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Upselling property management for estate agents

Upselling property management for estate agents

Adding property management services to your estate agency can give you a recurring source of revenue, help you build longer term relationships with landlords and help you be seen as an expert in your field.

With annual growth of 10.7% up to Q1, 2022, the lettings market is booming in terms of revenue.

However, with a reduction of stock and a race for tenants to source a suitable property, competition can be fierce for both tenant finding and property management services.

This makes it vital that agencies who offer property management put robust marketing strategies in place to attract and retain landlords for these services.

We explore how email marketing can help you upsell property management.

 

Understand segmentation

Knowing the needs of your landlords is key to creating your email marketing strategy.

Typically, your key market will fall into one of three categories:

  • Landlords who currently manage properties themselves
  • Landlords who use a different managing agent
  • Landlords who are renting for the first time and who are undecided on how the property will be managed

Each type of property owner will have different priorities and therefore your messaging should reflect their needs.

Creating different audiences for each email campaign will allow you to pitch your services with the right content for each group.

 

Selling the benefits

When you have created your segmented groups, you can start to work on selling the benefits that matter to each audience.

Landlords who manage properties themselves often underestimate the amount of time that goes in to looking after tenants or are worried about keeping up to date with legislation and compliance.

Often a property owner will happily manage a property with easy-going tenants, and then find themselves stressed when they encounter ones who are more demanding.

For this audience, consider using email to show how easy their life could be if they opted for management services.

For property owners who currently use a different agency to manage their property, your tone should be a little different. They are already aware of why it makes sense to use a third party to manage their property, but in this case, you are selling the benefits of your own services.

Focus on your USPs – perhaps you use a certain software that your landlords can access directly or have a great track record in dealing with difficult situations such as evictions.

When it comes to managing property, often the test of a great agency is what they do when things go wrong, rather than when everything goes right. Use case studies to show how you provide your services.

If you have a new landlord who has not yet made up their mind on property management, you have a golden opportunity to upsell as you find a tenant.

In this instance it is worth looking at new landlord offers, such as discounts for a short period of time or include extras such as a free tenant checks or even check in services for new landlords.

At BriefYourMarket we help you uncover the value in your existing database and create branded email content. This enables you to quickly identify and upsell to your current landlord database.

Get in touch with us today to find out how we can help you increase your revenue by attracting more property investors to your management services.

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How to be an Attractive Estate Agency for Property Investors

How to be an Attractive Estate Agency for Property Investors

For many estate agencies, property investors make for an ideal client. Unlike homeowners, they are likely to buy and potentially sell on properties with regularity. If you offer lettings and property management services, professional landlords can also be the source of an ongoing income with a portfolio of properties under management.  

Building long term relationships with investors can help to add an additional dimension to your estate agency, providing you with a consistent revenue stream.  

But how can you make sure that your agency is attractive to property investors?  

 

Position your services for property investors 

If you are keen to attract investors, consider how you position your services.  

Most professional landlords will have different priorities to your average buyer and will be looking more closely at factors such as typical rental yields and potential for capital growth. In some instances, investors will be looking for refurbishment opportunities – whether for instant “flipping” of the property, or for conversion of a home into an HMO.  

Therefore, it’s wise to consider how you present your available properties for sale. Be sure to include details of potential rental income and focus on benefits to landlords, such as area demographics that show that there is rental demand in the area.  

Show your property management expertise  

Many professional investors don’t want to be too “hands on” with their portfolio and will therefore want to engage the services of an agency which can both find tenants and offer day to day property management.  

Landlords want to know that their asset is well protected. This will mean trusting their agency to both properly inspect and raise maintenance issues throughout tenancies. making sure that the property is not subject to depreciation.  

They also want to know their chosen agency can protect them from loss of income– for example taking the right action should tenants not pay rent or giving them the best advice to reduce void periods.  

Consider your content  

If you want to attract investors, be sure to create content that shows your knowledge and understanding of what matters to landlords. 

