In a recent article in the Daily Telegraph[1], the question ‘is it curtains for the estate agent?’ was posed. The focus of the article naturally caught my eye.
Off-market sales and the rise in deals being done prior to a property hitting a portal in the popular London and country house market was the topic in review. With roughly 25% of all deals being done ‘off market’ in those areas.
The article referenced contacting an estate agent’s ‘network of contacts’ and transactions going through without a for sale board appearing. A popular trend in London often signifies one likely to filter out to the regions.
Without the obvious ‘every sale needs a for sale board’ comment, are we, as an industry, set up to manage this change in our service offering? The very same morning I also observed a Facebook post where several agents were reminiscing about the ‘hot box’ and a ‘1-31’ system (see glossary of terms below if you are new to the industry).
Coupled with our customers’ demands for advice and expertise and the regular ‘raising professional’ standards conversation with membership organisations and government, it feels to me like the resurgence of the traditional agency. So, what is this much maligned and revered in equal measure ‘traditional agency?’ What can new estate agents learn from the Old Guard in a market that appears to be in a moment of change?
I think the key lies in two key areas:
Expertise and conversations
Speaking to prospects and building a database, demonstrating expertise and offering advice are the solutions to many of the current industry problems. The more conversations we are having, the bigger our ‘network of contacts’.
In a world where fear of leaving a digital footprint and ‘armchair valuers’ has reduced the need to seek expertise, now is the time to differentiate our offering to our marketplace. Years of online and cheap fees have devalued the expertise that I see and work with every day in this industry. I know there is an abundance of competence in the industry.
So in relation to ‘off-market sales’, I suppose my point is this …surely our first point of call when taking on a new property for sale, no matter the market or location, should be to use our network of contacts.
After all, networking in 2022 is a very different proposition from 30 years ago, and we should embrace technology alongside our customer-service goals of building relationships.
If you are sitting in a quiet office and could hear a pin drop while reading this, then how will you build relationships without picking up the phone and speaking to people? You can’t ‘sell via email’.
And if you are looking to capitalise on the demand for off-market sales, then you need a network to contact. Because after all, we no longer have our Rolodex or hot box, no matter how tempting they may be.
Glossary of terms
Hot box – Printed paper cards with contact details and requirements of any HOT, proceed-able buyers. Often with property to sell, ideal to target for marketing.
1-31 system – a diary folder organised into 31 sections (days). With a property vendor added to each section – a prompt to make a keep-in-touch call to check progress. Each day the negotiator would open the folder and call the people on the list.
Traditional estate agency – the reliance on building strong sales-focused relationships with anyone who comes into contact with your agency.
[1] https://www.pressreader.com/uk/the-daily-telegraph-saturday/20220723/281479280152515