Estate agents often focus on vendors who are already aware of their need to sell a property with on-market activity. However, a significant opportunity lies in identifying and targeting vendors who are unaware they have a need.
These unaware vendors may not be actively thinking about selling, but with the right approach, they can be moved along the awareness journey and converted into vendors.
Here’s how you can identify and some ways to target these unaware vendors effectively.
Understanding Unaware Vendors
All prospective vendors will undertake a decision making journey when it comes to listing and which agent to list their property with.
The customer journey is often divided into stages of awareness, introduced by Eugene Schwartz in his 1966 book "Breakthrough Advertising. These awareness stages outline how potential customers progress from being unaware of their needs to being ready to make a purchase.
Understanding these stages can significantly enhance estate agents' marketing strategies and vendor interactions building trust and driving conversions.
Unaware vendors are those who do not yet recognise that they have a pain or need related to selling their property and moving.
They might be content with their current situation or simply not considering a move due to wider macro-environmental factors like the economy. Your goal as an estate agent is to bring their attention to potential opportunities and present the benefits of selling, particularly with your agency through timely and relevant marketing.
Identifying Unaware Vendors
Market research
Conduct thorough market research to identify demographics and areas with potential sellers. Utilise data analytics tools to identify patterns and trends that suggest a homeowner might consider selling.
Market research can be time-consuming, however Spectre AI is trained on millions of data points our A.I. marketing model intelligently optimises your campaigns and automatically selects the properties most likely to instruct. Spectre AI knows exactly which properties to contact to optimise return on investment with the click of a button, saving your agency time on manual research or ineffective spend.
Community engagement
Being where your vendors are is important to build brand awareness.
Agents could engage with local communities through events, sponsorships, and local partnerships. Being active in the community increases your visibility and helps you build relationships with potential vendors who may not yet be considering selling their homes.
Targeting Unaware Vendors
Educational content
Create content that educates potential vendors about the benefits of selling their property. This can include blog posts, videos, infographics, and social media updates that provide valuable insights into the local property market and the selling process.
Blog content (SEO)
Publish SEO-optimised blog content that answers common questions and provides value to the audience. Topics might include "Top signs it’s time to sell your home" "How the current market benefits sellers" or "Understanding property valuation."
FAQ pages
Create an FAQ section on your website that addresses common concerns and misconceptions about selling property. This can help to gently introduce the idea of selling to those who have not yet considered it.
Direct mail campaigns
Send informative and visually appealing postcards or letters to vendors in your target areas.
One powerful way to leverage direct mail is by highlighting properties you’ve recently sold in the recipient’s area, often referred to as Sold-In-Your-Area campaigns.
Seeing that properties in their neighbourhood are selling can pique a vendor's interest, especially if the properties sold quickly or above the asking price.
For example, you could create a postcard that states, “Just Sold in Your Area!” with a visual of the property and a brief description of the sale. Including a call to action, such as offering a free valuation or inviting them to contact you for more information, can encourage potential vendors to take the next step.
.png)
Or consider highlighting market trends, recent sales data, and introducing your agency to them. Vendors are often keen to know how the local property market is performing.
Use your direct mail campaign to share valuable market data, such as recent trends in property prices, the average time homes are on the market, and insights into buyer demand.
A well-designed postcard or letter that highlights key statistics, coupled with your analysis, can position you as a knowledgeable and trustworthy estate agent. This type of content not only informs potential vendors but also builds your credibility as an expert in the local market.
Social media presence
Use social media to share educational content, property listings and engage with your audience. Highlight success stories and case studies that showcase the positive outcomes of selling with your agency.
Depending on the size of your team and available budgets, social media ads can also be used to target specific demographics, helping to attract the right audience.
Email marketing campaigns
Email marketing is a powerful tool for reaching potential vendors directly in their inboxes. By crafting thoughtful and informative email campaigns, you can gradually nurture unaware vendors into considering selling their property.
The limitation of email marketing is that not all of the unaware vendors may exist in your CRM.
Start by collecting email addresses through your website, social media channels, through QR codes on direct mail and at any community events. Offer valuable content, such as market reports or guides, in exchange for their email addresses to grow your marketing lists.
Personalised content
Segment your email and direct mail target list to send personalised content that addresses specific concerns and interests of different groups.
For example, younger homeowners might be interested in upgrading to a larger property, while older residents might be considering downsizing.
Targeting unaware vendors requires a strategic approach. By identifying and engaging with these potential vendors, estate agents can create new opportunities and grow their market share.
Remember, the key is to educate and inform, building trust and positioning your agency as the best choice for their selling needs, when they need them.
Enhance your marketing efforts by booking a demo with Spectre today.
