It’s been an interesting couple of weeks for the property market, with news of cuts to stamp duty quickly followed by turbulence in the mortgage market, as a result of measures announced in the mini-Budget. In the space of a few days, the stamp duty savings for many people were wiped out by rising borrowing costs.
We explore what it all means and how can agents maximise the opportunity to add value and build trust.
Build lasting relationships
Customers have seen their financial circumstances shift, which means they’re probably feeling more uncertain about whether to go ahead with their home move and what they can afford to spend. This presents an opportunity for agents to prove their worth with great professional advice, helping customers navigate rising rates and a shifting mortgage market. By calmly and professionally guiding customers every step of the way, agents can build strong relationships, fostering trust and putting them first in line for new instructions.
Get busy on social
Growing engagement on social media, including on local Facebook groups focusing on property and buying/selling, is key to proving you know your market and can help customers traverse the changing landscape. By offering guidance and advice on social media platforms, including building connections with individuals who are seeking help with the specific problems they face, you can grow your reputation as the go-to local property expert. Having high quality visual content, particularly photography and video, is critical to success. Not sure where to start? Check out our top tips here.
One big advantage of proptech is the financial certainty it brings by giving agents a unit cost. By outsourcing property marketing, including professional photography, floorplans and 360° tours, agents can keep track of their exact spend per property, in contrast to managing marketing activity in house where it’s far more difficult to track. Agents looking to make savings over the coming months will have complete transparency of marketing spend – a significant benefit when managing costs.
Stand out online
As the market cools sellers will be looking for an agent who is willing to go the extra mile to ensure their property stands out and can help them achieve a sale at the best possible price. Eye-catching photos taken by our network of professional photographers used online and in marketing packs make a statement to potential clients that a particular estate agency brand is serious about what it does and will showcase their property to its best advantage. Our research shows agents using professional marketing win a third (32%) more instructions than their competitors, secure 13% more viewings overall and sell for £1,600 more on average.
FocalAgent CEO Lee Wainwright took part in a webinar hosted by ICG Approved on 27th September 2022 exploring how agents can be ready for a transition in the property market. You can watch the full discussion here.