 From the latest updates to changes to legislation, to showing your knowledge around common issues, creating articles, emails and even social media posts that provide helpful information for landlords, you start to build trust.  

Think email 

Unlike home buyers, investors will often be open to purchasing a property should the right opportunity come along at the right time. Therefore, it’s vital that you build your investor email list and provide them with value.  

You can consider creating specific email campaigns targeted purely at your property investor audience which gives access to exclusive property deals, sharing market updates or landlord specific content that you have created.  

Here at Brief Your Market, we can help you to create branded email campaigns specifically for this audience.  

 

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How can Estate Agents use Google Ads?

How can Estate Agents use Google Ads?

Many estate agents use digital advertising to promote their business, and Google ads can form a major part of your agency marketing strategy.  

However, understanding how the platform works is key to your success. With that in mind we look at how estate agents can use Google ads.  

How do Google Ads work?

Google offers several advertising campaign types  

  • Search – text ads which show on Google search results 
  • Display – These ads are images which show across different websites 
  • Video – video ads which are displayed on YouTube 
  • Shopping – Products with images which show across Google search results 
  • App promotion – promoting an app across a range of mediums 

For estate agents, the most useful of the campaign types are often search ads. Search ads on Google work by bidding on specific keywords to that your advert appears at the top of search results.  

When you bid on a keyword you are entered into an auction against other advertisers who are bidding on the same keyword for the space to display your ad at the top of search results. If someone then clicks your ad – you pay for that click – which is why Google ads are often referred to as pay per click.  

Display ads may also be useful to help you to stay “front of mind” for your audience. For display ads, you are bidding for ads space online. You can choose a wide range of audiences to show your ads to – from those who have been recently searching for what you offer, to retargeting those who have already visited parts of your website.  

 

Understanding keywords

If you choose to create search ads for your estate agency – firstly be very clear on what you are looking to achieve. This will help you with your keyword research.  

For example, if you are looking to attract more vendors – then your keywords will focus on sales related searches such as “sell my home in (location)” or even “estate agency near me”. Whereas if you are looking to grow the number of managed properties, you may instead consider keywords such as “property management services in (location)”.  

It’s wise to be very specific with keywords, choosing those which have a “high intent” – meaning that the wording gives the impression that someone is ready to take action. As you pay for every click, you want to ensure that every one of them is worth it.  

 

Knowing the competition 

The cost per click of a keyword is, to some degree, set by market forces. Before choosing to embark on a Google ads campaign for your agency, take a look at the competition for the keywords you are looking to bid on in your area.  

While your “bricks and mortar” competition may be other agents, when it comes to Google ads, you may find that your competitors for ad space are a little different. For example, if you bid on the search term “sell my home quickly” you could discover that you are up against house buying or property investment companies.  Or if you bid on terms such as estate agent near me that your competitors include the big property portals. So be sure to ascertain who your competition is, and if you have the budget to compete with them.  

 

Whether you choose to drive enquiries from Google Ads or another source, making sure that you delight your customers once they come to you is key, so consider your marketing funnel carefully to gain maximum success from your ads campaigns.  

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BriefYourMarket and Dataloft supercharge email conversion rates

BriefYourMarket and Dataloft supercharge email conversion rates

BriefYourMarket, the marketing platform designed to help estate agents generate more instructions has announced an upgrade to their partnership with Dataloft’s hyper-local property market insights platform, Dataloft Inform. 

The two have revealed that they have developed an integration between the systems to make agents’ lives easier and produce even better results.  

Users will now be able to drag-and-drop analysis, trends and statistics – localised to a postcode sector and displayed in attractive and easy-to-read graphics – from within their email editor. 

Alerting previous customers and new prospects of the local average house price, how values have changed over time and the latest market trends, for example, has always encouraged action. And now it’s never been easier to get that message across. 

The time saving of the new process is significant and should allow agents to communicate with their audience using more relevant content, more regularly. 

