Press release: 23 March 2010
Home.co.uk's March 2010 Estate Agent property advertising survey shows that the majority of estate agents don't advertise on enough portals to minimise their marketing times. The survey shows that each additional property portal used by estate agents reduces their typical Time on Market for unsold property by over a week.
Regardless of the current difficulties in the UK property market Estate Agents can improve their sales turnover by advertising more widely online. The typical (median) time on market for a property in the UK is 136 days. Worryingly however, 5,709 estate agencies have a typical time on market in excess of this figure due to insufficient property portal advertising.
Estate agents with the best sales turnover rates are those that advertise their clients' properties on 7 or more of the major portals. Clearly, agents with minimal online advertising are not attracting buyers as effectively as they could be.
These startling figures plainly indicate that the majority of agents can improve their property sales service by advertising more widely.
"Advertising properties across more portals is better for both estate agencies and their clients," asserted Doug Shephard, Business Development Director at Home.co.uk, "as this achieves a better sales turnover rate for the agency and a higher sale price for the client. It's clearly a win-win opportunity since, with the exception of Rightmove, online advertising costs on most portals are good value."
Property Advertising Survey Results
| Number of Portals | Number of Offices | Percentage of Offices |
|---|---|---|
| 9 | 6 | 0.04% |
| 8 | 311 | 2.1% |
| 7 | 1063 | 7.3% |
| 6 | 1088 | 7.5% |
| 5 | 1249 | 8.6% |
| 4 | 1774 | 12.2% |
| 3 | 2407 | 16.6% |
| 2 | 2592 | 17.9% |
| 1 | 3059 | 21.1% |
| 0 | 956 | 6.6% |
The Home.co.uk Estate Agent property advertising survey results covered 14,505 estate agent offices across the UK and the eleven largest property sales portals (in order) are Rightmove, Primelocation, Findaproperty, Zoopla, Fish4, Mouseprice, Propertylive, Look4aproperty, Homes24, Propertytoday and Propertyindex.
Notes for Editors
Over the last 28 years, Home.co.uk has become established as a dynamic, innovative and ethical service. By providing the UK's most comprehensive Property Search and Estate Agents directory coupled with detailed House Price analysis, Home.co.uk delivers the real power of the Internet to inform and empower estate agents, homebuyers, renters, landlords and sellers in across the UK.
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