A healthy portfolio of properties is obviously pivotal to the success of an estate agency business. In this Success Tips piece, we look at ways to generate more market appraisals while offering accurate and fair pricing assessments for your clients.
Below is a list of tactics from agents who excel at generating high levels of market appraisals. Check them against your own agency, and then see how the features included in the Reapit Agency Cloud Sales and Lettings CRMs for estate agents can help you generate more market appraisals at fair values for your clients.
1) Structure your mornings
Does the branch hold a structured daily morning meeting? Is there a focus on yesterday’s applicants and any market appraisal opportunities? Add ‘Yesterday’s applicants’ to the meeting agenda to discuss the best opportunities with your team.
Combining Power Reports and the Power Organiser allows managers to create panels that contain all the information required to run a successful morning meeting. This drives more productivity and greater efficiency even before the doors open.
2) Advertise with finesse
Encouraging market appraisals through careful use of ‘wanted’ advertising that is skilfully crafted and tailored to a specific target market to be display in window displays, along with local and internet advertising, often generates positive results. Branch location and target market will dictate the campaign style, and this approach can be highly effective if deployed correctly.
Grid functionality on applicant search results allows users to identify accurate target markets for ‘properties wanted’ advertising. Make the most of your data to optimise your advertisement towards key target segments where they will receive the best exposure.
3) Target your canvassing
Canvassing can also work well but be conscious of the target market when designing the leaflets to be dropped. Regular drops on the same properties in a smaller area tend to be more successful than one drop on a larger one – this approach tends to develop stronger local brand awareness.
The Applicant Analysis Report pin-points potential clients on Google Maps, helping to focus canvassing campaigns for new instructions on the right local areas. With Agency Cloud Mobile all this information will be available on-the-go during canvassing.
4) Work the competition
Analysing competing agents’ stock can often generate fresh market appraisals. Such methods include finding competitors’ stock online by reviewing their internet presence or on the ground through physical board counts. Assertive marketing techniques such as targeting other agents’ properties and mystery shopping should only be used with care by trained negotiators.
The Property Website Importer allows users to create and manage accurate databases of competing agents’ properties. As competitor stock appears on search portals, the importer can automatically copy over a new property record into the Agency Cloud database.
5) Motivate with incentives
Is there a financial incentive scheme in place that encourages staff to recommend market appraisals to applicants? Financial incentives set to achievable targets can serve as a powerful motivator for staff. Often this proves a successful approach in more assertive agency environments.
Power Reports and Best Practice Reports allow managers to track appointments booked by staff – information that cannot be altered once logged by a negotiator. Financial incentives can motivate agents to follow through with establishing appointments.
6) Train your teams
Do negotiators need additional training so that they can sell the benefits of a market appraisal to a prospective client? Consider arranging internal or ideally external training.
Comprehensive accredited training is available via the Reapit Training Academy and Reapit IQ – with specialised and optimisable courses offering both online and live training sessions to ensure agents can leverage the best agency software for greater market appraisals.
7) Set encouraging targets
Staff league tables based on identifying potential clients for other branches often generate enthusiasm in younger, more assertive teams. Discuss with the senior team and implement if appropriate.
The Sales and Lettings Daily Reports show all staff members and their levels of business generation over the previous month. These reports can be used to set reasonable targets that can motivate friendly competition among colleagues.