This article was sponsored by our partners at Zoopla and written by Charlie Bryant, Managing Director at Zoopla.
Our latest Zoopla UK Cities Index revealed that housing sales have slowed by up to 20% since 2015 in parts of the country.
Whilst some markets continue to prosper, including the likes of Liverpool and Glasgow, it is undeniable that transactions are slowing in the capital and southern cities.
A tactical marketing strategy which is driven by insights can play a pivotal role in combating these slower market conditions. To this end, we have analysed our recent lead data to identify the most beneficial time for our agents and developers to launch a property to market. Our research reveals the exact time and day a listing is likely to achieve the highest volume of leads from potential buyers and reaffirms the importance of a listing’s first hour on the market.
Weekdays are key
Our analysis has revealed that a listing will receive the highest proportion of online leads direct from its portal on weekday evenings. Wednesday is when most interested buyers are viewing homes and sending requests to estate agents, specifically at 9pm, with this closely followed by Monday at 8pm (See Table 1).
To achieve the quickest possible sale, it therefore makes sense to launch a property online during the sweet spot between Monday and Wednesday as this is when agents are likely to receive the highest volume of interested buyers.
It makes sense to launch a property online during the sweet spot between Monday and WednesdayCharlie Bryant, Zoopla
Contrary to many new build launch strategies, house hunters are less likely to send enquiries over the weekend. Friday and Saturday receive the lowest proportion of leads generated as consumers seem to lose their appetite for virtual home hunting by the time the weekend has arrived. It is likely that these potential buyers have taken their search offline by the weekend as they are now at the stage where they are viewing properties in person. As such, those holding open days and launch events on weekends may wish to list their properties online on a weekday ahead of the launch, rather than on the launch weekend, to achieve the highest volume of interested applicants.
This strategy offers a number of bonuses; enabling you to capture new applicants searching online ahead of the launch whilst also encouraging them to research the property thoroughly before visiting, meaning they will know how suitable it is for their needs and are therefore more likely to be in a position to proceed than those going in ‘cold’.
When looking at a more granular level, we can see that the window between 8pm and 9pm is the most popular time for sales leads to agents when considering all days of the week (not just Wednesday) (See Table 2).
Those looking to be at the top of search pages should look to launch their properties then. This also highlights the important role technology plays when capturing potential buyers as this key hour is outside a normal working day.
Simple steps such as setting up automated responses to acknowledge requests or enabling your clients to book appointments online with partner tools such as PropertyFile in Jupix could substantially increase the number of interested and valid parties you capture.
Leads tracked over a listing’s lifetime
When analysing the number of leads per hour during a property listing’s lifetime, our data shows that the highest proportion of consumers request a viewing in the first 0-59 minutes of a property going live (whether sales or lettings). When looking at leads per day, 11% of all leads for new listings are generated on the first day it launches and, for a rental listing, this figure stands slightly higher at 12%. (See Table 3 below).
11% of all leads for new listings are generated on the first day it launchesCharlie Bryant, Zoopla
Furthermore, when analysing lead data exclusively from a listing’s first week on the market, 34% of all sales leads are generated on day one in comparison to the rest of the week. Following this surge, the proportion of leads generated across days 2-7 tapers off to only 17% on day two and just 7% by the end of the week.
For rental listings the pattern is the same but with a slightly lower proportion of leads on the first day (28%). (See Table 4 below).
Robust marketing strategies
The importance of implementing the right marketing strategy from the moment a property launches is clear from our findings. There is very little time to ‘test’ a marketing approach, try out a higher price or wait for better images. From the very first second, agents and developers must ensure that they are marketing the best information to the widest possible audience in order to generate quality leads.
Strategies that seek at the start to limit a property’s marketing to low quality channels that attract the fewest eyeballs will prolong the time a property is on the market and limit actual numbers of all-important leads upfront.
Agents and developers must ensure that they are marketing the best information to the widest possible audience in order to generate quality leadsCharlie Bryant, Zoopla
Working with partners who create quality leads and amplify your listings as much as possible is the best way to succeed. Our website receives an average of over 50 million visits per month and we have recently invested in several tools to help our users be as well informed as possible on their property decision to deliver higher quality leads to our agents and developers.
In the current market, you cannot afford to miss the boat, the right marketing strategy which works with the best partners from the moment a property launches is key to avoiding this.
Table 1: Proportion of leads generated by the average sales listing across a week. Source: Zoopla.
|Day of week||Proportion|
Table 2: Best time of the week for lead generation on the back of portal listings. Source: Zoopla.
| Best Day |
| Best hour |
| Best hour |
of best day
Table 3: Time to leads from first listing – life time of the listing. Source: Zoopla.
|Day||Sale Leads by day||Rent Leads by day||Combined|
Table 4: Time to leads from first listing – first week of listing. Source: Zoopla.
|Day||Sale Leads by day||Rent Leads by day||Combined|
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