Back to Estate Agents Publications>>
1. See the Big picture
Whatever happens you need to try and keep perspective. In this market you need to concentrate on sorting out the short term problems. You must however keep a mind’s eye on your longer term objectives.
2. Manage for cash
This current market is all about managing and retaining cash. If you can retain cash or stay within your agreed banking facilities, it gives you a better chance of being there when the upturn comes. Cash is the key to survival.
3. Don’t run from problems
We all have a tendency to shy away from doing the difficult things in life. They go to the bottom of the pile. There they gather dust and get worse! If you have difficult choices and decisions to make, take them.
4. Use your database
Very few Estate Agents use their databases! A rich store of data. If vendors and purchasers have had a pleasant experience with you in the past then you should capitalise on it. An email newsletter once a quarter would give you an opportunity to update them on the state of the market, promote your top 20 properties and provide a whole host of marketing opportunities.
You’ll have to address the Data Protection issues, but it really would be time well spent.
5. Profit from others’ misfortunes
This market could give you the opportunity to capitalise on the mistakes of others and acquire competitors cheaply. It may just cost you a percentage of the pipeline. You certainly won’t need to pay much for goodwill, if anything at all!
6. “Virtualise”
The drive to cut costs will have one profound effect. Over the next few years Estate Agents will increasingly virtualise their businesses. Gone will be the expensive offices, there will be more home working. A small office will suffice. Communication will be more web based. But profits won’t be virtual!
7. Promise you will sell too early
One of the old Stock Market adages is “always leave something for the next man”. In other words don’t get too greedy. Next time round if you have said that you will sell your business when the market picks up don’t try to guess the top. Look how much difference a couple of months made this time.
8. Keep smiling
Ok so this is a really tough one. When you feel grim the last thing you really want to do is go round pretending everything is hunky dory. But it’s vital. Your staff need to believe! The tone you set will be the tone they mirror. The tone they have will be the tone that impacts on vendors and purchasers.
9. Score your applicants
Now is not the market to spend time dealing with timewasters. Purchasers and vendors must be motivated to move, have the means to move and the need to move! If you really rank or score both vendors and purchasers you will achieve a greater level of sales from a lower stock. In a nutshell, it’s more sales with lower cost!
10. Take advice
It is easy to lose a sense of perspective at times like these. Talking to an independent professional who brings an experienced view can be enormously helpful. If you have big decisions to make it can share the load and give you the confidence that the choices you are making are soundly based.
We are here to help
Back to Estate Agents Publications>>