It takes business savvy and lots of pre-preparation to successfully grow an estate agency business – especially within the current economic climate within the UK in 2024. There are some tricky hurdles to overcome, despite the positive expectation that inflation will eventually fall back to a figure closer to the 2% mark and that people eligible for an increase in the National Living Wage in 2024 will have more disposable income.
Timing is of the essence
As with all businesses, in the fast-paced world of estate agency, knowing when to expand your business is crucial for long-term success. Grow too soon and cash flow can become an issue. Hold back on expansion and you may miss out on potential business. It’s for this reason that many business owners future-proof the growth of their businesses by refining and optimising their internal processes to ensure efficiency and effectiveness in every aspect of the operation. This initial step involves meticulously streamlining workflows, instilling a first-class customer service ethic in the team and leveraging technology to automate routine tasks.
Streamline and automate to ensure success
When it comes to enhancing efficiency and expanding capacity while managing costs effectively, estate agents may consider leveraging external support for duties such as lead generation, administrative tasks, and managing sales progression. This strategy frees up essential hours in their working week, enabling them to focus on the core of their estate agency business: securing listings and selling properties. By engaging with external expertise for secondary business functions, agents not only boost operational efficiency but also ensure they can concentrate on their primary objectives – fostering client relationships and increasing listings, which are crucial for the growth and sustainability of the estate agency.
Refine then expand to grow capacity
Once the business has established streamlined and efficient operations, it is well-positioned to withstand the growth pains brought on by further expansion – either by taking on more estate agents or growing the support team. Upgrading processes and automation will have laid a solid foundation upon which new hires can be effectively integrated into the business, contributing to company growth while living out the company values established by the owner – including high standards of service and efficiency. This ‘refine then expand’ approach will ensure that your estate agency is not just growing in size but also in its capacity to serve clients better and secure a larger market share, which is good news for everyone involved.
Would you like to know more about managing the growth of your estate agency without stretching yourself and your business too thin? Our guest blogger, Chris Webb, owner of The Agency Consultancy in the UK, is no stranger to what it takes to build and grow a thriving estate agency. We highly recommend his brand-new book, “Building a £100,000 Estate Agency”, in which Chris shares his wealth of knowledge, offering estate agents a comprehensive guide to the intricacies of starting, managing, and growing a successful estate agency business.
