Estate agencies should offset lower activity in the coming months by maximising the revenue per property sold, according to Babek Ismayil, founder of OneDome.
Ismayil believes that the property market is showing signs of slowing down, which is the result of a second national lockdown and the approaching conclusion to the stamp duty holiday.
In order to combat this lowered demand, Ismayil points to generating extra revenue from complementary homebuying services such as mortgages and conveyancing.
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Ismayil said: “After a very strong summer, during which some agents may have been overwhelmed by the workload, the question now is how can they get the most out of their pipelines as the market slows down?
“Some of the big corporate agencies and larger independents make an additional 40p for every £1 earned in commission through additional homemoving services.
“Of course, it is easier for the larger agencies as they have teams dedicated to additional revenue generation, but this is part of the moving process that all agencies should be targeting.”
Ismayil believes that hiring additional staff could help to increase the cross-selling opportunity for estate agents.
However, Ismayil said: “But in such uncertain times expanding the team is not a straightforward decision to take.”
As a result, Ismayil outlined that the adoption of technology could assist estate agents in capturing leads, streamlining the processes and automatically cross-selling various homemoving services.
In addition, Ismayil said that technology could assist estate agents in achieving higher margins per transaction, therefore making deals faster.