Tag: estate agency

Instant and accurate property valuations 

One of the key services that Estate Agents provide is accurate property valuations. Having an accurate and immediate online valuation tool on your website has become an industry standard, and it allows for the beginnings of positive agency-client interaction.

ValPal is an AI-driven tool that provides Estate Agents with accurate property valuations and is able to evaluate comparable properties. It is programmed to consider local factors in order to produce precise property valuations. Valpal provides:

• Instant and accurate property valuations.
• This tool allows Estate Agents to capture the details of individuals visiting their website.

Intelligent automated sales funnels

Estate Agents need a solid sales funnel to succeed in today’s competitive market. From lead generation to nurturing leads and converting sales prospects, AI-enhanced digital tools can help Estate Agents to perfect their sales strategies and optimise their processes.

The ValPal Network provides a range of AI-driven digital services designed to create a fully comprehensive sales funnel to drive traffic, qualify and nurture leads.  The ValPal Network provides:

• Seamless sales funnel integration with their instant online valuation tool.
• Partnerships with a range of CRMs, so Estate Agents can manage leads and email marketing platforms effectively.
• Integration with several tracking tools to monitor which elements of a marketing campaign are most cost-effective.

Platforms for 3D virtual home tours

In virtual tours and experiences, AI-generated content can be used to create realistic and interactive environments that match a real location. This allows potential buyers to first view a property remotely, without having to physically pay a visit.

AI enhanced programmes, such as REimagineHome and Getfloorplan, help Estate agents to generate 3D floorplans from 2D images. Getfloorplan also offers virtual staging, so potential clients can add furniture and decor to visualise placing their furnishings accurately.

• This is a great way for agents to help sellers by being able to proactively generate quick and easy renovation ideas that make a property more saleable.
• It is great for playing with new colours or furniture placement, room by room.
• And potential buyers can easily re-imagine a property layout should they wish to visualise major renovations.

While artificial intelligence is developing at a rapid rate, it is still in its infancy. On an ongoing basis, AI systems require human involvement for updates, maintenance and ethical considerations.  And AI software is not an end to itself – it is a useful tool. It generally requires a knowledgeable human being to stay well-informed about new developments, oversee implementing the software for a particular purpose and to quality control any input and output.

Today’s experienced Virtual Assistants are tech-savvy in their specific area of expertise. Their experience can make an enormous difference to levelling up the implementation of AI-driven software in an Estate Agency.

When it comes to ownership and control, how might The Theory of The Firm need to be expanded upon or updated considering the rapid advancement of digital technologies?

A research paper published in 2021, co-authored by Dr David Collis (a long-standing adjunct professor at the Harvard Business School), entitled Corporate Strategy and the Theory of the Firm in the Digital Age, speaks to the fact that the rise of modern communication technologies has supported the emergence of more widely dispersed company headquarters – and the rise of the hybrid and remote workplace.  The paper suggests that the digital age has “changed the nature of task and workforce design, which has implications for the firm’s corporate strategy, specifically for the corporate structure, decision making and corporate roles or functions” and that “it has also contributed to the trend towards more functional specialists capable of mastering a single discipline.”

This thinking is validated by the apparent rise of the era of the Virtual Assistant.

While The Principle-Agent Problem is a universal problem in organisation’s big and small, there are many measures that business owners can take to ensure this is not their reality. Enabled by modern communication technology, taking on a Virtual Assistant does not necessarily exacerbate the problem. In fact, it may help to alleviate it.

Does having your Virtual Assistant work remotely worsen The Principle-Agent Problem?

No it does not. One of the biggest advantages of communication technology in the modern workplace is that colleagues and contributors from all over the world can collaborate in real time. That being said, there is no substitute for regular, high-quality team and one-on-one interaction and communication – and ongoing learning. It helps to ensure that every member of the team understands their duties and responsibilities and “keeps employees on the same page” when it comes to aligning vision and values. Modelling effective, two-way communication should start at the top of an organisation and be encouraged throughout the company.

Virtual Assistants who are carefully chosen for their positive attitude alleviate The Principle-Agent Problem.

