Generating market appraisals

JULIAN SAYS:

We support leading agents via training and consultancy and one common denominator is the discipline of generating market appraisals. This is the constant discussion point and most focussed upon target of all.

The science of assessing desired income to be generated from residential sales, then working back to what that translates into completions, agreed sales, instructions and ultimately appraisals – is vital.

Each stage is targeted according to typical ratios. Crucially the first stage of ‘The Cascade Process’ – the number of appraisals carried out weekly, monthly, quarterly or annually, is calculated and the business knows how many appraisals will lead to the necessary income. It is bizarre that agents target sales and completions without targeting appraisals, given the former will not happen without the latter.

Communicate with the team

Once the numbers are worked out, they need to be communicated to those who convert the opportunities. With a collective understanding of and responsibility for the number of booked appraisals in any given period, there is a massive increase in the likelihood of that number being achieved.

Some companies target each individual person on the number of appraisals they book and to reward those who hit those numbers. This is a clear reflection of just how important this target is regarded.

However, targeting without training is a waste of time. There is a skill gap in many agencies between valuers and non-valuers in how to persuade a client to choose the agency. This is not because the valuers are brighter. It’s because they have more opportunity to develop techniques that convince clients to instruct them.

The goal is to persuade the potential client that your firm is the best equipped to get the property sold for the best price.

Conversely, when an office-based agent deals with someone looking to move locally with a property to sell that is an instruction opportunity, it should lead to an attempt to secure an appraisal. The client may have earmarked the agent to instruct. In these cases, their perception will be that they don’t need any further advice.

Eyes on the ball

The goal is to persuade that potential client that your firm is the best equipped to get the property sold for the best price, in the shortest time, with minimum stress, to a committed buyer. To do this effectively, there are essential ingredients. Diligent knowledge of their own estate agency’s services and their competitors’ services to an equally detailed level are key assets.

A grasp of the difference between features and benefits, with recognising that a potential client is certain to be convinced only by the latter rather that the former. The feature that your agency is open seven days a week is unlikely to inspire anyone to think “Wow. That’s the agent for me then”, whereas if you explain the benefit of those features – that you will not miss viewing and enquiry opportunities while other agents are shut meaning you are far more likely to sell the property quickly, there is a far higher likelihood that the client will see why they should opt for your agency.

Score!

One of the absolute musts that will prove a quick win is to ensure that anyone in your business who is responsible for securing appraisal appointments is taken on a few – by the valuers.

They will immediately become more skilled at the duty in question by absorbing and adopting snippets of conversation and phrases that they can employ.

Given that the first rule of estate agency is that “If you have the best stock of property, the buyers will find you”, it follows that there is nothing more important than achieving target on booked appraisals – the aforementioned principles will ensure that target is not only achieved but actually comfortably exceeded.

Julian O’Dell, TM Training & Development 07718 634235