What’s more, the new BriefYourMarket integration automatically adjusts any images an agent wishes to use to fit with their specific corporate branding for that extra professional touch. 

Existing customers of BriefYourMarket’s Communications Managed service are also able to opt in, further improving their campaigns and to aid speed of creation and responsiveness. The firm’s team of marketing executives write, design and send campaigns to attract new market appraisal requests on agents’ behalf. 

BriefYourMarket’s Chief Commercial Officer, Richard Combellack, said of the announcement, 

“I am very excited about the integration of our two industry-leading products. Dataloft Inform provides a new level of insight and useful data about every agent’s ‘patch’. The up-to-date analysis they’re able to supply is exactly what helps to engage a homeowner. 

Combining that with our ability to distribute directly to an agent’s database or prospect constituency, via our other integrations with the leading CRM providers, is a recipe for success. 

That’s before you add our on-market prospect data to the mix, too. Allowing agents to target ALL vendors and landlords currently on the market with a multi-channelled approach spanning email, social media, SMS and direct mail all but guarantees results for our customers.” 

Dataloft Director, Rory Black, echoed Richard’s thoughts, 

“We’re delighted to announce the integration between Dataloft Inform and BriefYourMarket. Dataloft Inform is packed full of hyper-local property market insights and we are committed to making our content as valuable and easy to use as possible.  

Our integration means that mutual subscribers can publish relevant, interesting and useful content to their database, with incredible ease.” 

They’re so confident of the results the link up will generate that they are offering 6 weeks free trial access with a guaranteed minimum of 4 valuation enquiries! 

If you’re a Dataloft Inform or BriefYourMarket customer and would like to learn more about how the new integration could benefit you, request a free demonstration HERE, at briefyourmarket.com/demo or by emailing info@briefyourmarket.com.  

 

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Focusing on the Future not todays tasks

Focusing on the Future not todays tasks

When you are running an estate agency business, it is easy to get bogged down in today’s tasks rather than focusing on long term growth.

While keeping valuations and sales flowing right now is what “keeps the lights’ on, neglecting to consider future growth is a mistake that can cost dearly if the property market hits a down period.

However, the truth is, one of the biggest benefits you can add to your agency is growing your brand awareness so that when it comes to homeowners choosing to sell, you’re top of mind and one of the first ports of call for them to list their home.

 

Be the first choice

When choosing any type of service provider, most individuals will create an initial shortlist of businesses that they wish to contact. Most often this will be based on calling to mind brands of which they are already aware. So, if you’re not known by potential sellers in your local area, you are already on the back foot when it comes to winning instructions.

While these days it’s usual for vendors to look for estate agents online, they are most likely to go with a name they are familiar with in the first instance.

 

Keep a local presence

Traditionally estate agencies would keep in the front of local minds by having a high street presence and ensuring that wherever possible they have outdoor media and boards.

However, the world is changing and now a local presence often means keeping a visible online profile. From social media to map listings, increasingly being at the top of Google is more relevant than being in the high street. This is particularly relevant for the more hybrid agencies who are opening in locations without a shopfront.

 

Recommendations and reviews matter

Peer to peer recommendations are often a key factor for vendors when it comes to shortlisting an estate agent. Where homeowners would have previously asked friends and family, increasingly they are opening these questions to a wider audience, asking on local Facebook groups, Nextdoor or even large forums such as Mumsnet.

In addition, nine out of ten consumers will check online reviews before committing to a provider.

This means that your prior customers matter more than ever before, so ensure that you have appropriate systems set up to garner reviews from happy customers and make it as easy as possible for them to leave reviews for your business.

 

Keep your brand consistent

Being “brand famous” is a key advantage in being the first port of call when someone wants to sell or let their property. While not every agency is going to be the estate agent equivalent of coca cola – keeping your communications consistent across all media will help your potential customers remember you.

So, think about how your email communications, signage, social media pages and website all work together to maintain your visibility.

 

 

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