How can agents use the interest rate rise to re-engage with clients?

07 November 2017 5946 Views

We recently witnessed the Bank of England's Monetary Policy Committee (MPC) increase the base interest rate for the first time since July 2007.

 The MPC increased the base rate from a historic low of 0.25% - set in August 2016 - back up to 0.5%.

They did so for a number of reasons, including better than expected economic growth and to offset the rise in inflation.

An increased base rate has implications for home movers and mortgage holders. It's estimated that around four million households could now face higher mortgage interest payments, with those on variable rate deals to be hit the hardest.

This industry change provides estate agents with a good opportunity to re-engage with their clients and reaffirm their status as a knowledge base when it comes to all things property.

Here are five ways in which you could use the interest rate rise to promote your agency...

Advertising

The interest rate rise will affect many households across the UK and so it’s likely to be pertinent for lots of people in your local area. An advertising campaign which aims to educate people about what this could mean for them – through either a whitepaper or infographic – is a great way to promote the expertise of your agency.

Blogs and newsletters

Updating your website with fresh content should already be an integral part of your overall marketing strategy and when news like this breaks it can be beneficial to summarise the news or put forward your own opinion in a blog or article which can be shared through your website and company newsletter.

Direct contact/prospecting

News like this provides you with the perfect opportunity to re-engage with your existing database. You could send out a marketing email, carry out a leaflet campaign or even call people on your list of contacts to update them on the news. This is the perfect way to reintroduce your brand and customer service without overtly selling a product.

PR and press opportunities

You may already have sent out some reactionary comments to the local or national press, but there are still lots of opportunities for you to use this news to your advantage. You could answer questions for the local paper or put yourself forward to write a guest column on the implication of an interest rate rise.

Educating current clients

You speak to clients on a daily basis, so why not use these phone calls or email correspondence as an opportunity to update them on the latest property news? It will help to show them that you care and give the impression that your business is proactive, rather than reactive.

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