25 Jul Rightmove introduce Market Intelligence
Rightmove, the UK’s number one property website, is set to launch a new campaign aimed at providing sellers and landlords with the ‘Market Intelligence’ they need to sell and let their property this summer. New research from Rightmove has revealed the alarming statistic that, on average, a property listing has less than 3 seconds to impress a home-hunter before it is either dismissed or clicked-on for more information. The Market Intelligence campaign aims to help sellers and landlords maximise those all-important 3 seconds by thinking carefully about the 3P’s of property marketing.
Research into buyer behaviour on the Rightmove website shows that potential buyers spend an average of just 2.7 seconds looking at a seller’s summary advert before deciding whether to take their interest further, or move on to look at other properties.
Rightmove director Miles Shipside comments:
“As a seller your property advert has less than three seconds to make a positive impression with a potential buyer. With lots of property to look at, buyers tend to exclude rather than include, and once dismissed it is a challenge to regain a buyer’s attention. Your property advert needs to give them reason enough to travel to visit your property, especially during one of the wettest summers on record. Given the level of competition for proceedable buyers in many markets, making an immediate and impactful impression is more important than ever, and this means finding the perfect combination of attractive price, compelling photographs and alluring description. Sellers already on the market, and those considering selling, should gather market intelligence on those properties they are in competition with and make an impartial judgement on why a buyer should view their property and why they would prefer to live there.”
New sellers currently outnumber successful buyers by an average of nearly 2:1, highlighting the substantial challenge faced by many sellers during this summer of miserable ‘viewing’ weather and Olympic distractions. The market mismatch between seller levels and the number of proceedable buyers makes it even more vital that sellers get the right Market Intelligence around Price, Promotion and Presentation prior to bringing their property to market.
Land Registry data for the last 12 complete months shows average sales completions running at 56,220 per month. Rightmove, which covers over 90% of the market, records a monthly average of new property listings over the same period of 102,121. Although there will be a degree of correction in this imbalance as unsuccessful sellers change their minds and withdraw from the market, average unsold stock levels remain stubbornly high at 75 per estate agency branch. Indeed, stock levels have risen for five consecutive months as new seller numbers outstrip the number of properties sold or taken off the market. In the comparable 12 month period prior to the onset of the credit-crunch, average monthly new property supply (137,082) outstripped successful seller numbers (108,539) by just 25%.
Shipside comments: “Even though the supply of new properties coming to market remains constrained compared to pre-credit-crunch levels, in all but the most stock-starved micro-markets seller levels substantially outnumber those of proceedable buyers. Attracting the attention of those buyers is the first step on the road to a successful sale. The fact that we have not seen major price falls in the UK and that many areas are not awash with agents’ ‘For Sale’ boards may lead some sellers to be over-optimistic with their pricing, but it is vital that they are dispassionate and face up to what they have to do to get their property fit to sell. New seller numbers may be down some 30% on the period prior to credit-crunch, but the numbers achieving a successful sale are down by half and average unsold stock levels are creeping up. Sellers need to adjust, as this new world is the new norm.”
Unsurprisingly, agents report that while location remains important, good quality properties in terms of finish and layout are easier to sell but also harder to find. Potential sellers of quality examples are choosing to hang on to what they’ve got if they cannot better it. Conversely, poorly cared-for property is harder to sell, unless the price or potential it offers once improved is extremely attractive.
Shipside adds: “Those keen to sell this summer should consult their local estate agent about what it takes to improve their property’s quality, value and appeal to be one of the best in class. Sellers should ask their estate agent if their property is worthy of a medal in terms of the three P’s: Price, Presentation and Promotion. Is it one of the most competitively priced? Is it amongst the best presented in terms of condition? Having ticked those two boxes, then how is it best promoted to ensure a buyer is aware of its endearing qualities over other choices on the market?”
THE MARKET INTELLIGENCE CAMPAIGN
The Market Intelligence campaign follows on from the success of last summer’s ‘Chance’ campaign and will be highly prominent across the Rightmove website over the next few months. As part of the campaign, Rightmove has invested in a cutting edge HTML5 interactive video which allows users to enter a specific postcode and then takes them on a journey around their local area. During the journey, users will be presented with a range of local market intelligence such as local house price trends, rental market yields and property presentation tips. The campaign’s innovative interactive video will sit within a dedicated landing micro-site featuring a variety of further property market intelligence tools.
Shipside adds: “Our Market Intelligence campaign provides the British public with a new and fully immersive way of viewing their local property market, as well as giving sellers the intel they need to move home. The campaign will drive home the importance of Price, Promotion and Presentation, Complimenting and supporting the key messages that we know many estate agents and lettings agent regularly use. We are helping open the door for agents to have constructive discussions with sellers and landlords about the benefits of realistic pricing and increasing a property’s sale-ability by smartening it up. Our aim is to leverage our exposure with the home-moving public to drive home those messages this summer on behalf of Rightmove advertisers.”