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A romp through online marketing for agents
Apr 24th 2008
What’s happening in our market?
PROPERTY MARKETING SPEND CONTINUES TO GROW
£m
BUT PROPERTY PRICE TRENDS LOOK BLEAK
WHAT HAPPENS AS PROPERTY HEADS INTO A RECESSION...
Inventory is scarce – applicants are plentiful
Winning vendor instructions is everything
Houses sell themselves
Think: “6 sealed bids over offer”
New agents spring up
Flush with commissions from fast market
During a property boom agents spend… …but when the market turns down
Housing stocks piles up – applicants evaporate
Velocity in the market halves
Think: “No viewings despite price reduction”
Agency commission revenues dry up
Agencies consolidate / close
Marketing tightens fast
WHAT HAPPENS AS PROPERTY HEADS INTO A RECESSION...
Inventory is scarce – applicants are plentiful
Winning vendor instructions is everything
Houses sell themselves
Think: “6 sealed bids over offer”
New agents spring up
Flush with commissions from fast market
Advertising reflects this...
“Offline press important to win instructions”
“A portal or two are thrown in as they are cheap”
During a property boom agents spend… …but when the market turns down
Housing stocks piles up – applicants evaporate
Velocity in the market halves
Think: “No viewings despite price reduction”
Agency commission revenues dry up
Agencies consolidate / close
Marketing tightens fast
Advertising reflects this...
“Attention shifts to include seeking applicants”
“Cut costs – turn to portals – especially the #1”
WHAT HAPPENS AS PROPERTY HEADS INTO A RECESSION...
Inventory is scarce – applicants are plentiful
Winning vendor instructions is everything
Houses sell themselves
Think: “6 sealed bids over offer”
New agents spring up
Flush with commissions from fast market
Advertising reflects this...
“Offline press important to win instructions”
“A portal or two are thrown in as they are cheap”
During a property boom agents spend… …but when the market turns down
Housing stocks piles up – applicants evaporate
Velocity in the market halves
Think: “No viewings despite price reduction”
Agency commission revenues dry up
Agencies consolidate / close
Marketing tightens fast
Advertising reflects this...
“Attention shifts to include seeking applicants”
“Cut costs – turn to portals – especially the #1”
Largest portals win over 2nd tier portals and offline media – as agents cut costs and look to web for efficiency on the applicant side of their business
Largest portals win over 2nd tier portals and offline media – as agents cut costs and look to web for efficiency on the applicant side of their business
So if the web is important...
...we better look around
MARKET SHARE OF PORTAL TYPE COMPETITORS
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%Ri
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Old Media
New Portal
Old Portal
MARKET SHARE OF PORTAL TYPE COMPETITORS
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%Ri
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24Zo
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Other
Old Media
New Portal
Old Portal
MARKET SHARE OF PORTAL TYPE COMPETITORS
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%Ri
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Old Media
New Portal
Old Portal
Old PortalsDominate
MARKET SHARE OF PORTAL TYPE COMPETITORS
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%Ri
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Toda
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Old Media
New Portal
Old Portal
Old PortalsDominate
GMG strategy has traction...
MARKET SHARE OF PORTAL TYPE COMPETITORS
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%Ri
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Fish
4O
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UK
Prop
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Sho
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Pro
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yN
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Nes
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Hom
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ews
Hot
Pro
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yCh
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Hom
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Esta
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omes
Hou
sela
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Look
4aPr
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tyW
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s My P
rope
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S1H
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OnO
neM
apCo
untr
y Life
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Prop
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Toda
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Hom
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Prop
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Prop
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ziH
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24Zo
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Mov
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Hom
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lG
lobr
ixDo
tHom
esZo
opla
Other
Old Media
New Portal
Old Portal
Old PortalsDominate
GMG strategy has traction...
...others holdmid-ground
MARKET SHARE OF PORTAL TYPE COMPETITORS
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%Ri
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Fish
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Nes
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Hou
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4aPr
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rope
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S1H
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OnO
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Prop
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Toda
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Prop
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Prop
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24Zo
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lobr
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opla
Other
Old Media
New Portal
Old Portal
Old PortalsDominate
GMG strategy has traction...
