Why we need to refocus on our business
The truth we all have to accept is that we miss out on business opportunities whether we are aware of it or not.
As a business once you identify potential reasons that lead to the missed opportunities or the gap in your knowledge/products you refocus your efforts, looking to create a better business plan reducing the chance of this reoccurring. Just because a client choose you last time doesn’t always mean they will automatically use you again!
Businesses that remain in the safe zone year on year, will reduce their operational risk. But in the long term, cost themselves future business opportunities that you won’t be to capitalise upon. I often see businesses operating for 20 years still with one office that makes less revenue than businesses operating a quarter of that. Continual investment into market knowledge, staff training, marketing, process management and data management is a must. This can position you as the first port of call and empower your unbreakable drive to be number one.
The newer businesses have changed with the times, and used their ever changing client needs as a positive to make sure they are always positioned correctly in the market. Where as word of mouth was the best marketing for previous generations, now it is branding power. Clients as we all know help us to either increase or decrease our market share, depending on their level of service.
Modern clients have become more informed about the markets they buy and sell within. The power dynamics of agents and buyers have changed. Clients come to the agent knowing what they want and will enforce their standards upon you, rather than the standards of service being enforced by the agents. The first time we feel short changed or we didn’t receive the service promised, you won’t be granted a second chance! You blew your one and only chance! The ability to be adaptable and flexible is one of up most importance, meaning you have no choice to but to change to the needs of the market.
Despite being a privileged position now this might not always be the case, weaknesses in the businesses only become apparent under new circumstances arising. We are only granted a small window to assess, implement and review the changes made. A proactive business spends less time on the back foot, and more time anticipating the capabilities of the business against the current and future market demands. As opportunities will very rarely represent themselves on a second occasion, being prepared and equal to the task gives you that cutting edge.
Clients will often ask:
-Why should I give my listing to you?
-How active in the area are you?
-How quickly can you sell my house?
-What should my target market be
-What should my target market be?
-Can you get the best market price?
-How quickly can you find me a tenant?
-How many listings do you have in the area, similar to mine?
-What makes you better?
-How is expansive is your local knowledge?
-What is your marketing approach?
-How successful is it compared to other local agencies?
-Do you get referrals from past clients?
Whilst real estate agencies should be aware of:
-Average time to sell or rent a property
-Profit per sale
-Time and resources allocated per sale from start to finish
-Why sales are lost or fall through
-Where I rank in terms of sale/rental figures and listings in the area
-How many exclusive properties I have
-How do I increase my profile with developers
-How many listings I have with offers
-Do I understand which type of properties you need to be targeting that are hot on the market, rather than slow burners
-Why a vendor/landlord should choice me over another agency
Produced by Matthew Scott
Senior Sales Manager
Email: [email protected]