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Agencies & People

‘Hybrid agents miss whole point of property industry when they ignore sales progression’

Claim is made by Hunters Chief Executive during interview with The Negotiator published today.

Nigel Lewis

property industry

Hybrid agents are missing the point when they concentrate on transactions and not sales progression and will therefore only ever take a limited slice of the market, it has been claimed.

The comments come from Glynis Frew, Chief Executive of leading UK estate agency and stock market listed PLC Hunters, during an exclusive interview with The Negotiator.

She also says Hunters is picking up customers who have not been able to sell their homes through hybrid or online estate agents.

“Fundamentally property is about people and anyone who thinks it’s just about the transaction is missing the point,” she says.

“The hardest part of the sales process is not marketing a property and getting an offer, but getting it through to contractual completion.

“That takes a lot of investment in people. Our customers can track online how the sales progression is going, but often they want to phone up and speak to us about it on the phone. That’s where we get most of our current 96% customer satisfaction rating.”

Frew says the current crop of hybrid agents are merely an incarnation of a long-standing sector of the property industry; cheap operators.

Big marketing budgets

“The only difference now is that they’ve got big marketing budgets,” she says. “Some people are happy to do a lot of the sales progression work themselves online, but a lot aren’t and the industry needs to remember that although 8% of the market is hybrid/online, 92% isn’t.”

Frew says she recognises that consumer demands and needs are changing, but that doesn’t mean traditional agents aren’t adapting their business models and adopting technology.

“We own our own software so we can react to changing consumer demand. Hunters doesn’t have to go through a third party [supplier] and wait for 80% of their other customers to do it,” she says.

Last year Hunters launched an online valuation bookings tool that can be completed any hour of the day or night and that also produces detailed valuation reports. This, Frew says, has already brought in fee income worth £500,000.

Read about Hunters’ latest results.

 

August 8, 2018

2 comments

  1. Interesting article and one which I agree with, albeit it does seem to tar all Hybrids with the same brush!

    As one of the first Hybrids, EweMove know the importance of sales progression and I agree that the easy party of agency is getting a house listed, then it gets a little more focused to sell it – but the hardest and most valuable part of the transaction, that many do forget, is getting that accepted offer over the line and having the sale complete.

    AND – making sure the value realised is the highest it can be.

    I have reviewed both GetAgent and TwentyEA data which shows that EweMove get the highest amount on sale of any UK wide brand, and we go from New Instruction to Completion in 146 days, compared to 164 at Hunters, as we have a specialist, well trained and focused approach to Sales Progression in our network, which results in our rating as No1 in the Uk on Trustpilot for all agents in the UK.

    The problem we have is much the same as Hunters, and that’s helping vendors understand the difference between low cost / upfront DIY sales approaches of some online/Hybrid agents, v the full-service offered by EweMove and most (but not all) traditional agents.

    And our franchisees can benefit from our own award-winning in-house property management software that has allowed our vendors to book appraisals online for the last 3 years – and viewers to view by the way!!

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