Securing vendors is an ongoing challenge for estate agents. In a competitive environment those who understand and respond to the needs of vendors are likely to acquire the most instructions and resulting stock. Recent independent State of the Property Nation research commissioned by ZPG, found three main requirements vendors want from an estate agent – transparency, negotiation skills and value for money. So how can agents impress vendors to help win more instructions?

1. Be transparent about fees and process Understanding and visualising the sales process for a vendor is key, with 57% of respondents saying that was the most important part of their relationship with an agent. Yet, there is a 42% gap between the level of transparency vendors expect and how they feel agents are delivering on it. Vendors want to access information about the progress of their sale when it is convenient for them. High street agents accommodating this are investing in technology, such as ZPG’s PropertyFile tool, that enables agents to provide a 24-hour online service. PropertyFile plugs straight into agency management software, such as Jupix, enabling leads to be captured around the clock, reducing admin and thereby saving time and money.

2. Develop existing skills in negotiating the best price for a vendor’s property Vendors value strong negotiation skills from their estate agent, with 52% of respondents saying that getting the best price for their property was important. This is a real opportunity area for high street agents to differentiate and develop their skills. However managing price expectations is key, as the research found consumers believe property prices will rise over the next year, in sharp contrast to agents. Discussing what’s realistic at the outset ensures agents better manage consumer expectations. You can access a monthly update on house prices in your region with Hometrack’s free Cities Index to help provide you with the data to frame these conversations.

3. Demonstrate how you provide value for money With the competitive landscape changing, agents are having to demonstrate more clearly the value for money they provide – by offering more help, tailored advice and support throughout all stages of the moving process. And advice on how to maximise price and reduce costs, such as using tools like MoveIt to provide cost comparison referrals for moving services such as financial, conveyancing and utilities switching. Additionally, with the current noise around letting fees it is essential that agents find new revenue streams. MoveIt not only allows them to improve their service to clients, but also open up an untapped view of referral revenue through trusted supplier networks. Consumers need as much help and support in the home moving process as possible and agents are in a good position to support that. In summary Agents who constantly offer new and improved services to impress vendors are able to capitalise on gaps in the market. Those who take advantage of new technology and strive for better efficiency and transparency will better deliver the benefits important to vendors.

Mark Goddard, Managing Director, ZPG Property Services