Estate Agents: can you ever have too much marketing?
Updated: Mar 18, 2021
A simple question with a binary answer you may say. Well, sort of. It is almost impossible to answer any questions with a simple “yes” or “no” in the modern world. There is always a “yes” or a “but”, and sadly there is no way around this.
The times when all of the property listings have been distributed between two or three portals are gone, and quite frankly, there are now too many to choose from, and the choice keeps growing wider and wider, however, the reality is that the property listing market is still dominated by two large players, which shall remain unnamed. Quick hint, their names begin with an R and a Z. Others just keep splitting the remaining few percent of the market into smaller and smaller shards.
If there are too many portals to choose from, how many should you use? Larger agents market their listings on the top 10 portals, while smaller independent agents carefully choose up to three portals, to avoid those high marketing costs.
Most agents naturally make their choice of the marketing portals intuitively. A well-known brand is all it takes to keep on acquiring new users. For those budget-wary, the decision is made based on the cost, above all else.
Although there is absolutely nothing incorrect about making the decisions this way, we would suggest that a slightly more sophisticated approach is taken.
You see, which portals to market on, and how many of them to stick to for the the best results is the ultimate question that needs to be answered by each agent individually, and the answer will depend on a number of factors such as the agent’s coverage area, number of offices, type of properties being marketed as well as the desired profile of the applicants.
Although there isn’t a one-for-all formula that would work for everyone, good old trial and error along with some statistics will do the trick. Using a portal for two to three months and keeping the record of the amount of the leads received, their quality and conversion rate should give you a good indication of the portal’s performance for your unique situation. Add the costs of that portal to that equation, and you’ve got an answer. Trialing a number of platforms and comparing their key indicators as well as the overall value for money will give you the answer to which portals are best for your unique situation, and which are really worth that hard-earned monthly fee.
It may not be the fastest way of making a choice, we agree, but considering the importance of keeping the running costs low during Covid times, it is definitely worth the time and effort, as now more than ever, every penny counts.