All landlords understand that reliable and trustworthy tenants are the key to maximising the returns on their investment, but often landlords are out of touch with how these tenants find their properties.
Times have changed
As with most industries, the property industry, both sales and lettings, has traditionally relied heavily on local newspapers to promote their properties. The property supplement was often the only way in which a passive tenant audience would look for properties. However times have changed, and so has the way that tenants search for properties. The internet has revolutionised the way consumers search, often consumers will do their research online before contacting a seller or agent – lettings is no different. The property industry, along with travel, finance and recruitment was one of the first industries to pioneer the internet, for example the Martin & Co website has existed for over 12 years now!
Papers declining
Whilst the argument for the survival of local papers in communities is a valid one, the reality is that it’s not how tenants are searching for houses to rent. The reason advertising revenue is falling; both in the TV and press industry is because the way consumers find and receive information has changed. In the past a tenant would be expected to receive information that was delivered directly to them via advertising, but this is no longer the case.
Immediate
A tenant looking for a property is no longer prepared to wait a day, let-alone a week, for the local property supplement. They want to be able to find information immediately and easily and the internet allows this.
Internet = ideal for lettings
The internet is also a vital tool in an industry that is as fluid as lettings. Properties can be instructed by a landlord and within a few hours they have already been let out, often meaning that a weekly lettings supplement in the paper is full of properties that have already been let out. The internet allows real-time information to be communicated.
Why are agents in the local paper?
If this is the case then why do agents often appear in the local paper? Well some agents may not fully appreciate the changes in the industry and the power of the internet. However more often than not it is because that agent’s landlords perceive that the paper is where their leads are coming from. Of course some tenants will prefer to search via the traditional methods, such as the paper but with the cost of newspaper advertising compared to that of a property portal’s subscription, is capturing this 10% of tenants cost-effective?
However
Local papers do have their use for the lettings industry. Whilst using the property section to rely on leads may be a flawed method, using the paper to communicate is still important. How will prospective tenants know which website to go to? How will prospective tenants know which agents are running special offers? Pro-active agents will keep a presence in their local paper, using it to generate brand awareness but will not rely on it as a direct source of leads.
The future
The internet is not going away and with broadband access improving it is likely that the number of people using the internet as their first port of call will increase. Ideally a landlord’s agent should be listed on all major portals that suit their local area, as well as have access to their own advanced website, such as martinco.com. However it is important to recognise that a high street presence is still important. Other industries such as the travel industry has seen a mass migration on to the internet, but consumers still like to be able to walk in and have face-to-face communication, often friendly staff and a professional service are the deal clinches on the leads that a website generates. We are asking the question to all landlords:
Is your letting agent doing enough online to market your property to the widest possible audience and get your property let?