PropTech Today - Are 20:20s outdated or effective?

Whether you know them as sold-in-your-area campaigns, sold-on-your-road postcards or 20:20s, the practice of prospecting 20 doors up and 20 doors down from a recently sold property has been a long-standing marketing technique in the estate agency industry.

But how effective are sold-in-your-area campaigns in today’s market? And is it now time to close the door on 20:20s for good?

It can’t be denied that 20:20s can be one of the most powerful prospecting tools for securing new instructions. In fact, according to Spectre research, 20:20s are proven to significantly strengthen an agent’s strategy when combined with on-market letters.

We discovered that using 20:20s alongside standard prospecting letters gave agents a 67% higher instruction rate versus sending prospecting letters alone.

But when time, money, and resources are limited, focus on 20:20 prospecting is often the first thing to dwindle - especially if an agent is still using traditional prospecting techniques which can be hugely time-consuming and resource intensive.

So the question, therefore, is not whether 20:20s are outdated but whether an agent’s methods are…

The reality is, 40% of homeowners who are motivated to move are not currently on the market, meaning agents who skip 20:20s could be missing out on vital leads, instructions, and most importantly, profit. When it comes to off-market prospecting, one of the best things your agency can do is send 20:20s to showcase your business and prove that you're successfully selling in the local area.

In a similar sense, targeting your competitors’ stock with solid proof of your success is a surefire way to get noticed by vendors who are unhappy with the service of their current agent. 

It’s finding and targeting these homeowners that is usually the most difficult part, but one that will bear the most fruits.

The rise of AI technology within prospecting and instruction generation tools has been instrumental in modernising the process of prospecting, especially when it comes to 20:20s.

Utilising such software will supercharge any agent’s 20:20 campaign. AI technology can instantly identify properties that are most likely to instruct, both on and off the market, and automatically refine the targeting of an agent’s campaign. All of this means less wasted marketing spend and better returns, all without any of the associated research time.

Likewise, automation is another incredible tool - available in some of the best prospecting software. Now agents don’t even need to press send on a campaign. Instead, they can set all their prospecting preferences and have campaigns sent totally automatically - completely reducing the hassle, freeing up even more of their time, and ensuring marketing is never forgotten.

When it comes to the power of 20:20s, 49% of all Spectre-influenced instructions have received a 20:20 campaign and our AI technology is proven to increase an agent’s ROI from direct mail by 240%. Not to mention, Spectre’s suite of tools - including automation - is saving agents 52 hours per month versus manual prospecting.

So are 20:20s outdated or are they, actually, still very effective?

Of course, the answer is the latter. Undoubtedly, 20:20s are a hugely effective element of any agency’s prospecting strategy, helping to generate more leads and, in turn, new instructions. That being said, agents need to reflect on how they are putting 20:20s into action.

If you’re not using these incredibly powerful tools already within your prospecting, it’s time to take a look. Without a doubt, they are the key to winning more instructions and staying ahead of your competitors.