Our latest market report found withdrawals rose 7% compared to the same period in 2023, with January and February above the 5 year average and then a reduction in these figures in March. The prolonged length of time properties spent on the market surpassed 2023's benchmarks and price reductions being at a four-year high in Q1 - could all have played a part in vendors retreating from the market.
Did you know? Using Spectre our agents saw the best success % per letter sent using withdrawal as a trigger, and the most successes of all trigger-based campaigns.
With the majority of these vendors likely to have been unhappy with the interest or offers they received, or not able to reduce their properties further, re-engaging this audience can be difficult but, if done correctly, can increase your estate agency’s market share.
If a vendor has had to reduce once or multiple times, then they are unlikely to relist in future with that agent/agency. This provides the perfect opportunity for other local agencies to target these properties with direct mail campaigns and bring them back to the market.
💡Did you know? Nearly half of withdrawn properties will return to the market within 24 months!
Unlocking hidden potential with off-market prospecting
Using prospecting tools, agents can enhance their current prospecting strategies and increase instructions by using a number of data fields to create hyper-targeted campaigns reducing costs but increasing engagement.
With Spectre, you can unearth data like time since last sold, current estimated valuation, size and type, allowing agents to understand the vendor's position and re-approach them with an informed valuation, cementing their position as expert in the local market.
For example, if you know the market is hot for 3-bedroom bungalows then prospecting those property types that have withdrawn in the last 3-6 months and sending those vendors direct mail campaigns to re-enter the market could be fruitful for estate agents.
Withdrawal letters sent from Spectre have a 1 in 10 success rate, one of the highest success shares out of all of the top triggers.
Do’s and Don’ts of off market prospecting
✅ Add personalisation, Dear Mr and Mrs X outperforms Dear Homeowner by up to 3x.
❌ Blanket sends without targeting
✅ Bespoke branded, engaging and professional letters and postcards
❌Lengthy, unbranded letters and postcards
✅ Automation & AI prospecting data
❌ Manual driving around noting properties that have come off market
✅ Data-led messaging to cement as expert in local area
❌ Over-promising or inaccurate valuations that lead to losing the listing
✅ High quality printing material for enhanced brand experience
❌ Printing at the office on thin paper stock
✅AI & templates of best performing letters to save time
❌Writing letters individually spending hours of wasted time
Sold in your area campaigns, building trust through localised expertise
Agents also need to build trust with vendors who have withdrawn from the market. Such vendors are likely to be untrusting of the market and an agency's ability to get the right buyers and the right price for them.
One proven tactic to build trust with vendors is through sending ‘sold in your area’ campaigns, to demonstrate your local expertise and knowledge combined with your success rates locally.
We found that Spectre users experienced a 67% higher instruction rate versus sending prospecting letters alone. What’s more, sold in your area letters can be customised to include similar properties to the properties you’re sending to, increasing the personalised feel and also setting vendor expectations early of what they can expect from the market if they relist.
Find out more about how to target withdrawals for maximum success here.
If you see vendors engaging with your prospecting then get in contact with them, spend time finding out why they withdrew from the market and use tools like our market report to speak expertly about the market to validate or educate them on any concerns they may have with relisting in current market conditions.
By leveraging direct mail campaigns to target withdrawn properties, agencies can maximise on other agents' missed opportunities and cement their positions as trusted local partners, expanding their market share and driving growth.
If you’d like to find out more about how Spectre can help your agency do this, reach out to one of our team.
