The winner takes it all!

You’ve got one chance at a valuation. You either win it or you don’t.

How do you put yourself in the best position to win more, more of the time? Do you offer more or less marketing than your rivals? A good and engaging write up, thoughtful and well taken images, a media tour, floorplan? Or none/some of the above?

Having an estate agency background, I was asked for an impartial appraisal by a close friend following three valuation visits from a couple of her local agents. The valuations were all more or less in the same region, and the fees were not wildly dissimilar. My friend is savvy enough to know that in a competitive market the fees are the last issue she should be concerned about. She always drives a hard bargain. However she wanted a bit of advice on whether certain marketing elements were important, or required, and whether they would help achieve ultimately a quicker sale and a better price.

The Options? 
Over coffee we briefly looked at what the three agents offered. One, a large national corporate and two local independents. The large chain’s fees were the highest – however, they were prepared to throw the kitchen sink at marketing her property. Everything. Including a media tour and a floorplan. Of the two independents, the first promised great photos and a write-up, however provision of a floorplan was conditional upon her ordering an EPC from their ‘chosen provider’. (She’d already done a bit of research on this and found much cheaper quoted prices online). This agent also offered a media / video tour as an extra, which came in £50.

A great marketing strategy – that won’t work…
Lastly, and this is what I personally found astonishing, the final independent agent said they are moving away now from too much online ‘added marketing’ as “we feel that it’s better to leave more out – to encourage more viewings”. So, we looked at their listings to see exactly what that agent meant. We found the briefest of property descriptions, 10 images as a maximum on every listing, only one floorplan and no media tours or interactive content at all. Yet surprisingly, this agent’s quoted fee was comparable to the first independent.

I will have to admit, I was flabbergasted by this. Their argument was effectively “they will do less to get more”, which of course is absolute cobblers. Their marketing strategy was qualified by the fact that – they preferred to invest more time in ensuring the sale goes through after a buyer has been found, rather than wasting time and unnecessary resources to find a buyer in the first place. They apparently backed this up by suggesting that as long as the property looks okay on Rightmove, it will sell anyway. Well I’ve got some news for them. No matter how good they are ‘after the event’, without a buyer in the fast first place, all that means nothing. And that definitely not what my friend wanted.

I told my friend she wanted to give her property the best chance of finding a buyer, and accordingly to try to get the agent who offers the best marketing would obviously be the best course of action. Good quality photos, a good write-up, floorplan, and a media tour (which can dramatically increase click through rates) were all good things to have.

OUTCOME
She eventually negotiated a satisfactory fee with the first independent. She got her floorplan and media tour thrown in. It sold within three weeks and is now off the market -moving swiftly through to an exchange.

So is doing less really isn’t a strategy to win new business? Not really.

I would imagine my friend is a typical example of the selling public and these days every vendor expects more from their agent. If you’re not providing clients with marketing that includes bells and whistles you’ll be losing out. It’s competitive out there and if you’re spending a fortune getting the valuations in the first place, why lose out by not at least offering to throw the ‘kitchen sink’ at marketing your client’s homes. The results will come. Better fees and market share awaits those who invest a little more!

You May Also Enjoy

Breaking News

Breaking Property News – 24/04/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Smart Spaces delivers the world’s first implementation of HID’s mobile credentials in Google Wallet at Workspace Mobile access control integration makes entry to The Light Bulb building effortless for customers London, April 23, 2024 – Smart Spaces announces today that it has partnered with trusted identity provider,…
Read More
Love or Hate Rightmove
Breaking News

An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker

Headlines The average 5-year fixed mortgage rate is now 4.89%, up from 4.45% a year ago The average 2-year fixed mortgage rate is now 5.29%, up from 4.75% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.82%, up from 4.42% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.36%, up from 4.15% a year ago The average monthly mortgage payment on…
Read More
Property for sale
Estate Agent Talk

Understanding Property Valuation: A Simple Guide

Ever asked your self, “How a amazing deal is my house simply simply well worth?” Whether you’re thinking of promoting, thinking of searching for, or just simple curious, identifying a property’s rate can experience like navigating a maze without a map. Yet, do not agonize. This sincere guide will stroll you via the necessities of…
Read More
Love or Hate Rightmove
Breaking News

Aberdeen is cheapest city to be a first-time buyer

New analysis reveals that Aberdeen is the cheapest city to be a first-time buyer with an average asking price of £102,602: The average monthly mortgage payment for a first-time buyer in Aberdeen is £406 per month, assuming the buyer has a 20% deposit, and a mortgage term of 35 years Data from UK Finance shows…
Read More
Breaking News

Breaking Property News – 23/04/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Agents urged to review AML policies following recent HMRC fines Recent substantial fines issued by HMRC are a harsh reminder to agents to ensure that their Anti-Money Laundering (AML) policies are up to date, and they have control testing in place. This is according…
Read More
Breaking News

Spring activity boost pushes asking prices close to new record

The average asking price of property coming to the market rises by 1.1% (+£4,207) this month to £372,324, just £570 short of the record in May 2023, while the annual rate of price growth is now +1.7%, the highest level for 12 months: A key factor behind this growth towards a near-record average price is…
Read More