10 top tips for increasing your estate agent monthly turnover

In a busy industry such as estate agency it is vital that you are ahead of your competition. And with so much competition out there you really need to be doing all you can to increase your monthly turnover.

Vendors are pretty clued up these days, and they know what they should be seeing and looking for in an estate agent.  In order to secure more property, to get more on the books and to thus increase your monthly turnover, we have a few top tips to get you going.

1.  Research

One of the most important things you can do is to be constantly researching. Ensure that all your employees know the area that they are working in, the schools, bus links, in-depth details of your properties.  The ‘need to know’ information.  This really shows your prospective purchasers and vendors that you care about their needs and not just their money.

2.  Presentation

Estate agency is also about looking good. Not just being smart yourself, but that your offices give the right impression. You don’t have to have the most expensive building to make the most of it. But first impressions count, so when people walk through your doors what do they see?

3.  Speculate to accumulate

Sometimes in life we have to spend a bit to get something back in return.  Are you leaflet dropping in your local area? How are people hearing about you? Make sure you have smart brochures for people to take away. Packed full of literature about buying, selling and letting. It shows that you are keen to inform your prospective clients and vendors as much as you can.

4.  Sign up to portals

There are many portals out there.  But choosing one that won’t break the bank is key.  Here at Property Property Property we are constantly adapting and tailoring our service to suit you.  We won’t cost you a pretty penny so you can help to reduce your overheads. With 20% of the market share in just a year we are fast becoming the go-to portal to share your properties with. In fact, with our new TV campaign and our soon-to-be launched radio campaign we will be popping up all over the place, just like your boards!

5.  Reduce your overheads

This brings us to our next point; reduce your overheads. Start to look at the areas where you spend money, advertising, print, petrol, rent. And begin to consider cheaper and alternative options.  You may be spending money on advertising in areas that you no longer need. Much offline press is not as important these days for estate agents.  But advertising online and in portals such as Property Property Property is a great way to reduce your costs.

6. The heart of the customer

Get to the heart of your customer.  What are their needs? Don’t just show them the most expensive property. If they are looking for a two bed house then don’t show them a three bed house. If they have children, ask them their ages and show them properties in catchment area to good schools.

7. Knowing your area

If you have new estate agents working for you, maybe people who don’t know the area so well, show them around.  Take them on the unknown roads, show them where the best local pubs and shops are and where the best schools are. Give them copies of the local newspapers and get them to really get to grips with their location.  This will ensure that you have fantastic staff that have great knowledge.

8. Honesty

Honesty is always best policy, and never more so than in estate agency.  An honest estate agency is one that people will use time and time again.  If someone buys an investment property with you and they have a good experience, then they will most likely require your letting services too.

9. Get out there

How are you getting your name out there?  What methods are you using? Look at advertising online, displaying your properties in local papers and local lifestyle magazines. Where are your boards? Are there areas where you have less boards than others? Start to really look at how your brand is perceived and how you can expand your reach.

10. Online

This leads nicely to our final point. Get online. Everyone is online these days and so your estate agency should be no different.  Use online portals like Property Property Property, which will link directly to your website.  Get on Facebook and Twitter and start to interact with those house hunting, in the market for selling and of course, the student market.  Don’t miss a trick!

Overall, by putting these 10 tips into practice you will help to reduce your monthly costs and to expand your reach.  You will also grow your estate agency into a business that is well-known and much loved in your local area.