The Acaboom 2021 survey of 500 UK residents and homeowners gives a snapshot into the perception of estate agents from vendors themselves, and clear opportunities to advance over the competition. Here are some of the key takeaways.
40% look for professionalism, 37% look for local knowledge and 13% want agents to be ‘tech savvy’. But that’s not the whole story.
It’s not just about a sharp suit – it’s about rich data. The study showed that 52% of vendors felt the agent didn’t understand the local property market and 60% felt they lacked general expertise. Agents must demonstrate they are more professional than their competitors by sharing professional, national and local knowledge with tech-savvy delivery.
Just 17% of people would choose the agent with the cheapest fees. So what are they looking for when they receive a valuation?
87% said they look for data and a fee breakdown and 80% of homeowners want an agent to demonstrate the ability to sell their property with a full marketing strategy or proposal. 56% expected their valuation given to be accompanied by property industry data and 39% wanted to see comparable properties to be presented.
The homeowner does not start out worried about fees and is simply looking to identify the agent that will meet their needs. If no one agent has stood out, it comes down to cost.
This is about delivery. The survey tells us again, vendors aren’t interested in a plan email or letter with a cost. They want to get more information and justify their decision. They also want information they can’t get anywhere else.
40% speak to 1 – 2 others, 60% to 3 or 4 others
It’s standard practice to try and ensure both/all decision-makers are present for the market appraisal but it’s simply not always possible to achieve. Those not present will have to rely on being provided with the information each valuer conveyed during their market appraisal. Needless to say, this is likely to be recommended asking price and fees.
The survey indicates that seeing comparable properties even when not actively on the market would convince 47% to actively sell, and would make 36% consider selling.
It is critical that agents are regularly nurturing their database and sending comparable properties – even to vendor’s they have marked as ‘uninterested’. Comparables are of interest to nearly all the respondents, and it seems that agents who struggle for communication points should absolutely be sharing relevant properties.