3 ways to improve the market appraisal process

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3 ways to improve the market appraisal process

Guest blog by Acaboom, the market appraisal toolkit.


A great market appraisal is a finely tuned process, and agent experience counts for a lot. If you’ve been in the business for years, you’d probably wager that you could do them with your eyes closed. However, the times have changed significantly in the last 2 years and many agents are not returning to business as usual. The market appraisal process has been ripe for innovation– but what are clients most likely to respond well to?

Showing your knowledge of the property market (and the client!)

From understanding council tax bands, property prices by area and comparisons on a national scale, clients are looking for true expertise from agents. When each appraisal will be attended by around 4 agents, showing a point of difference, and being seen as the most trusted resource is the logical route to success. Being preprepared with this information so they can make an educated decision not only builds this trust, but also overcomes objections before they arise.

You could make them aware of rebuild costs, local voting habits and demographics – while it’s unlikely to swing a sale, all these finer details show that you take your role seriously and are giving a fair and reasoned valuation based on logic, not sentiment.

The key is to mix this logical information sharing with a great rapport – something that can be enhanced by running a social media background check on the client. It might sound a bit ‘big brother’ – but by looking at open profiles and seeing if you have interests or common connections, you can start off conversations on the right foot.

Providing a speedier response

Speed is the buzzword of the day, yet many agents are still returning valuations from their estate agency software 1 or even 2 days after the meeting, or relying on untracked emails to deliver their final words on the property valuation.

However, as a species we are more impatient than ever, and it’s only going to get more important to improve delivery speeds. (A survey of 2,000 adults showed the average person grows frustrated after waiting 16 seconds for a webpage to load or 25 seconds for a traffic light to change!) Waiting 1-2 working days for news on one of the most important assets you’ll ever own can be excruciating.

While agents are not simply sat around or delaying for the fun of it, it can often be down to the time it takes assessing a property and pulling together all the documentation, agency agreements, marketing literature and ‘any other items’ that a client may have referenced in the meeting. Having this all together in one place and being able to deliver it at speed is likely to become a great advantage for any agent giving them the extra edge – as well as the satisfaction of being the first to respond!

Bringing the process to life

Just as clients are keen for quick answers, there is also a well-known appetite for paying low fees. Agents have to eliminate this mindset and challenge the expectations. After all, what clients are really saying when they want to pay the least is that they don’t understand or value the service of the agency, and that can be remedied!

For most clients, to get through to them the various assets of the agency, the glowing reviews and success stories the agent will need to have a variety of tactics to bring out at the appraisal. These will be diverse, appealing to logic, reason, emotion and showing ‘the end result’. Over half of the population are visual learners, and as such, respond well to beautiful images – a graph in place of a statistic, a moving video instead of a flat image. Agents can strike it lucky with clients who are able to take in information through just a face-to-face chat, but for many, the recall of the experience will be poor. (Stats suggest that our short-term memory can hold up to 7 pieces of information at the same time… But only for around 20 seconds!)

When that information has to be conveyed to a partner later that day, there’s a good chance the message will be diluted and not as you intended. Suddenly, your fee becomes the differentiator between you and the other 3 agents. That’s why giving a visual presentation at the appraisal holds up as a tactic that works. The most striking statistic here is that 80% of people remember what they see, compared to 10% what they hear and 20% of what they read. If you aren’t using visuals to show what you do – now is the time to start.

Don’t stop there either. Share it with them after and you increase the recall and retention yet again, putting you in a stronger position to win the instruction.

 


Guest blog by Acaboom, the market appraisal toolkit.

Acaboom

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