Listing properties on websites with a global reach can give estate agents a much-needed edge over their competitors, according to Residential People.
The free-to-list portal says that in a resurgent market with more listings available, competition between agents looks set to intensify in the coming weeks and months.
The ‘Boris bounce’ and increased competition
The resurgence of the UK property market in recent weeks has been well-documented and attributed to December’s decisive general election result.
This has provided consumers with the certainty to make decisions and kickstarted a rise in the number of people looking to buy, sell, let and rent property.
The bounce has been backed up by various market reports, including those from LonRes, Halifax, RICS and HM Land Registry.
According to Residential People, since the election result it has experienced more enquiries from UK customers, as well as a steady stream of foreign interest.
The portal’s director, Christopher May, says that in a more active market, competition between agents will heat up.
“More instructions and commission available means agents will be more enthusiastic about investing in digital marketing and recruitment in a bid to win more market share,” he says.
“While this increased activity is positive for the industry, it provides the largest agencies with the opportunity to use their firepower to dominate the market.”
“Therefore, at a time like this, independent and boutique agencies need to do all they can to keep pace with the competition and consider what differentiates their brand,” says May.
Global listings can be an instruction winner
At a time of increased activity and competition in the property market, advertising properties on a global scale can help agents to secure more listings.
Residential People, which has circa 950,000 property listings worldwide, says in recent weeks it has seen an upsurge in overseas enquiries from prospective buyers in the UAE and China who are interested in residential property in London and other major UK hubs such as Birmingham and Manchester.
Additionally, the portal, which also operates in India and South Africa, works with UAE developers such as Sobha Realty and Damac, as well as Dubai property agencies with UK offices such as Aeon and Trisl Real Estate.
“Following the bounce back of the market, the interest from overseas buyers in UK residential property is also making a welcome comeback,” adds May.
“The UK property market has an enduring appeal to the global market and with a more certain political landscape and less doubt over the Brexit process, overseas demand for bricks and mortar here will continue to grow in the coming months,” he explains.
“If an agent’s properties are also showcased to an audience of eager overseas investors, the chances of achieving quick sales at asking price or above are increased.”
“By promoting to vendors on a market appraisal that their property will be broadcast across the world, agents can give themselves an edge and secure more all-important instructions,” May concludes.