Still cold calling to generate leads? There’s a better way

lead generation | XChange

Still cold calling to generate leads? There’s a better way

With the pace at which technology is evolving in the field of real estate, and the ever changing needs of consumers evolving, it’s no wonder that agencies struggle to process the overwhelming task of building their pipeline. 

Lead generation is an essential part of this strategy, and often makes or breaks a successful agency in a highly competitive environment. Therefore it is crucial to have a comprehensive lead generation plan, one that uses different channels and does not rely solely on portals.

What does your lead generation strategy consist of?

Generating leads comes with quite a few challenges, the quality and consistency of lead generation will depend on the software and websites you use, as well as the channels used to generate leads.

Besides using portals, there are other more efficient and cost friendly channels to take advantage of when running a real estate marketing strategy.

The various channels

 There are plentiful options at your disposal for generating leads, for instance:

  • Positive customer feedback (Word of mouth)
  • Professional social media platforms
  • High street advertising
  • Property Portals

And the list goes on. Many channels come with their benefits, as well as a set of drawbacks, whether it is financial viability, long term success or outright effectiveness. As society evolves and times change, so do the most effective and sought after channels. 

How to remain competitive: Digitalisation of marketing

As modern marketing takes larger and larger strides towards digitalisation, it’s increasingly clear that simply relying on word of mouth and ignoring digital solutions to lead generation is a surefire way of getting undercut in the competitive markets. 

As consumers move towards ease of access online, the way they consume media, alongside marketing, has shifted. A survey found that 90% of tenants prefer to begin their property search online rather than visiting a high street agency or looking at pamphlets of properties. Instead the preferred channel is social media, or your website and portals. 

This is where agents will obtain the most consistent lead generation. Thus, as an agency you have to stand out and make sure a lead can easily find you and come to you.

How to take advantage of new and more cost efficient methods of Lead Gen 

Most agencies allocate a budget for leads, the average cost per lead being £60. Some methods of Lead Gen are just not cost effective and scalable when trying to grow your agency.

If your properties get on average 10 leads, closing the offer means that you are also experiencing sunk costs of acquisition of £540 per property when the previously acquired leads go to waste. 

These leads have a value on the market, and can be monetised. This is where XChange helps you increase maximise your revenue. XChange will match applicants to properties allowing you to monetise every lead and never experience sunk costs again. 

Additionally, it’s become more apparent that in times of limited mobility like what we’ve seen during the pandemic, property portals like Zoopla and Rightmove have shown their inefficiencies relative to the cost per lead. 

This is most likely due to the saturation of such services. As more and more agents start relying majoritarily on these portals, their effectiveness for your agency becomes inferior to other sources.

Fortunately, XChange offers a brand new channel for property instructions. You can boost your revenue through the platform effortlessly. easy matches with 500+ live properties, means you can focus on matching all your leads thereby reducing your sunk costs.

The diversification of lead generation channels is the defining factor of long term success that otherwise wouldn’t be found by simply relying on the diluted portals.

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4 tools every estate agent needs to grow their business

Xchange by houzen

With the current limited mobility that is imposed on everyone, it’s normal to see real estate portals like Rightmove and Zoopla become increasingly saturated and flooded with agencies and listings. This makes it harder for your agency to stand out. In order to build a lasting relationship with your customers it is important to provide them with the best experience possible. 

Why face being lost in a swarm of competition when you could be looking for new tools and resources that can help your business stand out. 

Below we’ve curated a list of 4 tools we believe every agent needs to stand out in the competitive real estate market. 

1 – XChange

Of course we had to talk about ourselves first,  XChange is a property trading platform allowing you to quickly match your applicants to relevant properties to close more deals. Simply input all the relevant information and let the matching process do the work for you. 

This gives your agency a competitive advantage, allowing you to maximize potential transactions and reducing lead wastage. It also enables you to broaden your horizon, that is, to be able to source properties outside your operating area, and realistically, enabling you to be able to close deals in all four corners of a city.

2 – HomeViews 

HomeViews offers you a centralised base of reviews, coming from residents and property experts. Having accurate and in depth information about a property is incredibly important to market your stock and highlight it above the rest, to make it stand out in a blur of properties. 

This is why HomeViews aims to provide you with the information, sharing relevant insight on residential developments. HomeViews also offers you opportunities to advertise your business and available properties, making you more visible to the public. The platform is free to read, leave or respond to reviews.

3 – Vaboo

Vaboo is a platform that enables you to entice your clients with benefits, allowing you to stand out. They create a tenant reward platform that gives access to exclusive offers, national discounts and regular prize draws to help agents build trust, stand out and collect insights.

Additionally, by keeping your tenants happy these tenants will eventually become buyers. This customer retention is crucial to help your agency increase brand loyalty. 

4 – CoreLogic

CoreLogic offers 3D virtual property conversions of your listings, allowing you to accurately translate your property to prospective clients, and give them a sense of immersion that’s completely virtual and distanced. 

The affordable 3D virtual tour is a better alternative to traditional photography that helps your properties shine and stand above the rest. 

In times where clients might not be as comfortable organising viewings, this tool builds the bridge between your property and your prospective clients, allowing them to experience the property in an immersive way, at any time from anywhere, in return boosting the engagement with your stock and your sales potential.

