Breaking Property News 15/08/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Comprehensive analysis highlights shifts in estate agents’ performance
KnowYourMarket, a leading mystery shopping and market research firm within the homeowner and home mover sector, has released its highly anticipated Benchmark Report for Q2 2024. The report offers an in-depth comparative analysis of key market statistics, comparing data from the second quarter of 2023 to the second quarter of 2024. This edition provides critical insights into how the market and estate agents’ performance have evolved over the past year, offering valuable information for industry professionals.
The Q2 2024 Benchmark Report delves into a variety of performance metrics, including overall estate agency scores, average scores per type of mystery shop, sales compliance, and customer experience. It also reveals how estate agents performed against key industry benchmark questions, shedding light on crucial areas where improvement is needed.
Annabel Goulden, Head of KnowYourMarket, part of nurtur.tech, shared her thoughts on the report’s release, stating, “Our benchmark report offers a thorough analysis of the evolving property market landscape. By reviewing key metrics and benchmarks, agents can gain critical insights into market trends and anonymised performance data.”
KnowYourMarket excels in gathering extensive data through web, call, and face-to-face mystery shopping, enabling a detailed evaluation of estate agents’ performance. Goulden underscored the value of this data, explaining, “Mystery shopping can be a powerful strategic tool that businesses can use to refine processes and drive growth. By pinpointing areas for improvement and investing in targeted training, companies can optimise sales opportunities and elevate customer satisfaction.”
The benchmark report explores multiple facets of estate agents’ performance, including sales compliance and customer experience. A set of key industry benchmark questions was developed to obtain average scores from a sample group of estate agents. These scores reflect how often mystery shoppers were asked fundamental yet critical questions. Failing to ask these questions could mean estate agents are losing leads to their competition without even realising it.
Goulden highlighted the importance of these metrics, noting, “Building brand loyalty and ensuring a seamless customer experience are crucial for success. Interaction with customers model your brand’s perception, so consistently delivering excellence is essential. This report is designed to help agents better understand customer needs and implement strategies for continuous improvement.”
The report emphasises that customer experience significantly shapes how customers perceive your brand, which in turn affects financial performance. Recent data reveals that 75% of consumers are willing to spend more with businesses that offer a good experience, and 73% consider customer experience the top factor when deciding whether to purchase from a company.
Estate agents can obtain a copy of the benchmark report from KnowYourMarket and register for a free introductory mystery shop to further enhance their performance and adapt to changing market dynamics.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
You May Also Enjoy
Ready or Not: How Prepared Are Landlords and Tenants for the Renters’ Rights Act?
Springtime household checks that could save you serious money
Comment on inflation rising to 3.3%
London remains top marathon city for property values
HMRC ramps up scrutiny of residential property valuations as it cracks down on inheritance tax avoidance