Vendors are almost twice as likely to switch agent now than in 2022, new research suggests.
Analysis by agency prospecting tool Spectre has found that 14% of vendors switched agent during the first six weeks of 2023 to achieve a sale.
That compares with a figure of 7.12% during the first quarter of 2022.
The data also shows a seasonality to the vendor behaviour, suggesting the first 12 weeks of each year to be prime time for agents to persuade vendors to switch.
Spectre’s analysis found 7.57% of vendors switched agents while on the market during the second quarter of 2022, rising to 9.71% in the third quarter and 13.33% in the fourth.
Previous analysis shared by Spectre has shown that vendors who do switch agent after being on the market for over eight weeks are 34% more likely to sell than those that reduce the price at the same point.
The data also shows a seasonality to the vendor behaviour, suggesting the first 12 weeks of each year to be prime time for agents to persuade vendors to switch, Spectre said.
Heather Staff, co-founder of Spectre, added: “The first quarter of the year presents lots of opportunities for agents - none more so than what we have revealed.
“Vendors are at their most willing to switch during this period and twice as likely to switch as last year. The first six weeks of this year shows incredibly promising signs for the market in terms of seller motivation.
“Agents should keep a close eye on their competitors' stock and be sure to communicate with them regularly to ensure they don’t miss this captive and motivated audience.”
|
Time period |
% of vendors that switched agents while on the market |
|
Q1 2022 |
7.12% |
|
Q2 2022 |
7.57% |
|
Q3 2022 |
9.71% |
|
Q4 2022 |
13.33% |
|
First 6 weeks 2023 |
14.00% |
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Are sellers switching or are estate agents canvassing more?
Single data analysis doesn't tell you much. The question that should be answered is WHY sellers are changing agents?
er because they have not sold????????????????
This is not a surprise. With the amount of over valuing to win business, changing agent and finally putting it on at the right price to sell is a good move.
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