Research suggests that estate agent could be missing out by not using online marketing tools such as video and other online channels to reach out to potential customers.
Some 70% of agents do not use video or promote a YouTube channel, according to the study from property portal Residential People.
It looked at some of the online techniques currently being used by agents to promote their own websites, taking information from 3,000 agency websites.
Residential People director Christopher May believes that the popular video-sharing network YouTube is arguably ‘one of the best’ social media platforms for increasing an online presence.
But the research found that commercial agencies in particular were not using these platforms with only one in 10 using YouTube to promote their brand and their properties to let and for sale.
It also found that out of the agencies that have a YouTube channel added to their websites, many of them had only one or two videos listed. ‘This leads us to believe agents do not put enough emphasis on this type of marketing,’ said May.
He believes that agents could use more online features and there are plenty of easy to use tools to get them started. May pointed out that much of the strength of an online presence comes from SEO techniques.
One of the early adopters of Residential People’s marketing tools was Belvoir Leicester Central, an agency which has been impressed by the disrupting portal since joining at the end of March.
‘We have had our eyes opened by the residential team. The tool set has allowed us to deliver a more compelling offering and appeal to more potential customers,’ said branch owner of Belvoir Leicester Central, Sharanjit Gill.
May also pointed out that an example of how an online presence can improve outlooks is the finance sector and the rapidly rising FinTech sector in particular.
‘The real estate industry is going through the unprecedented change. Following the implementation of the tenant fee ban, the Government is now looking to regulate estate agents more stringently than ever before,’ said May.
‘If we look at how mortgage brokers are now regulated and the additional cost that this entails, it’s not a stretch to believe that the same will happen to the estate agency business as well,’ he explained.
‘While these costs can be considered a good thing, in the sense that it will differentiate the professionals from the agents that shouldn’t be in the industry, the costs of running a governing body similar to the Financial Conduct Authority will inevitably be passed down to agents,’ he added.
