HOW AGENTS CAN TAKE BACK SHARE FROM PURPLEBRICKS THROUGH SOCIAL MEDIA
Purplebricks is on the tip of the tongues of many small and medium-sized estate agents, who are seeing their market share being eroded on a local level, by the online giant. According to Chatty Imp, specialists in delivering social media campaigns in the property market, many agents are desperate to find ways to compete with the online giant.
Purplebricks announced its instructions rose by 108% and that average revenue per customer was up 20.6 for the six months to October 2016. Purplebricks said it is in a strong financial position, with net cash of £29.1m and pointed to over achieved 10,580 Trustpilot reviews, scoring it 9.4 out of ten, with over 10,000 rating it as excellent.
So what can agents do to protect their market share from Purplebricks? Peter Watson, Managing Director of Chatty Imp comments: “We have been listening to agents over the last 12 months and many are concerned about the growth and success of Purplebricks. Whilst many agents recognise that there is room in the market for the two estate agency models, traditional and digital, they recognise that low-cost price packages are proving very attractive to home movers.
“The good news is that low-cost online agents don’t suit everyone. Traditional agents offer home movers so much more and they have a great opportunity to increase their market share, through effective and cost effective digital marketing. This is where they can compete with Purplebricks head on.
“We all know that more and more home buyers start their search for an estate agent online, rather than searching through local papers and magazines. Estate agents need to ensure they maximise their online presence to drive new instructions.
“While many agents may focus on improving their websites and press advertising, many can benefit from targeted local marketing, through social media. For example, potential customers can be targeted, by postcode with Facebook ads reflecting the same design as a printed flyers. So consumers will see the flyer through their door and when they visit Facebook, they will see an advert with the same design.
“Facebook remarketing is also very effective at reaching potential customers. If a consumer visits an estate agency website, they can then be followed on Facebook, with scheduled content that tells them how quickly the agent sells property; how close to asking price they achieve; and average number of viewings and offers per property.
“Unfortunately many social media campaigns carried by estate agents don’t generate tangible results. Scheduling posts across social media that neither engage, or entertain potential customers and posting links back to Rightmove on properties for sale, do not drive instructions.
“Over the last 12 months we have been working with estate agents all over the UK to provide them with property valuation leads. Over this time, we have built a track record in delivering converting valuations, and helping agencies grow.
Diane Ashley, Manager at Newark Whitegates commented: “Over the last two months, we have been using Facebook advertising to support our local leafleting in order to drive instructions and it has proved to be highly successful. We are starting to invest more and more budget in digital marketing, as it is highly effective in targeting potential new vendors.”
For further information, please visit www.chattyimp.co.uk or call 01522 716171.