2023 - a year of opportunities

2023 - a year of opportunities


2023 a year of opportunities

As the UK faces a period of sustained economic uncertainty, it is essential for businesses, particularly estate agents in the UK, to
consider the opportunities that could arise in the coming year and to find ways to turn the challenges into opportunities.  A tough market is an opportune time for estate agents to hone their skills and become more operationally efficient, which in turn leads to an opportunity to grow market share.

See it as a time when the 'pie' might be getting smallerbut there is a great chance to increase the your share of the 'pie'.

 

Improve efficiencies with digitalisation of your agency


This is not a time to be complacent. It presents a great chance to review and consider ways to improve processes and efficiency in order to maximise market potential.  One of the most obvious opportunities for estate agents in the UK is to capitalise on the rise of digitalisation and automation with more people being used to using online systems to make purchases it could be a good time to use technology to create efficiencies within your business. 

For example, we all know that typically even the best estate agents will only convert maybe 35-50% of their valuation appointments into instructions, there will always be the one that gets away.  But in a slower market the chances to get that lost instruction back is greater than ever and the great thing about second hand listings is that most of the time the vendors have had a reality check on price expectations and they are often even more prepared to invest in the right agent, resulting in motivated sellers paying profitable fees.  Automating nurturing strategies to help you stay in touch with those valuable lost instructions therefore is just one way of creating opportunities in 2023. 



Are you leaving money on the table?

There has been an increase in buyer agents in the UK over recent years, something that has been popular in other parts of the world for much longer. If you think about it most of your sellers will also be buying a property, if you're not representing them as a buying agent too then maybe you are leaving a large amount of revenue on the table.



Another great opportunity is legal services, far too many agents over look the potential income stream from referrals to a good conveyancer.  Instead of sending all your referrals to the local solicitor because you get the odd invite to a golf day why not focus on forming a good, cash generating relationship with an award winning conveyancer?  DezRez legal pays generous referral fees, but even better than that it helps reduce the time from memo to completion, with an average lead time of just 14 weeks – against a national average closer to 20 weeks currently.  Our agents love us too, thanks to great communication from their dedicated fee earners and updates direct into Rezi which helps to make sales progression a simpler more efficient task.   As well as better service and faster completion times, DezrezLegal have single branch customers that are earning, on average, £5,000 a month in conveyancing commission and happier sellers - check out their trust pilot reviews here 

 

Time saving efficiencies can be made with automations like our automated feedback tool (watch a demo here) and viewing confirmation tools, or our clever lead interceptor tool that qualifies buyers and tenants before the lead even reaches your office, these time efficiencies lead to cost savings helping you to be more profitable, or to be able to invest into customer service areas that will help differentiate you further from your competitors.

How much could you be making from conveyancing commissions? Would you benefit from improving your valuation to instruction conversion rates? To find out how we can help or to discover ways to increase your agencies digitalisation then just drop me a line and I'll be happy to talk it over [email protected] 


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