Effective lead generation and nurturing more important than ever in slowing market, says TVPN

But all the signs are now pointing to something of a slowdown in house price growth and activity, as the market correct itself following years of record high price growth. 

Most recently, the National Association of Property Buyers claimed that in due time property prices will depreciate, which will have a knock-on effect on all parts of the property sector. 

The ValPal Network recommends that effective lead generation and nurturing can help to prevent losses in the long term and make use of existing opportunities. 

Maximising opportunities 

Craig Vile, director of The ValPal Network, says that the crucial thing for agents in a slowing market is not to be cutting marketing spend, but actually spending more and re-engaging with their own database for maximum opportunities. 

“The key, as the market slows down a little, is to focus on the existing database you have, as well as trying to generate new leads,” Vile claims. “Agents will find they have a lot of potential leads at their fingertips that they haven’t re-engaged with because they weren’t deemed hot at the time, but they are there to be found and then nurtured.” 

“If, as seems to be the case, there is a slight market slowdown from the record highs of recent years, then new leads might be harder to come by, but you still have all the potential leads in your existing database that you perhaps haven’t thought about in months or even years. Now could be the time to change that.”   

Implications of a market slowdown

Property website Rightmove said it predicts house price growth will slow to 7% in 2022.  

Over the next few months, the property market is expected to continue soaring. However, in the long term, it is expected to slow down. Extortionate inflation rates are likely to cause the housing market to slow at the start of 2023 or possibly the end of this year. 

Vile adds: “The implications of a market slowdown could be detrimental to the market as a whole, but agents can handle this threat by paying closer attention to the way they generate leads.” 

“It will also encourage agents to adapt to technology that can assist them to free up time to generate new business. Capturing leads as well as nurturing them will encourage better outcomes with leads and put agents in a better position to succeed.” 

“A market slowdown will make business harder, with a less busy and competitive marketplace, but that makes leads you do get all the more precious.” 

Vile added: “We’re not talking about prices and activity falling off a cliff, or a housing market crash – that seems highly unlikely. But things are likely to get tougher which is where generating the leads in the first place and then nurturing those leads that are not immediately hot will become worth its weight in gold.” 

“I suppose we can use the analogy of a farmer and their crops – in a more difficult year, they will prioritise and nurture and tend to the crops they already have rather than trying to grow new ones.” 

Tools on the market to assist

Vile claims there are tools that are readily available that can put agents in a better position to thrive despite changes to market conditions. Assistance with leads is guaranteed to convert these into market appraisals and instructions, he says. 

“Relying on established lead-generating and lead nurturing tools can remove the feeling of apprehension when it comes to thinking about future changes to the market.” 

He added: “By engaging in social media marketing, online blogs, leaflets, and Facebook adverts to name a few, leads from online valuation tools can be generated to a greater degree than ever. These leads can be then turned into market appraisals and instructions, or nurtured for when the time is right.” 

“A market slowdown will bring a range of new challenges to the surface, causing agents to have to think slightly differently about growing their business.”