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Solicitors too busy to answer the phone

28 May 2021
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This week in five seconds

  • Good time to sell
  • Price sensitive market
  • Solicitors really busy, not answering calls
  • Stamp duty petition passes 10,000
  • Estate agents don’t share photos
  • Buyer leads generated by portals have a 2% conversion rate

AND 👉👉👉 Check out the updated Movewise website 😎

 

Good time to sell

This week we have seen an increase in the number of vendors looking to list their property. Many of these vendors have been sitting on their hands, in some cases, for over two years now so they are wanting to waste no time in going onto the market.

If you are looking to sell your property, think about taking advantage of the current lack of supply. It might be worth considering being prepared to break the chain to ensure you are in a superior position to other buyers when you make your onward purchase.

 

Price sensitive market

Pitching the price correctly is still key and we are seeing a huge variation in activity, from high demand properties generating competitive bidding situations to those less in demand, particularly those without any outside space still having to be very keen on pricing to attract buyers.

 

Solicitors really busy, not answering calls

With the pressure on solicitors continuing to build we are finding it often difficult to get hold of them at all. If you are selling a property and are under offer, ensure your agent is working hard with your solicitor to push the sale through. There is a fine balance between proactive agents asking solicitors direct questions and those simply pestering them with phone calls for an update. Try to also ensure that your solicitor has one point of contact rather than numerous people requesting the same information. 

 

Stamp duty petition passes 10,000

 

petition launched earlier this month for the stamp duty holiday to be triggered upon exchange of contracts, rather than completion, has attracted more than 10,000 signatories. Reaching 10,000 signatures means the government must now respond to the petition.

 

Estate agents don’t share photos

Here’s a recent article reflecting how estate agents take photos of clients' houses and then consider them to be “theirs” and won’t share them with other agents.

This is precisely why at Movewise we take the photos ourselves, using a high quality firm and “give” them to agents. We don’t see the photos as “ours”, they are our clients. It is our job to make sure your property sells, we don’t mind which agent introduces the buyer.

 Movewise is the only company in the market that does this, it is one of the transactional differences between us and the small number of other firms that operate a similar “master agent” structure.

 Our commitment is to sellers and to a better, more efficient sale.

 

Buyer leads generated by portals have a 2% conversion rate

A common misunderstanding is that “all buyers come from Rightmove”. Whilst the majority of buyer leads do come from the portals, not all sales are made to a Rightmove lead on your property converting into your sale.

Unlike any other asset market, property contains unique assets being sold in localised markets. This means that the stock available to buyers is different this month to next month. It also means the buyer demand looking at the market this month is different to last month.

This is different to markets such as stocks and shares where the assets remain the same, eg Vodafone shares last month will be the same next month, making the transactions much more commoditised.

It is this lack of commoditisation in the property market that creates the inefficiency we are all too aware of. This is why you can’t develop an “app” that allows people to sell a house with a click just like you can in stock trading.

Estate agents act to smooth over this inefficiency which they do with their applicant list or “black book”. Ie they take buyer leads from last month (who may not be looking at Rightmove now but are still buyers) and show them to a similar property coming on the market this month.

Movewise business model creates more demand for properties, broadening the exposure your property gets, by firstly picking the agents with the most applicants and secondly bringing further agents if we need to continue to deliver more buyers.

With Rightmove generating 51 million leads a year and 1.7 million listings occurring, it means each listing gets 30 leads from Rightmove. 6,600 estate agency firms are listing an average of 22 properties a month, and therefore getting 660 buyer leads a month. Since estate agents are open 5.5 days a week they are receiving approximately 30 leads per working day. That's a lot of leads and a lot of phone calls not connecting, not getting through.

 

Hence the inefficiency in the market. That's what Movewise improves significantly with our sequential best agent approach to marketing your property. That's why we outperform all the sole agents, see our report: The best chance to sell.

 

Updated website 😎 

 

Finally we just released a new version of our website (bravo Steffen, Mark, Kirill, Sergey, Joe), so it talks directly to our different customer categories. Do take a look and let us know what you think.

 

Have a great bank holiday weekend. 

The Movewise Team

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