Estate agents,are you worried about the downturn in the housing market? Do these key things!

The housing market is starting to slow down. You are no longer dealing with stampedes of viewers for every property, loads of offers that end in sealed bids. No more having to disappoint unsuccessful buyers.?

Each valuation appointment was a sure thing because you knew the property would still sell even if you were optimistic about the pricing. And quickly. Your fees were never that far away, and you could almost guarantee to meet your KPIs.

But now? Now there are tumbleweeds. Each valuation is a bitter fight between you and your competitors. Some agents have resorted to over-valuing to flatter the sellers and win the instruction, meaning there are price reductions left and right as the market slows down.?

Some agents are resorting to dropping their fees to win new business. Reducing the potential income in favour of getting something to sell at any cost.

Read: Discover these top 5 tips for Estate agents to increase their fees in a difficult property market

But what are the smart agents doing? Those that have seen challenging markets before?

They are doubling down, holding firm on fees and valuation figures.

It takes nerve, confidence, and experience, but smart agents know that there is no point in spending money to advertise a property that isn't going to sell, so over-valuing is a total waste of time, energy and, most importantly, money.?

And they are not about to reduce their fees, particularly when the cost of staff and office running costs have actually gone UP!

Henry Ford was famously quoted as saying, ""Stopping advertising to save money is like stopping your watch to save time". Never a truer word spoken!

Cutting marketing spend during a tough market is a false economy. You need to be working extra hard to attract leads from potential property sellers because there are fewer of them available. If they don't know you exist, you have no hope of getting their property on the market to sell and no chance of that fee.

So, what should you be doing if you are doubling down and pushing for more instructions?

Content:

It's a slow burn, but it works. Content marketing allows potential sellers and future clients to get to know you and your brand and trust your knowledge and market experience. Homeowners will research for up to 2 years before they finally decide to sell, so give them helpful content to read while researching. They are not ready to tell you their details yet, so you might not be able to quantify precisely who these sellers are, but they will be getting to know you.

Lead magnets:?

E-books are the next step on the homeowner's research journey. They will answer their particular questions and can give them more in-depth information. By hosting an E-book on your website, the homeowner can download and access the information you provide by simply giving you their email address. This will, in turn, allow you to nurture them through their journey, and ultimately they will instruct you to sell their home. Why? Because they have learned everything that they need to know from your agency. They have built trust in you and your knowledge and can entrust your company to help them sell their home.?

Social Media:?

Your presence on social media is vital today. Most people access their social media platforms daily from their phones, which are almost always in their hands. When someone comes into contact with a new company, they will likely visit the social media platforms before the website. So, your social media needs to be updated regularly. The most common option for estate agents is to post their properties, but this becomes more like a catalogue of the property that you are selling and pretty soon, viewers will stop caring. Show your brand personality a little, showcase your team members, and show the life of an estate agent behind the scenes. This will help build trust in your company because your audience will get to know you better.

Read: Generating leads is only the first step - it’s what you do with them that counts!

There are many other options to market your business, but consider whether they are long-term investments or quick fixes. Are these tools helpful in bringing in business, or are they just an expensive fad??

If you are using marketing software, are you using it effectively? Are you feeding the system with helpful information and content for your audience to read or simply using the template information that the software provides for you?

Get in touch if you need help with the marketing and promotion of your agency - don't resort to turning off your marketing, cutting fees or over-valuing properties, as this is a surefire way to your business struggling.?

I opened my own agency during the property recession in early 2009. This has afforded me a unique perspective on what works and what doesn't. Not only was the market appalling, I had zero budget, and the world of social media and email marketing was just coming to the fore. This experience ensures I know what to spend money on and what to ignore. I have tried all tactics over the years and built an agency up to being one of the largest in my area, with the highest fees by a large margin.?

Want to know how I did it? Drop me a message ??