It won’t be news to you that estate agents are one of the biggest local advertisers. What might surprise you is that most estate agents think it’s expensive to advertise locally, but it often costs far less than one might expect.
So how can you use Out of Home advertising to boost your local fame and win more instructions in an increasingly crowded marketplace?
Play to your strengths
Online agencies have grabbed a 5% share in the market, and that number is still rising. Some people prefer to self-manage the selling process and save a bit of money, where others value local expertise and the service local agents can provide. Don’t try to be everything to everyone – focus on which end of the market your brand best serves and create advertising that will resonate with them.
Local agents are unlikely to beat an online agency on price, and equally an online solution will never be able to say they have more local knowledge than, well, a local.
Become the wildcard
Anecdotal evidence suggests that sellers will invite three estate agents to quote on their instruction – two who they know or have worked with before, and a “wildcard” who they intentionally try out for the first time. Advertising locally increases your chances of both slipping into a seller’s subconscious as one of their two initial choices and, if they are an experienced seller, of you being their wildcard.
Relevance vs. frequency
There is an old adage in advertising that says you need to see an advert 20 times before you are encouraged to buy something, which was first suggested by the iconic ad man Thomas Smith over 120 years ago. More recently Herbert Krugman, author of The Impact of Television Advertising, narrowed this down to just three times, but added the essential ingredient: relevance.
Upon seeing your advert, a seller will become familiar with it after just three views. However, they will only act upon it when the time is right – that is, when they are able to sell their property. At this stage one of two things will happen: either you will have planted a seed that encourages the seller to get a valuation sooner than planned, or you will have caught them at the right time. If you did encourage them to sell early then you have a great chance of winning the work. If your advert was in the right place at the right time then you have an opportunity to become one of the three selected to value the property.
If your advert is taken down before the timing is suitable then all is not lost.
You simply need to ensure your advert is as memorable as possible, so you become one of the two brands of choice the next time they wish to instruct.
- Target against your competitors to become one of the agencies invited to provide a valuation.
- Plan ahead for the key times of year where availability might be limited, such as the January and September rushes
- We can offer discounts for advanced booking, which is another incentive to plan early!
- Make sure your advert is incredibly memorable, so the effect lasts well beyond the life of the placement.
- Target really specific customers – you’d be surprised how much demographic data we have about your area.
There is no question that Out of Home advertising helps estate agencies to gain instructions. To put it in perspective, based on the average commission gained per property sale, you would only need 2 new instructions to generate a profit from a highly targeted local advertising campaign.
If you would like to find out how local Out of Home advertising could work for your estate agency, then get in touch with a member of the Clear Channel Direct team and let’s start planning your campaign.