If there is one thing we know about human beings - it’s that we’re creatures of habit. In a business environment, however, with change comes opportunity and the chance to achieve success. As the property sector is continuously evolving, estate agents must react to market conditions in order to survive in the industry.
Market as competitive as ever -
The estate agency market has always been competitive. However, it is now almost impossible to walk down a high street without seeing at least two estates agents battling it out for footfall traffic. This, in addition to the digital world making even more agencies known to consumers, highlights how essential it is to stand out. Find what makes you different and shout about it or watch in despair as the agency across the road opens their second or third office, whilst you’re tirelessly sat by the phone waiting for an enquiry.
Industry more regulated and consumers are aware -
Another change estate agents have faced is increased legislation and regulation. This applied with the intense media coverage of rogue agents has completely changed the perception of the industry. In a poll commissioned by a search engine site which asked 1,231 people in the UK for their opinion - estate agents ranked second as the least trusted profession. This not only means agents have increased admin and responsibilities from the legislation, there is also the added pressure of gaining consumer trust. New legislation can give agents valuable marketing opportunities - already transparent about fees before the legislation was passed? Tell people. The majority of estate agents are trustworthy, hardworking people - ensure your reputation isn’t being tarnished by those who are not.
Changing audience -
A major change that estate agents have faced is the demographic changes of their typical customer. With the economy making it even harder for consumers to get their first step onto the property ladder, more and more people have turned to renting as an alternative to gathering a hefty deposit. According to figures from Halifax, the average age to purchasing a property is now up to 31 and separate research carried out by The Sun found that 52% of first-time buyers receive cash contributions from their parents. The change in target audience demographics has a knock on effect to the marketing angle agencies need to come up with.
Becoming more digital savvy -
Briefly mentioned earlier, the digital change has posed the biggest factor to changing how estate agents operate. Every business-savvy person knows that you must go where the customers are - and the customers are now online. The digital age has also created a new business model of online only estate agents. Lead generation and tracking tools, integration systems and the ability to connect with large audiences are just a few of the wonders offered to estate agents which can turn their business into a gold mine. You just need to learn how to utilise these to become an online success.
Are you adapting and making the most out of market conditions? For help with anything digital or marketing related, Property Stream are specialists in the property sector and we are happy to discuss how we can support your business. Call us on 0161 672 7820 or email us at hello@propertystream.co