Due to seasonality, properties in January always experience the longest sales cycles. However, in our latest market report we found even though Q1 is following a typical trend, properties are displaying a longer time to Sale Agreed than previous years.
On average in Q1, properties were on market for 53 days, this could be due to stock levels returning to their pre-pandemic average meaning buyers have more options available to them.
So, what opportunities does this slower market present for estate agents? Well, a slow market equals frustrated vendors and presents one of the best opportunities for estate agents to grow their market share and gain new instructions.
Nurture potential instructions
Longer time on market can actually present the best opportunity for agents to steal their competitors listings.
Stagnant or slower markets give agents longer to nurture vendors into switching agents and typically result in more instructions than one-off campaigns. We found that agents who send 20:20s and on-market letters saw 766% more success than those who did only blanket canvassing.
If agents are sending one-off direct mails and not considering nurture campaigns, they could be missing out on huge opportunities to steal stock at the right time. Agents should consider how they can nurture on-market vendors over a longer period to build brand awareness and communicate their expertise.
“Spectre is a very powerful tool which we have used to generate a steady stream of instructions directly from our competitors.” Richard Powell, Managing Director, Ryder & Dutton
Targeted prospecting
Instead of casting a wide net to all properties on market for a longer time period, focus your prospecting efforts on specific groups or triggers that could make vendors more motivated to switch.
Vendors who have reduced their listing price or experienced failed sales within their time on market are prime candidates for switching agents. Target these properties with messaging to convey your agency’s ability to achieve asking prices or reviews from previous sellers about their experience, convincing these vendors you can help them achieve maximum value for their homes and move at pace, you can win their confidence and secure listings whilst maximising on your ROI%.
Leverage your success stories
Incorporate positive "Sold" messages into your direct mail marketing to reassure hesitant or frustrated vendors about your agency and the market.
Highlighting recent successes in your area demonstrates your agency's ability to navigate market challenges and achieve results. Utilise content like this in your 20:20s letters or postcards to showcase your agency's ongoing success despite market slowing.
Messaging such as “we’ve already sold X properties this quarter" or "in the last 3 months, we’ve sold X% of properties for asking price or above” this instils confidence in your agency.
Showcase your knowledge
Instead of seeing deadlines as something negative, why not use them to your benefit? By using data to inform homeowners of deadlines, you can create a sense of urgency and build trust.
For example, you could lead with headline statistics about being on market for long periods of time, such as “homes on the market for longer than 12 weeks often struggle to sell at all.” emphasising the importance of taking action and switching agents now, could lead to increased valuations and instructions.
Want to see how easy all of this is to do with Spectre?
Spectre’s suite of marketing tools has everything you need to win instructions and grow your agency. Get in contact with one of our representatives and we will arrange a demo of Spectre for you.
