Before you read on, ask yourself, how many times did you hear “we want to move, but just we can’t find anything we like” from would-be sellers this week?
FOMO in this market is real. Not fear of missing out, but fear of moving on. Or maybe that should read, FONMO: fear of not moving on.
The biggest hurdle to most people instructing you is the fact they’re fearful, and perhaps rightly so, of being able to find their dream home. It’s the perceived lack of choice and opportunity that’s keeping their signature off your sole agency agreement.
Right now, just over 1% of the entire property stock in the country is on the market and not (yet) under offer. In some areas, it’s as low as 0.2%. In a lot of people’s minds, they’ve already moved on from the ‘dream’ requirement, they’d settle for just a ‘next’ home.
If you want to get more instructions, if you want to open the market up to more buyers, more sellers, more landlords and more tenants, you’ve got to empathise with, and work to solve, the big problem. You’ve got to help them move, not just help them sell.
Think of it like this. When the market is slow, people are worried about selling. Will we find a buyer? Will we get our price? How long will it take?
When the market is hot, however, they’re worried about buying. Will we have to rent for six months? Will we get into the catchment area before the new school year? Will we get the space we need?
Before your next valuation, when you confirm the appointment, ask them what they’re looking for? Match their needs to the homes you know in your database, or use Homesearch to find and prospect any property that matches their needs.
Then, at the appointment, before you get into the swing of your pitch about pricing, marketing, fees and why you’re different, ask the question “are you having trouble finding anything you like to buy?”.When they say yes, get them to tell you about it.
Then present them with your findings. Show them there’s opportunity than just the 1% and that part of your job is to help them access it. All they need to do is put you to work.
Estate agency is the business of problem-solving. Solve your clients' problems, and they’ll solve yours.
*Sam Hunter is Co-Founder & COO of property portal Homesearch