Mastermind Member Tip – Nathan Emerson – Pygott & Crone
There seems to be a big industry focus on “online agents” at present, yet for many agent, when this is studied in depth, the actual immediate impact on their marketplaces is somewhat minor.
The movement of saleable stock within a marketplace is always a shifting sand and it is often a local competitor who can actually have a greater effect on your business than an external force.
I speak to many agents who employ considerable effort analysing the impact of online agents, but how many actually direct the same energy reviewing their traditional domestic competitors?
Misdirection of focus can be more damaging to your business than simply doing nothing.
My tip for this month would therefore be to simply “STOP” and force yourself to take account of your business and that of your competitors in an impartial and structured manner.
Do you actually know who your competition really is????
When was the last time you actually stopped and really looked at:
What fees and packages your competitors are offering?
What incentives are they using to gain more stock?
Who are their key staff members?
What are they actually saying to clients and customers about themselves and about you?
Who are the new contacts, builders, developers they are working with?
What is the public perception of them?
What are their true weaknesses which you can exploit (opening hours, staffing, marketing, experience, performance, reputation)?
But more importantly:
How are your staff corresponding and presenting to clients in the field?
Are they all consistently delivering the message you think they are?
Are they truly fighting for every scrap of business?
What can they / you do better?
What is the public perception / experience of your business and can you improve it?
What are your weaknesses which other agents can exploit?
How can you improve your staff?
What other services could you offer (Conveyancing, EPC, Survey, Auctions, Insurance, Mortgage, Wealth Management, Pensions, Removals, Lettings and Maintenance just for example)?
We have worked hard to ensure that all of our teams throughout the company recognise the key differences other agencies offer not only “online” but more importantly in our own domestic territories.
Simply “stopping” has enabled us to learn so more about our own business, our strengths, and more importantly, our weaknesses. We re-learned things we forgot, we identified new avenues for income, and increased our focus on ancillary business. This has seen us more than compensate for the lower fees generated in the marketplace.
A good agent should be aware of the competition but not be frightened by the competition. Look Locally, Nationally and Internationally for ideas and inspiration. Learn from them and increase your own offering to be the best you can be.