Beyond being reliable, trustworthy, skilled and having a good work ethic, a high calibre Virtual Assistant’s most important attribute is a positive mind-set:

1. Their positive mindset serves to attune a Virtual Assistant to the priorities of their boss and the company.
2. Virtual Assistants with a positive mindset are more likely to enjoy their work and feel a sense of purpose in their role.
3. Positive thinking enables Virtual Assistants to be more proactive in their communication, in anticipating their boss’s and the company’s needs.

Virtual Assistants round out an aligned team by bringing skills that are not the principle’s or other employee’s strengths.

Rather than exacerbating The Principle-Agent Problem, taking on the right, skilled virtual assistant and embedding them in a cohesive team can take a company to the next level through the additional skills and resources they can provide. Every facet of running a business is essential to its success, no matter how “minor” it may seem. However, routine administrative and operational tasks are better outsourced to free up a business owner’s time to focus on working ‘on’ their business rather than ‘in’ their business.

Virtual Assistants who are aligned with business priorities help grow the firm by supplying a range of skills that would otherwise not be affordable.

Even taking on a very experienced and specialist Virtual Assistant, like a seasoned bookkeeper or property manager, is cost-effective. When it comes to cost-to-company, not only do they work for an hourly rate comparable to the National Minimum Wage, but there are no additional employee benefits or a physical workstation to pay for.

In conclusion

When it comes to ensuring that your Virtual Assistant is aligned with your business priorities and has your business’s best interests at heart, having a dedicated Virtual Assistant who works only for you means they can provide you with their full attention and become a fully-fledged member of the team. This provides greater opportunities to ensure that their priorities align with the vision and values of your business as they contribute to the success of the business.

Sources:

¹https://www.investopedia.com/terms/p/principal-agent-problem.asp#

²https://en.wikipedia.org/wiki/William_H._Meckling

³https://en.wikipedia.org/wiki/Michael_C._Jensen

⁴https://www.sciencedirect.com/science/article/pii/0304405X7690026X

⁵https://www.researchgate.net/publication/353816562_Corporate_Strategy_and_the_Theory_of_the_Firm_in_the_Digital_Age

1. Streamlining the sales progression progress

All estate agents understand that managing a chain is a complex and time-consuming process. One of the primary reasons for sluggish sales progression is how few properties are part of a single property sale. Other reasons include:

• Many agencies fall short in their investment in technology and people when it comes to focused attention on streamlining and hands-on management of sales progression. A great solution is to take on a Virtual Assistant who can focus on overseeing sales progression, using PropTech to streamline processes.
• Agents do not leverage the required supply of material information. This is defined as “any information that can impact the decision that a consumer makes in relation to a property, such as arranging a viewing, putting in an offer to purchase and proceeding with any other aspects of the process.”1 Providing comprehensive material information is something that is central to helping conveyancers speed up transactions.

2. Billing upfront property marketing costs

In terms of carefully managing consistent cashflow, every pound helps. Charging sellers upfront for marketing spend does not only provide some cash inflow. It means the cost of marketing a property is not coming out of the estate agent’s pocket, upfront. It also serves to “anchor” the client to their estate agent. Providing comprehensive material information supports securing an up-front marketing budget from clients in that charging for upfront marketing outlay makes sense when estate agents are going to provide comprehensive material information as part of the transaction.

3. Strengthening the professionalism and authority of the property industry

One of the biggest barriers to arise in the UK property market over the past fourteen years is complacency; in the main due to an incredibly buoyant property market. Estate agents know that there’s more to selling property than just listing a house on a property portal, but the problem is that public perception prevails that all agents need to do is upload a property on a major property portal and it sells, for the asking price and quickly. Industry-wide adherence to relying on the property portals as the key marketing tool has allowed them to become fat cats, enabled to put up their prices however they like.

Now, in a much more exacting market, estate agents are beholden to this cost-hungry beast that they have helped build – at a time when their pipeline is failing. What is the antidote? A more complex sales pipeline to suit the time and incredible professionalism within the industry are an absolute must for estate agents to develop a level of authority and autonomy within their profession that allows them to charge higher fees and that will build the industries clout to effectively lobby for more moderate property portal price increases.

So important is it for estate agents to get clear on the path to success that VA Central, in partnership with WiggyWam, will be introducing “The Seven-Figure Roadmap,” in a transformative webinar on 21 March, designed to guide estate agents through the complexities of today’s market towards achieving seven-figure success.

