How To Increase Estate Agency Profitability

Published on:

November 28, 2018

Estate Agency profitability

In this new online property world, when using a High Street agent customers will expect and deserve exceptional levels of customer service and transparency if fees will be 5+ times that of online rivals.

How to Increase Estate Agency Profitability: 5 Tips

  1. Recognise you’re finding someone a new home, not trying to get them registered.
  2. Show you care about them first before yourself or your properties.
  3. Check those feelings! Feeling stressed? The caller will sense it.
  4. Use your name when taking a call, twice! The first time you’re the company, the second time, you’re you.
  5. Log those calls, you need all the local buyers you can get.

Work as a team and address this challenge head-on together then you will be one of the few winners, not the many losers.  Lastly, consider business coaching for estate agents as leading a team can be a lonely place and an independent, outside view can help keep you on track and improve your business performance.

P.S. You need to create a culture, a mindset of exceptional customer service and continuous business improvement to make this stick for the long term.

We book and buy our holidays and hotels online now. We’re spending more and more time and money online. This year we will hit “Peak Cash” according to The Guardian, digital payments will exceed cash in 2018.  The way we buy, sell and rent our homes is changing too.

The way we live is changing so fast, the world is changing fast, we are going through the biggest revolution ever but it hardly seems to get a mention anywhere by anybody. The industrial revolution was a big event but would did that do? It replaced the horse with horsepower, animals with machines. What is happening today is that and some. According to the World Economic Forum we are in the 4th Industrial Revolution.

Soon we will all be driving around in electric cars or hopping in a self-drive car or in a pilot-less drone or going on a holiday or a tour in space. Artificial Intelligence will be listening to us, obeying us, following us, curing us and making us all very nervous, I'm sure.

To call this the 4th Industrial Revolution then is to misrepresent or understate what's happening. The first revolution was mechanisation because somebody invented the steam engine, the second revolution was electrification because somebody invented the electric motor and a light bulb, the third was digital because somebody invented the transistor which gave birth to the PC and modern computers. In each case something got invented then used. And that was that.

This "4th Industrial Revolution" has no single invention behind it. It is happening because massive computing power is being meshed with massive communications power. People can work together around the world easily and come up with new ideas then test them quickly to see if they are viable. We can simply fail faster than ever before, at a rate that is catapulting the rate at which new things become possible, new discoveries are made.

So, let’s not call it the 4th Industrial Revolution, it's a new beginning, the end of the past, so I'm calling it the Genie Revolution, the genie of human ingenuity is finally and fully out of the bottle.

I digress, let’s get back to homes and houses. In amongst all this, the Estate Agency and Letting Agency market is changing, threats are many from Online and Hybrid Agents, other High Street agents improving their service, the abolition of Letting and Estate Agent fees and a slowing market.

About Paul Freudenberg

Paul Freudenberg is a business productivity coach and consultant with a focus on operational excellence delivering improved profitability and business performance, and Founder of Awardaroo in 2005. Paul has set the mission of Awardaroo to help raise UK Business Productivity from one of the lowest in the G7 to one of the highest by 2030. Connect on LinkedIn

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