Five Branch Performance Stats Every Estate Agent Should Be Tracking
Our research has given us unique insight into the performance stats that really matter to estate agents, and the ways in which statistical analysis can be used to grow your business. These are the metrics that agents should be tracking.
Valuations vs. price achieved
We see a lot of information relating to valuation prices and the agreed prices of completed sales, but the relationship between these two figures is rarely discussed. So, our team delved deeper into how these two numbers relate to each other, and what this relationship says about the true ‘fair value’ of a property.
Agents use many different strategies when pricing properties. Some opt for low prices, hoping to sell quickly, whilst others aim high in the hope of winning a listing. The differences in these strategies can lead to huge discrepancies between valuations and prices achieved, as well as problems in assessing the fair value of homes.
To combat this, TwentyEA uses an AVM, or Automated Valuation Model. Using complex algorithms, these models can accurately predict the fair value of properties. The findings can then be used to show whether an agent achieves a higher or lower price than this fair value.
The tool makes it easy for agents to learn more about how valuations relate to prices achieved, and gives an overview of how individual companies compare in terms of valuations vs. agreed prices. Learn more about this in our recent blog.
Real time market share analysis
TwentyEA’s analysis tool provides real time tracking of online market share. And with competition in the market growing fiercer by the day, this data is providing incredibly useful to today’s agents.
The analysis makes it possible for agents to discover their own ranking by transactional positioning or stock on the market. This data can then be easily compared to other agents in the area, giving each company a complete picture of their own market share. Over time, the analysis can then be used to provide a complete picture of the effectiveness of strategies designed to grow market share.
The competitive landscape
In order to consistently impress clients and provide the service buyers and sellers expect, agents need to monitor their competition. With TwentyEA’s analysis tool, the competitive landscape can be reviewed regularly.
A specific set of metrics gives a comprehensive view of the market at any one time. These metrics include numbers of new instructions won, as well as numbers of completions, exchanges, price changes and fall throughs.
The tool provides figures for different areas, along with data on an agent’s own company and that of its competitors. For instance, agents gain access to information on the top 10 fastest agents in a given area, and valuable insight into how their own organisation compares.
As well as revealing more about the competitive landscape of UK agents, these metrics can also be used to enhance the offerings of individual organisations. Data can be easily translated into actionable strategies aimed at improving the services offered and strengthening reputations.
Price drops
Even the most successful agencies find themselves facing price drops on occasion. Whether the result of errors in valuation, time pressures or economic influences, price drops are something that all agents should be monitoring.
TwentyEA’s tool makes tracking price drops simple. Using a predetermined set of criteria, agents can keep a close eye on price drops occuring in any given area. The data can then be analysed to give more information on which companies tend to drop prices the most, and when they might be most likely to make changes to the pricing of properties.
This information could prove hugely profitable, as it gives agents unprecedented insight into the actions of competitors, as well as the health of the market in general.
Online and high street comparisons
The differences between online and high street agents remain a hot topic amongst industry professionals. It’s well worth keeping a close eye on how the two very different operating models compare in terms of results.
TwentyEA’s analysis reports on quantitative data that gives a real insight into the effectiveness of high street agents vs online models. Quickly research regional differences, learn about where online agencies are taking off and see which demographics are moving towards traditional high street estate agents.
The analysis tool provides all the data you need on pricing for high street vs online agents, completion timescales and final sale figures achieved.
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We’re now living in a time of big data, which is great news for the property industry as a whole. With so much information at our fingertips, it’s never been easier for agents to enhance their offerings. Try our free insight tool for Estate Agents for brand specific performance stats you won’t find anywhere else.