Featured Adverts or Premium Listings, however you wish to call them, improve the prominence of properties being advertised for sale.
Do they work? and When should I use them? are the questions that we explore in this article.
Rightmove is the largest UK property portal where, pretty much, every agent is going to list your property. This means anyone serious about buying a property in the UK is going to be using Rightmove.
In a buyers market, meaning lots of supply and little demand, there will be lots of competition between similar properties. Especially in areas with long streets of identical terraced homes or large tower blocks with identical flats.
In this scenario a Premium advert is going to work a charm, you want to get as many people to see your property as possible, more than are seeing the neighbours, your competition.
In a sellers market, meaning lots of demand and little competition, there wont be many similar properties on the market because they are all getting snapped up quickly. This means appearing one or two spots above your competition isn’t going to make any difference.
In a sluggish market, such as we are currently in, there is little supply of properties. Some homes can get snapped up quickly because they are in a shortage and demand has built up, but typically things will take a little while to sell.
The question there is, “Will a Premium Featured Advert sell my home quicker in a sluggish market?” to which my opinion is no, probably not. Given that there are few properties on the market to begin with, the likelihood of someone completely missing yours online is slim.
Rightmove claims that traffic to your listing page increases by 35% on average when boosted with a premium advert. This I can believe because your property will appear twice if your home matches the buyers criteria. It will also be bumped to the top when people have sorted by price for example, meaning someone looking for the cheapest home in the area at a glance will see yours pop up even if it is one of the most expensive and although they may click through it means they are very unlikely to be interested in purchasing it as it could be well out of their budget.
A premium listing isn’t the most expensive thing in the world and certainly wont break the marketing budget of an estage agent or a buyer however if you think that it is a magical button that will get your home sold quicker then I am sorry to break the bad news, but it isn’t. If it was, everyone would do it, although this would defeat the object!
If however you are in a very competitive postcode or property bracket, such as rows and rows of terraced homes or large blocks of flats then there is likely some merit but professional photographs are likely to do a much better job and will cost the same.
As always please feel free to get in touch if you have any questions or would like to comment.