ResiAnalytics

Understanding your patch: there probably isn’t anything more important to an estate agent in terms of gaining instructions and building a brand. Knowing the local area that you operate in isn’t just down having an insight over the different property types, but also understanding the demographics of the people living there. 

It will be hard for agents to advertise themselves if they don’t know their market. It will also be harder to attain the right type of clients. Agents that spend a considerable amount of time profiling their market and promoting themselves to the right people will find they stand a better chance than trying to lots of mud at a wall, hoping something will stick.

We thought we would do some profiling of our own and look at how you can better target demographics in your area, helping you craft a more targeted way to advertise in the process. 

Privacy policy

Before we start, it is vital to understand what you can and cannot do when gathering information on people. It is not exactly top MI6 intel, but there are a few things you need to pay attention to. 

You need to have a privacy policy in place for anything that involves collecting people’s data. This could be something that is seemingly minor like using tracking on your website, or something more obvious like collecting people’s details to contact them via a newsletter. 

Collecting information

So how do you go about attaining the correct information on the demographic in the area(s) you operate in? How you capture information is mainly down to observing your market and following up the data you have captured with strategic moves. There are also online tools to help you collate the info in a way that makes it easier to understand. We will be looking at these a little later on in the article.

To start with we have listed some of the information we think you should consider when profiling your local market. 

Gender

What are the gender percentages like in your area? How many are male and how many are female? Are sellers in your area more likely to come from male-owned properties, female-owned, or is it mixed? Having an idea of the different type of gender behaviours in your patch can help with gender-related marketing.

If you have identified that there are more males aged between 30-35 buying and selling property in the area, it will be worth looking at the types of places they may spend some of their time – pubs, sports grounds etc. – and then think about targeting those areas for advertising. 

Age

Knowing the age ranges of people in your area is vital for allowing you to have a better idea of the type of properties that will be in demand and are also likely to come on to the market. 

People their 20’s will likely be seeking their first move, therefore looking at properties ranging from studios to two-bedroom apartments. Their budget will be towards the lower end of the market, with high chances that they will rely on taking a mortgage. It is also unlikely that they will be selling a purchasing while buying one. 

Early 30’s to mid 40’s house searchers will either be starting a family or already have one and want to upgrade to a larger home. It is likely that people in their early to mid 30’s will be looking on the outskirts of town, where property prices will probably be slightly cheaper but offer more space, while those aged 40 and up will have a larger budget and look at premium properties. People in this age range may also be selling their current property while they are on the search for a new one. 

Those aged 45-plus may be searching for second homes. If that is the case there are high chances that they won’t be from the local area. It is also unlikely they will be selling their home if they are purchasing a second home. 

Current location

You can get a better understanding of your clients by identifying the area they currently live in and what their reasons are for moving. Have they outgrown the area? Do they want to be located closer to schools or transport? Or do they want to move into a more affluent part of town? 

Desired location

Desired locations normally fall into two categories: realistic and unrealistic. If it’s the former, you can start to market in the areas they currently reside in, selling the idea of a better life in their desired area. 

If the area they desire is somewhere that will be unattainable for them, you are afforded the chance to to push the idea of moving to an area that might not be their first choice, but ticks enough of their boxes to get them thinking about alternatives. 

Budgets

Having an idea of the budgets of demographics in your area will greatly enhance your chances of effectively advertising in a sufficient way. What is the percentage of people that pay lower prices, mid-level prices and higher prices in the market?  

Your success rate is likely to increase if you can compile separate campaigns focusing on different price points for your audience. It will also help if you narrow down your target audience for each campaign so you can create demographic-specific marketing. 

Type of car they own

What are the type of cars people own in your patch? The reality is that someone who owns a Vauxhall Corsa is likely to have a different budget from a who Mercedes or a BMW owner. Pinpointing the cars that people drive will allow you to achieve a more realistic understanding about the properties these people will be able to attain, or the properties they may sell in the future. 

Publications they read

Can you advertise the magazines people are reading in your area, possibly submitting a press release? And even if they’re not, having an idea of the style of publications demographics in your area read will help you to get a better understanding of their personalities. A better understanding people’s personalities will help you craft superior, more personalised marketing material that has a greater chance of getting them to make a ‘call to action’. 

Where do they holiday

What types of holidays are people living in your patch taking and what budgets do they have? Things like holidays and cars not only help you to get a better idea of people’s budgets, but they also give you some indication as to the type of property they might be thinking about purchasing. 

What is the psyche of the people in your local market? Are the ones that favour beach house holidays more likely to want to live in large properties, and will people who enjoy city breaks in quaint apartments favour this type of property where they currently live? 

Use of internet; how do they use tech?

What types of websites are vendors and buyers regularly visiting? Do they use the Internet purely for browsing, or do they like to use it to buy goods, whether grocery shopping or more expensive items? 

It may be worth looking at doing some banner ads on websites that your target audience frequently visit. If, however, people are using the Internet to buy products regularly, it may be worth thinking about making your website more integrated to allow people more connectivity online if you haven’t done so already. 

It is also worth exploring how to interact with them over social media. Whether that is by targeting people and sending them personalised messages, or paying to promote content on LinkedIn, Facebook and Twitter. 

Google Analytics can help you get a better indication of the type of people visiting your websites and where they are coming from, while online websites such as Mosaic help you to gain a better understanding of the individual, rather than grouping all of your clients together. 

Gain an insight into how they digest information: do they read emails on their phone or are they more receptive to a written letter? This will help you build up a persona and help you improve the customer journey and overall user experience.   

Profiling of recent customers

Who are the people currently walking through your door and making enquiries, and can you use these people as a basis to target similar demographics? If you have found that there has been a spate of women in their mid 30s visiting your branch, try getting as much information as you can to target similar people for future campaigns. 

Use valuations to get a better understanding

Use your experience of valuing property to get a better understanding of the types of homes in the area and those who inhabit it. The reality is that you already have a good idea about demographics and budgets of people in your market, so it is really about refining that to create the best campaigns possible. 

Tailor your message to different demographics 

Different messages sent to different demographics will enhance your agencies’ chances of creating more brand awareness and getting even more instructions. Knowing the finer details of your local market can be the difference between signing up a new client or taking on a new instructions over a rival agent who decided to neglect the finer details.