The pandemic and war between Russia and Ukraine has significantly impacted business globally. Like every other industry across the UK, real estate has also been affected. Estate agency relies heavily on people buying and selling property, but with the current economic uncertainty, rising cost of living and increasing unemployment it has forced many people down the path of repossession rather than through the traditional estate agency route.
HOW DOES THIS IMPACT ON ESTATE AGENTS?
In this recent report by The Independant newspaper it states that mortgage repossessions soared 91 per cent compared with the same period the year before and that the number of orders to seize property was up 103 per cent. It also states that the number of claims by landlords looking to repossess their homes has more than doubled. You'd be forgiven for thinking this would be quite a lucrative time for estate agents, with a surge in properties coming on the market, which they are, but most repossessions are going directly to auction, bypassing regular estate agents and are often sold way below their market value for a quick sale by the banks.
WHAT CAN ESTATE AGENTS DO TO GENERATE MORE BUSINESS?
In this challenging environment, estate agencies must adapt to new market conditions and find new, more creative and innovative ways to navigate through the current climate in order to survive and thrive in the future. The reluctance of home buyers and sellers, coupled with a reduction in the number of properties coming to market has resulted in a sharp decline in revenue for many agencies. Some have gone bust, others are laying off staff to reduce their overheads and stay afloat. We've pulled together some tips on what we believe agencies should be doing to attract new clients:
- Leverage social media platforms like Facebook, Twitter, Instagram and TikTok to showcase your properties and reach out to potential clients but be aware of the potential dangers from scammers. Please read the article by clicking here.
- Join WiggyWam. List your properties and add content such as articles, videos and podcasts
- Join or create local community groups on WiggyWam where you, your local clients and local businesses can connect and share local promotions
- Host virtual open house events using the free video calling feature on WiggyWam or on conferencing platforms like Zoom, Skype, or Google Meet. These events help you reach a wider audience, including those who are unable to attend in person and can also be recorded.
- Create virtual tours using 3D virtual tour software like Matterport to create an immersive experience.
- Create a blog on your website to provide informative content that attracts potential clients to you.
- Create a feed on your WiggyWam profile to automatically share your website's blog with the WiggyWam community.
- Use pay-per-click advertising such as Google AdWords and other pay-per-click advertising platforms to target potential clients searching for properties in your area.
- Set up an affiliate scheme and offer incentives such as gift vouchers to buyers and sellers who refer new clients that go on to instruct you.
- Partner with other businesses in your community to offer joint promotions and cross-promote each other.
- Send direct mail campaigns to potential clients in your area, including postcards and brochures.
- Attend local events such as community fairs and festivals, to network and raise awareness of your business.
- Offer free online seminars on topics related to property, such as buying or selling a home, to attract potential clients.
- Use video marketing to showcase properties and share helpful tips and advice with potential clients.
- Use a chatbot on your website to provide instant assistance to potential clients.
- Use WiggyWam's live chat to communicate direct with potential clients.
- Offer virtual staging or augmented reality software to help potential buyers visualise their future home.
- Use a multi listing service (MLS). Work with other agents across the UK
- Work on your business instead of in it - the downtime is a great time to master your systems, become clear on what is working and what isn't.
- Look at your marketing spend. What do you need to keep? What can you let go? Analyze your portal stats. Keep those that generate leads and drop those that don't.
- Interview local professionals from a first time buyer's perspective for example. Interview the local mortgage broker and removal firm. This can be an article, podcast or video. Then share it on your website and social platforms including WiggyWam. This can be a massive lead generator and also helps grow your personal as well as business brand!
- Keep in contact with past clients whether you bump into them at the local supermarket or pub, or send a biannual newsletter. You've already become someone they know, like and trust so capitalise on this. There is no greater honor than being introduced to a friend's friend based on their confidence in you as their estate agent.
- Ensure all of your online profiles and social media channels are up to date and consistent. Stay relevant and up-to-date with news in your industry.
- Always ask for reviews. You clients can leave reviews on WiggyWam to if you are a registered member.
ABOUT WIGGYWAM
We want to build the biggest network of quality Solicitors, Estate Agents, Lenders, Surveyors, Removals (and other professionals involved in the homemoving process) whose mission is to provide excellent customer service. We want to make it easier for home buyers and sellers to find those quality professionals, communicate with them and if they are buying or selling a home, collaborate with all parties involved in the transaction in one space.
We don't want under-performing professionals in our network. We want to be able to guarantee to the public that whoever they choose on the platform is working to an agreed standard level of service that puts the consumer at the heart. If that's you, we'd love you to join us! All the tools you need to achieve these standards are built into WiggyWam. You don't need fancy tech, there are no integrations needed. Just register, invite your contacts to join and you are good to go! What have you got to lose?
To find out more and register simply click on the profile type below that best represents you: