How Estate Agents Marketing Budgets are spent in the Wrong Places

How Estate Agents Marketing Budgets are spent in the Wrong Places

How Estate Agents Marketing Budgets are spent in the Wrong Places

How Estate Agents Marketing Budgets are spent in the Wrong Places

In the competitive world of estate agents, it makes no sense to waste a marketing budget on methods that fail to match what the public wants or expects. If estate agents were to focus less on promoting through those methods, greater results could be achieved with the sort of marketing that is more in line with how the Internet is currently being used for property searches.

Print Marketing

Many estate agents continue to distribute their leaflets through local letterboxes. Ten thousand printed leaflets might bring a couple of properties onto the market and the result could be a sale, but on top of the cost of printing and delivery there will be additional expenses on layout design and marketing copy. All for a success rate of 0.001%!

Advertising in print media has also become a lot more expensive recently, despite being less efficient in an age when most people do their property searches online using mobile Internet and phone apps.

Digital Marketing

Estate agents should never ignore the power of the Internet. When a local business is recommended by word of mouth, the first action for most people is to go straight to Google to check it out. What they don’t want to see when they click on a link is a basic profile or a dull webpage showing only opening hours and contact details.

Without any images, details of services or client reviews, there is no way that someone who intends to sell or purchase at the top of the market is going to contact an estate agent when there is no information available other than a basic webpage or listing on a property website.

Many estate agents rely on aggregate sites. Properties on Findaproperty, Zoopla and similar sites can get a lot of attention but from the point of view of a potential client, and like many single agent websites, they can be frustrating to use.

Estate agents who use email marketing often waste money on automated email systems that keep sending details to clients of properties outside their price range. Targeted campaigns are much more efficient and will also have the added benefit of creating loyalty from your client base. They will feel that a certain degree of thought has gone into the correspondence, which is far better than a shotgun approach that will bombard clients with properties that are of no interest to them.

Marketing Methods That Estate Agents Should Be Using

Successful marketing relies on good communication and interaction between an estate agent and a client. Initially this does not have to involve any face-to-face meetings and an estate agency no longer has to be office-based.

Investment in automated email or a text messaging system is worth it when it is used effectively to send out custom messages. Agents should use them to alert people when a property they were interested in has been sold and inform them of similar properties that have just become available.

The UK/US comparison

Across the pond, real estate sales are conducted a little differently:

  1. American realtors are not based in office premises like UK agencies.
  2. They have attractive websites that provide helpful tips and advice.
  3. They reach a wider audience by running a blog featuring posts on the benefits of living in the different locations they cover.
  4. They detail the attractions, facilities and types of property available in each locality.
  5. They communicate and share information through mobile devices.

If estate agents were to allocate more of their budget on targeting users of property apps and search engines, they would have web content showing up in more relevant Internet searches. When potential clients search for information online they should find the sort of content that leads to a decision and puts them in contact with the estate agent.

By spending more of their marketing budget on better content and communication, an independent estate agent or agency will pull in a lot more business and they’ll be able to keep their clients better informed too. The baffling question that remains is, ‘Why aren’t they doing it, then?’

Sources:

http://estateagentnetworking.co.uk/2015/01/21/99-998-of-estate-agent-marketing-materials-do-not-work/

https://econsultancy.com/blog/7430-eight-marketing-lessons-estate-agents-need-to-learn-and-fast/

Paul Sullivan
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