Starting a Letting Agency – marketing tools
After the success of last month’s blog on internet marketing tips for estate and letting agents I thought it would be a great idea to try a little something different this week. A more subtle and extremely under-used form of marketing is the utilisation of your customers for word of mouth promotion, in this case it’s the tenants and landlords. Word of mouth marketing has been defined as ‘a face to face conversation between consumers about a product or service experience’. From my research into the area it can also be defined from the agency’s point of view as the ‘Intentional influencing of consumer to consumer communications by professional marketing techniques.‘ Okay, so we know exactly what the term means know from two perspectives, let’s discuss three ways in which to implement some word of mouth marketing techniques.
#1 Utilise what you have first
Stop worrying about all the different ways to market your services to new landlords and tenants. Obviously the more traditional mediums are still of use but it is the dawn of a new era, so agencies need to start thinking outside of the box. In fact, launching new campaigns, which I will mention below, can have a double effect as you start to build relationships with your current clientele while developing the potential to spread your agency via positive peer to peer communication. Check out the video below from a previous blog on Rentview, where I touch on word of mouth potential with tenants at the end.
#2 Stop shouting, start listening
I often see large banner ads placed along major property websites with prices listed for management fees to landlords. Nothing wrong with this obviously, for an integrated marketing communications plan you need to have 360 degree branding (hitting the target market with your message at as many points of contact as possible). However, what is the most trusted influence on a landlord in my opinion? I would say their fellow property owners and what they have to say about a service they have experienced.
#3 Rewards and relationships
Your tenants are handing over a lot of money – hundreds and often thousands per month for the lovely property you have given them. Obviously that’s the deal in place, but in the long run you want them to continue their stay for many years to come. That means, in my opinion, that you need to stay in touch and build and maintain that relationship with your database. What about creating a monthly newsletter with some property tips from your agency team? What about a monthly competition where you invest 300e of current marketing spend into a nice gift like a smart phone to raffle via your social media pages? These are just a couple of quick ideas on how to relationship build for the future.
That’s my top three tips, I hope they were of some help to any agents reading and please give us your feedback and thoughts by heading over to the Facebook or the Twitter pages. I leave you with some happy customers!