As obvious as it sounds, the more investment you put into your agency, the greater chance you will have of it becoming a success. However, this cannot be generalised and assumed that this is the case of every one. What is crucial is that your investments are being placed in the right areas to see the greatest return of investment.
With over 20 years of experience within the property industry, we have worked with over 1000 clients in our time and we are experienced to know what is essential for Estate Agents in order to succeed. A common issue that is often faced when we deal with clients is they either do not have enough budget to put into their marketing channels, or they are spending too much in the wrong places. Property portals such as Rightmove and Zoopla have established themselves as essential platforms for estate agents in order to sell their properties. There is no doubt that these portals can and have provided estate agents with results, but at what cost? Are you getting a good return on investment? Can you even track what return you are getting? Some portals charge extortionate pricing and can even charge you per property listing. With all the other agencies on there, you are a small fish in a big pond. Are you going to be gaining the exposure you need with all of the choice on there? If you are not generating quality leads, traffic and gaining brand awareness and are paying a considerable amount of money each month, you need to look elsewhere. Elsewhere being you, what better than to go to the customer directly, representing your own business. With this, not only are you building more brand awareness than you ever could on property portals, but you are cutting out the middleman allowing you to invest more into your estate agency.
As often the case, we find there are lots of estate agents that are not investing enough into their own marketing campaigns. Ask yourself this, How many leads are you generating directly from yourself? If it is not through your paid marketing campaigns and is through reputation or referrals, you are not investing enough or even worse not investing anything at all. If you rely on reputation or referrals, this is not a stable or reliable business strategy. This cannot be tracked and results are not consistent. In order to keep new business coming in, you need to be spending money on leads and spending a considerable amount. Say you are investing £200 into your marketing campaigns, and your direct competitor is investing double that, who will have a greater chance of gaining the customer? Marketing campaigns need a big enough budget in order to work effectively, if your spend is too small, it’s hard to gain any sort of traction and you will end up losing money. Investing a lot into marketing campaigns can seem overwhelming and many clients would like to test the water by starting with a small budget and increasing over time once they see results. Although this sounds ideal, this isn’t how campaigns work. Platforms such as Facebook and Google have optimisation tools that once you start seeing some success from your campaigns, the algorithm is designed to maximise their potential. This shows that although it may seem daunting investing into campaigns, when done right it will pay off in the long run.