Key takeaways from this year's EA Masters with Richard Combellack...

ea-masters-2018

Back from this year’s EA Masters, our Chief Commercial Officer – Richard Combellack – shares his key takeaways from the industry’s greatest business innovators and leaders.

 

How to be a $10 million agent – delivered by Alexander Phillips and Josh Phegan

To start their masterclass, Alexander Phillips pointed out the importance of “looking at area capacity” when selecting which areas to market within, and I could not agree more.

Weighing up the worth of a location in terms of ‘Total Gross Commissionable Income’ (TGCI) will enable your agency to allocate its priorities more efficiently, determining where your marketing efforts will produce the greatest return.

So, when promoting your services and properties, you need to consider: what is this area worth in TGCI?

If the answer’s not much, then you’ll need to either expand your boundaries or focus your attention elsewhere, as you won’t achieve enough market share to make it suitably profitable and may end up wasting valuable time and resources trying to.

For me, this is the starting point in any marketing activity, having a firm understanding of the expected results and potential limitations. With statistics on the average transactions per property type in any area – provided by the Land Registry – you can know an average TGCI and plan your marketing accordingly.

Another of Alexander’s points that stood out to me during this session was the concept that past clients are your future ones.

40% of my transactions are past clients.”

So, when looking at an area, how many of your ‘past clients’ do you have in that territory? And how are you making sure that they choose your agency the next time they’re ready to sell or let?

Alexander makes 1,000 calls a week. And as well as informing those 1,000 contacts about recent sales in the area, he communicates the potential value of their own home, leaving agents to ask themselves: what am I doing to stay in touch with my database?

Now, whilst Alexander talked about a much smaller marketplace with a much higher turnover – as it seems that Australian homeowners trade their houses as frequently as their cars! – the point can nevertheless be applied to the UK market.

One place to start with this is through regular anniversary messages and postcode-specific campaigns that speak to your customers on a personal level.

Agents who aren’t adapting and building a database will not be here in the future.”

Open houses are big in Australia, but again, the logic can be applied anywhere and with any agent. As a tactic, hosting an open house will incentivise your potential buyers who don’t want to miss out, whilst getting them all there at the same time – where you can then capture their data for future marketing.

For those interested in emulating Alexander’s success as the $10 million agent, he provides a number of top tips to bear in mind, including to “always be front of mind with market updates”.

Call the database, build the database and progress sellers.”

 

  

 

How to have a much bigger future than your past – delivered by Josh Phegan

On the second day, Josh Phegan continued the underlying message about the importance of your database, with emphasis on the end user’s experience.

In his discussion of the customer experience, he exampled Apple, stating that when shopping for a new phone or device, you’re buying more than just the product but “the apple experience” that goes with it.

Property is a high-involvement purchase, carrying greater risks and commitments, meaning that the only way to ensure a smooth path-to-purchase for your customers is to deliver a first-class service that they’re confident with, so: what are you doing to enhance your customer experience?

My top tip is to pre-empt the next step in their journey. You can do this by identifying their needs and fulfilling them early on with smart technology. For instance, are you tracking your opens and click-throughs to see what content resonates with your readers?

Offering an annual check-up was the advice that Josh provided for his dentist, so along those lines, offer your ‘past clients’ an annual check-up on their property.

 

20 innovations to maximise your success – delivered by Peter Knight

Founder of the Property Academy, Peter Knight, took to the stage to echo this theme in the context of the “threat of the online agent”.

Suggesting that they’re here to stay, Peter’s seminar focused on the growing need for ‘traditional’ agents to adapt in order to survive and thrive in today’s marketplace.

As for the how, the conversation again turned to the importance for agents to maintain and build a database, with the added sentiment that: “if you fail to embrace new technology and service platforms – and use these to drive business – you won’t survive.”

Yet according to key stats taken from the industry, a huge number of potential leads are being lost before they’ve even been given the chance to become something more.

57% of all Rightmove enquiries are unanswered whilst only 30% of portal enquiries make it into a CRM system.”

The speed within which consumers’ needs are fulfilled was also key for Peter, as it wasn’t simply about the customer journey but the speed and efficiency of that experience.

Finally, to close his seminar, Peter suggested that the day’s attendees look around the innovation hall, because the answers to all of the issues covered lay with the software developers – like BriefYourMarket.com – who were at the event.

 

  

 

These lessons in context…

All of these speeches had key messages, but for me, the biggest thing was that they reassured me that our Product Owner and Chief Executive Officer are taking our software in exactly the right direction for the marketplace’s needs.

Those needs being for – an enhanced customer experience, immediacy and personalisation, the means to communicate with an entire database, and the ability to deliver messages at key anniversary points – to name a few.

For more information on how our multi-channel marketing platform can help you to future-proof your business, call us on 0344 800 84 24.

 

A huge congratulations to the EA Master’s winners and finalists! 

 

 

Seasons, holidays and special occasions: how to ge...
What's your strategy for winning more business?
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, 13 December 2018

Key takeaways from this year's EA Masters with Richard Combellack...

ea-masters-2018

Back from this year’s EA Masters, our Chief Commercial Officer – Richard Combellack – shares his key takeaways from the industry’s greatest business innovators and leaders.

