Effective Low Budget Real Estate Marketing
Like most businesses, the death knell for Estate Agency was rung by the emergence of online portals which promised to allow the seller to cut out the middle man, with transparency of the transaction through sophisticated online portals, essentially facilitating a DIY approach to real estate sales.
The online market was touted as the future, and major brokers like emoov and Purplebricks captured market share, especially at the lower end of the scale, being able to offer consistency and low costs through economies of scale. However, building a new business model, especially one based on huge upfront investment in technology and marketing, is not without its issues as seen by profit warnings from large player like Purplebricks, and the high profile administration of eMoov, who cited cashflow issues even though listings were paid upfront, demonstrate online agencies are struggling to find traction in a largely people-based business. Ultimately, your house is the most expensive transaction you will ever Effective Low Budget Real Estate Marketing on, so trust is essential, and as yet, a large proportion of the public is still not comfortable trusting an online agency with the such a large transaction.
The decline of estate agents has been forecast for years, as online businesses with low operating costs drove down the commissions much to the benefit of homeowners, but there was still a strong market on the high street with footfall driving walk-in enquiries and acting as a strong shop window for local listings. High street footfall is declining, which is leading to lower occupancy rates, as the High street becomes a less attractive retail destination for consumers. As the housing market begins to slow, average house prices are dropping at 2.
52 Ways to Promote Your Business
Businesses like Keller Williams have recognised that in order for agents to be successful they need to deliver across 4 fronts. The company encourages each agent to develop and promote this brand to the marketplace, rather than a dry, generic corporate brand.
The agent is the focus.
Hybrid estate agency models tend to be based on a centralised facilities model, meaning that fixed costs such as rent, utilities and IT management, key holding etc. Such central locations also offer marketing, IT, Business and Admin support at low costs, as the services can be provided more efficiently and effectively. Focussing on minimising the cost structure takes away the cashflow risk and allows Estate agents to focus as much on building a pipeline for the future, leading to referral and listing business, as marketing existing listings.
Technology will become the backbone of the offering going forward, with expert systems and simplified UI delivering efficient management from the initial listing through to sales processing and billing which lets the agent spend more time actually selling and providing service.
Use Traditional methods to Promote and Advertise Your Business
Increased adopting of AI has created new offerings and services, with companies like Nextdoor seeking to own the consumer by providing predictive hyperlocal service offerings tailored to the individual needs of the consumer, based on their user history and location. Your email address will not be published. Save my name, email, and site URL in my browser for next time I post a comment. This Effcetive uses Akismet to reduce spam.]
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