Estate agents who embrace “The Seven-Figure Roadmap” will not only be better equipped to successfully navigate current property market challenges but to thrive at a time when others are floundering. After which, an essential next step will be their continuous education of sellers and buyers on the value and expertise of estate agents.

https://www.nationaltradingstandards.uk/uploads/Material%20Information%20in%20Property%20Listings%20(Sales)%20v1.0.pdf

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.

What are the benefits of having an external call answering service?

• Never missing a call
• Always having a message taken
• They are able to handle large call volumes if need be
• Not having in-office staff who take turns to pick up a call being sidetracked from more important tasks
• Cost-efficient though eliminating the need for an in-house receptionist
• Consistent professionalism that enhances your company image

What are the downsides of using an external call answering service?

• Not having this touch point to build relationships with clients
• Language barriers or accents that affect communication
• A lack of in-depth understanding of the business
• Misunderstanding when conveying complex information
• Challenges when handling unique customer inquiries
• Not having important messages prioritised
• Non-employees who have not signed an NDA being privy to sensitive information

Utilising your Virtual Assistant to answer your calls is the quality choice

Virtual Assistants bring all the benefits while eliminating the downside of using a call answering service. Here are six ways in which a VA is the best quality option:

1. Versatility: As an integral member of your team, your Virtual Assistant can answer calls, take accurate messages, handle inbound queries and even qualify leads for you. Or they can simply take a message and email you the details, flagging the messages’ level of importance.
2. Flexibility: You can choose to have your VA answer all calls during office hours on certain days, and on others you can simply have them cover the phone for you while you are in meetings.
3. Personalised service: Clients feel valued when an upbeat person answers their call and immediately recognises their voice. Your VA can greet the caller, make them feel like their call is welcome, answer questions, take a message or route the caller swiftly to your phone if you are available.
4. Establishes rapport and trust: Rapport is built when the same friendly, yet professional person answers the phone every time.
5. Professionalism: The brand image and your company values are supported when your VA deals with a first-time caller query with knowledge and insight born of understanding your business.
6. Cost-effective: There are some setup costs, as the VA will have to set up a dedicated line for you but the ongoing costs are quite reasonable. However, digital technology has expanded so that the geographic location of a virtual receptionist today is of little consequence.

And, of course, your experienced VA does not have to only serve your business as a virtual receptionist – they can simultaneously handle your administration and other tasks that will free up your valuable time so you can focus on growing your business.

2. Delegate effectively

Working well with a Virtual Assistant requires you to effectively delegate tasks. To do this requires that you have a strong understanding of your Virtual Assistant’s skill sets. Use your first onboarding calls with your VA as a time of exploration, getting to know more about them and their strengths.

Always clearly articulate your expectations and goals. Providing detailed instructions and timelines, as well as any specific requirements will reduce the chance of misunderstandings or mistakes. Providing context will help your Virtual Assistant understand both what a task entails and how the task is important to the success of the business. Delegation also requires you to trust that your VA will understand the jobs requirements and work to the best of their ability. There is no point in delegating a job to your VA and then doing it yourself.

3. Set realistic deadlines

Setting a deadline that is achievable for you may not be realistic when working with a Virtual Assistant who is new to your business. Providing your VA with a reasonable timeframe ensures they can produce high-quality work while getting up to speed with the company, their job and your priorities. Prioritising tasks and establishing clear deadlines for each one will help your VA to use their time optimally. VAs who are quick on the uptake will soon master what is required and pick up their pace.

4. Embrace technology that supports easy collaboration

Collaboration can have far-reaching benefits for your business and team members. When you and your VA (or team) effectively communicate and collaborate you will be more productive because sharing ideas, resources, and expertise actually helps in completing tasks more efficiently. Use a suitable digital platform – such as Google Drive, Slack, Trello or Monday.com – to share records and facilitate seamless collaboration with your VA. Ensure your Virtual Assistant is trained on the tools you will be using for efficient project management and task execution.

5. Streamline workflow

By employing the right digital tools, setting clear communication guidelines, defining the scope of work, establishing deadlines, monitoring progress and providing feedback, you will have gone a long way to building an effective workflow between you and your Virtual Assistant. One of the great benefits of taking on a VA is that they are typically skilled in using digital technology. It is very likely that they will help to bring you up to date in automating and streamlining task management, administration, CRM and other aspects of your business. This will have a knock-on effect of boosting productivity and being enabled to offer exceptional support to clients.

