Estate Agency Advertising Activity with survey from Richard Rawlings:
Following research conducted by Estate Agency Insight a gaping hole has been discovered that highlights the way in which many agents are failing to adapt their marketing content in order to win business.
Last week 376 agents responded to a survey by the consultancy, that sought to identify the validity of agents’ continued use of advertising in their local property newspaper. “I’m a great believer in the continued use of local newspaper advertising alongside other forms of marketing,” said Rawlings. “Pre-internet, newspaper advertising was primarily intended to attract buyers but it always seems to me that agents have not recognised the need to adapt their content in order to attract instructions, not buyers. The results of the survey certainly indicate that agents are massively failing to harness the opportunity to impress the very people they seek to attract – local homeowners.
“Fifty one percent of respondents said they regularly advertise at least one page in the local newspaper. Only 8% of these stated that their main reason for doing so was to attract buyers. 83% said that their primary reason for advertising in the paper was to either attract instructions or to maintain visibility/brand promotion. Yet 70% of these agents simply continue promote their instructions through traditional style property ads – with no meaningful market comment, no relevant selling advice, no expert opinion. The red agent, the blue agent, the green agent….
“In a massively competitive environment where distinction is everything, how can you expect to gain instructions if your advertising fails to convey your agency’s expertise,style and personality?” continued Rawlings. “Today’s public, especially millennials, expect generosity at every level with no strings attached. It’s no longer about getting, it’s about attracting.
“Additionally, many agents would agree that this is a people business and that instructions are often won due of an engaging instruction-earner. Yet some 61% of respondents’ ads did not make any mention of the people involved in the business – no name or photo! This is completely at odds with agency advertising in other countries and surely essential at a time when high street agencies need to ramp up their “people presence” alongside their faceless online competitors.
The full results of the survey can be found below:
| 376 total responses | |||
| number | % | ||
| Q1. Which of the following best describes how often you advertise in your local property newspaper/magazine? | 109 | 29.0 | Never |
| 74 | 19.7 | Occasionally | |
| 42 | 11.2 | Monthly | |
| 52 | 13.8 | Bi-weekly | |
| 99 | 26.3 | Weekly | |
| 376 | 100.0 | ||
| Q2. If you do advertise, how many pages do you typically take per edition? | 159 | 60.7 | A single page or less |
| 66 | 25.2 | Two pages or a double | |
| 11 | 4.2 | Three pages | |
| 26 | 9.9 | Four pages or more | |
| 262 | 100.0 | ||
| Q3. Do you also provide regular comment, opinion, advice etc within your ad? | 82 | 30.1 | Yes, our pages cover a range of topics |
| 130 | 47.8 | No, we just tend to promote our instructions | |
| 60 | 22.1 | Our pages are quite traditional but we’re open to change | |
| 272 | 100.0 | ||
| Q4. Do you or any of your colleagues feature in your ad? | 22 | 8.0 | Yes – with name |
| 21 | 7.7 | Yes – with photo | |
| 63 | 23.0 | Yes – with name and photo | |
| 168 | 61.3 | seldom/never | |
| 274 | 100.0 |
Written and shared by Richard Rawlings – rrawlings@estateagencyinsight.co.uk
You May Also Enjoy
Section 21s continue to rise ahead of looming ban
Rightmove house price data showing a 0.8% month on month increase
Canary Wharf tops the London Marathon route
46% surge in remortgaging activity in Q1
Housing market remains steady despite higher mortgage rates
