Every business wants to generate more business of course, and estate agencies are no different. However, in a highly competitive market and with a limited number of instructions, agencies are increasingly having to consider other ways to boost their revenue.

So, how can you increase your agency’s turnover?

Consider your existing revenue streams

Firstly, take a look at how you currently bring income into your business. Do you already offer a full agency service including lettings and management, for example? Property management provides a fairly safe recurring income that can be capitalised upon.

Also look at your sales portfolio. Do you tend to operate at a certain end of the market? Be clear on your value proposition. If you deal with higher end properties, your fees should reflect that. If you operate closer to the lower end of the market, your focus will be on volume. Be clear about your offering in all of your marketing to ensure you attract the right clients.

Reactivate your archive database

When times are good, it’s easy to just focus on new enquiries coming in. That strategy leaves a lot of money on the table when it comes to potential vendors and landlords already in your database, though.

Communicate with those that you have been in touch with over the years. Keep in touch. Let them know you’re still there if they need you. After all, the average person moves house every seven years or so. How old are some of the contacts in your database? There’s real value in there, guaranteed.

Compete on value, not on cost

This can be one of the biggest hurdles for estate agents. Fees are important to vendors and landlords but if you can compete on the value and experience you add, you’ll no longer be in a race to the lowest price.

The truth is that, for many sellers, they care more about reputation and experience than they might realise. Particularly if they have had a bad experience in the past, they will be far more likely to want the reassurance they are using an expert agency.

You’re selling their most valuable asset for them and with a chain likely involved too, paying that bit more should not be a concern. You just need to show why you’re worth that bit more.

This is where your marketing is key to your success. By consistently demonstrating that you have knowledge, expertise and a deep understanding of the local market, you can command higher fees without feeling the need to haggle to win instructions.

Consider referrals

Your sales and lettings services aren’t the only way in which to earn an income into your estate agency. Carefully selecting partners to refer to can help to add an extra way of bringing money as well.

Many utility providers and insurance brokers offer partnership schemes whereby you receive a fee or percentage of their income for anyone you refer to them. Examples include Sky, Virgin and HomeLet.

It’s also worth looking at potential partnerships with local companies such as removal firms or interior designers who may be willing to come to an arrangement for referrals with you.

Be selective though, as your partnership choice may well affect the reputation of your business.

By thinking clearly about how you increase revenue, you can make a plan to ensure that your estate agency always thrives, whatever the market conditions.

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With instructions in many locations now dwindling, but competition still fierce, it’s now more important than ever for estate agencies to understand how they can stand out from the crowd.

When it comes to winning business, it’s often the case that potential vendors and landlords select the estate agency that’s considered to be the best in their location. But how can you establish yourself as that “go to agency” in your local area?

We discuss how you can become a local leader and make your estate agency stand out…

Being visible

Being seen by the local community now goes far beyond simply having a branch in a high street location. The reality, of course, is that most searches for an estate agent start online. Having a good presence on the search engines such as Google and Bing is therefore key to getting found by your potential customers.

Local Facebook groups, the Nextdoor app and a number of online forums all provide you with the opportunity to speak to your “neighbours” right where they are, rather than waiting for them to come to you. Adding value to your audience is the name of the game here. Think sharing your knowledge of the local area, being helpful when people are looking for recommendations and offering advice rather than only ever trying to actively “sell”.

Showcase your local knowledge

One of the biggest bugbears for vendors is when it’s clear that an agent valuing or selling their house knows little about their home or the local area. By showing that you have an in-depth knowledge of your locations at a micro level, you engender trust in your estate agency.

This can be done through placing appropriate blogs and content on your website, pushing out interesting facts and figures through your social media channels, and by providing great local information through your email campaigns.

By showing publicly that you understand your village, town or city you help to build a reputation as a leader in your location.

Show you care about your community

Getting involved with your local community helps to embed your agency into the consciousness of those who may become a customer now or even years later.

Lots of estate agents are involved in local initiatives – anything from sponsoring their town’s youth football team, to donating their time to a neighbourhood charity. However, it’s often the case that no one except those directly involved in those initiatives are aware.

