We know, it’s scary out there at the moment.
In this market, when you’ve got an instruction, agreeing the sale is the easy bit and the start of a long journey. Rightmove’s recent House Price Index, along with anecdotal reports from many agents, paint a worrying picture for the UK property market this summer.
With 500,000 sales currently stuck in a conveyancing logjam, the average time from sale agreed to exchange is 150 days - leading to a longer opportunity for sales to fall through and an ever-reducing number of new stock coming to market.
Understandably, these reports are causing concerns for agents, but when we consider that, on average, one in three sales fall through, is there more opportunity for agents in this period than first meets the eye?
Here at Spectre, we certainly think so. We've put together three quick ways you can seize the opportunity in the logjam and convert the 150,000+ motivated sellers over to your agency.
1. Monitor fall-throughs and get ready to pounce
Your competitors' fall-throughs are the hottest leads out there right now, so keep an eye on properties in your patch moving from SSTC to On The Market. These sellers will be highly motivated to move and likely desperate to find a new buyer, in order to keep hold of their onward purchase.
If you're a Spectre customer, you should have a trigger letter set up and sending to properties with a fallen sale every week. But now is the time to go one step further and send a one-off campaign letter to properties that have had a sale fall through in the last four weeks to ensure you catch all the motivated sellers.
2. Engage in conversation with those SSTC
Again through one-off campaigns, be useful to those currently in a sale. Could you inform them about the market and what might be causing their delay? Could you recommend a reliable removal company or a good takeaway, ready for if their sale does complete?
Being helpful to these sellers will keep your agency front of mind while their agent slowly plods through the sales progression. So if the sale does fall through, who are they going to want to speak to?
3. Build your brand for the future
Ahead of the new instructions to come, make sure your agency is the obvious choice and use this time to do some effective and long-term brand building.
Send anniversary letters and property reports to your previous buyers, offer updates on community events and goings-on locally or offer instant valuations to your off-market audience. The possibilities are endless here, and there's no time like the summer to drip-feed positive brand messaging ready for the busy autumn months ahead.
Here at Spectre, we're always seeking out opportunities for our agents, so you don't miss out on a single one in your area.
If you’re not currently a Spectre user and would like to see how our system works, why not request a free, no-obligation demonstration with one of our specialists? We’re confident you’ll be amazed at how simple Spectre is to use and how many prospecting features you could get your hands on in just one subscription.
