Vendors switching agents in growing numbers, research reveals
Home sellers are much more likely than last year to choose another agent as the market slows, a study shows.
Property vendors are twice as likely at the beginning of this year to switch agents as at the same time in 2022, new figures show.
The first 12 weeks of the year are “a prime time” for sellers to make the change to another agent, according to data from instruction generation firm Spectre.
The figures reveal that vendor behaviour is now more like that of the pre-pandemic market, presenting the opportunity for agencies looking to win stock from their competitors, Spectre says.
Numbers of vendors making the move to another agent increased throughout last year from 7% to 13%, according to Spectre.
Promising signs
Heather Staff, co-founder of Spectre, says: “The first quarter of the year presents lots of opportunities for agents – none more so than what we have revealed.
“Vendors are at their most willing to switch during this period, and twice as likely to switch as last year. The first six weeks of this year shows incredibly promising signs for the market in terms of seller motivation.
“Agents should keep a close eye on their competitors’ stock, and be sure to communicate with them regularly to ensure they don’t miss this captive and motivated audience.”
Previous analysis by Spectre showed that vendors who do switch agent after being on the market for over eight weeks are 34% more likely to sell than those that reduce the price at the same point.
