Inspiration

Estate Agency Marketing - Review Your Competitors!

RAT 67 (Rawlings Agency Tip)

At a time when approximately HALF of all vendors are switching agents as their property fails to sell (guess why!!!) a great opportunity presents itself! The opportunity to attract saleable, profitable "second-hand" stock from a frustrated vendor.

Whilst one of the most effective ways of doing this is to invite your competitors' clients to a Vendors' Advice Evening (see light green button on the left), another way is to "help" them ro review the performance of their chosen agency.

So you might approach them (with the usual caveats re potential dual fee liability) with an offer to review, free of charge, the following:

• The response to date and feedback from viewings and advertising.
• The number of viewings in relation to local and national averages.
• The "drawing" ability of their sales particulars and photographs.
• The presentation of their home.
• The availability of other homes on the market that compete with theirs.
• Their own moving plans.
• How their property is positioned in the market.

If you want to take a more aggressive approach you could perhaps include the following questions in your approach:

o Is your estate agent as enthusiastic as they were when you first appointed them?
o Do you receive regular progress reports from your agent with constructive observations?
o What plans does your agent have to refresh your sale?
o Has the number of buyers looking at your property declined recently?
o Does your agent provide you with feedback immediately after every viewing?

Whichever route your choose, Vendor Advice Evening, subtle review or full-on competitor attack the main thing is that you create the opportunity to challenge the status quo. A bit of professional cage-rattling! Naturally this then positions you as the informed and proactive agent whom they should have chosen initially and you're in pole position to pick up a saleable, profitable instruction from an increasingly motivated seller for whom asking price and agency fees are less of an issue than they were!

Good luck, and please do let me know if you need a hand.

Quote of the Day: "If your competitor is drowning - stick a hosepipe up his nose"

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© Richard Rawlings 2012
Richard Rawlings is the founding director of Estate Agency Insight, which specialises in helping estate agencies harness opportunity through innovative method, marketing, publicity, and training. He can be contacted at or on 0845 838 1354.

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