Train your team in effective sales progression and get your cash in quick……

Whilst the top topics via social media at present are portal or social media presence and all the conversation revolves around winning new business, how much time and focus is applied to the importance of getting the cash in quick?

One of the most important tasks for agents in this post Covid new normal, (If I downed a shot for every time I heard that phrase…well you know the rest!), will be ensuring that sales progression is managed effectively, to ensure fall through rates are low and cash is in the bank as quickly as possible.

Not only do we need to look at referral fees, property management up-sellling and generating new clients, we also need to focus on the skills of sales progression.

So, what should sales progression look like in post Covid 2020? ……………….

Expert in my view….

Agents should be managing expectations and understanding their buyers’ and sellers’ motivations and controlling chains, better than ever before, as there will be more chances for things to go wrong…. And the need for the cash in the bank on time is more important than ever.

So, what does good sales progression look like?

In one word ”Communication” says Stephen Donohue of Emmerson solicitors. This is the key to managing expectations.

So, what is the estate agent’s role here? 

Able Agent has launched an new online sales progression training module designed to support agents in sales progression and we have Charlotte Jeffrey- Campbell’s top tips from the course here…..

#1 –How well do you know your buyers’ and sellers’ motivation and circumstances? You need to know this, to have the best chance of managing the process. You need be in control of it from the start – explain and highlight the importance of getting ID and terms of business signed and back quickly to their solicitor. Create the ‘to do list’ for your seller and monitor it!! 

#2 – Get the memorandum of sale right – Stephen says that many have spelling mistakes, with not all parties included….- surely it’s basic stuff?  But if done wrong it can add delays. Get it right first time, every time. So, if your CRM system says Bob Jones – could his passport state Robert? If so – check and amend….

#3 – paperwork – does the buyer or seller understand the importance of returning the PIQ fixtures and fittings forms asap? Again – it’s easy for the client to put it to one side as non -urgent – but this can have impact. You need to manage your seller to enable the sale completes promptly

This is a whole load easier if the seller is prepared ahead of the game.  How much did the lister question the vendor at listing or when getting the property details? Do you have access to the building regs certificates, management company accounts etc, head leaseholder name and address  – have you prewarned your vendor that they will need to apply for copies etc – again – getting prepared can save time down the line. 

#4 survey – if the vendor is aware of problems or they know it came up on their survey when they bought it and have done nothing – get reports done early – was building regs applied for when the bathroom was refitted ? Was the work signed off by a competent tradesperson? Gas safety certificate for an older boiler ….the list goes on…

If we got a number of these steps right at listing – we could shave days, if not weeks off transaction times and make it a much more positive, proactive, pleasant experience for everybody and as a lister – surely you would stand out as an expert property professional – win win.

Emma Vigus, Managing Director of sales progression platform, mio “The most compelling message an Agent can give a buyer or seller is that you will get the deal done quickly and simply, at the right price. Sales progression is key to achieving that but it’s a complex process and the attention to detail, it requires, is not a natural skill set for a lot of agents who, like me, love the initial thrill of the ‘deal’.  Good quality sales progression training is so important.  It will improve your team’s ability to convert pipeline into income, fast, and it will ensure they really understand the home moving process which will empower them to provide better advice to buyers and sellers.  That quality of advice should be another key differentiator for any Agency business that recognises the importance of building great relationships.” 

What else causes delays? Searches – you all cry!!! Yes…. so explain the options to your buyer. They can take a risk and do searches early and they could end up out of pocket – but, if they are confident in their ability to borrow and keen to get the transaction moving quickly – this can shave time off the transaction.

Exchange early is another piece of advice – the sooner exchange is possible the better – even if moving date has to wait due to personal circumstances. The benefits here are the estate agents’ fees become due!

So be brutal on yourselves – analyse your process…..

What is your average time from under offer/sale agreed to money in your agency account? What is your fall through rate? Be brutally factual– no excuses or reasons why -we can all list those…

You can easily influence and change these numbers by minimising delays and frustrations and the results can be easily monitored by shorter times, improved cash flow and delighted customers who  knew exactly what to expect and got it!

 So focus on what you want to achieve and train your team to achieve it.

Able Agent Sales progression training courses NOW LIVE

Charlotte Jeffrey Campbell, Director of Able Agent and available on charlotte@theableagent.co.uk for free mentor session on sales progression.