Marketing tools used by estate agents – how effective is advertising?
In this series of blogs we’re looking at different marketing tools used by estate agents and asking which ones work best and whether clients are getting value for money.
The Internet has revolutionised residential property sales as the best and fastest way of researching the marketplace when looking for a home.
Once all-important High Street shop windows are now primarily used to impress prospective clients deliberating which estate agent(s) to appoint.
Today nearly all property buyers start their search online. So if there’s one thing the agent needs to get right, it’s listing your property on the best ‘trade’ property portals, which are not accessible to private sellers looking to list individual properties.
There are several well-known sites, including Rightmove, PrimeLocation, Zoopla and OnTheMarket.com. Of these, Rightmove has by far the largest market share, claiming to list the properties offered by more than 90 per cent of all UK estate agents, which can typically total more than 800,0000 properties at any one time.
Rightmove is the UK’s biggest property portal and is usually ranked in the Top 10 most popular websites in the UK. Given its near monopoly status, it’s hardly surpring that estate agents routinely complain about the cost of subscribing and listing their properties.
One tradition that retains a useful place in the agent’s repertoire is local press advertising. The reason is simple – it works, because the vast majority of buyers come from within a 15-mile radius. However, this can prove a significant expense for agents, especially in a slow market where repeat exposure is required. So be sure to check that there are no hidden extra charges for advertising, and how frequently your property will be featured.
Ads in national papers are formidably expensive and in most cases relatively ineffective for local property. Only when you get into the prime property market does this start to become a viable option. Buyers of a ‘high-net-worth’ with squillions to spend tend to look at a smaller number of properties spread over a wider area (a prospect doubtless made bearable with an executive jet to whisk you between mansions).
Our next blog – coming soon ……
More estate agents’ marketing tools – do they make much difference?
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