Ah, the treacherous terrain of business to business (B2B) marketing budg...
Selling in the real estate space is not an easy feat, especially when you consider the different types of customers that exist. In this industry, people to sell to include agents, brokers, and lenders, each with their own unique set of challenges and opportunities.
Let’s start with agents. The data shows that the majority of real estate agents in most markets don’t even sell a single house. So, when you look out and see the sheer number of real estate agents that are out there to sell to, remember that the majority can’t afford your service or product. That doesn’t mean you shouldn’t build products for agents, but just keep in mind that the market is smaller than it appears from the outside.
Moving on to brokers, they are a two-edged sword. While they have the money needed to pay for your service or product, they are in a highly commoditized business, which means brokers clamor for customization on almost everything you sell them. They may also ask for exclusivity in a given market, which can limit your potential reach. Brokers can be difficult to sell to, but if you can find a way to meet their demands, they can be a valuable customer.
Finally, the folks with the real money within the real estate industry are the lenders and mortgage brokers. All of their transactions with the customer in some way, shape, or form involves handling money, and they are constantly looking for ways to court agents and brokers to bring them their customers ready to buy and even potentially sell.
Good agents that sell lots of properties are hard to get, so building products that lenders can buy and give away to their best agents and brokers that gather customer data for the lender to pick and choose which customers they want to work with is the holy grail of real estate SaaS products.
In conclusion, selling in the real estate space requires a deep understanding of the different types of customers. Agents, brokers, and lenders each represent a unique challenge and opportunity. While the market for agents may be smaller than it appears, brokers can be difficult to sell to, and lenders represent the real money in the industry. By building products that cater to the needs of each customer type, you can create a successful SaaS business in the real estate space.