My thoughts on UK Estate Agency in 2016

What’s the problem with UK Estate Agency today?

Well, You aren’t the problem – far from it. Its the UK estate and letting agency system that is the problem. The system and the techniques of generating new business in estate agency, which used to work 10 or 20 years ago dont work now. That’s not your fault. You aren’t to blame for that. You are an awesome estate agent working in an industry that is really hard work.. but it does feel like you are drowning sometimes .. doesn’t it?

So if the system is a fault, the system can be changed cant it? Of course it can. So how do you get more business, more listings, more instructions, more take ons for your estate agency? Well these are my thoughts …

Let me be frank ..  It’s a whole lot easier to sell your estate agency services when everyone thinks knows you are the main man, the go to agent, the ‘daddio’ agent, the authority in your patch.

In fact, it’s not just easier to sell your estate agency services, it’s like your estate agency starts selling itself because of your reputation, your standing, and the level of talk going on via Twitter, Facebook and real life places like Golf Courses and Dinner Party tables around your town

Homeowners and landlords keep coming to you because they have just heard that you are the main man in one place after another.  Now you are the authority.

And authority sells – and you know it does in your heart of hearts.  Establish yourself as not just an expert, but an authority, and the whole estate agency game changes.

Yes, there are those agents who call themselves ‘local property experts’, ‘local property specialists’ .. and they seem to have caught the imagination of the UK population (to a point) .. Purplebricks have done well with with their TV adverts and the Bruce Brothers have created a very slick operation. I admire them greatly.

.. so should you be a ‘local property expert’?

No .. you should do something else

Why?  Well my friends, because the expressions ‘expert’ and ‘authority’ mean two totally different things:

  • “Experts” have a lot of knowledge/experience on a subject.  But that doesn’t mean anyone gives a sh*t.
  • “Authorities” are experts who have an audience who categorically and unwaveringly,  give a sh*t.

Take a second out your busy day for a second: In life, what do the majority of people do in the face of authority?  They listen to what that authority says, and that authority’s word becomes the rule – almost the law.  People trust that person not only to be right about their field of expertise, but to be so right they are worth listening to, following, and loyally defending. (bit Like Sir David Attenborough on nature and wildlife for example)

Authorities aren’t simply experts:  Authorities set the rules.  Authorities set the tone for the industry.  The authority is a leader, not because they claim to be but because they have followers who believe they are authority.

Many of you use the traditional methods and systems of leaflet dropping, 20/20 leaflets, Free Vals wanted, Landlords wanted etc etc to get more business and they still work, but not as well as a few years ago and a lot worse than 10 years ago. Many of you have social media campaigns which are there, and get the ‘odd’ free val. Then there is SEO, Google Adwords, Rightmove banners – again they work, but not as well as they used to.

Then some of you are using shiny ace new toys like ‘Valpal’ and other such things. I would serious consider Valpal but very soon every agent will have it – and then there wont be an advantage to having it. (although I think many agents are missing a trick with Valpal as only 10% of people who click on the link fill the form out – a few of us have designed a technique to engage and interact with the other 90% – even though they didn’t give us their details – it came about by a few agents sharing a few ideas on Valpal in our Facebook Group for Estate and Letting Agents – you put a facebook pixel/cookie on the page to bring people back to your Valpal page .. or even better, back to your blog

All of those are mechanisms that can help you get more business in estate agency, no doubt about it, but if you want to be in the position where people (house sellers and landlords) come to you – and it comes to you day in day out, month in month out, sustainably – building a faithful following who views you as the authority is the way to go.

And if you think I should be in the funnyfarm for saying all this, let me ask you … you as person, you must have people that you look up to, admire …and when they speak, you listen.  They tell you something’s good, or bad, the trend of the future or the thing of the past and you accept it without question. It could be a close friend, someone famous, like Richard Branson, Sir Alex Ferguson or someone like Sir David Attenborough.  And you follow them not because you are a visionless sheep, either, no because they earned that trust in your mind. (funny how Sir Dave was voted the most trustworthy person in Britain eh!)

So, starting on Friday this week, I will guide you in four important lessons to help you become the local property authority, the agent worth following Part 1 of a series of articles / lesson to make you the authority.

ADDED ON 30TH SEPT 2016 – Part 1 here

 Remember, its not you that is the problem – it’s the system. I will guide you and show you how to beat the old system and be more successful as an estate and letting agent

 

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

You May Also Enjoy

how to present your property for sale
Estate Agent Talk

6 Property Management Marketing Strategies For And Beyond

Did you know that over 70% of individual renters find their new homes on the­ internet? In our current digital e­ra, a sturdy online existence­ isn’t just an extra for property management firms—it’s a critical need. Nonethele­ss, with innumerable property administrators scrambling for visibility, how might your firm gain promine­nce? The solution is a de­tailed…
Read More
Estate Agent Talk

Strategies for Successful Real Estate Investment: Emphasising Luxury and Privacy

The appeal of luxury real estate lies in its ability to combine opulence with exclusivity, offering more than just a property but a lifestyle investment. For those seeking to enter this lucrative market, understanding the nuances of where and how to invest is crucial. As we navigate through key strategies for successful real estate investments,…
Read More
Estate Agent Talk

Leasehold and Freehold Reform Bill – Thoughts from the Industry

The Leasehold and Freehold Reform Bill has become law with the Act making it easier and cheaper for leaseholders to buy their freehold, increase standard lease extension terms to 990 years for houses and flats, and provide greater transparency over service charges. The Act will also remove barriers for leaseholders to challenge their landlords’ unreasonable…
Read More
Who are Rentd
Letting Agent Talk

Renters (Reform) Bill Dropped – Thoughts from the Industry

The Renters (Reform) Bill has been dropped as a result of the general election being called. Here are some thoughts from within the property industry. Ben Beadle, Chief Executive of the National Residential Landlords Association: “It is hugely disappointing that this Bill will not now make it into law. The news comes despite the fact that…
Read More
Estate Agent Talk

July 4 General Election – Thoughts from the Industry

Prime Minister, Rishi Sunak has called a general election for July 4, 2024, citing now being the time for the people of Britain to choose the next government. Here are some thoughts from within the property industry. Tim Bannister, Rightmove’s property expert: “A look back at recent elections shows that house prices and activity usually…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker

Matt Smith, Rightmove’s mortgage expert said: “Today’s inflation drop feels like an important milestone on the road to the first Base Rate cut. There’s been some to-ing and fro-ing over whether we’ll see a summer Base Rate cut, but today’s news will likely reinforce some of the positive words coming from the Bank of England…
Read More