As an estate and letting agent, our job is to sell or let a property. Sounds obvious really! However, some people judge an agent’s ability to do the job on the varied amount of advertising undertaken on behalf of each client, rather than on the strategy and reasoning behind their advertising policy.
Clearly, it is virtually unheard of that someone will buy or rent a property on the strength of an advert, without actually visiting it. So the purpose of a property ad is not to sell or let the property, but rather to encourage an interested party to enquire further and arrange to see it.
Nevertheless research, and our experience, has shown that in many cases a buyer or tenant will not go on to purchase/rent the first property they enquired about from an advert. The chances are that once they have made contact, the agent will begin to gain a thorough understanding of the home seekers wants, needs, preferences and areas of potential compromise.
The most important function of a property advert is to encourage buyers and tenants to contact the agent. Maintaining a healthy and up to date applicant database is very important, although knowing which media outlets bring about the most effective enquiries is key to getting the best results.
It might seem sensible for the agent to spread their advertising budget across all types of advertising options – some on property portals, some on the local newspaper, some on boards etc etc; However, it’s usually better to focus more of the spend in the areas that have proven to attract the highest number of quality enquiries.
A High Street presence is still important and every week we register numbers of buyers and tenants, who walk into our office looking for their next home, but in terms of media marketing, how can an agent decide who to advertise with and what will bring about the best results? In our opinion regular market research is an effective way to help decide this, and whilst time consuming it works – it’s as simple as that.
Below is just one example of the type of research we undertake, in both sales and lettings, enabling us to continually monitor what is working and what isn’t. When our research indicates a change in customer activity, we can then change with it.
The following tables were produced using data collected from buyers who made an offer to buy a property through.
Buyer Data REF:2854
“which of the following have you used in your search to buy a property?”
|Rightmove||97.66% used this portal|
|Zoopla Group||79.53% used their portals|
|Agents Websites||36.25% used agents websites|
|Agents Window/Board||26.90% used agents board or window|
|On The Market||16.37% used this portal|
|Local Newspaper||00.58% used local newspaper|
|Google Search||09.94% used google search|
We then asked the same people…
“of those you have listed, please tell us the 3 you have found to be most useful”
|Rightmove||89.33% listed this portal|
|Zoopla Group||72.00% listed their portals|
|Agents Websites||38.67% used agents websites|
|Agents Window/Board||20.00% listed agents board or window|
|On The Market||16.00% listed this portal|
|Google Search||08.00% listed google search|
|Local Newspaper||0.00% listed local newspaper|
Information source – applicants who offered on a property between Jun – Dec 2015.
If you can think of survey or a question that we could include in a future buyer/ tenant research exercise, then we would love to hear from you. Please feel free to get in touch with any suggestions.