In this conversation, Russell Quirk, Co-founder of ProperPR and former CEO of emoov, shares his insights on the UK housing market and public relations in real estate. He discusses the importance of local market knowledge over awards, revealing how agents can engage clients effectively. Russell also navigates the shift from traditional to hybrid estate agency models and emphasizes nurturing client relationships to boost referrals. He closes with personal reflections on fatherhood, stressing the significance of being present for family.
The property market is expected to have a strong first half in 2025, but may face challenges later due to government actions.
Public Relations is vital for estate agents as it builds long-term credibility and visibility compared to immediate advertising results.
Estate agents must understand both local and national market dynamics to provide tailored insights and foster trusted client relationships.
Deep dives
Predictions for the Property Market in 2025
The property market in 2025 is anticipated to show a dichotomy, functioning effectively in the first half while facing potential challenges in the second half. With interest rates decreasing and stable unemployment rates, there is a belief that consumer sentiment will boost demand and transactions early in the year. However, concerns arise regarding government actions and communication, which could instigate a sense of economic fragility among consumers. Missteps by the government might translate to stagnation in the market, causing caution among potential buyers and sellers in later months.
The Role of Public Relations in Estate Agency
Public Relations (PR) plays a crucial role for estate agents, yet many do not fully understand its value or implementation. Unlike direct advertising that promises immediate results, PR focuses on cultivating organic visibility and credibility over time. Successful PR leverages data and industry insights, projecting the agent or firm's expertise to foster trust and interest among consumers. A strong PR strategy enables brands to shape their narratives positively, highlighting their unique competencies to attract prospects effectively.
Understanding Local and National Market Dynamics
Estate agents must grasp the complexities of both local and national property markets to effectively serve their clients. Distinguishing between larger trends and more localized conditions allows agents to deliver tailored insights that resonate with consumers' specific needs. The importance of localized knowledge is evident when market conditions fluctuate due to factors such as infrastructure developments or regional economic trends. Agents who can articulate these nuances position themselves as experts, fostering stronger client relationships and trust.
Navigating Commission Structures and Client Expectations
The ongoing debate regarding commission rates underscores a significant challenge for estate agents as they strive to address client expectations while maintaining profitability. Many agents find themselves in competitive situations where they feel pressured to reduce fees to match competitors, often at the expense of service quality. A better approach lies in refocusing conversations around the value agents provide rather than solely on commission percentages. Building trust and demonstrating expertise enables agents to have meaningful discussions about fees and reinforce their worth to potential clients.
Nurturing Client Relationships for Long-Term Success
The importance of nurturing relationships with past clients cannot be overstated, as this can lead to increased referrals and repeat business. Agents often overlook the value of maintaining connections with clients who may not be ready to sell immediately but could be valuable contacts in the future. Implementing strategies for consistent communication, such as providing market updates or industry insights, keeps agents top of mind. By fostering these long-term relationships, estate agents can tap into a reservoir of future business opportunities and enhance their overall success.
Today's guest is Co-Founder of ProperPR and was previously the Founder & CEO of emoov.
"It’s fair to say that my ‘black book’ of contacts is thicker than a whale omelette."
In addition to running ProperPR, he is also a passionate commentator on the housing market and politics for national media.
He has been providing regular insightful comment to broadcast media and the press since 2015, covering topics such as house prices, housing supply, lettings, buy-to-let, and government policy.
He is a regular columnist for Property Industry Eye and a resident expert for MovingHomeAdvice.com.
Recently, he also started hosting his own solus TV and radio shows for TalkTV and Talk Radio, discussing the big news stories of the day and interviewing political guests.
He certainly does not mince his words and if you want to hear a very direct conversation full of lots of value for estate agents, you sure don't want to miss this episode.
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