Agents should ‘risk-score’ buyers in tougher market - claim

Agents should consider risk-scoring buyers and refocus on customer experience in the face of the more challenging housing market, a senior property professional has claimed.

Ben Robinson, managing director of Landmark Estate Agency Services, said the cost of living crisis and interest rate rises are hitting market confidence but there are actions that firms can take to boost their pipeline.

While buyers may be monitoring mortgage rates and product availability, Robinson said agents should refocus on customer experience.

It comes as figures from the data company showed supply volumes in the third quarter exceeded demand as sold subject to contract (SSTC) volumes lagged against listings.

Listing volumes exceeded the 2019 benchmark for two consecutive months in August and September – the first time in 12 months, Landmark Information Group said.

He cited Landmark Information Group research showing that 61% of recent movers cited finding a suitable buyer or offer and onward purchase as the most frustrating part of the moving process. 

Writing exclusively for Estate Agent Today, Robinson said: “Agents should consider how they can capitalise on increased supply to match customers to properties and eradicate this common pain point – and differentiate. 

“In uncertain times, best service is likely to trump best rate.”

He said agents can also help keep transactions flowing by establishing vital information upfront, adding: “That might mean risk-scoring purchasers to ensure they are viable, and ordering searches upfront to save waits further down the line. 

“They can also look again at how simple-to-adopt tech and automation can free up agent time on activities like anti-money laundering, ID checks and floorplans.”

Seller expectations must adjust to the new economic climate, Robinson added, due to asking price and above offers now no longer a given in an over-supplied market. 

He said: “This could give rise to trying different pricing strategies and educating sellers further on maximising property value and appeal.

Landmark’s data shows third quarter completions held steady against the previous quarter and Robinson said August and September sold subject to contract numbers were similarly strong.

He said: “Times may be uncertain once again, but estate agents will doubtless draw on the resilience and resourcefulness that helped them through the pandemic – and will prevail once again.”