While a shorter property price downturn is much likelier following the Coalition’s unexpected election victory it is pretty clear we are still in a buyer’s market. All market insight companies are reporting a drop in house values and extended days on the market for sellers. Our data shows that average days on market has increased from below 30 days to over 60 days.
A buyer’s market changes how real estate agents need to promote themselves to win and close deals. This means agents need to think outside the square and create a property marketing strategy that has a genuine impact.
Diversify Your Marketing Budget
With average campaigns increasing in duration from 5 weeks to 9 weeks in some markers, having a diverse marketing strategy over your campaign ensures campaign impact and gives you time to locate a buyer or secure a listing. Optimise your marketing spend and focus more of your budget on what matters by eliminating less effective tactics like print advertising. If it can’t be measured it probably isn’t returning a result.
Focus on the channels where your potential buyers spend their time. Online that means Facebook, Google, Instagram.
Change Your Focus From Page 1!
When the market is hot, agents can list and sell properties in one to two weeks off page 1 on major portals. In a slower market, agents need to cast a wider net to locate buyers. Our analysis shows that after the first week of a property campaign, traffic to a property drops off significantly as the listing disappears from page 1. Investing in an omni-channel strategy including targeting precise audience segments on social media and digital channels will get your property in front of the right buyers on Facebook, Instagram, and Google beyond week 1.
Use Your Database and Retarget Buyers
Agents need to work their database to ensure they are reaching all potential prospects. This includes using open home buyer leads to maximise interest in the property. Conducting follow up calls the weekend after the open home is critical.
With campaigns increasing in duration buyers are harder to find. There’s no doubt the buyers are out there. It’s just a matter of using broad marketing strategies and utilising digital tactics like retargeting to nurture them. Research indicates a prospect needs to see an ad between five and seven times before they act on it. This is especially true in a buyer’s market where falling prices are making everyone a little more cautious.
Focus on Local
Keep in mind that local markets can perform differently to the wider markets they are a part of. Look at what kind of properties you’re competing with and focus on how you can give your vendor’s property an upper edge and make it stand out.
Regardless of whether it’s a buyer’s or seller’s market, presentation and savvy marketing are key.
Need assistance with digital marketing for your agency? Get in touch with the experts at Plezzel.
Book a Free Demo Today!
Want to have a go and see for yourself? Promise it won't take long!