According to Hometrack’s UK Cities House Price Index – March 2018, in London there are 1.5 homes coming to the market for every sale. As a result Estate Agents have noticed longer sales periods. For example, in order for you to sell a property in the Capital, be aware that on average it will take 17 weeks. This is the longest time required across the UK. However, with a challenge comes an opportunity to introduce a more creative approach to the real estate marketing.
1. Virtual Tours
Approximately a century ago Fred R. Barnard said that “one picture is worth ten thousand words”. We wonder what he would say about Virtual Tours that seem to be taking over the real estate industry. The photos are an excellent tool that allows us to introduce our clients to the property, but nowadays we often receive requests for a video tour. Arguably, it might be related to the social trend of having a fully booked diaries, busy lifestyles. Not only that, the photos can easily be altered and the customers are aware of it. Whilst a Virtual Tour is often associated with a greater transparency and trustworthiness. This ties in with the rising popularity of virtual reality and the overall trend to seek engaging experiences.
Whilst word of mouth has always been a major player in the field of Marketing, nowadays the opinions can be shared easier than ever. Hence, placing a review online can be done with few clicks and even anonymously. Statistics show that these anonymous reviews are often with negative sentiment, thus harmful to any business. However, estate agencies do not have their hands tied down, since there are multiple online review platforms that allow you to manage the reviews received and responses given. Frequently these reviews are integrated on the estate agencies’ websites and social media channels to build trust and project transparency.
Have you noticed the impatience rising amongst your peers whether it’s regarding making a purchase or, more often, regarding retrieving the information needed? The IT experts never miss a trend like that rising in the society. They spot it and come up with a solution. At least that is how, in our opinion, the idea of Chatbot was born. Short for chat robot, a computer program that simulates a human conversation with a help of artificial intelligence. You can often see it in the right corner of the websites’ footer popping up with an invitation to freely ask a question. What does it mean for an estate agency? Increased effectiveness and efficiency or in other words, providing the requested information faster than ever before.
London is not the only city experiencing a weak house price inflation. Other cities where sales are not keeping pace with new supply include Oxford and Cambridge. That just highlights the need for estate agents to keep up with the industry trends and latest developments. In the times when customers are spoiled with innovative solutions and interactive online experiences, our industry must not lag behind.
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