The estate agent industry has been on the receiving end of the UK recession, and housing prices have been up and down now for years. As such, many estate agents have struggled due to the backwards and forwards, from being a buyer’s market to a seller’s market.
Due to the boom years of construction and property, there was a boom in the number of estate agents in the UK. Since the recession many have closed due to lack of business. However there is still a saturation in the UK and competition is fierce. Most estate agents work locally and handle properties close by; therefore local reputation and publicity is something that is very important. This can be done via local advertising, such as local newspapers, radio advertising, leaflet drops, or on-line. TV advertising is popular with the online estate agents but PR for estate agents can be used by all.
Since 2003 many property sales sites have sprung up, which have made the marketing process harder. It is far easier for prospects to use price comparison sites to get multiple quotes and view all local properties, than to visit each agent in the area and get a brochure. Price comparison sites are great news for the industry, as they can channel business to you that otherwise could be missed. However they are focused on price; therefore if your company is expensive you could well loose out, unless you are targeting very expensive properties.
On-line PR is something that you need to consider; due to the use of the internet in house hunting and selling, getting good on-line exposure is very important. People normally buy houses based on how they look as opposed to price. Price does have a major part to play, however most people do not mind paying a few thousand pounds more for the right house.
The cost of media coverage does vary, as all agencies set their own fees, based on their experience, staff costs, profit margins and running costs. Remember that they are private companies that are there to produce profits. It is therefore wise to shop around and compare PR prices in order to ensure you get the best value for money.
It is wise to shop around and get quotes from different industry experience public relations agencies, in order to get a feel for which agency is best, and what fee structure meets your budget. PR for estate agents does not need to be expensive, just fill in the form to get quotes and see.
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