Is the market on the turn?

My most sophisticated clients monitor their key performance indicators on a weekly or even a daily basis and they are all telling me that statistics such as the conversion ratio of instructions to sales, the average percentage of the sale price versus the asking price and the average number of days on the market are all deteriorating quite markedly. There is no need to panic about this. A less buoyant housing market need not mean that your income will decline but 33 years’ experience tells me that when the market changes, the first agents to change their working practices will win market share from their competitors. How to prepare for a tougher market The first thing you need to do is to start valuing properties more cautiously. During the last four or five years, many agents, particularly in London and the Home Counties, have got into the habit of over-valuing by as much as 20 or even 30 per cent. This will have to stop. The second strategy should be to improve both the frequency and quality of your vendor care calls. Try doubling the frequency of your calls and try to do every other review in person rather than…

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