New research reveals that 89% of vendors based their choice of estate agent on market knowledge and trust rather than commission, something that might worry the many online and hybrid agents who use rock-bottom fees as their main instruction-winning tool.
The subject is back on the table as the sales market has seen instructions dwindle in recent months following the post-Covid property boom.
Only a few months ago, in August last year, Nest Seekers boss Daniel McPeake caused a stir by saying that ‘people who want to be estate agents pitch a fee, and those who are estate agents pitch a service’.
The new research, which is from sales progression platform mio, was among 350 home movers and also found that 50% of home movers used a conveyancer recommended by their estate agent.
It also highlighted how an increasing number of home movers expect to use digital tools such as smartphone apps during the sales progression/conveyancing process, with only 17% insisting on only face-to-face interactions.
Three-quarters of respondents said good communication and convenience are the key attributes they seek from an agent, and the answers also suggested that agents who use tech well are less likely to face price competition from other agents.
With market knowledge and trust as the main consumer drivers for selecting an estate agency, agents should consider how to leverage these strengths at other stages of the process, so that business reputations aren’t damaged by slow, stressful sales transactions and high fall through rates,” says Sales Director, Nick Ball (pictured).