After a period of so much political uncertainty and market instability, 2020 has started well for estate agents and homeowners.
First to break the news were Rightmove, who reported record-breaking figures for January.
According to the leading portal, interest and activity skyrocketed last month, with 152 million visitors making it their busiest month ever.
In addition to increased traffic, the amount of time spent browsing properties saw a reasonable 4% boost, totalling 1.17 billion minutes.
So, what does all of this renewed activity mean to you?
The surge in buyer demand is far from what we’re seeing with new listings, which means that prices are expected to climb further.
Rightmove’s property expert – Miles Shipside – suggests that “spring buyers are likely to be faced with the highest average asking prices ever seen in Britain…”
Shipside goes on to say that: “owners coming to market this spring face the best-selling prospects for several years, with good demand for the right properties at the right prices. However, sellers should be careful not to get carried away with their pricing, as this is still a price-sensitive market with stretched buyer affordability.”
As agents and their clients navigate selling in a market so recently affected by pent-up housing demand, secondary instructions will become more prevalent than ever.
Faced with Brexit, 3.2 million Brits put off buying a new home, with ten million putting off other financial decisions and 3.6 million delaying their holidays.
Estate agency is all about helping people to move.
Yet in certain areas, an overvalued property can mean that a seller takes up to two months longer to sell, costing Brits £4.3 billion.
What this means is that whilst we’ll soon have an influx of activity returning from sellers, many of them could end up stuck on the market with a property that was a little too ambitiously priced.
Source: Zoopla, September 2019
Source: Zoopla, September 2019
By offering an overpriced valuation, Agent A won the instruction over your estate agency.
For the homeowner, this could mean that:
- Their agent will be less motivated to work for a lower fee.
- They’ll be languishing on the market for weeks or months before having to drop their price.
- They’ll have fewer viewings and offers as buyers are put off by the high price and length of time on market.
- Their property won’t receive any active marketing beyond a basic presence on the main portals.
- With nothing else in the same price bracket, their agent won’t know how to sell at maximum asking price.
86% of consumers would willingly pay more for a better service.
For this to happen, however, they need to know why your estate agency offers more than their current agent.
BuildYourMarket helps you to own your premium fees and demonstrate your true value at precisely the right time.
It’s all about getting your success metrics out there. With a dashboard that’s updated every 24 hours – every four for new listings – BuildYourMarket gives you all opportunities faster than any other software.
So, when a seller reaches twenty weeks unsold, their price drops, or a sale falls through, you can apply that market knowledge to your prospecting and tell them why you’re better positioned to help them sell.
Cost-effective lead generation with persuasive, targeted content. By integrating with your CRM system, you can send instruction-winning messages across letters, direct mail cards, emails and SMS from BuildYourMarket.
A multi-channel approach puts you in control of your postcode prospecting.
Assign budget controls to allocate your resources efficiently and tap into your client relationships from your database to strengthen your communications.
To find out more, watch our video or book your consultation.