In tough times, your brand’s reputation is more important than ever. With a cost-of-living crisis, spiralling energy prices and rising interest rates, both vendors and buyers are feeling the pinch.
At times when sales begin to slow down, it’s essential to increase awareness of your business and make sure you stand out from the crowd. If you’re a smaller independent agency, it’s all the more important.
In this post, we’re going to take a look at why a great reputation matters so much for estate agents, and give you five actionable strategies to use in 2023.
Reputation: A key differentiator in tough economic times
As we all know, various world events have had a profound effect on the economy over the past couple of years. Many businesses have been forced to close their doors, and those that are still operating are doing so with reduced staff and hours. The estate agency industry is no different – in fact, it has been one of the hardest hit.
However, while the current economic climate is undoubtedly tough, it also presents an opportunity for estate agents who are able to differentiate themselves from the competition. And one of the key ways to do this is by building a strong brand reputation.
In a competitive marketplace, reputation can be a make-or-break factor for businesses. And when vendors are tightening their wallets, they’re more likely to go with an estate agency they know and trust. Here are some tips on how to build and improve your brand reputation in 2023.
Take part in fundraising or local charity events
In order to build a strong reputation, estate agents should consider taking part in fundraising or local charity events. This is a great way to show that you care about the community and give back. Not only will this make you feel good, but it will also help you to build positive relationships with potential clients.
There are a few things to keep in mind when choosing which events to participate in. First, make sure that the event is relevant to your brand. If you sell homes only in a specific town, this is easy, as anything that will benefit that town will be a good fit.
Second, be sure to pick an event that aligns with your company’s values. This will help ensure that your participation is genuine and not simply for marketing purposes.
Finally, don’t forget to promote your involvement! Make sure to post about it on social media and include photos or videos from the event. You can also include a link to the charity’s website on your own website. By taking these steps, you’ll be able to show potential clients that you are a responsible and caring business owner – two qualities that are sure to appeal to potential vendors.
Encourage and respond to feedback
In order to build a strong reputation, it is important to encourage and respond to feedback from both clients and buyers. This shows that you are interested in hearing what they have to say and are willing to make changes based on their suggestions. It also allows you to address any negative reviews or comments swiftly and effectively.
One way to encourage feedback is to create a survey or poll on your website or social media platforms. This can be used to gauge customer satisfaction levels or get suggestions for improvements. There are several free survey platforms out there, including:
You can also encourage reviews from your clients by actively asking them to leave one. Google is the best platform for you to gather reviews, as this will also help you to increase your online visibility.
When responding to feedback, always thank the person for taking the time to provide it. If the feedback is positive, be sure to let them know how much you appreciate their support. If it is negative, apologize for any inconvenience caused and assure them that steps will be taken to rectify the issue. In either case, make sure your response is professional and courteous.
Share your knowledge
Another way estate agents can build their brand reputation is by sharing their knowledge. This can be done in a number of ways, such as writing articles or blog posts, giving talks or presentations, or hosting online events like webinars.
By sharing your knowledge, you will show others that you are an expert in your field and that you are passionate about helping others learn. This will go a long way in building your brand reputation and making sure that you stand out from the competition. Not only that, but it will help build brand awareness both on and offline.
If you’d like to learn more about the many benefits of blogging for your business, take a look at our guide: Content Marketing: A Powerful Tool for Estate Agents
Improve your vendor experience
Once you make collecting feedback a regular habit, you’ll start to collect great insights on how you can improve your service. While these improvements will be unique to your business, some suggestions might include:
- More frequent communication with your vendors about their sale progression
- Additional services in your marketing package, like virtual tours or property videos
- Offering a property staging service
- Better-designed or higher quality brochures
- Listing your instructions on additional property portals
Even while you are collecting feedback, you can think of ways to make your vendor experience even better. A good exercise is to gather your team together and go through, step by step, the journey they take with you.
This can start at the very beginning, such as receiving a recommendation from a friend, all the way through to completing the sale. Put every step you can think of on a post-it note and put together your vendor journey.
Are there any gaps? Anything you could do differently? Or perhaps an additional step you could add? Putting yourself in your vendor’s shoes is a great way to see how you can improve.
Shape great company culture
A company’s culture is the way its employees behave towards each other and the way they handle business. It is shaped by the company’s values, mission, and goals.
A great company culture can help to attract and retain employees. However, it’s also part of the message you communicate to your clients. By creating a working environment that your team enjoys, you foster productivity and morale, which has a direct impact on how your staff do business.
To shape a great company culture, start by clearly defining your company’s values. These are the beliefs that guide your business decisions and actions. Once you have defined your values, make sure they are communicated to all employees and that they are reflected in your day-to-day operations.
Your company culture should also be aligned with your business goals. Make sure your employees understand the goals of the business and how their work contributes to them. Encourage them to take ownership of their projects and see them through to completion.
Finally, create an environment that is conducive to positive interactions between employees. This may include things like regular team-building activities, social events, and open communication channels. By creating a positive workplace environment, you can encourage your employees to be their best selves and work together towards common goals.
Conclusion
Reputation is a crucial aspect of any business, and estate agents are no exception. By following the tips outlined in this post, you can take steps towards growing your reputation in 2023 and beyond. And by investing in your reputation, you can attract more clients, close more deals and set yourself up for future success.
