A leading industry supplier has warned agents that unless their property sales pipelines are built up again soon, the property industry will soon be labouring under a significant imbalance between supply and demand.
One way to achieve this, says Joanne Tattum (pictured), Head of Estate Agency Sector at Moneypenny, is for agents to dust off their prospect data and start sweating it as fast as possible.
“Demand for property is unprecedented,” she says. “House prices have grown at their highest annual rate since 2007 and it’s reported there is just two months of stock left on agency books.
“Phones have been ringing off the hook 24/7 for the last six months but unless more properties come on to the market quickly, many of these calls will be in vain and demand will go unsated.
“Attracting new stock is a priority which means reaching-out to past buyers and sellers and prospecting in the most sought-after areas. It’s time to dust off databases and proactively pick up the phone.
“It needs doing in tandem with handling current transactions though, otherwise there could literally be a break in supply – but we know most agents are struggling for resource.
“We know many agents are reluctant to tie their team up making outbound property sales calls when they’re dealing with high volumes of inbound enquiries and negotiating sales over the line – but it’s not a task that can wait.
“More than ever, agents need to have the flexibility to outsource their front-line support, particularly if they want to try and mitigate the risk of a dramatic slowdown once the stamp duty holiday ends.”
Moneypenny says its recently-launched Client Services division and its 120 property Pas, who already work for 2,500 estate agencies, says it can help.