If you are reading this article the chances are you own or work as an estate agent. Maybe you are just starting your own business or perhaps you have been in business many years already. Either way I am going to give you a simple analogy from the board game Monopoly that if applied with have a similar effect in your business to the one you may have experienced in the game.
In Monopoly, she who owns most of the board will most likely end up winning the game, providing they have a little dash of luck, cashflow wise to go with it. In Estate Agency the same could be said for those who have the most stock, but those stock levels can fluctuate much easier than the idea of losing a property you own in Monopoly. But what if, once you had been the successful selling agent of a property in your area you could ‘own’ that property in estate agency terms and always be the selling agent if it ever came back on the market?
Now obviously people don’t tend to buy a property and then sell it again the next week or even the next year but, over time, what if you could slowly see your land grab coming to fruition? It may seem like a silly idea but because estate agency is currently so focused on the here and now, the statistics show that after 4 years, 80% of people do not remember the agent they bought their property from. Not only that, even if they do, they have no particular reason to go back to them even if you do feel that you gave a superior level of service!
So how could this ‘land grab’ work?
With the use of clever technology like Lifesycle, more and more agents are using tools like the completion tool inside Lifesycle.
As with all good ideas it works so simply that it makes you wonder why things have not always worked this way.
All of the agent’s properties are already in Lifesycle from right back when they attended a market appraisal or sometimes even before that. So when a completion comes around the agent simply marks the property as completed and enters they new owners details (who is probably already in Lifesycle too).
Lifesycle will now automatically email the new buyer every year to let them know time fly’s and another year has passed, asking them if they would like to get either an instant, remote or physical valuation done on the property to see how much it is now worth.
Not only that, but Lifesycle is tracking the new owners activity and so even if they don’t ask for the new valuation but do go onto the website to do their own research Lifesycle will highlight this to your team making sure that due to being the previous selling agent you are always ahead of the competition when it comes to getting that property back.
Working this way means that over the years you slowly build up your ownership of the Monopoly board and not only begin to shut out the competition but make it almost impossible for new players to join the game.
Lifesycle. Helping Estate Agents work smarter.