It’s been three months since the festive period ended - a time when the market traditionally becomes stagnant and the number of homeowners withdrawing their properties notably increases. There are a variety of reasons why people remove their property from the market, from poor market conditions to not getting the offer they hoped for or being unable to find a property to buy.
However, in our experience, a few months after withdrawal is also a great time for agents to reach out and encourage these homeowners to relist - this time, with you. Especially since another big reason homeowners withdraw their property is because of an unsatisfactory experience with the previous agent.
While they might have removed their home from the market because they weren’t getting the results or service they expected, the motivation to sell often still remains. So by reaching out to homeowners and offering your services instead, you can turn withdrawn properties into new opportunities.
The problem for many agents is how to easily identify and successfully target these properties…
Unlock The Vault... and reach out to withdrawn vendors
Spectre’s Vault feature makes it super simple for agents to enhance their prospecting and extend their strategy to include withdrawn properties.
In the background, Spectre scans the market and pulls a list of homeowners that have withdrawn from the market - including your competitor’s stock. And don’t worry, Spectre even cross-references all withdrawn properties against the Land Registry to check the home hasn’t been sold through a private agent, eradicating inaccuracies and protecting your brand.
The Vault allows agents to automatically market to all properties in your area that have withdrawn within the last 24 months… and our data shows that 50% of these homeowners will return to the market within 2 years.
With Spectre, you can set your own letter triggers to match your agency’s prospecting strategy and automatically send highly targeted and personalised letters that directly target withdrawn stock. This means you can add another form of powerful canvassing to your agency’s arsenal to grow your success and market share.
And we’ve seen first-hand just how powerful the Vault can be… generating instructions worth over £890 million and securing £11 million worth of estimated fees for our agents. What’s more, last year there was one success for every 62 letters sent. Impressive? We certainly think so!
Secrets to reaping the biggest rewards
According to our own in-house data, prospecting letters have a 3 times better conversion rate when they’re personalised. How do you do that? We’ve split a host of secrets on how to make your letters stand out…
- Eye-catching statistics are a powerful way to set your agency apart from competitors and convince homeowners to instruct you, instead of their previous agent. Do some digging and see if you can find some strong stats, such as an impressive average time to sell or the percentage properties that you sold for the asking price.
- Social proof, such as testimonials, is a strong marketing technique that consumers trust and therefore can be highly influential. Try to find an example that speaks specifically to the vendor and their situation, i.e if they withdrew because of an unsatisfactory experience with their agent, include proof that you offer an exceptional service.
- QR codes (like the ones provided through the Street Insights & Spectre integration) that link to a property report of their home. If, for example, their property has since increased in value, these reports are a foolproof way to intrigue homeowners to book a valuation with you - and at the same time, capture another lead for your agency.
The Vault is proven to generate incredible results - and it is a really easy way to extend your marketing reach and target even more homes in your local area. By utilising this feature to schedule letters targeted at withdrawn properties, agents can quickly build their pipeline - and watch the gold coins roll in.
If you’re struggling to set up the Vault, feel free to reach out to our Customer Support team or directly contact your Customer Success Manager who is always on hand to help.
