Marketing in the News

 Rent in London's City Center Surges: 

 

   After scrolling through a couple of articles, I stumbled upon this article on the Bloomberg website by Olivia Konotey-Ahulu, and the article talks about how the prices of rent in London went up nearly 5% in the month of June. I chose to review this article because it is interesting to see how the pandemic is coming to an end and how that affects other countries marketing strategies with homes. This article goes over a lot of information, but I think the three main points are: Rent in London is slowly rising, The amount of renters in London grows everyday, and even though rent is rising, it is still almost 16% down from before the pandemic even happened. I don't believe this article has a specific company in mind, but I think the value proposition for everyone that is renting their home in London now is "safety is still the main concern, but money is a close second". This value proposition basically means that everyone still needs to be safe, but now their isn't an excuse to not be paying rent. I know their are some exceptions to that, but the majority of people now are able to work and have a steady flow of income coming in. The marketing relevance in this article is kind of a crisis situation. There was no one renting homes during the pandemic, but now that the pandemic is getting closer to the end, there's been a massive surge in renters. Now there are to many people trying to rent houses while the price tag is still stuck in the pandemic. The prices are already rising, but soon they will be back to normal, and then after that I believe they are going to keep rising because everyone needs a home. Renting homes after the pandemic is very challenging because a lot of people lost a lot of money and not everyone is in the market for renting. Plus their are thousands of realtors in London, so the competition is at its highest. Another big challenge all of these realtor companies face is all of the new health protocols. I don't know how to really market properties, but I do know one thing, it has to be remarkable. All of these realtors in London and honestly everywhere in the world are doing the same thing when it comes to renting homes. They host a open house, they have a sign in front of the house, and they probably have flyers somewhere near the sign. I would try to mix it up a bit and instead of a normal open house, I would host an open house party where there would be games to play, food to eat, and drinks for everyone that comes by. Also I would have promotions going on constantly. Something like if you come to the open house, take a certain dollar amount of the house. Maybe instead of a normal picket fence sign, I would have a big bill board sitting in the lawn. I would just do everything to the max and try to catch everyone's eye, even the people not in the market for renting. The marketing strategy for these companies isn't necessarily bad, but more just boring. Nothing in their market strategy is unique. Overall, this article was very interesting and I learned a few things from it. I learned that rent is surging in London and should surge in other big cities across the world. I also learned that the marketing strategy for renting homes is very plain and boring, and needs some spicing up. Finally, the last thing I learned is that rent in London is ridiculously expensive.

Article Link: https://www.bloomberg.com/news/articles/2021-07-11/central-london-rents-jump-by-record-as-tenants-return-to-capital?srnd=markets-vp 

Link to London Realtors: https://www.allagents.co.uk/league-tables/estate-agents/london/