The dilemmas that are now facing estate agents in 2024

BOTH US retail magnet John Wanamaker and UK industrialist Lord Leverhulme are attributed with saying “half my advertising spend is wasted; the trouble is I don’t know which half”.

Fast forward 100 years from the death of both in the 1920s, and some say the quote remains just as relevant today, even with the benefit of copious digital marketing options and in-depth analysis.

We are at that time of year when even the most casual of conversations with an estate agent rarely takes place without the inevitable question “so how is the market?

And this is where an agent has their first 50/50 dilemma.

Is it just casual polite conversation? Quite possibly if during a chance meeting in a pub or restaurant, but then it might prove to be the first step to a sale instruction in the future.

But then the enquiry could be from a potential buyer sat in rented, frustrated they can’t find what they want.

Or perhaps it’s someone with a specific requirement and no fixed timescale, but who genuinely has the money to purchase outright when the right opportunity comes to market.

Is the agent actually wasting time by chatting or speculatively investing in the future?

The current state of the market will almost certainly arise during a market appraisal, so why might that be another 50/50 dilemma? Well, to start with if an owner is seeing at least two potential selling agents, the odds speak for themselves.

However many are involved, agents will pitch their service, knowledge and expertise; their commitment to modern day marketing techniques; their successes and they will probably push they have at least three people in mind who will want to view immediately.

This endorses the opening comment about which half of the not insignificant spend an agency will be incurring on all mod cons is wasted.

So another 50/50 moment. Some years ago, as digital marketing was coming to the fore, one of my then business partners posed the question whether an estate agency needed a shop front, and furthermore whether traditional printed brochures had a future as everything could be found online. After a healthy debate with views from those based around the country, in both urban and rural locations, the collective view was yes to both questions.

Interestingly, we now have a scenario where agents continue largely to have physical offices, hard copy brochures are available or to download, viewings can be arranged by telephone or online and negotiations take place verbally or by email and lets not forget that whilst a large number of initial enquiries do emanate from the property portals where ever they are being viewed be that locally, nationally or internationally, as the recent half term testifies, For Sale boards and indeed word of mouth still remain effective.

For an estate agency to be successful, it must have the full range of options in its arsenal so ensure your agent has all the tools in the box and knows how to use them, while making certain that they are willing to do so.