Breaking Property News 18/09/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
Ways Estate Agents can stop wasting time on viewings
Following recent analysis, MadeSnappy 360 has found that time-poor agencies often struggle in a fast moving property marketplace. Estate agents and lettings agents often find themselves bogged down by the time-consuming task of conducting viewings for buyers or prospective tenants who aren’t serious or ready to make a decision. This not only wastes valuable time but also detracts from focusing on more promising prospects.
In 2024, the average number of viewings to agree a sale is 17, with 50% of these viewings taking place in the first fortnight of listing. This means that an average agency, just on the residential sales side does over a thousand viewings a year. Add to this viewings for a lettings department and you are getting to a large number of viewings and time expended.
So, how can agents streamline their efforts and minimise time wasted on unproductive viewings? Here are a few steps to consider:
Pre-Qualify Buyers Early On
One of the most effective ways to cut down on unnecessary viewings is to pre-qualify clients. This involves understanding their financial situation and their seriousness about purchasing before scheduling a viewing. A simple pre-viewing conversation or questionnaire can provide insights into their purchasing position, such as if they have a mortgage in principle or are in a position to buy immediately.
Utilise Virtual Tours for Pre-Screening
Another powerful tool agents can use is virtual tours. Virtual tours allow potential buyers to explore properties in detail from the comfort of their homes, without needing to attend an in-person viewing. This technology can act as a pre-screening mechanism, giving buyers the chance to see if the property genuinely meets their requirements. If they are still interested after a virtual tour, it’s a strong indication that an in-person viewing will be worthwhile.
Prioritise Serious Buyers or Tenants
Agents should prioritise their time on serious buyers, or tenants, especially in a competitive market. By focusing on buyers who have already gone through financial vetting and shown a clear interest in purchasing, agents can ensure that their time is spent effectively.
Use Targeted Marketing to Attract the Right Buyers or Tenants
Ensuring the property is marketed to the right audience is crucial. Using detailed descriptions, floor plans, and high-quality images can help attract serious buyers and tenants. Adding a virtual tour to the listing can further qualify interest, as potential buyers will already have a thorough understanding of the property before reaching out for a viewing.
Conclusion: Virtual Tours Save Time and Increase Efficiency
Virtual tours stand out as one of the best tools to reduce time wasted on viewings. By offering buyers the chance to explore properties online, agents can significantly reduce the number of unproductive viewings and focus their attention on serious buyers and tenants. In today’s digital age, virtual tours are no longer a luxury but an essential tool for any estate agent looking to work smarter, not harder.
There are companies in the UK, such as Made Snappy 360, that offer an all-in-one listing solution for estate agents. These services provide the ability to create virtual tours, floor plans, and high-quality photography without requiring agents to make significant investments in marketing. By using affordable, user-friendly technology, agents can enhance their listings and attract serious buyers while saving time and resources.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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