Zoomf Blog - UK Property Blog.

The mindset of the younger generation (your future customers) is used to getting things for free on the internet. Whether it is news, music or general information (like Wikipedia), cost does not come into the equation. Similarly, the ‘portal’ space is busy with the freemium model and the adjustments that are being made to revenue generation. A short insightful video on the concept of free is worth 2 minutes of your time.  

In a very significant sign of things to come, the ex-Love Film team along with Doug Munro (ex GumTree MD), has raised £3.75 million according to the Times.  

“Consumers’ thirst for information is increasing in the face of difficult property decisions,” said Zoopla’s chief executive, Alex Chesterman.

It goes without saying that this type of war-chest should see them thru the downturn and speed ahead with innovation. Congrats to the team at Zoopla. 

One of the biggest franchise operations in the USA, Century 21, is shifting their TV budgets to online advertising. To quote, they are plowing money into 

1. display advertising
2. listings partnerships
3. search marketing

These are the three basic areas that exist in the UK market. Hint - listing is property portals, search marketing is Google/Yahoo/etc and display is banner advertising. To quote the marketing folks at Century 21 - 

The company’s analysis of the return on investment from online ads revealed some “dramatic numbers that backed up our feeling that we should monitor name recognition, but put our money where consumers are” — online

This is a very interesting quote. This is basically a statement on conversion and performance. Their online marketing people long ago recognized that a website is only the first step. It’s why the Century 21 website has won awards for functionality and the reason why they have the industry’s first YouTube channel.  This is where the majority of the UK agent marketing falls over. Here is what a typical estate agent in the UK does in order to form their basic ‘digital marketing strategy’ - 

Step 1 - Build a website. Probably spend too much to have 2 systems in place. One system for listing management and customer relations, the other system to manage the website itself. Usually this pricey ’system’ is bought from a software house and you buy it in a box. The problem with software houses is that they are NOT marketing houses. You need both when it comes to such a big decision as building your brand online.   

Step 2 - List with various portals. Why? Because everyone else does. Sheep mentality. 

Step 2a - Complain about the pricing at portals

Step 3 - Do zero monthly analysis on performance of strategy even though most agents are agreed that the most important lead generation channel is their online one. 

What is the solution to this problem? Hire yourself an online marketing manager. Their sole remit is to manage your online channel. Responsibilities include website mgmt & analysis, lead generation, ROI metrics and reputation management. If Britney Spears is hiring an online marketing manager, why can’t you? You can… if you really believe that online is important.

Don’t forget that generation X & Y will have grown up with the internet and demand a lot more than what you give them today. Ignore the signs of online domination and be stuck in the rut of 1-3 at your peril. The oracle has spoken :-) 

Note - if you’re reading this blog, you are probably one of the saavy so don’t take above as opinion on your efforts. This is for the 80% who haven’t converted …. yet. 

I know a lot of agents are griping about the Rightmove £10 million pound Q1 advertising campaign but if you’re like me, you’re probably wondering what that catchy tune is they use in the TV ad? Well it’s a band called David Goo who happens to be playing in London on Jan 24th. Yes I’ve got tickets, £7 a clip why not, sounds like great ska music.