There is a growing controversy in the real estate market as at least one conveyancing solicitor has criticised estate agents for their lack of sales progression support. For those who use the services of both traditional and online estate agents, not having enough sales progression support can negatively affect the relationship between real estate agents and their clients.
The gap in sales progression reports is most noticeable for online estate agents who in many cases will leave holes in their reporting services. This generally means that traditional estate agents must jump in and complete the process. Otherwise, it risks collapsing real estate agency chains which will have a devastating effect on the marketplace.
What is Sales Progression?
In real estate terms, a sale is not a buy or sell process like purchasing a product which is usually completed all at once. In real estate, there are several steps to selling a home which starts with evaluation, preparation, and presentation until the right buyer is found. A seller may see anywhere from one to one hundred or more potential buyers before an offer is made.
Once an offer is presented, there are even more steps before the completion of the sale. Keeping track of sales progression is a vital part of the real estate transaction process because it denotes where sellers are in terms of their home being on the market. A lack of tracking means not having accurate information about the progress of the sale.
How Lack of Reporting Hurts Traditional Real Estate Agents
Because more estate agents are doing more work to follow-up with the clients of online estate agents, they are driving up their own costs which cuts down on their profit margin. This is because sales progression is a key component in real estate and without it the chances of making a successful transaction drop considerably.
Many online estate agents are either not aware or not fully appreciative of the sale progression technique. It does require time, effort, and skill to properly keep track of sales in the real estate industry. Yet many online agents lack this fundamental training which in turn is hurting traditional real estate agents who are part of the same chain.
The reasons why this is happening with online agents vary, but the bottom line is that traditional agents are usually in direct contact with their clients throughout the entire process. Plus, they have lived or worked a specific area for many years, cultivating knowledge along with contacts that improves the chances for sales when the proper progression is followed.
Unfortunately, the many new agents who mostly work online are not following-up with their sales progression efforts which puts pressure on every agent in their firm. While the advantages of such online agents start with the lower fees they charge, they cannot be expected to do the proper work that helps ensure a sale or purchase of a home. This is the price that is paid both by estate agents and their clients when sales progression reports are not properly maintained.
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