The world of property marketing has shifted like sand underfoot over the past decade. From the insurgence of social media to the transformation of the property market, the old strategies have been eclipsed.
To understand this evolution and where it’s headed, we tapped into the insights of Simon Leadbetter, an industry luminary in real estate marketing.
Meet Simon Leadbetter
Simon’s journey through the real estate marketing world isn’t just vast; it’s diverse. His three-decade-long experience extends across global corporate sectors, with roles at Fidelity, Emap, Prudential, and more.
Beyond the corporate arena, Simon’s entrepreneurial spark led him to found startups like AffinityIQ and Blue & Green Tomorrow, a UK-centric online magazine spotlighting sustainable investment. His leadership roles, including stints with Countrywide Plc and Knight Frank LLP, cement his position as an industry thought leader. Simon is presently a strategic advisor at Letio.
Decoding today’s property marketing landscape
Social media: The new frontline
In an era where platforms like Facebook, Twitter, Instagram, and TikTok dominate daily interactions, their importance in property marketing cannot be overstated. These platforms, capturing hours of consumer attention daily, have emerged as game-changers for agents and landlords alike.
The Voice of the Tenant takes center stage
Platforms centered on customer feedback have revolutionized the property sector. Tenants and buyers are no longer passive participants; their voices, whether in praise or protest, hold agents and estate services accountable.
A property market in rapid transition
The property market’s metamorphosis from balance to soaring unaffordability has sent ripples across both rental and buying scenarios.
Common pitfalls: Where landlords often go wrong
An over-reliance on DIY
A prevalent misjudgment among landlords is the belief that they can single-handedly oversee all facets of property management. The UK’s rental arena is a mase of regulations, encompassing housing standards, tenant rights, and financial mandates. In light of such intricacies, seeking professional expertise isn’t just advisable—it’s indispensable.
Neglecting the implications of void periods
Empty properties or ‘void periods’ aren’t merely spaces devoid of tenants; they’re voids in a landlord’s revenue stream. Overlooking the potential of these non-occupancy phases can have dire financial ramifications.
Misreading client desires
It’s not uncommon for landlords to miss the mark by failing to genuinely grasp their clients’ unique requirements and tastes. Such oversights can sabotage marketing efforts, leading to missed opportunities and dwindling sales.
A portal-only marketing strategy
While property portals are invaluable assets in marketing, exclusive dependence on them is ill-advised. A comprehensive and diverse marketing strategy is essential to effectively reach potential tenants or buyers.
Prioritising speed-to-market over speed-to-rent
It’s tempting to rush a property onto the market. However, prioritizing the sheer speed of listing over meticulous preparation, enticing presentation, and captivating photography can prolong vacancies and amplify financial setbacks.
Undervaluing the power of relationships
A common mistake is to underestimate the value of existing tenant relationships. Today’s tenant could be tomorrow’s property buyer or refer future clients. Treating them with anything less than utmost respect and consideration is a lost opportunity.
The landlords’ guide to finding the right agent
Scouting for property management agents can feel like a daunting project. Simon recommends landlords keep the following checklist in mind:
- Compatibility: Ensure agents have experience with properties mirroring yours.
- Pricing precision: Dive into their advertised vs. achieved rent data.
- Tenant’s verdict: Peek into the agent’s tenant satisfaction metrics. It often unveils the true ethos of their service.
Recommended reading: Effective marketing for landlords: Why first impressions do count
The future is technology-driven and tenant-centric
The future holds enormous potential for integrating technology and human interactions in property management and letting platforms. With an inevitable increase in tenant-friendly regulations, the focus will shift towards enhancing tenant experiences.
The dynamics of property marketing are not what they once were. With the digital realm taking the spotlight and regulations tightening their grip, staying informed is the key. The wave of change is relentless, but for those ready to adapt, it holds immense potential.
How Letio can help
At Letio, we’re on a mission to improve the renting experience for everyone. We believe that doing good is good business. Sustainability, transparency, and accountability are our core values, as we support landlords on every step of the letting journey.