If you are involved in local initiatives, make sure as many people as possible are aware by showcasing it through your website and your communications. This also helps to build awareness of the charity or group you are involved with too.

Providing emails locals care about

BriefYourMarket helps you to push out content that is of interest to your local area. Our innovative services allow you to get the right message, right in front of your ideal customer. From written emails to video communications, we can even create and send campaigns showcasing you as the local leader on your behalf.

To learn more simply get in touch below.

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The last 18 months have been successful for many estate agents. But back in 2019, a study undertaken by D.J Alexander found that almost ten estate agents per week go bust. Analysing official data, they found that 371 businesses involved in real estate activities had entered formal insolvency proceedings.

The reality for many, is that, while it’s easy to make hay while the sun shines – taking your eye off the ball when it comes to the long term puts your agency at serious risk when the market slows, or costs rise unexpectedly.

So, how can you future proof your estate agency?

Marketing isn’t just for the bad times

One of the biggest mistakes that many agency owners make is to choose only to make a marketing push when times are quiet. And it’s a Catch-22 situation. When the profits are rolling in – there’s money to invest in activities. When it’s not, you’re stuck trying to make the most of what you have.

However, what many fail to appreciate is that the activity you undertake now, is what will secure your business in the future.

For example, a single email sent out to warm potential customers may instantly result in valuations. However, a series of emails sent out to your existing database can help to establish a connection that will keep leads flowing in for the next 12 months.

By considering each marketing activity you undertake as long-term investment in the growth of your agency you help to ensure it’s safe well into the future.

Word of mouth still a big factor

Consumers trust peer-to-peer recommendations over all other forms of “social proof”. What this means in practice, is that a potential customer is more likely to trust a recommendation from a friend, family member of contemporary over things like reviews, testimonials of your website literature.

However, in an increasingly digital age, peer recommendation is also changing. How often have you seen a post in a Facebook group or on Next Door asking for a recommendation? Fairly often.

By keeping your marketing efforts consistent you stay in the minds not only of your potential clients, but also in those who would recommend you as an agency to others.

Steps you can take now to get your future marketing in order

It’s understandable that marketing materials and strategy often get pushed to one side.  When things are busy it’s all hands on deck servicing your sales and undertaking marketing activities can easily get pushed down the “to do” list.

BriefYourMarket provides a range of services to help you to keep your messaging consistent, a steady flow of content being pushed out, and all without the hassle of doing it yourself.

From easy, cost effective email marketing for estate agents, to our fully managed marketing service, we do the heavy lifting so you don’t have to.

To learn more simply get in touch below.

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With so many social media platforms to contend with, it’s not so surprising that many estate agents tend to gloss over LinkedIn, instead focusing on the more ‘traditional’ channels of Facebook and Instagram.

However, LinkedIn hosts a whole range of features that are perfect for estate agents to leverage not offered by other platforms. And more people are using it than ever before. In Q1 of 2021, LinkedIn revenue increased by over 23% year on year, and in the last quarter of 2020, the platform saw an astonishing 50% uplift in content posted on the platform.

Here’s how you can make the most of LinkedIn:

Personal account vs business page

While having a business account on LinkedIn really is a must have, the truth is that people buy into people, so making sure that your agency is making the most of personal accounts is key to a successful LinkedIn strategy.  

If you’re the owner or director of an estate agent, making sure that your personal profile is visible to your target audience will help you to be seen by potential vendors, investors and even property developers.

Ensure that your profile explains exactly who you are and what you offer. Consider your banner – is it clear and clean? Using keywords in your bio will help you to be found by the right audience.

LinkedIn Features

LinkedIn is consistently introducing new features, and many of them are particularly beneficial for estate agents.

LinkedIn Articles

You may already be familiar with the benefits of blogging for your estate agency, but using LinkedIn articles can be a fantastic way to share your knowledge and expertise with a wider audience. The LinkedIn algorithm will show your article to specific users in your network, so make sure your content is relevant. What’s more, as long as the article is public, it can show beyond your direct connections to a wider target audience who’ve expressed an interest in the topic.