A trusted Virtual Assistant can become one of the most valuable assets in your business. Keeping track of their progress is essential, but as a busy business owner you should not have to focus too much on when your Virtual Assistant is working but rather on their deliverables. Once your VA has proved themselves, make yourself available for any questions they may have and trust them to complete their tasks subject to routinely touching base and regular check-ins.

VAs help companies to level up in their use of technology

Virtual Assistants are well-versed in leveraging the latest technologies and tools to streamline processes. From automating tasks, to analysing data and spearheading competitor research, they can integrate technology solutions that improve efficiency and help a company stay at the forefront of digital innovation.

• Automating routine and time-consuming tasks allows human employees to focus on the more strategic and creative aspects of their roles.
• For agents, VAs can automate and speed up essential tasks such lead qualification and follow-up communications.
• When personalising a customer journey, marketing VAs can contribute by leveraging data analytics to understand customer preferences and behaviors.
• If a VA is skilled in the utilisation of machine-learning algorithms, they can help your company analyse data to predict market shifts, identify industry trends and track customer behaviour.
• Under the management of a knowledgeable VA, AI such as Chatbots are an excellent way to automate repetitive tasks such as responding to frequently asked questions or processing orders.

Hiring a Virtual Assistant can be a game-changer for businesses looking to scale their operations, reduce costs and boost overall efficiency. By taking on a Virtual Assistant, you are not just gaining an extra pair of hands – you will be gaining a dedicated team member who is committed to helping move your business toward success.

How can you move from being self-employed to becoming a business owner?

To move into being a fully-fledged business owner requires being real and honest about what you are prepared to get yourself into and what it will take to be successful. Here are four important considerations before taking the conscious step to become a business owner:

1. Before you quit your job and launch your business, you need to evaluate your personal and professional readiness. Ask yourself what skills and experience you have, what additional resources and support you need, and what risks and challenges you are willing to face.
2. Every successful business begins with a plan. You will need to validate your business idea. This entails conducting market research, identifying your target markets, analysing your competitors, and finding your business’s unique value proposition.
3. It means being willing to invest your income in setting up your business now for even more revenue down the line. Building a business is not necessarily the fastest way to the biggest paycheck, it’s about playing the long game. You need to set a realistic budget and cash flow projection for your business. You will also need to create a personal financial plan that covers your personal expenses.
4. It entails being prepared to assemble a business team. Building a business requires the combination of both entrepreneurial and a variety of professional skills. This is where the need for a business team arises. It does not pay to do everything yourself. Having a competent team will free you up from routine tasks but you still need to successfully delegate vital tasks to them.

Business owners and entrepreneurs frequently take on many responsibilities to reduce their overall costs. But, no matter what kind of business you own or the size of your business, the chances are you will need a team with varied skills who can support you as you develop and grow your company. Virtual Assistants can help you efficiently and cost-effectively grow your business – thanks to their wide range of skills. They are the most cost-effective option for business owners and who want to continue grow their company and need experienced and expert help.

Let’s break down the Opportunity Cost in Alex’s scenario:

1. Billable Tasks vs. Non-Billable Tasks:

• Alex charges £250 per hour for services directly related to buying and selling properties.
• Administrative tasks, though essential, do not directly generate income and take up roughly 3 hours of Alex’s day.

2. Opportunity Cost calculation:

• In 3 hours, Alex could potentially earn £750 through client engagements and property negotiations.
• Instead, these hours are spent on administrative tasks that don’t contribute directly to revenue.

3. Delegating to optimise efficiency:

• By hiring a Virtual Assistant (VA) for £12 per hour to handle administrative tasks, Alex can redirect those 3 hours to high-value, client-focused activities.
• The cost of the VA for 3 hours is £36, far less than the £750 potential earning Alex could achieve in the same time.

4. Resulting benefits:

• Alex can focus on areas where they have a competitive advantage – client interactions and sales.
• The VA’s expertise in administrative tasks ensures efficiency and accuracy in those areas.
• Alex’s business grows due to increased client engagement and successful deals.
• The reduction in personal workload can lead to better work-life balance and job satisfaction for Alex.

