The lettings market is getting tougher. Buy-to-let is big business, even with increased stamp duty rates from 2016 and upcoming tax changes threatening landlord’s profits. When a property goes online, landlords could be competing with hundreds of similar properties in a very small area- tenants are overwhelmed with choice.
What are You Doing to Make Your Property Advert Stand Out?
Landlords should always be looking for ways to stand out online to achieve a fast let. As our previous research has shown, it’s no longer just about how nice your property is or how competitive your rent is. Here at Upad, we think we’ve found the answer to getting ahead online- Featured Adverts on Rightmove, the UK’s largest property portal.
What is a Rightmove Featured Advert?
Featured adverts are a marketing tool offered by Rightmove, where your property advert is not only on the standard listing pages, it’s also got a prime time spot at the top of the page where it stays put, no matter how many pages a tenant scrolls through.
How is a Rightmove Featured Listing Different from a Rightmove Premium Listing?
We’ve long used Premium Listings, which increase click through rate by up to 33%, but we were intrigued to see if Featured Ads actually worked. We posted one ad for a 1 bed property in Isleworth and a second ad for 2 bed property in W9, close to Ladbroke Grove and alternately featured them every 3 days.
For the property in Isleworth, there were 192 details views (advert clicks) as a standard listing and 366 when it was featured. This translates to a 90% uplift in advert clicks on the days it was displayed as a featured advert compared to the standard listing. Not only this, we also saw that on day 4 (before the featured advert kicked in), clicks reduced by more than half- showing how quickly interest in a property can drop after the initial posting.
The property in West London did even better. With 294 ad clicks as a standard listing and 673 as a featured ad, this equates to a staggering 128% uplift! We also saw that enquiries only came through on the days both adverts were featured, not a coincidence in our eyes.
Are Rightmove Featured Listings Desperate?
Perhaps. But desperate times call for desperate measures and this one most definitely works.