WHAT IS THE VALUE OF YOUR DATABASE? PART THREE: ESTABLISHED
Get an insight into the latest property-marketing trends with our resident content-marketing expert, Ben Metheringham. Discover how to use content marketing effectively to generate more valuations, instructions, and financial service revenue from targeted property campaigning.
In part three of my new five-part series looking at database value within estate agency, we turn our attention to the established agencies.
Over the course of the next two instalments, I will be looking at two other types: Rising Star and New Joiner. We will examine the average Return on Investment you should expect to generate, what the overall marketing strategy is, and what the most effective marketing tools are that are generally being used by these agents.
You’ll also get to hear from an agent in these groups who are using the platform, as they discuss their Return on Investment in terms of valuations and/or instructions generated within a single business quarter.
In case you’ve missed the earlier instalments, find out more about market leaders and challengers.
All the figures used are based upon results generated by agents using BriefYourMarket.com and are based upon a £2,500 selling fee.
If you’d like to get a better understanding of what your database is worth, request your free database appraisal by filling in our database questionnaire at the footer of this page. We’ll provide you with your free assessment of what you could generate by directly marketing to your archive data, and you’ll qualify for our money-back Return on Investment guarantee if you join us in the future.
For now, let’s take a look at the established agents.
What are typical established characteristics?
“The established agent has been operating for more than 25+ years. They were late to adopt digital marketing and will usually outsource it to several different providers. On average, they will have 3+ branches, be ranked in the top three for instructions in the area, have limited involvement with digital marketing, and will be looking to reduce the threat of rising stars and new joiners by maintaining their reputation and extending their profile.
Established agencies have usually acquired huge amounts of client data over the years. In the first instance, the strategy would be focused on brand promotion and data-capture improvements. This would allow them to spend time cleansing their existing data in order to use automation and segmentation in the future to further increase Return on Investment from their database.“
Average number of valuations, instructions and Return on Investment generated for an established agency using BriefYourMarket.com:
Average number of valuations generated per quarter:
27
Average number of instructions generated per quarter:
12
Average Return on Investment generated per quarter:
£30,000
No. of contacts in database
Average number of property email campaigns sent per quarter
%
Percentage of database contacted per property email campaign
Average website visitors driven per quarter
Marketing strategy: Holding their ground
How do established agencies hold their ground?
– They send an email to their database every 11.2 days.
– They send to around 9,314 people per email.
– Limited time, resource and knowledge of digital trends have forced them to outsource multiple areas of their marketing to several third-party providers.
– Like the market leader, established agents focus on promotion of their recognised brand and local expertise, as they are already a familiar forerunner within the area.
– Years of trading may have led to inconsistencies within their database, limiting the possibility for highly-targeted segmentation and automation at present.
Most effective BriefYourMarket.com marketing products used by established agencies:
Our Communications Managed service provides busy agents with a fully managed content-marketing service. This helps established agencies – with limited marketing resource – to create an effective stay-in-touch plan that generates business opportunities via email campaigning and social media every month.
Digi-Val helps them to actively grow their database. Digi-Val is an integrated online estimation tool. Digi-Val captures a prospective seller’s details and provides them with an estimated value of their property using Land Registry data and recent sale prices of nearby properties in the area. Established agencies use this feature to improve their data capture process and generate physical valuation opportunities.
The Campaign Library contains over 100 top-performing, pre-built, ready-to-send property campaigns and templates. This enables established agencies to quickly customise their campaigns. There is a great mix of campaigns to choose from: market updates, financial services, topical, review, seasonal, and educational.
E-Zines are interactive property magazines which are sent on a bi-weekly or monthly basis by our team, showcasing an agency’s most expensive properties, recently added properties, and recently reduced properties. They also contain advertorials for third-party services and social media feeds. This service helps to generate more valuations and increase viewing activity. They are a huge time-saver for established agents as they are focused on maximising promotion of properties and brand awareness with very little input required from agents using them.
Request your free database appraisal today…
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Answer ten quick questions and we’ll provide you with a bespoke database analysis that will help you to benchmark what you could generate by marketing directly to you archive data.
Thanks for your time!
Ben Metheringham
Head of Sales