Business Development – It isn’t always about Big Budgets!

Estate Agency (Sales) is a ‘transactional business’ ie an agent wins the instruction, sells their clients property and the client moves on…one engagement and one transaction – there is no repeat buying of your services every week, every month or even every year.  There will always be an exception whereby the same client asks you to sell their next property within 2 yrs but in most cases they have gone, possibly never using your agency again.  Lettings however is different. There is more of a ‘relationship’ with your landlord client and ‘The Lifetime Value’ of that landlord’s business to your agency should make you think about things very differently.

But what is Business Development and is it something that works in the world of Estate Agency? Having ‘bounced this off’ a few Agents it seems that some consider Business Development to be a function that only applies to larger companies and organisations ie The ones with the big budgets, fancy marketing departments and back office support teams.

This an interesting perception and whilst I respect the views of fellow professionals, I don’t always agree with them. So you could think they are right and it only applies to big businesses with big bucks to spend or you could choose to think differently.

Business Development covers many job roles and tasks and involves more people than is often appreciated. Contrary to common perception it doesn’t always require a big investment in time or money. In fact, experience has shown us that a little effort and attention in the right areas can achieve so much more. Business Development is also about ‘partnering the opportunities’ in a better way to win business from different sources.

It’s about being creative and thinking differently, keeping ahead of the game, having a plan and converting that plan into action. An ongoing process and not just something to react to when the numbers are low. What to do before your vendor enquiries ‘dry up’ and the phone doesn’t ring? What to do before the email leads don’t come in and the opportunities start to reduce? How does the pipeline of potential new instructions look? You might be selling well but the churn isn’t there as your stock is reducing.

The truth is it doesn’t matter what size your agency is, the market share you have or the number of staff on the payroll. The simple facts are that nearly everyone in your branch or company play a part in the Business Development process. The sum of the parts will help you achieve greater success and it’s not just the sole responsibility of the valuer or agency owner.

When done properly it’s a very effective investment for the future and that future could be as soon as today….and who doesn’t want that??

Specialising in Making A Difference to our clients business so check in for further details at MADConsultancy.co.uk

 

You May Also Enjoy

Love or Hate Rightmove
Breaking News

Rightmove House Price Index: Record asking prices driven by pent-up demand

The average price of property coming to the market for sale reaches a new record of £375,131, rising by 0.8% (+£2,807) in the month, as the momentum of the Spring selling season exerts some modest upwards price pressure : The market remains price-sensitive with average asking prices just 0.6% higher than a year ago The…
Read More
Breaking News

Breaking Property News – 17/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   New digital ecosystem Home set to transform how we move and manage our homes With moving home widely acknowledged as one of life’s most stressful events, pioneering new digital ecosystem Home is set to revolutionise the moving process, for the first time allowing movers…
Read More
Home and Living

7 Space-Saving Porch Swing with Stand Solutions for Small Yards

Porch swings signify feelings of relaxation and classic properties as they turn an outdoor space into a warm and comfortable haven. Nevertheless, for people living in small yards or with no outdoor area, getting a swing with its own stand is very difficult. The benefit is that these choices come in many different options, which…
Read More
Letting Agent Talk

Investing in Properties to Let as Airbnbs on the Isle of Wight

The Isle of Wight, a gem located off the southern coast of England, has become a prime destination for holidaymakers seeking a tranquil escape. This growing popularity has opened up lucrative opportunities for property investors, particularly those interested in letting properties as Airbnbs. Here, we delve into the benefits, considerations, and strategies for investing in…
Read More
Breaking News

Breaking Property News – 16/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   PriceHubble powers Mitsubishi Estate’s newly launched real-time generative AI property consultant Zurich/Tokyo, May 16, 2024 – PriceHubble, Europe’s leader in property data solutions for finance and real estate, is powering an innovative generative AI solution launched in beta version on the Japanese market by Mitsubishi…
Read More
Breaking News

Breaking Property News – 15/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Savills Investment Management wins City of Munich as a new tenant in the Atrium office building Press Release – Frankfurt, 15th May 2024. Savills Investment Management (Savills IM), the international real estate investment manager, has signed a lease agreement with the City of Munich…
Read More