According to a top London estate agent, For Sale sign boards remains the most effective and cheapest marketing tool - even when compared to property portals and PropTech.
Trevor Abrahmsohn owner of Glentree Estates, says:
“incredible commercial potency” is underestimated by agents at their peril.
“At least a third of the market is comprised of latent purchasers/tenants. These could be the most enthusiastic buyers/tenants of a property, if they were actually on a mailing list, or took notice of adverts, which may not be the case” he says.
“A prospective applicant may be walking or driving and they see a board outside a property. They are invariably relaxed and it prompts a thought that they like the look of the place, which in turn leads to a call to the agent whose number, conveniently, is on the board. Once they hear the price and find it amenable, it is only the interior or garden that needs approval before purchasing or renting. So already, three out of the four imponderables in a deal have been resolved before an applicant sets foot in the door” he adds.
“Besides, what else gives such good value for £20 these days? For the price of an estate agent's weekly hair-gel bill, a For Sale board allows you to capture a part of the market that would ordinarily be out of reach, separates the clowns from the genuine vendors and keeps everything on track when a sale has been agreed. All in all, a staggering list of benefits for some bits of wood and paint which the client doesn’t even pay for.”