How to deal with irrational competitor estate/letting agents and illogical vendors/landlords?

Sell your house £800. We will fully manage your property for 4%.

 

How the hell do you deal with such illogical agents, one might say irrational competitor estate agents or letting agents? How can they make money at those figures?

 

Nothing .. stop worrying about them. There is nothing you can do about illogical competitor estate/letting agents.

 

They are prepared to go places like you can’t and shouldn’t follow. They guarantee to provide value in excess of their tiny fees, even though the reverse is more likely to be accurate, they still win new instructions and listings. As improbable as it may appear, they also keep those properties. Yet there is not one thing you can do about your opponent agent, apart from refining your aptitude and skills to sell value.

 

Illogical/irrational landlords and home sellers are different.

 

Firstly, before we start, you must realise there are some illogical landlords and house sellers out there that basically can never be reached. Accept that. Notwithstanding how clever they are, or the letters they have after their name, some people believe the most value, the most worth they can achieve when buying something is to buy it at the lowest fee. They are impervious to declarations of superior value, and they are immune to any attempt to communicate and show them that “just good enough” isn’t “good enough,” irrespective if it costs them more ‘folding spending cash’.

 

There are some landlords and home buyers, however, who can be encouraged from illogical to logical.

 

They can be shown that there are outcomes that are worth paying more to achieve, even though it may take a long time in effort and persistence to persuade them.

 

If you can help these landlords and house sellers who are receptive to taking in new material and evidence, you can show them how by being cheap .. it will end up costing them money.

 

The habit you should start to adopt here is to use your time where you have a realistic opportunity of moving someone’s opinion.

 

Your most illogical landlords/vendors belong to your most illogical competitor agents. Let them get on with it. They deserve each other, because let me ask you this … Who are you to get in-between two illogical individuals, both without one rational bone in their bodies, who are going to toil together, end up hating each other’s guts with one promising more than they can deliver and the other anticipating more than they are paying for?

 

In its place, chose only vendors and landlords where you have a decent opportunity for success, and don’t spend time with tw*ts who don’t to recognise value in your estate agency or letting agency services.

 

…and how would I do that?

 

… maybe some of you should come to together in a cooperative of independent agents. The price of entry, at least two instances where you as an agent went up against a cheap fee agent  … where a cheap as chips agent said one figure (you would need to provide proof) but you said a much higher figure and more importantly …got it. Then there will be a huge database you can whip out at any FV appointment and prove you are the worth the money

 

That’s what I would do .. but what do I know?

 

kind regards

 

Christopher Watkin

Christopher Watkin

I teach, guide, support, mentor, consult, counsel, partner many hundreds of UK Estate and Letting Agents in their quest to grow their estate and lettings agencies business. Old school techniques of touting, landlords wanted leaflets, ring us for a free valuation, we have sold this in your street leaflets don't work anymore. There are too many competitor agents .. meaning cheap fees are epidemic, overvaluing is almost a norm to get the stock and don’t even mention about the online/hybrid threat. So a few years ago, I set about looking around the UK and spotted that certain agents (not many mind you) in certain towns were still seen as the ‘go to person on property’, the person the newspaper editor rang up every week for a comment and I looked at what they did and they were doing some thing quite remarkable…. Only one thing but they were doing it so well .. and reaping the reward in terms of decent listings and decent fees, happy staff, decent sales pipeline and exchange income, managed lettings portfolios in the many hundreds .. but more importantly, they really enjoyed the job… they enjoyed getting up in the morning and people looked up to them Over 400 agents around the UK are on a mission to change the way our Estate and Lettings agency profession is perceived and looked upon, doing it town by town, city by city. I guide these 400 agents, teach them, mentor them and support them to be seen in a different light, to be seen as the ‘go to person for property’, actually be the ‘local property expert’ and prove it. Christopher Watkin 07950 147 572 christopher@christopherwatkin.co.uk

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