Race To The Bottom

Race To The Bottom

Many agents I speak to complain about the low fees On-Line agents charge and how it is affecting their ability to gain instructions. Until recently the market leading, on-line online agents have been charging around £700 (up front) to market a property.

I say recently as “Move Self” have launched a product with a pricing structure that starts at just £25.00. Yes £25.00! So, has the “Race to the bottom” been won?

What is your worth?

The founders of “Move Self” must believe there is a market there for a product, where the customers do all the work, including writing their own property details. Does this show how little they know about what an Estate Agent does, from listing through to sale and onto exchange and completion?

That must mean there are homeowners out there who, at worst, don’t know and at best, don’t see the value in the work an estate agent puts into a house sale. But ask yourself who is to blame for this? It’s not “Move Self”! It’s us: Estate Agents.

Share the news

In a careers fair at school back in the early 80’s I was told “Spend 80% of your time working hard and 20% of your time telling those around you what you have done”. Today this is so much easier, with the use Social Media. Yet most of what I see on Social Media is agents using Twitter etc. like Rightmove.

Engage with you clients, tell them what’s going on in your area. Tell them what’s happening in the housing market and explain why you are worth WORKING WITH when it comes time to move.

I’m not saying don’t sell your services on Social Media. I’m saying earn the right to sell. Embrace the technology that is there, don’t just play with it or pay it lip service. If you don’t understand this form of marketing, ask for some help.

Where does it start?

Agents I work with, still tell me they believe their opportunity to tell a potential customer how they are different and what value they add to the transaction falls within their time in the house, at the market appraisal. This may be true with the older generations but the “Millennials” and “Generation Z” will have done their research. Like everything in our industry, the earlier we begin to engage with our customers the easier it is to secure the business.

Our clients are changing the way they want to engage with us and as Estate Agents, we must change how we engage with them, or pretty soon the race to the bottom will be won by someone saying, ” We will PAY YOU to sell your house”.

Written by Nigel Stephens info@nigelstephens.com

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