2024 is due to bring new challenges to the Estate Agency industry on top of a rollercoaster 4 years plagued by macroeconomic events.
Last year, 2893 estate agent branches and 1,906 letting branches closed, according to research by TwentyCi. Agents must adapt and stay agile in a dynamic, unpredictable market to avoid becoming the next victim.
Now more than ever, your sales agents need to be laser-focused on growing the business, winning instructions and facing off competitors. The big challenge is that those agents are busy, stretched, and expensive.
How can they effectively balance the demands of a busy schedule while maximizing revenue and providing exceptional customer service?
Outsourcing is helping thousands of businesses free up time from those valuable sales agents and shifting time-consuming admin and support activated to lower-cost specialist customer service agents.
4 Shifting Dynamics of Property Transactions
High Volume of Inquiries: Estate agents often face a high volume of inquiries from potential buyers and sellers. Managing this influx of inquiries can be overwhelming and time-consuming, leading to delays in response times and possible loss of business opportunities.
24/7 Availability: With clients expecting round-the-clock availability and instant responses, estate agents find it challenging to maintain a constant presence and address inquiries promptly, especially outside regular business hours.
Diverse Communication Channels: Clients contact estate agents through various communication channels, including phone calls, emails, live chat, WhatsApp and social media. Keeping track of and responding to inquiries across these diverse channels can be cumbersome and prone to oversight. Leads get lost, and your CRM becomes less and less effective.
Competitive Landscape: In a highly competitive real estate market, estate agents face pressure to differentiate themselves and provide superior customer service to attract and retain clients. It is crucial to address inquiries promptly and professionally to maintain the agency’s reputation.
The Human Touch
So here’s a story. A few months ago, I was putting my house on the market. I phoned two agents and booked in valuations — agent three I phoned… 3 times. No answer!
I didn’t leave a voicemail or email or complete an online form. I moved on and booked a different agent, who I ended up instructing. That agent who did not answer probably had a valid reason: they were busy, which meant they lost a customer. When selling my home, I wanted to speak to a human. When I couldn’t, I moved on.
Human connection is essential when making big emotional decisions such as property transactions. Maintaining that is costly in terms of time and resources. Missing out on the opportunity to provide a human experience can be even more expensive to your business.
The Solution
So, how can you provide a human experience without hiring more and more people to cover phone, email, and website live chat enquiries?
Could an automated AI bot be the answer? Would you buy or sell your home to a faceless robot? Maybe not.
More and more agencies have found using a reliable, trusted customer service partner is the solution. An outsourcing partner like TheseHumans has customer support specialists who understand your business and provide a human face to front-line support inquiries.
- New enquires
- Booking valuation
- Scheduling viewings
- Managing leads
- Maintenance enquires
- Sale progression updates
- Out-of-hours support.
.. the list of administrative tasks that distract agents goes on.
How many hours does your sales team spend not selling? Precious time is used handling customer support when they could be generating revenue. A sales agent is a costly resource to be fielding such interactions.
Real estate agencies can unlock substantial growth potential and enhance profitability by offloading administrative burdens and optimising resource allocation. Imagine a scenario where every hour spent on administrative tasks is redirected towards revenue generation— the possibilities are limitless.
Moreover, by ensuring that client inquiries are addressed promptly and professionally, agencies can cultivate a reputation for excellence, further solidifying their position in the competitive market.
Next Steps for Estate Agents
In the face of unprecedented challenges, the Estate Agency industry stands at a crossroads, poised for transformation. By embracing outsourcing, harnessing technology, and preserving the human touch, agencies can survive and thrive in the years ahead.
As we navigate the complexities of 2024 and beyond, one thing remains clear: adaptability and innovation will be the keys to success in an ever-evolving market.
Get in touch today if you are ready to revolutionise your agency’s operations, grow revenue and provide outstanding customer service.
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