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Referrals | Brexit | Tenant fee ban

video-blog-industry-insight_20190114-122439_1

In the latest edition of our Industry Insights video blog series, Richard Combellack gives his views on how your agency should use the BriefYourMarket.com platform to generate referrals from your reviews, tackle Brexit, and bolster the potential loss of revenue from the upcoming tenant fee ban.

 

Richard, the Property Industry Eye recently reported that Purplebricks hit an almost perfect score on Feefo. How influential can reviews be for agents and how can they use them to win more business?

I think that reviews are exceedingly important in this day and age, especially amongst the younger generation who are now becoming the next lot of house buyers and sellers.

More and more, we’re finding that consumers go to them and will use them for reference before they make any choices as to the transactions that they want to undertake.

In terms of how our system could help agents with reviews, you would set-up triggered surveys to go out at key points during the transaction process – e.g. tenant check-in, tenant check-out, post-market appraisal or post-instruction.

Basically, at points where the customer is either elated or they’ve got something to vent.

I would then recommend setting-up a survey, whereby if the customer goes down and wants to vent, they vent on this survey and it comes back to you to be handled by your team.

If they go down a positive route, it would ask them “would you mind leaving us a Google or Feefo review” and directs them off to those review sites.

Google reviews are especially important because they also help with your search engine ranking – i.e. where you appear on the page – especially for local-specific searches, like “estate agents in Derby”.

I know that a lot of people are also using things like Feefo reviews now and they can also be incorporated on your website, given that they have an API that allows them to appear in Google as well.

 

 

 

Estate Agent Today recently gave their view on the industry for 2019 with Brexit and the tenant fee ban featuring heavily. What kind of campaigns can agents do to combat these issues?

Okay, Brexit is a very difficult one because nobody really knows what’s going to happen with it. You know, you can make assumptions, but at the end of the day it will be a supply and demand equation.

If they close the barriers to people coming in and buying properties over here then obviously there’s less demand but you’ve still got supply, and in that respect, you could say that now is as good a time as any to sell.

You could do a campaign that says: “great time to sell ahead of Brexit”. Or if house prices are rising in that area, you could say “house prices have risen by X%, best time to sell ahead of Brexit, cash in on your investment”.

So, you could do campaigns like that around Brexit but it’s an unknown as to what really is going to happen, meaning it would be a decision for the agent to make as to whether they want to go down one route or another.

With the tenant fee ban, I think most people know what’s essentially going to happen and how that will affect agents.

Most businesses that have lettings are estimated to be affected to the tune of about 20%, and yet 20% turnover is normally accounted for by way of tenancy fee income, which means that this could wipe out a typical margin for a letting agency.

The way I would address that is I would try and monetise every single piece of data landing in your database. I’d look at ancillary services and say: “how can I monetise my data more to replace the income that’s lost?”.

Consider things like mortgages and conveyancing, and create campaigns around those stages during a customer journey, so that you’re constantly cross-selling – even for media and utilities.

And don’t think of these as hard-selling tactics, because at the end of the day, this information and support will help the customer an infinite amount.

If you were a tenant and you’re moving into a new property, of course you’re going to need media, you’re going to need utilities setting up in your name, and a lot of people do struggle with that process on their own. Whilst if you’re buying a house, you’re going to need a mortgage, and you’re going to need conveyancing, which can be equally confusing.

The more you tell people about these services, the better, and the earlier that you tell them, the better because somebody else might tell them about those services first.

So, my suggestion for a successful 2019 would be to get in there early and put these elements as part of your customer journey through triggers or campaigns to your database.

 

Get in touch for more information…

To find out more about how BriefYourMarket.com can help you successfully market your agency in 2019, book your no-obligation demonstration from the link below or by calling us on 0344 800 84 24.

 

 

Estate agency legends and their insight...
The shape of the leisure industry in 2019...

The BriefYourMarket.com blog

This is some blog description about this site

Referrals | Brexit | Tenant fee ban

video-blog-industry-insight_20190114-122439_1

In the latest edition of our Industry Insights video blog series, Richard Combellack gives his views on how your agency should use the BriefYourMarket.com platform to generate referrals from your reviews, tackle Brexit, and bolster the potential loss of revenue from the upcoming tenant fee ban.

 

Richard, the Property Industry Eye recently reported that Purplebricks hit an almost perfect score on Feefo. How influential can reviews be for agents and how can they use them to win more business?

I think that reviews are exceedingly important in this day and age, especially amongst the younger generation who are now becoming the next lot of house buyers and sellers.

More and more, we’re finding that consumers go to them and will use them for reference before they make any choices as to the transactions that they want to undertake.

In terms of how our system could help agents with reviews, you would set-up triggered surveys to go out at key points during the transaction process – e.g. tenant check-in, tenant check-out, post-market appraisal or post-instruction.

Basically, at points where the customer is either elated or they’ve got something to vent.

I would then recommend setting-up a survey, whereby if the customer goes down and wants to vent, they vent on this survey and it comes back to you to be handled by your team.

If they go down a positive route, it would ask them “would you mind leaving us a Google or Feefo review” and directs them off to those review sites.

Google reviews are especially important because they also help with your search engine ranking – i.e. where you appear on the page – especially for local-specific searches, like “estate agents in Derby”.

I know that a lot of people are also using things like Feefo reviews now and they can also be incorporated on your website, given that they have an API that allows them to appear in Google as well.

 

 

 

Estate Agent Today recently gave their view on the industry for 2019 with Brexit and the tenant fee ban featuring heavily. What kind of campaigns can agents do to combat these issues?

Okay, Brexit is a very difficult one because nobody really knows what’s going to happen with it. You know, you can make assumptions, but at the end of the day it will be a supply and demand equation.

If they close the barriers to people coming in and buying properties over here then obviously there’s less demand but you’ve still got supply, and in that respect, you could say that now is as good a time as any to sell.

You could do a campaign that says: “great time to sell ahead of Brexit”. Or if house prices are rising in that area, you could say “house prices have risen by X%, best time to sell ahead of Brexit, cash in on your investment”.

So, you could do campaigns like that around Brexit but it’s an unknown as to what really is going to happen, meaning it would be a decision for the agent to make as to whether they want to go down one route or another.

With the tenant fee ban, I think most people know what’s essentially going to happen and how that will affect agents.

Most businesses that have lettings are estimated to be affected to the tune of about 20%, and yet 20% turnover is normally accounted for by way of tenancy fee income, which means that this could wipe out a typical margin for a letting agency.

The way I would address that is I would try and monetise every single piece of data landing in your database. I’d look at ancillary services and say: “how can I monetise my data more to replace the income that’s lost?”.

Consider things like mortgages and conveyancing, and create campaigns around those stages during a customer journey, so that you’re constantly cross-selling – even for media and utilities.

And don’t think of these as hard-selling tactics, because at the end of the day, this information and support will help the customer an infinite amount.

If you were a tenant and you’re moving into a new property, of course you’re going to need media, you’re going to need utilities setting up in your name, and a lot of people do struggle with that process on their own. Whilst if you’re buying a house, you’re going to need a mortgage, and you’re going to need conveyancing, which can be equally confusing.

The more you tell people about these services, the better, and the earlier that you tell them, the better because somebody else might tell them about those services first.

So, my suggestion for a successful 2019 would be to get in there early and put these elements as part of your customer journey through triggers or campaigns to your database.

 

Get in touch for more information…

To find out more about how BriefYourMarket.com can help you successfully market your agency in 2019, book your no-obligation demonstration from the link below or by calling us on 0344 800 84 24.

 

 

Estate agency legends and their insight...
The shape of the leisure industry in 2019...
 
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