 

How to be a $10 million agent – delivered by Alexander Phillips and Josh Phegan

To start their masterclass, Alexander Phillips pointed out the importance of “looking at area capacity” when selecting which areas to market within, and I could not agree more.

Weighing up the worth of a location in terms of ‘Total Gross Commissionable Income’ (TGCI) will enable your agency to allocate its priorities more efficiently, determining where your marketing efforts will produce the greatest return.

So, when promoting your services and properties, you need to consider: what is this area worth in TGCI?

If the answer’s not much, then you’ll need to either expand your boundaries or focus your attention elsewhere, as you won’t achieve enough market share to make it suitably profitable and may end up wasting valuable time and resources trying to.

For me, this is the starting point in any marketing activity, having a firm understanding of the expected results and potential limitations. With statistics on the average transactions per property type in any area – provided by the Land Registry – you can know an average TGCI and plan your marketing accordingly.

Another of Alexander’s points that stood out to me during this session was the concept that past clients are your future ones.

40% of my transactions are past clients.”

So, when looking at an area, how many of your ‘past clients’ do you have in that territory? And how are you making sure that they choose your agency the next time they’re ready to sell or let?

Alexander makes 1,000 calls a week. And as well as informing those 1,000 contacts about recent sales in the area, he communicates the potential value of their own home, leaving agents to ask themselves: what am I doing to stay in touch with my database?

Now, whilst Alexander talked about a much smaller marketplace with a much higher turnover – as it seems that Australian homeowners trade their houses as frequently as their cars! – the point can nevertheless be applied to the UK market.

One place to start with this is through regular anniversary messages and postcode-specific campaigns that speak to your customers on a personal level.

Agents who aren’t adapting and building a database will not be here in the future.”

Open houses are big in Australia, but again, the logic can be applied anywhere and with any agent. As a tactic, hosting an open house will incentivise your potential buyers who don’t want to miss out, whilst getting them all there at the same time – where you can then capture their data for future marketing.

For those interested in emulating Alexander’s success as the $10 million agent, he provides a number of top tips to bear in mind, including to “always be front of mind with market updates”.

Call the database, build the database and progress sellers.”

 

  

 

How to have a much bigger future than your past – delivered by Josh Phegan

On the second day, Josh Phegan continued the underlying message about the importance of your database, with emphasis on the end user’s experience.

In his discussion of the customer experience, he exampled Apple, stating that when shopping for a new phone or device, you’re buying more than just the product but “the apple experience” that goes with it.

Property is a high-involvement purchase, carrying greater risks and commitments, meaning that the only way to ensure a smooth path-to-purchase for your customers is to deliver a first-class service that they’re confident with, so: what are you doing to enhance your customer experience?

My top tip is to pre-empt the next step in their journey. You can do this by identifying their needs and fulfilling them early on with smart technology. For instance, are you tracking your opens and click-throughs to see what content resonates with your readers?

Offering an annual check-up was the advice that Josh provided for his dentist, so along those lines, offer your ‘past clients’ an annual check-up on their property.

 

20 innovations to maximise your success – delivered by Peter Knight

Founder of the Property Academy, Peter Knight, took to the stage to echo this theme in the context of the “threat of the online agent”.

Suggesting that they’re here to stay, Peter’s seminar focused on the growing need for ‘traditional’ agents to adapt in order to survive and thrive in today’s marketplace.

As for the how, the conversation again turned to the importance for agents to maintain and build a database, with the added sentiment that: “if you fail to embrace new technology and service platforms – and use these to drive business – you won’t survive.”

Yet according to key stats taken from the industry, a huge number of potential leads are being lost before they’ve even been given the chance to become something more.

57% of all Rightmove enquiries are unanswered whilst only 30% of portal enquiries make it into a CRM system.”

The speed within which consumers’ needs are fulfilled was also key for Peter, as it wasn’t simply about the customer journey but the speed and efficiency of that experience.

Finally, to close his seminar, Peter suggested that the day’s attendees look around the innovation hall, because the answers to all of the issues covered lay with the software developers – like BriefYourMarket.com – who were at the event.

 

  

 

These lessons in context…

All of these speeches had key messages, but for me, the biggest thing was that they reassured me that our Product Owner and Chief Executive Officer are taking our software in exactly the right direction for the marketplace’s needs.

Those needs being for – an enhanced customer experience, immediacy and personalisation, the means to communicate with an entire database, and the ability to deliver messages at key anniversary points – to name a few.

For more information on how our multi-channel marketing platform can help you to future-proof your business, call us on 0344 800 84 24.

 

A huge congratulations to the EA Master’s winners and finalists! 

 

 

Seasons, holidays and special occasions: how to ge...
What's your strategy for winning more business?
 

Comments

No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Guest
Thursday, 13 December 2018
 
Book a free demonstration

Fill in your details and we'll get in touch at a time that's right for you.