In an interview with The Negotiator just recently published, the Hunters Chief Executive claimed that by focusing on transactions rather than sales progression, hybrid agents a missing a quintessential point.
How Important is Sales Progression?
It is difficult to underestimate the importance of sales progression. According to Glynes Frew, the Chief Executive of Hunters which is one of the leading UK estate agencies, hybrid or online estate agents are missing the point as they become more focused on transactions and tend to undermine sales progression. As a result, most of them will likely end up taking up a limited slice of what the market has to offer.
It all boils down to the fact that, basically property is more about people and those who consider it as merely transactions are losing the point. As Frew had it, one of the most challenging parts involved in the sales process is not marketing a property and receiving an offer. Getting the transaction through to actual contractual completion has typically become the most trivial part. Ultimately, this takes more investment in people. Albeit customers can track how the sales progression is faring online, more often they prefer to simply call and bring up their concerns over the phone. Remarkably, that has contributed to the agency’s customer satisfaction rating of 96%. Moreover, Frew opened up that Hunters is picking up those customers who have not been able to seek assistance from hybrid or online real estate agents in selling their homes.
On Big Marketing Budgets
In regards to marketing budgets, estate agencies generally got bigger marketing budgets now when compared to the past years. Frew said that while some people may be happy to do a lot of the sales progression by themselves online, there are still a lot of individuals who don’t like the process. That said, it is important for the estate industry to bear in mind that only 8% of the market is hybrid and the remaining 92% is still not.
While the Hunters chief executive acknowledges that the demands and needs of the customers are ever-changing that does not mean that the traditional agents are not adopting technology and aligning their business models to cater to these changes.
Hunters has got an edge in that they do not have to go through a supplier or third party and then wait for 80% of their customers to do it themselves. The company has their own software allowing them to be able to proactively address the changing demands of the customers. This is primarily where the difference lie between low cost or upfront DIY sales approaches of some the online or hybrid agents as compared to the full services that are rendered by the traditional agents.
Last year, Hunters has already brought in a fee income that was worth £500,000 according to Frew. The estate agency has launched an ingenious online valuation bookings tool. The tool can be completed conveniently at any hour of the day and provides detailed valuation reports which users can immensely benefit from.
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