Estate agents must get proactive as instructions dwindle

Moneypenny’s Joanne Tattum believes one way to solve tightening supply is for agents to reawaken the relationship skills they mothballed during the boom.

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The market has been so frenetically busy that estate agents have struggled to keep up with demand, but much of that work has been organic.

Now there’s such an imbalance between demand and supply, agents have to really reinvest in past client relationships. That means picking up the phone and working the vast swathes of past client data they have at their fingertips.

People’s circumstances have changed over the last two years – many want larger homes, some relationships have broken down and people’s finances have altered – all of which can be the catalyst for a sale.

But agents can only capitalise on these life events if they make themselves known and ‘check in’ with previous clients to see how they are. We know this can be a time-intensive and repetitive job – but this is the only way to uncover the nuggets of gold that will deliver new instructions, sales and commission.”

Early bird

“Although a closer-to-normal market is predicted in 2022, with price increases slowing and supply and demand coming more in line, it’s still a case of ‘the early bird catches the worm’.

Agents that get on the front foot and dust-off their proactive sales skills will get ahead and potentially find instructions before anyone else. And, even if some of these calls don’t turn in to immediate instructions, these relationships will pay off later down the line.

Agents often struggle with finding a point of difference that goes beyond fees, but proactive calling is a way to address this. People don’t forget businesses that keep in touch and show an interest in their lives.

Author: Joanne Tattum heads up the estate agency team at Moneypenny, which handles two million property calls and live chats each year for 16,000 property professionals, including 2,500 estate agents and 50 house builders, thanks to a dedicated team of 80 property PAs.

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