Selling property is a highly competitive industry and estate agents will face many challenges in 2024. Among these are an increased number of competitors, keeping pace with rapidly advancing technology, changes in consumer behaviour and the impact of economic and industry trends. However, by making sure they are visible, trusted, quick to act and consistent in providing personalised attention to clients, estate agents can stand out among their competition.
Whether you are just starting out or are a seasoned estate agent, here are 6 strategies that can help you take your business to the next level and achieve greater success in 2024.
1. Know your market
· When it comes to your ideal client: When you create an image of who your ideal client is, what characteristics come to mind? If you are not sure and don’t know where to start in building a client persona, ask yourself the following questions: What demographics apply to my ideal buyer – including what area they live in, the age range they fall into, if they work or are retired, whether they work from home, if they have children and how many. This will help to determine the type of property that will most likely appeal to them.
· In the case of a key area: Having up to date information about a town, suburb or neighbourhood will not only help you in matching your ideal client with the right home, it can be effective in addressing a prospective client’s concerns about a property being a solid investment. Collecting data such as: average income, home value and age of the population in an area, as well as distance to downtown, nearby transport, stand out amenities and schools is very helpful.
2. Streamline systems through automation
To succeed in the property industry takes consistent time and effort with no room to “take one’s eye off the ball”. Through using the right software, estate agencies can streamline critical business processes, such as marketing (including lead generation) and CRM, accounting and financial administration, property management and even team workflows. By automating repetitive tasks that are managed by experienced Virtual Assistants, estate agents can focus on the vital task of pipeline generation, deal management and selling property.
3. Build a strong online presence
As far back as 2017, according to a study of more than 9,000 people across nine countries by HSBC*,
research found that the majority (93%) of UK homebuyers use online channels for their property searches. Property search engines like Zoopla and Rightmove are two of the most popular sites for finding the best UK property. Credibility and trust are very important factors when it comes to business, and good reviews on Google and social media platforms play a crucial role in gaining trust and reliability from customers. The upshot is that a memorable website that is fit for purpose plays a crucial role in estate agency marketing. So does maintaining a solid social media presence and it is important to ensure your branding and message is consistent across all channels.
4. Use the power of omnichannel marketing to reach more people
Omnichannel marketing is understood to be an integrated approach to marketing across various platforms, combining marketing and sales, and even other divisions of an agency that work together. In other words, omni-channel marketing incorporates all activities or touch points that occur with a buyer – online and offline.
In the property industry, buyers and sellers will typically go through several touchpoints with your brand before they visit your website or make an enquiry. One of the major benefits of omnichannel marketing is the extra brand visibility and awareness that it generates by continuously putting your brand in front of consumers, across many different channels. Another important benefit is that it can make your marketing activity much more efficient as marketing content and collateral can be easily repurposed across many different channels and mediums.
5. Be known for a consistently great work ethic
Many estate agents are trained to play a numbers game and simply get as many listings as possible in order to increase their opportunity to make as many sales as possible. However, a quantity over quality mindset negatively infects the estate agency profession on many levels. Contrary to popular belief, being an estate agent is not a sales profession, it’s a service profession that requires its practitioners to have a very strong work ethic to achieve success for both their clients and themselves. In the long term, providing a consistently high standard of service is essential for estate agents who want to create a competitive advantage. And to maintain trust with clients and gain the all-important personal referral, agents need to also hold themselves to a high ethical standard.
6. Take on a Virtual Assistant to free up valuable time
Virtual Assistants are remote-working skilled professionals with experience in a variety of roles. By delegating repetitive and routine tasks to a Virtual Assistant a VA can free up time to focus on the high-value activities that drive revenue. There is a wide range of important tasks they can take off your shoulders. Your Virtual Assistants can liaise with clients and manage your calendar, capture financial data, oversee lead generation, maintain a client database, manage your social media accounts or handle the agency’s property management. Some of the benefits of a Virtual Assistant include:
- Improved customer service
- Better focus on core business activities
- Increased productivity
- Improved work-life balance
- Enhanced health and wellbeing
It goes without saying that a good impression lasts. It is important to ensure that your dealings with a prospective are concluded on a positive note – no matter whether the client has chosen to work with your agency or not. This is vital to maintaining your agency’s good reputation. Just because a client hasn’t signed a sole mandate with you to sell their property doesn’t mean that they will not do so in the future. Building for the future is another way in which you can ensure success for your agency in 2024.
*https://www.developmentfinancetoday.co.uk/article-desc-5591
