Industry veteran Tim Main has issued a challenge for agents in the latest attempt to speed up sales and reduce fall-throughs.
Main, chair of the Home Buying and Selling Property Logbook Working Group and founder of Property Information Products, has expressed interest in seeing agents trial getting sellers to pay for information upfront.
It comes after a pilot where 200 buyers were asked to pay for searches at the point of sale.
Those that didn’t took more than 120 days to complete with a fall-through rate of 43% while those that did completed within an average of 79 days with no fall-throughs.
Main suggests this technique is a “effective solution” to address agent complaints about the “stickiness of buyers and sellers.”
He suggested agents should try this with sellers, adding: “Should a seller pay £150 towards searches at instruction, I would love to trial this, it could be really fantastic.”
Main used a LinkedIn post to urge agents to contact him if they would be interested in taking part in a trial.
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Far simpler and much more effective to use real-time communication and collaboration on platforms such as Wiggywam.
One step closer to Home Information Packs
Am I the only agent in town that LIKED HIPs?
One step closer to Home Information Packs
Home Information Packs or not the exciting thing here is the added commitment from the buyers. you get all the benefits of a reservation agreement without the complex agreement.
I look forward to hearing from estate agents who would like to expand the trial area.
Remember just asking buyers to pay for their searches when the sale is agreed took 33% of the time to completion and reduced the fall through rate from 43% for those who did not pay to zero.
Hi Timothy, I've messaged you through Linkedin. I'd be happy to help you in your trial.
Still can't work out why no one is getting the fact that all the benefits of 'zero' fall throughs come from ONLY an upfront search - no complicated reservation agreements, no 'packs' no anything else being sold to them. Buyers and sellers understand what a Search is - they've never heard of any of the other bumf - so sell them what they know - it's proven to work and I'd personally LOVE to see many more agents trialling this - zero fall through from 50 sales is staggering isn't it?
Ed, as you say it is the simplicity that seems to work. Great to have some estate agents interested in expanding the trial, and look forward to speaking to others.
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