LinkedIn Stories

A recent introduction to LinkedIn, Stories work in the same way they do on Instagram and Facebook. LinkedIn Stories allow you to promote short snippets of content which will remain on the feed for 24 hours.

Stories can be promoted from a personal account, or a page, and can be a brilliant way for agents to show snippets of their day. From quickly showing a property, to talking about your experience, they are a great way to share quick-fire content.

Additionally, as they are still fairly new, it’s likely that LinkedIn will “push” this content for a while, making it more likely to show up on the feeds of your connections and followers.

LinkedIn Live

While you will need to get approval to use LinkedIn Live, it’s a great tool to connect directly with your audience in real time. You can stream live content, answer questions directly, and truly connect with those who are watching.

A further benefit of LinkedIn Live is the additional visibility it can offer. When someone goes live, push notifications are sent to the devices of their followers, so it can be an ideal way to make sure your content is being seen.

We hope this helps you to generate more leads from LinkedIn. As usual, if you would like us to handle all your social media for you, as well as email campaigns and print too, get in touch below.

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Is this something you already consider? Do you work to establish trust with your estate agency customers?

A recent study undertaken by the home buying platform Yes Homebuyers found that just 1% of people think that estate agents are trustworthy as a profession.

The survey of 1174 individuals found that, when it comes to trust, estate agents are ranked lower than lawyers and traffic wardens.

But what is it about estate agencies that breeds this mistrust? Research carried out by CV-Library back in 2019 found that estate agents are one of the least trusted professions due to their perceived lack of morals (66.4%), greed for money (62.1%), unreliability (56.5%) and irritating nature (26.6%)!

Charming, hey.

So, how do you change this and create a trustworthy reputation?

While the statistics above may seem disheartening to say the least, it’s wise to remember that, trust them or not, buyers, sellers, landlords and tenants still usually need to engage the services of an estate agent.

How can you make sure that you are their first choice when they do?

1.     Don’t only show up when prospects are selling

One of the biggest mistakes many estate agents make is to only be in front of their ideal audience when they have already decided to sell. Think social media channels packed only with properties for sale and calls to action to book a valuation.

Instead, create and distribute content that helps your customers get to know you and understand more about what makes your agency different. Both before they sell and whilst they are selling. Consider showing some of your personality on your social media channels. Go behind the scenes and let your customers know more about your staff. Get involved with local Facebook groups and provide advice.

Being visible to all in the area you serve allows you to grow your reputation as an agency that provides more than just a sales service. Rather, you are part of the community.

2.     Provide added value to your audience

We all know buying or selling a home is one of the biggest financial decisions most people make in their lifetime. Therefore, reassuring them that they are making the right decisions along the way is important.

Add value for your purchasers and vendors by providing guides and information that helps them to best understand specific parts of the sales process. This also allows you to manage expectations so consider including content on things like typical timescales for searches in your area or how the tenant referencing process works.

The more transparent and helpful your content, the more harmonious your relationship with your customers is likely to be.

3.     Encourage and promote case studies from happy customers

How often have you received a card, a box of chocolates or a bottle of wine from a happy vendor? A lovely gesture, but what if those gestures could better help you to secure future business? Instead of a shelf brimming with thank you cards, you could have a suite of case studies, quotes and reviews on your website that you can promote to your next potential vendor.

60% of marketers identify case studies as one of the most trusted content pieces by audiences. Unlike reviews or quotes, case studies show your customer’s journey, their problems, and how they were solved.

So consider asking happy customers for case studies (or even reviews if they’re a little shy) that you can then share on your website, in your email marketing and on your social channels.

How BriefYourMarket helps you to win trust

BriefYourMarket allows you to quickly and easily send marketing campaigns – across various channels, including email, SMS and direct mail – AND TO YOUR ENTIRE DATABASE. This will enable you to disseminate your trust-building content to potential customers across a variety of platforms.

You can create nurturing content that leads a prospect through specific email campaigns designed to build trust and win new instructions.

And with our Communications Managed service, WE can send expert content that helps to keep your potential clients connected with your brand across email, social media and other digital channels FOR YOU.

Get in touch below if you would like to see a demo.

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To request a call-back from a member of the team, please enter your details below.