In this fifth instalment of our State of the Property Nation report, we analyse the survey results around what vendors are really looking for from their estate agents, and where they feel agents currently have room for improvement.
Against the backdrop of a Brexit-induced economic slowdown, property professionals are left to ponder how to prevent declining revenues. With 10% less vendors and purchasers in the market in 2017 compared to the previous year, agencies need to optimise business practices to stay competitive and secure the top spot locally. Our research uncovered consumer sentiment on agents’ performances against 17 criteria. Three points emerged as the key differentiators for vendors when considering hiring agents. Transparency took the top spot (57%) as the most important factor for vendors, with an agent’s negotiation skills to secure the best price following closely behind (52%), and value for money in third place (51%). Perhaps surprisingly, lowest fees and the speed of sale weren’t perceived as being quite so important.
We also analysed what consumers felt agents currently deliver as part of their package. The same three criteria saw the highest gaps between consumer expectation and the reality of agents successfully delivering those services. The upside is that there is scope here for agents to make cost effective improvements that actually matter to their customers and give their agencies a competitive advantage.
Improving transparency, negotiating the best price and giving value for money are not only what agents do least well according to consumers, they are also what customers want the most out of their choice of agent. Vendors want an agent that keeps them informed throughout the process, so they feel looked after and they can clearly see what they’re getting for their money. PropertyFile gives agents the ability to offer a 24 hour online service to vendors. It can help your agency stand out from the crowd, and connect you with your customers at any time, providing them with the transparency of service they’re asking for, and in turn improving perception of your value for money.