As LetsBid has gone from strength to strength, we've had the privilege of working with countless estate agency branches, ranging from corporate giants to single-family-run businesses. Through these experiences, we've gained invaluable insights into the strategies that successful agents employ to boost their stock levels. So, in this handy guide, we’ve pooled our knowledge and experience to bring you our top tips to help you double your stock in just 30 days!
1. Mastering the Art of Second Instructions
The absolute game-changer in increasing your stock levels lies in the world of second instructions. Successful agents don't just stop at the initial listing; they make ongoing connections throughout the selling process.
First Contact: When a property hits the market, be the first to congratulate the homeowners on their listing.
8-12 Weeks In: If the property hasn't found a buyer by this point, reach out again, offering support and guidance.
Price Reductions: In the event of a price reduction, seize the opportunity to re-engage. Direct mail is effective, but a combination of mail and a personal visit can make all the difference.
Tip Extension: Leverage personalised direct mail campaigns, incorporating success stories and testimonials to engage potential sellers and showcase your expertise.
2. Tap into the Power of Referrals
Referrals are like gold in the world of estate agencies. Never underestimate the potential of introductions from satisfied customers. Always ask your buyers and sellers if they know anyone locally considering selling their home, and consider offering a tempting 10% discount for personal introductions.
Top Tip: Create referral programs that incentivise clients to actively refer friends and family, turning them into your brand ambassadors.
3. Forge Professional Relationships for Valuable Referrals
Building strong relationships with key professionals, such as mortgage brokers, solicitors, and accountants, can open up a treasure trove of referrals. Solicitors, in particular, control a substantial portion of the £500 million annual probate market, making them a crucial ally for agents seeking valuable business opportunities.
Top Tip: Host networking events or collaborate on community initiatives to strengthen ties with these professionals, fostering a mutually beneficial referral system.
4. Ride the "Sold in Street" Wave
It might seem like magic, but it's just smart agent strategy. When a property on a street sells, you'll often find more properties from that road hitting the market. Smart agents achieve this by sending letters to neighbouring properties, highlighting record prices and offering free valuations.
Top Top: Enhance your "Sold in Street" approach by creating visually appealing and informative letters, ensuring they stand out when they drop through the letterbox
Aligning for Success: The Crucial Checklist
While these strategies are powerful, they work best when everything else is in place. Ensure you have:
Engaging Modern Website: A user-friendly, informative website that reflects your brand.
Social Media Presence: Active engagement across platforms with compelling content people want to engage with.
Robust Marketing Strategy: A well-defined plan with a strong presence on platforms like Rightmove and Zoopla.
Community Brand: Establish a brand presence for both your company and your team within the community.
Top Tip: Regularly update your website and social media channels with fresh content, market insights, and success stories to keep your audience engaged.
LetsBid-Your Partner in Stock Boosting Success
At LetsBid Property, we're more than just tips; we're your partners in success. If you're ready to align your strategies, boost your online presence, and skyrocket your stock, reach out to us at [email protected]. Let's Bid – where innovation meets success in property management! 🏡✨