Old Mediahas no grip
...others holdmid-ground
MARKET SHARE OF PORTAL TYPE COMPETITORS
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%Ri
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Prim
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On
View
Fish
4O
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UK
Prop
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Sho
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Pro
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Nes
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Hot
Pro
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Hou
sela
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Look
4aPr
oper
tyW
here
s My P
rope
rty
S1H
omes
OnO
neM
apCo
untr
y Life
Onl
ine
Prop
erty
Toda
yW
elco
me
Hom
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legr
aph
Prop
erty
Prop
eraz
ziH
omes
24Zo
omf
Mov
eTo
Hom
esel
lG
lobr
ixDo
tHom
esZo
opla
Other
Old Media
New Portal
Old Portal
Old PortalsDominate
GMG strategy has traction...
Old Mediahas no grip New portals
small but growing
...others holdmid-ground
Let’s see some of those established ones...
And what’s all this new fangled stuff?
SLOWLY BUT SURELY SEARCH IS ATTACKING DIRECTORY...
Directories / Marketing Portals… …Property Search Engines
SLOWLY BUT SURELY SEARCH IS ATTACKING DIRECTORY...
Mature market – concentrating
Eg: Rightmove / PropertyFinder etc...
Agents pay to list – incomplete coverage
Fixed tenancy per branch/month pricing
Legacy technology
Mapping rare, though coming
Try to keep traffic in (walled garden)
Directories / Marketing Portals… …Property Search Engines
Insurgent, immature market - growing
Eg: Zoomf / Nestoria / DotHomes etc...
All agents are included - Free to list
PPC or Pay-per-Lead model
Narrow, focused, fast sites
Mapping paridigm prevalent
Trying to send traffic out (search)
“Traffic” and “Inventory” are the two keys to successYou have an opportunity to compete in this market – as search rolls through
“Traffic” and “Inventory” are the two keys to successYou have an opportunity to compete in this market – as search rolls through
RIGHTMOVE:A walled garden
SEARCH SITES:Open traffic
WHAT COMES OUT...
Directories / Marketing Portals… …Property Search Engines
Phoneleads
Emailleads
Paidtraffic
Freetraffic
Phoneleads
Emailleads
Paidtraffic
Freetraffic
SPECTRUM OF APPROACHES...
Web 2.0 SearchInsurgents
EstablishedPortals
SPECTRUM OF APPROACHES...
SPECTRUM OF APPROACHES...
Walled Garden
Feeds
Leads onlyPay to list
Narrow sites
GrowingEstablishedPower
APIs
Search
AutomatedAgent relations
ScrapingDirect sales
Pay-per-click
Traffic only
Leads and traffic
DirectoryFree to list
Closednetworks
Ok, but what does this mean for my marketing?
AGENT MARKETING STRATEGY (1)
Set your objectives clearly
• Branding?
• Instructions?
• Applicant leads: Phone / Email / Traffic
Set yourself up with the right tools
• A “powerful” website – to convert leads
• Integrated to back office software
• With basic, clear analytics / CRM / reporting
Set and manage your marketing budget appropriately
• Re-balance between Print / Online Old guard / Online New
Measure and rebalance
• Assess the success of your campaigns
• On applicant leads measure: Cost per lead / per call / traffic
AGENT MARKETING STRATEGY (2)
Print - a vital base (though biggest area to save)
• Instructions
• Older audience / reach
Online old guard – power and value for money
• Applicant leads – vital mkting in tough times
• Which are cost effective in your area?
Online search – growth model
• Free to play at a base level – so nuts not to
• Experiment with paid services to drive leads
Think of your advertising in the same way you would a balanced investment portfolio:You need some low risk bonds / some moderate equities AND some growth stocks
Think of your advertising in the same way you would a balanced investment portfolio:You need some low risk bonds / some moderate equities AND some growth stocks
Balance your budget appropriately:
1
2
3
Re-balance
Portals
Portals
Search
And who are you?
WE BUILD WEBSITES FOR AGENTS - FOR FREE
