A guide to marketing for letting agents in the 2020s

From the tenant fee ban to the introduction of mandatory client money protection and confirmation that Section 21 will indeed be scrapped, 2019 was a year that changed the landscape of the lettings industry forever.

With 2020 now well underway, there are further shifts on the horizon for the private rented sector (PRS). In their eBook, Dawn of a new decade, lettings in the 2020s, Goodlord anticipate more change over the next decade, but also growth. With more people renting for longer than ever before – projections show that 25 percent of people will be living in the PRS in just five years’ time – there are opportunities for savvy letting agents. But effective marketing will be key.

Successful marketing for letting agents relies on a sound understanding of the shifting demographics of renters.

The latest English Housing Survey report highlights the changing demographics of tenants: after more than a decade of decline, the proportion of 25–34 year olds in owner occupation has increased, but there are almost equal proportions of people in that age bracket living in the PRS as there are owning their own homes. And the proportion of people aged 55–64 living in the PRS has increased and now stands at 10 per cent.

To be a successful letting agent in today’s market, it’s no longer enough to sit and wait for landlords and tenants to come flooding through the door. Agents need to make sure they are proactive about getting up to speed with the latest legislation, demographic and industry trends; as well as doing all they can to market themselves effectively.

As Paul Shamplina, Founder of Landlord Action and Brand Ambassador to Hamilton Fraser, noted in a recent LandlordZONE blog,

“I tell all the landlords and agents I train to go online at the beginning of the day, before they get stuck into work mode, emails and calls, and just read what is going on in our industry.”

A quick look at recent PRS headlines reveals a mixed picture. Some agents report that the light at the end of the tunnel is in sight, with yields finally rising again. After eight years of shrinking or static yields, claims one agent, government regulatory initiatives have unintentionally begun to push them up again.

The tenant fee ban has, agree some commentators, created an imbalance of supply and demand. This has led to an increase in rents, increasing yields for those letting agents whose landlord clients are in the PRS for the long term and whose tenant clients can afford the higher rents. But it is not clear how sustainable this rise in yields will be, with media reports suggesting that many more landlords are planning to exit the market in the near future. The scrapping of Section 21 on top of tax increases and government reform is thought to be a factor in this predicted trend.

In such an uncertain climate, ensuring that you have a clear and targeted approach to your marketing is vital. As a letting agent in today’s PRS, how can you make sure you stand out from the competition?

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Marketing for letting agents in the 2020s

In this series of in depth articles, we offer guidance to help get you on the right track when it comes to marketing your letting agency in the 2020s. Whether you are looking for advice on how to develop a successful marketing strategy, how to network more effectively, how to kick start your blog or how to make the most of social media, we’re sure you’ll find some useful tips that you can apply to your own lettings business.

 

Marketing strategy for letting agents

A guide to marketing for letting agents in the 2020s

Finding new landlords is becoming increasingly challenging for letting agencies, many of whom are also feeling the pinch of the tenant fee ban. Letting agents need to understand how social, economic and regulatory changes are likely to affect their business so that they can plan for the future.

In ‘Marketing strategy for letting agents, we look at why letting agents need a marketing strategy and take you through the steps involved. From researching your market and planning your strategy to developing your marketing plan, this article is packed with ideas to help you achieve your objectives.

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Hamilton Fraser's new helpline for letting agents covering legal issues

Blog post ideas for letting agents

Creating content for your website and social media is a very effective way of reaching out and engaging with your local market of potential landlord and tenant clients.

It can help build your reputation as a thought leader, showing that you are an expert in your industry, as well as adding value for your customers and offering you the opportunity to partner up with complementary local businesses with whom you can exchange ‘guest blogs’.

Producing rich content can also increase your SEO (Search Engine Optimisation), helping to grow your website’s authority, ranking and traffic so that you become more visible online.

However, getting started and consistently producing engaging blogs can seem like a challenging and time-consuming task. In our article, ‘Blog post ideas for letting agents, we look at how effective planning and preparation is key to making a success of a letting agent blog.

Social media tips for letting agents

In today’s digital world, social media platforms are an indispensable tool for letting agents looking to reach out to new and existing customers, offering the opportunity for two way interaction, which is not possible with traditional marketing such as direct mail and ‘to let’ boards.

By producing the right content for social media, you can increase engagement and boost your business’s online presence.

But to be effective you’ll need a consistent strategy and a targeted approach.

In ‘Social media tips for letting agents‘, we’ve put together our advice for helping you improve your social media presence and engagement.

A guide to marketing for letting agents