If, like me, you spend many happy hours browsing Rightmove, you can’t have failed to notice the fact that some properties are featured at the top of each page of search results, and others are are given added emphasis, with a grey box, clickable photos, and a red badge. The former is what Rightmove calls a “Featured Property”, and the latter a “Premium Listing”.
Each costs £125 per year for the privilege of marketing your property in this way. But is it worth it?
A Featured Listing, according to Rightmove, increases interest in that property by up to 40%. However, as the property is then listed twice – once at the top of the page of search results, and then again in the results page itself – it could be argued that it’s the repetition, not the enhancement, that is the cause of the increased activity.
On the subject of Premium Listings, at the time of writing this post, I am waiting for Rightmove to share with me their statistics, so in the meantime, I turned instead to eBay, who also offer advertisers enhanced listings. I came across a very interesting piece of research on the subject, that though 5 years old, is I believe, still relevant today. Here’s the link if you want to take a closer look. For this study, the researchers looked at the sales of 25,000 iPhones on eBay, looking for trends that would increase the chances of a higher selling price. These were the takeaways:
- A bold headline, photo, subtitle and the use of highlighting, all increased the winning bid by an average of $6 each. Therefore, if the seller used all four additional listing features, they could hope to earn an additional $24 for their iPhone.
- Longer titles and subtitles were also indicative that the auction would be a success.
- Just over half of the iPhones listed during the period of research sold successfully. A bold headlines increased the chances of a successful sale by 6% and by 9% if it had a photo.
- Exclamation marks – especially when used prolifically on an advert, actually reduced the chance of a successful sale by 2%!!!!
So what does this mean for home sellers? Firstly, it is absolutely crucial to get your Rightmove (and other portals’) ad right. It needs to have all the elements that will give you the best chance of winning a buyer’s attention: eye-catching photo, snappy headline and enticing introduction.
Then, ask your agent if they use Premium Listing already. Chances are, they have already paid for one or more, and they can apply it to their clients’ properties on a rotation, to ensure everyone gets the chance of using it.
Finally, if your agent asks you to pay for it, think very carefully before agreeing to spend £125 on an advert. If you really feel it would be worth it, can you do a deal with your agent whereby the fee is deducted from his commission on sale? After all, you are paying him a commission to market your property in the best ways possible.