Despite the global pandemic and its impact on the economy, 2020 was a lucrative year for estate agents in the UK. House sales soared after the first lockdown ended in May and prices reached a record high by the end of December.
With the stamp duty land tax (SDLT) holiday extended until 30 June, demand continues to outstrip supply in popular locations. However, property experts predict that the market will slow down once the furlough scheme and the SDLT come to an end.
As unemployment levels continue to rise, the pool of potential property buyers is likely to reduce. Estate agents will need to pull out all the stops to win new business and keep existing customers happy. Delivering an exceptional customer experience is the key to boosting sales and maintaining a healthy bottom line.
Top Tips for Outstanding Customer Experience
- Crunch the Numbers
Today’s estate agents have a wealth of data at their fingertips — from common property search terms and email marketing analysis to website traffic and conversion data.
The most successful agencies use this information to guide marketing, sales and customer service efforts, ensuring that the company’s offer matches what the customer wants. Research shows that consumers are increasingly seeking a personalised customer experience — even if they don’t know it — and companies that provide this enjoy higher levels of revenue and loyalty. Adopting a data-led business model also allows estate agents to target customers who are most likely to convert.
- Solve Your Customer’s Problems
Buying and selling property is one of the most stressful life events for many people. The best estate agents invest time in building trusting relationships with their clients by keeping in touch with them and providing regular updates.
As a result, if a problem or concern arises that could jeopardise a sale or purchase, the agent is the first to know and has the opportunity to offer a solution. Even better, the agent may be able to predict and preempt the issue arising in the first place.
For example, if the customer is planning to buy a new build home but is experiencing property chain problems that delay the sale of their current home, the estate agent could provide a house part exchange. This would allow the customer to escape their problematic property chain by selling their home directly to the developer of the new home they intend to purchase. The customer has a positive experience, and the agent keeps their sale.
- Embrace Technology
Many homeowners are reluctant to invite estate agents and buyers into their property for viewings due to the risk of transmitting COVID-19. Likewise, buyers are increasingly opting for virtual viewings to limit the level of risk they are exposed to without further delaying their search for the perfect home.
Virtual reality (VR) technology for the property industry is no longer a whimsical fantasy used solely by high-end estate agencies. Online property viewings have become the norm and some agencies have started to provide customers with virtual reality headsets that allow them to “walk through” properties of interest.
Not all agencies have the budget to adopt advanced VR technology nor the need to do so. But embracing virtual tours and viewings is an effective way to maintain the highest standards of customer service in the current climate.
- Don’t Overcommit
One of the top causes of complaints made against estate agents is poor communication. Many of us have experienced the frustration of being unable to get hold of our agent when we need them or have felt “out of the loop” regarding the progress of a sale or purchase. A customer who has to send endless emails or make countless calls to get a response from their agent is not getting a fantastic customer experience and is likely to take their business elsewhere.
An estate agency’s success relies on getting new customers and making sales. However, individual workloads and staff levels — especially during peak periods — must be managed carefully to avoid poor customer experience. Rotate staff between branches, recruit new staff, train existing employees so that they can manage a broader range of responsibilities and set targets that promote optimum customer service, such as, “all customer emails must be answered within X hours”.
- Be Honest
Many people stereotype estate agents as commission-hungry salespeople in shiny suits with no scruples. Successful agents strive to fight this preconception from the outset by being open, honest and maintaining regular contact.
If the customer has unrealistic expectations about the sale price of their property, provide a more accurate valuation and explain how this figure was calculated. If a homeowner needs a quick house sale but the condition or location of the property makes this unlikely, manage their expectations and make suggestions for home improvements that could help them find a buyer faster. If handled well, the customer will thank you for your honesty.
COVID-19 continues to present estate agents with unexpected challenges. Now more than ever, delivering an exceptional customer experience that helps you stand out from the competition will help your business grow and thrive in the year ahead.
