What do David Attenborough, Phillip Schofield and Martin Lewis have in common?
At the recent NAEA Annual Propertymark Conference in London, Rightmove’s analyst and consumer behaviour specialist Daniel Barea revealed an interesting insight into customer expectations in a property sales transaction and the reality of what actually happens. We have highlighted some of the more interesting gaps between customer expectation and the reality of the system that prevails.
For example customers were asked which celebrity characters they thought best personifed the ideal estate agent attributes they would like to see in their agent. Well as the results above suggest they seem to go for personalities that demonstrate a huge knowledge and trustworthyness with that element of humour and general approachability. This is not altogether surprising as recent movers understand that they will be with their chosen estate agent for at least 6 months.
Customers who had not recently moved were asked how long they thought moving house would take. The average came out at 11 weeks from start to finish. The national rightmove statistics state that it takes 61 days to find a buyer and 16 weeks to progress the sale to completion after that. That is a staggering mis-match of expectation against reality. Indeed this is probaby the single most important disparity between the customer vs reality and may explain why estate agents receive such poor press. After all estate agents operate within the prevailing market they do not create or dictate it!
One thing this should highlight to everyone is how important post sales progression work is to get the deal through and why using an estate agent paid on results is so important. Cusomers who use an online only model are playing fast and loose with their chance of moving as those agents have nothing to gain in the investment of good quality sales progression.
At Chapplins we understand how important the post sales work is and quite regularly we have to help out weaker agents in the chain as they either dont care about sales progression or they dont understand the procedure. Certainly nationwide, the High Street Agents resent the attitude of the online only agents who have already been paid by their customers and have nothing to gain or lose by the collapse of the sale. So very often the High Street agents have to come to the rescue and do multiple sales chasing jobs with links that dont directly touch their part of the chain.
Consumers nationally rate Estate Agents as 3.6 out of 5.00 so you will understand why Chapplins are delighted with their rating of 4.9 out of 5.0 especially when the poll exceeds 30 reviews and not just 3 or 4. Chapplins are also delighted to be featured in the Best Estate Agency Guide and not only that but in the top 5% so you know you can rely on us to make sure everything is done to make your move is successful.
When asked where estate agents spent most of their resources customers thought that most of the resources went into setting up the sale but real statistics indicate that 26% of an estate agent resources went into the post sales agreed phase chasing customers, chain links and solicitors in the chain. Indeed a large amount of time was spent updating buyers and sellers in an effort to keep everyone updated.
Whatever you think of the house sales process whatever you do dont underestimate the importance of choosing a good estate agent with a proven track record of excellent customer service. That way you have the best chance of minimising the stress, getting the sale through and achieving the best outcome.