The days have gone of an Estate agent opening up a High street Shop, signing up to Right Move/Zoopla and expecting the local High street to deliver. There is no question Footfall has fallen in our High streets due to the rise of Technology with more and more choosing an online option for their retail needs which includes Estate agency, evidenced by the rise in popularity of Purple Bricks and other online agents.
There has been a revival in some out of town high streets as the population has had to work from home because of the pandemic. I have never seen the centre of London this quiet before, but my local high street was exceptionally busy - which includes our local agents who have had incredible years due to a number of factors including SDLT savings. But in my opinion, there's more emphasis on people wanting that forever home with more space.
We are very lucky that we get to speak to dozens of agents every week, finding out exactly what's happening on the ground. It's very busy, although what happens when this starts to cool off? Because it will eventually. I'm not saying the property market will decline - far from it - but it will have to get down to more manageable levels soon simply because there will be no more stock.
How do you Build your Stock Levels with Fierce Competition?
Canvassing remains one of the most effective ways to generate new instructions in today's competitive market. Despite technological advances, proactive outreach to potential vendors continues to deliver results for ambitious estate agents. The key difference today is that modern canvassing can be data-driven, targeted and significantly more efficient than traditional approaches.
Targeted Canvassing
Targeted canvassing is my favourite approach - focusing on properties already on the market that haven't sold, whether because the price isn't right or simply because the marketing wasn't executed effectively. This strategic approach can generate quick results and secure new instructions with minimal effort.
When identifying properties for targeted canvassing, look for:
- Properties that have been on the market for 12+ weeks without selling
- Properties that have undergone recent price reductions
- Properties listed with agents who may not have strong digital marketing capabilities
- Properties with poor quality photographs or inadequate descriptions
- Properties where the existing agent may not have access to the right buyer pool
Each of these scenarios represents an opportunity for you to demonstrate how your agency's approach would differ and potentially achieve better results. Your communication should focus on specific strategies you would implement rather than simply criticising the current agent.
Neighbour Canvassing
Many successful agents employ neighbour canvassing, and we're soon to launch an automated version of this approach. In a hot market like we're experiencing now, stock is selling very quickly with numerous disappointed buyers missing out on properties they've viewed.
Switched-on agents are writing to neighbours with similar properties, explaining that they have qualified buyers actively looking to purchase in that specific location. When you can truthfully communicate that record amounts are being achieved in the current market, you'll find homeowners are often encouraged to consider selling properties they hadn't previously thought about marketing.
The psychology behind neighbour canvassing is powerful - it combines FOMO (fear of missing out) on peak market prices with the convenience of having ready buyers, reducing the perceived hassle of selling. When executed well, this approach consistently generates valuations and new instructions.
Probate Canvassing
Probate properties represent a significant but often overlooked opportunity for estate agents looking to build stock. These properties must be sold as part of the estate settlement process, and executors are typically motivated to achieve a timely sale rather than maximising the absolute final price.
Effective probate canvassing involves:
- Building relationships with local solicitors who handle probate cases
- Monitoring probate notices in local publications
- Demonstrating specific expertise in handling probate sales
- Offering additional services that reduce the administrative burden for executors
Agents who develop a reputation for handling probate sales efficiently and sensitively often find they receive direct referrals from solicitors, creating a valuable ongoing source of instructions.
Digital Canvassing
The principles of traditional canvassing can now be applied digitally at scale. Using targeted social media advertising, email campaigns, and even personalised video messages, forward-thinking agents are reaching potential vendors without necessarily printing a single letter.
Digital canvassing allows for precise targeting based on factors such as:
- Property type and value
- Length of ownership
- Life stage indicators
- Recent area sales
- Online property search behaviour
By combining traditional canvassing principles with digital delivery methods, agents can significantly extend their reach while maintaining the personalised approach that makes canvassing effective.
The LetsBid Advantage
At LetsBid, we offer multiple canvassing solutions for estate agents, whether it's targeting properties already on the market, probate canvassing, or neighbour canvassing. Our platform allows you to execute sophisticated canvassing campaigns in minutes rather than hours, giving you back valuable time to focus on winning instructions and serving clients.
Our data-driven approach ensures your canvassing efforts are directed towards the most promising opportunities, significantly improving conversion rates compared to untargeted methods. Combined with our professional templates and automated systems, LetsBid transforms canvassing from a time-consuming necessity into a streamlined, high-yield activity.
Contact us now for more information on our resources for estate agents, and to discuss how you can canvass effectively in minutes with https://letsbidproperty.co.uk/
Email: [email protected]
Tel: 0208 350 8575
