Stock not a problem but running low on interested or proceedable buyers?
Written by Matt Hayter - 10th of October 2024
Traditionally, Homesearch’s platform has been used by estate agents to target homeowners and encourage them to consider selling their property. However, with the current state of the UK property market, it might be time to expand your approach. Today, there are more homes on the market than we’ve seen since 2020, and for some regions, it's the highest number in the last decade. Yet, sales are slowing down due to economic uncertainty, rising mortgage rates, and other financial concerns limiting the pool of buyers.
In light of these challenges, Homesearch can help you pivot your letter strategy to target prospective buyers, providing agents with new ways to generate interest in available properties.
1. Shifting Focus: Targeting Buyers
While selling homes is tougher in the current market, there is still a demand for homes that meet specific needs. One area we’ve had success in, with leading UK house builders, is targeting buyers for new developments. This can now be adapted by estate agents using our Explorer tool to appeal to potential buyers for properties already on the market.
Here are a few types of buyers to consider targeting, and how you can reach them using our data-driven filters:
Renters
Renters who are looking to buy their first home represent an ideal market to target, particularly for properties at the more affordable end of the spectrum. These buyers may be seeking financial stability and long-term investment by purchasing their first home.
How to target them: Use the Explorer tool to find rental properties in the area you’re focusing on, and send letters introducing ideal starter homes to these renters. Highlight the benefits of homeownership, especially in an economic climate where locking in a mortgage rate might be more favorable than rising rental costs.
↗️ 🏠 Upsizers
Families looking to upsize are another key market. If you’re selling 3-bedroom homes, for example, owners of 2-bedroom flats or houses may be your next potential buyers.
How to target them: Use Homesearch’s filters to identify owners of smaller homes in nearby areas. Craft a letter tailored to their needs, such as extra space for growing families, access to better school districts, or proximity to parks and amenities.
↘️ 🏠 Downsizers
With many retirees or older homeowners sitting in larger homes, they might be considering a downsize to something more manageable, particularly as they look to reduce expenses.
How to target them: While Homesearch’s platform doesn’t have a filter specifically for retirees, you can use your local knowledge of areas with an older demographic to target potential downsizers. Use the Explorer tool to identify larger properties and craft your message around the benefits of moving to a smaller, more manageable home with reduced maintenance costs.
2. Refining Your Target Audience
While Homesearch offers powerful filters to target prospective buyers, some segments may require more detailed analysis. For instance, if you’re selling a 3-bed semi-detached home, this is typically considered a family home. Families with younger children, particularly those in their 20s and 30s, would be an ideal market.
Targeting age groups: While you can't filter directly by age, Homesearch provides demographic data for streets, including age breakdowns. You can research each street individually to identify whether it fits the demographic profile you’re targeting. This might take extra time, but it allows you to hone your approach and ensure your letters resonate with the right audience.
To research a street's age breakdown, first search for any property on that road in the top left of the platform. Once on a property information page, navigate to the Street tab towards the middle of the page, just under the street and satellite view.
Scrolling down towards the bottom of the page, we can find that street's Gender and Age group breakdown.
For example, the above street might be an ideal candidate to write to about a family home you have on the market, as the majority of the residents are between 26 and 45.
Just above this section on the street tab however, is the Tenure and Time breakdown. Here you can get an understanding on whether the road is worth canvassing based on the percentage of council, owner occupied or rented properties.
3. Consider your trigger points
Price reductions
While none of us set out to reduce the price of a property, if you find yourself needing to do so, it might be the perfect opportunity to go hunting for those buyers.
Remember, early interest after a price reduction might bolster the opinion of you in the eyes of your vendor. Especially if the vendor was set on a price from the outset that you felt was above what the property would realistically sell for.
4. Adding Value with Trackable Online Market Reports
Another powerful tool that can boost the effectiveness of your buyer-targeted letters is the inclusion of online market reports. You can generate a custom Homesearch report for the property you’re trying to sell and include a link to the report in your letter via a QR code.
This provides several benefits:
- Trackable engagement: While Homesearch cannot provide personal data on who accessed the report, you’ll receive a count of visits, giving you valuable insight into how many people interacted with your campaign.
- Engaging buyers: By including an easy-to-scan QR code that leads to more detailed property information, you're providing an interactive call to action. This is especially useful for tech-savvy buyers who may want more in-depth information before deciding to view a property.
Example Letter Script
Here's an example of how you might structure a letter to attract buyers:
Subject: Discover Your Next Family Home at [Property Address]
Dear [Homeowner Name],
Are you looking for more space for your growing family? Our latest property at [Property Address] might be the perfect fit! With [X] bedrooms, [Y] baths, and located in the desirable [Area Name], this home offers all the room you need to settle in and grow.
Scan the QR code below to view an exclusive market report for this property, complete with detailed information, photos, and more!
If you’re interested, don’t hesitate to get in touch—we’d love to arrange a viewing.
Best regards,
[Your Name]
[Your Agency Name]
5. Conclusion
In today’s challenging property market, estate agents need to adapt their strategies. By using Homesearch’s filters to target specific buyer demographics—renters, upsizers, and downsizers—you can create highly personalised letters that resonate with potential buyers. Additionally, adding interactive elements like QR codes linked to online market reports can increase engagement and provide valuable insights into the success of your campaign.
For more ideas on how to target buyers with Homesearch, or for help navigating our platform’s features, visit our Help Centre or contact our Client Success team.