend sponsoring a podcast consistently for a minimum of three months, otherwise, you’re not giving it enough time to work.
But when it works, boy does it pay off. Just ask Zip Recruiter, Squarespace, Wix, Audible or any of the countless companies that built their brand off podcast advertising. If it works for them, it can absolutely work you and your real estate business. Just make sure the podcast is a good fit, that they actually have some influence, and then commit to doing it long enough for it to pay off.
As I said earlier, podcasting has absolutely changed my life and my career in more ways than I can count. It’s inexpensive and fairly simple to do once you learn a few things in the beginning.
It just takes the dedication to learn something new and the stubbornness to do it long enough to be successful. As with anything, if you commit to doing it consistently every single week, and improve every time you do a new episode, eventually you become a master. Not sure where to start? Try here.