There are some significant differences between real estate agencies in the US and UK. Even the term “real estate” isn’t widely used in Britain as the word “property” is used instead. Besides changes in dialect, the United Kingdom likes to advertise differently than their US counterparts.
Still, we can guarantee that these strategies will increase house sales across the pond.
Market the Sales Negotiators, Not Just the Estate Agents
In the United States, real estate agents (sales negotiators) are typically entrepreneurs who join real estate companies (estate agents), so they can gain access to buyers and home databases. UK sales negotiators will instead join an estate agent made up of 2-6 people who work together under one company. In marketing, the estate agent is the selling point, not the negotiators.
US agents will create a website and build a blog that shows prospective clients what they have to offer. They’ll fill their blogs with content that targets clients and hence get more leads.
Why Should the UK Do This?
In the United States, the average age of a realtor is 59, and the agent must go through a regulatory authority and receive licensing to sell a home in the first place. You assume that they have this experience, but to set themselves apart, realtors will market themselves online anyway.
The UK doesn’t have the same level of professionalism as anyone can print business cards, join an estate agent and sell homes. The consumer is left with the research. If sales negotiators want to compete, they should market their individual skills and talents, not the businesses.
Use Lead Generation Software (LGS) for Marketing
Whether you live in the UK or the US, real estate/property is a highly competitive business. This is where lead generation companies come in. Unfortunately, too many UK businesses are still sending sales letters, making phone calls, or using traditional advertising to get the word out. While this can be effective locally, you’ll miss a considerable portion of clients who want to buy in your area.
Why Should the UK Do This?
Concentrating on attracting leads online with LGS can allow you to focus on your existing clients. Here are just a few things LGS can accomplish:
- Generates quality leads that want to buy from you.
- Manages leads better by automating email marketing and pinging for follow-ups.
- Increases accuracy by illuminating busy work.
- Allows you to close sales faster by accelerating the process.
Chances are, your competition is already using it without your knowledge. Within the US, 57% of all B2B and B2C companies surveyed use LGS. The UK shouldn’t miss out.
Cooperate by Exchanging Home Databases
In the United States, there are over 900 MLSs (Multiple Listing Services) that are used by agents to sell more properties. In the UK, this practice is practically unheard of because of the assumption it will lead to fewer sales or draw more attention to the competition. However, that isn’t the case. MLSs actually produce more quality leads and faster sales, usually for free.
There has been an effort for UK estate agents to establish cooperation between multiple companies, but there has been significant pushback. The few MLSs that exist charge a ridiculous up-front fee that discourages potential buyers from using them at all.
Why Should the UK Do This?
The UK has an odd relationship with its buyers in that they tend to ask their customers to research their rights as property purchasers. The US has the RESPA, which improves the disclosures of settlement costs, closing costs, and the elimination of kickbacks and referral fees. The UK has no such law, so it’s required for the negotiator to disclose this information.
The UK must switch its focus to representing the buyer and not the estate agent to improve sales across Britain. If all estate agents use MLS, they’ll attract more leads and close more house-related sales; just make sure you offer these platforms to customers at a low cost.
