Published on 06 July 2015
The agency’s marketing plan is set out by management. It is consumer rather than product focused and includes, for example, estate agent For Sale boards which are a permitted form of advertising (a seller’s permission may be required before one is erected).
The shop window must project the right image for the estate agency and provide maximum impact to potential buyers. Shop window display material must be accurate, clear and up to date.
Produced in the style of a particular estate agency, adverts may go into local papers, an in-house magazine or, increasingly, online. Adverts should generate awareness, interest, desire and action (AIDA). The latter might be by, for example, including a call to action like ‘ring this number now’.
The internet – whether it’s an agent’s own website or a portal - is the main place of advertising and the place where the majority of buyers start looking. Online advertising is very flexible and creative allowing for text, images, video, floor plans and links to other pages with more details. It can also be used to interact with the searcher asking them to register with the agency or book a viewing, for example. An agent may also use text messaging, apps and social media to advertise and interact.
Advertising may be published on the TV, radio, in specialist magazines (e.g. those covering a specific topic or geographic area) and newspapers or on the internet.
Adverts will promote the agency itself and / or it’s properties. Ideally, the details of those who enquire from the advert will be logged so that a call back can be made using appropriate selling techniques with a view to achieving a viewing on a property or gaining instructions.
Property details, which are a form of advertising, are produced for every property instruction received. They must be accurate, give details of what to do next and conform to the agency style as well as the requirements of the Consumer Protection from Unfair Trading Regulations 2008.
Any promotional material must contain the EPC energy efficiency rating.
A marketing plan may apply to the estate agency itself or to an individual property being sold, and covers more than just advertising. It can be started by undertaking a SWOT analysis (strengths, weaknesses, opportunities and threats) for the agency or for a property. It will identify the internal (strengths and weaknesses) and external (opportunities and threats) matters to be considered. E.g. if a property is in disrepair, this is a weakness. Identifying this enables an estate agent to prepare an answer for when prospective buyers raise the point. Although emphasising strengths is key, a complete picture of strengths and weaknesses must be given.
The 4Ps are product, price, place and promotion. In relation to the sale of a property, product is the property itself. Price is set according to the SWOT analysis and market appraisal. Place relates to the point from which the sale should take place i.e. the estate agent’s office and may also refer to where on the internet the property may be shown e.g. on a portal. Promotion is the ways in which a property is bought to the attention of potential buyers e.g. a window display.
Categories: Residential Sales Best Practice