Whether we’re talking about our property matching platform, CoreLogic’s enhancement of your virtual ads or HomeViews’s database of free and insightful information, trying out these new tools could be your solution to overcome and overshine your competition. 

Now more than ever is the time to broaden your inventory of tools to help you on your journey to success in this market.

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What Will Happen to Student Accommodation

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The post pandemic opening of the lettings market hasn’t shown to be too promising as people were expecting. Knight Frank recorded a 0.9% drop in the prime central London rental market in the past month alone.  

As supply remains constant, and demand is falling short compared to previous years, it seems that student demand has a big implication on the lettings market in the current timeframe. 

The pandemic and its impact

Normally, as universities and colleges start in September, the lettings market sees its sharpest increase in demand for the year, but as most universities have announced a transition to online education, students might be looking to postpone their moving plans until the second university term in January. 

We spoke to Ben at Citian Wharf, who told us that he had seen a decrease in demand from September of last year, but the amount of inquiries for January had been much more than those of 2019. 

Despite not knowing what will happen in September, UCAS published some data last month regarding undergraduate applicants for the forthcoming 2020/21 year.

The data showed a 2% increase in applicants overall including a 10% increase in applicants from Non-EU countries

Additionally:

  • Non-EU applicants are the highest they have ever been
  • 89,000 applicants this year, 58% increase in ten years
  • Chinese applicants made up nearly 25,000 of those
  • Indian applicants made up 7,600.

Are students changing where they want to live?

Citian Wharf saw that graduate students are reorienting towards university halls instead of private accommodation, due to the fact that it is more budget friendly, and that roommates aren’t all back meaning they’re looking more for one bed studios instead of flat shares.

Local students, ie UK nationals seem to be choosing to stay home for the time being, as university life takes a virtual turn. The economic uncertainty is also a factor that plays into this, as it is much easier to stay home in order to save money. 

International students don’t see things that way though. With applications still rolling in, the international community of students still value London as a hub of education, and hence will still need accommodation. 

Appetite from overseas students remains

As the student lettings market takes a sharp turn due to all the unforeseen circumstances, it seems the best thing to do is to reorient your efforts towards where the demand is. 

In this case, it means captivating demand from the east, where it is the most constant and reliable. 

At XChange, we’ve seen an inflow of students that are moving from Asia and will be moving in the end of September, and a larger influx by the start of the new year in January. 

Our expertise in the London market as well as our strong ties with the east has put us in a good position facing this student accommodation problem, and here’s how you can profit from it too. 

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Is your company at risk of being bought out? | Agency Acquisition during a pandemic

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Recent news headlines brought up Chesterson’s intent to go on an agency acquisition spree. This came after their recent acquisition of independent agency Morgan Randall last week. 

Chestersons has been on the lookout for smaller agencies to grab for about a year, since they announced that growth is driven by lettings.

With the current pandemic in motion, many smaller independent agencies are experiencing new faced difficulties sourcing properties in order to operate at an optimal level and reach their monthly target. Failing to do so leads their agency to be undervalued and become a prime target for agencies like Chestertons to acquire them.

Agency value driving factors

Whether you’re trying to sell your agency, or on the contrary trying to hold on to it, the value of your agency is a key factor that should be taken into account. Your business is valued based on the amount and value of the transactions that your agency is able to close each quarter. 

This is key when considering selling, is to maximise as many property transactions as you can in the coming term in order to get a valuation that reflects your business’s worth. 

This is also key if you’re trying to avoid being bought out, as by increasing your quarterly performance in the next term, you increase your valuation, deterring any potential hostile takeover or merger. 

Increasing agency value?

The question is, how can you increase performance, transactions and deals in a market that hasn’t been up to par with previous terms?

The pandemic has slowed the real estate market considerably, making it more difficult for agencies to thrive, but here are some good points to note: 

  • Look beyond your postcode, broaden your scope and increase your chance of potential closures.. Since consumers are reacting to the current environment by looking for different boroughs, it’s best to take a broader look at the map in order to accommodate as many clients as you can while simultaneously outperforming your competition. To find out more about expanding your horizon, click here.

 

  • Focus on lead generation. In a downturn it is an important element to focus on. Reaching out to customers is time consuming, especially when you have a reduced workforce. It takes away from the time you need to invest in closing your existing clients. To survive you have to diversify your lead generation methods. Make sure you’re not relying on just one source. Learn more about effective ways to lead generation here.

 

  • If the lettings market is slow, perhaps consider the sales market. Following the announcement of a stamp duty holiday, sales have been ramping up, in some cases even more than lettings. Trying to increase your property sales could be a large factor in a more attractive valuation of your agency. To find out more about how to profit from the stamp duty holiday, click here

Utilise the correct tools to reach your target 

At XChange, we pride ourselves in being able to source you a match property in 48 hours. Our services are all about enhancing your revenue, which could be crucial to your agency in the coming months. XChange also serves you as a platform to source applicants, giving you all the necessary components involved in closing a deal, all while taking the difficult task of sourcing away from you in order for you to focus better on your agency growth.

The bottom line being that, with XChange, you don’t have to get bought out. We are able to provide you everything you need to salvage your business, and if you do choose to sell your business, with us you’ll be able to sell it at a higher price thanks to your boost in performance.

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020 8064 1431

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