Here are three practical ways to optimise the use of time in your business:

1. Prioritising tasks is the key to success: The Most Important Tasks (MIT) methodology works well when it comes to the effective use of work time. This strategy involves creating a pared down list of just three tasks that it would be highly beneficial to complete that day. These tasks should be chosen for their importance and value. To decide on your three most important tasks, ask yourself goal-orientated questions, such as, “What three tasks will have the biggest impact on a desired outcome?” and “What can I get done today to further my progress towards my short-term goals?”
2. Delegate tasks that are not on your top three list: Delegation is not a sign of weakness. It is one of the signs of a strong leader. In addition to being the best use of your team’s time in freeing up your valuable time, it will extend your company’s capacity and efficiency as well as empower your team, build trust and help toward their professional development.
3. Delegate tasks you are not good at: Delegating effectively requires a lot of trust, communication and coordination. When delegating tasks it is important to choose the right person for the job. Part of being a good leader is understanding your employees’ strengths and preferences – and how their skills complement your own for the good of the business.

People are a flexible resource in that companies can expand as they need extra hands. This is especially true when taking on experienced and versatile Virtual Assistants. But time is finite. If the clock is ticking down toward a deadline, it is impossible to build in the leeway of more days, hours or minutes. Learning to best use valuable time and harness the core hours in the working day while making the most of Opportunity Cost through delegation is one of the skills that are sure to make good business leaders great and it is key to growing a business.

Here are four areas in which estate agencies can use AI to stay ahead in 2024

1. Speed to lead

Leveraging AI tools can significantly enhance potential customers’ first experience with an estate agency.

Today, most people shop for houses through a combination of online research, then working with estate agents and visiting open houses – starting with online research. So, when a potential client finally takes the initiative to make contact through live chat or completing a lead generation form, it is very likely you will be talking to them after they have completed comprehensive online research. They will have already encountered your estate agency online, looked at your website and sifted through the properties you have on the market. They are at the point where they are ready to talk to someone immediately and move forward. AI-powered chatbots ensure round-the-clock customer interaction, providing immediate, personalised responses to customer inquiries. This increases crucial lead to response time or speed to lead.

2. Customer service

During the sales process, AI can support the ongoing real-time communication between real estate agents and clients. Chatbots are available 24/7 to answer common questions and provide information. Chatbots can help customers schedule appointments more efficiently. By integrating an AI platform with CRM software, estate agencies can automate completing forms and the provision of useful public records such as transportation options, area crime rate statistics and school district ratings, to offer a clearer picture of an area to the potential buyer. Chatbots can also provide personalised recommendations to clients based on their preferences and past interactions, pointing them to relevant properties that are newly on the estate agency’s books. AI technologies like virtual reality (VR) and augmented reality (AR) enable immersive virtual property tours. Real estate agents can provide clients with realistic virtual walkthroughs of properties, allowing them to explore and evaluate properties remotely.

3. Industry insights

Estate agencies are using predictive analytics to gather and analyse data about their clients and properties to identify patterns and make informed predictions about property prices, market trends, and customer behaviour. AI algorithms use historical data and market trends to predict future Real Estate market conditions so that estate agents can leverage these insights in servicing their clients, anticipating changes and developing effective marketing strategies. After the conclusion of the sales process, AI can also help estate agents to collect and analyse client feedback allowing them to measure their satisfaction, maintain the relationship, ask for referrals and identify areas for improvement.

4. Marketing

AI tools can simplify and streamline marketing management for estate agencies. Here are just 3 of the many ways AI supports effective marketing strategies:

• Scale and efficiency that maintains personalisation: Generative AI, like ChatGPT, can take your client data, property information and campaign goals to create a range of personalised emails while enabling the delivery of these segmented emails to a large number of recipients.
• Targeted content scheduling: Property professionals can use AI to create highly targeted marketing campaigns that reach potential buyers and tenants with a higher likelihood of interest. AI can determine the optimal times for posting when your audience is most active on social media. It can inform scheduling your posts accordingly to maximise visibility and so helps to fine-tune social media strategy.
• Sentiment analysis: With AI tools, you can keep an eye on your social media mentions and comments and monitor people’s reactions to your content. By monitoring sentiment analysis, estate agents can gauge the public perception of their brand as well as particular properties and neighbourhoods.

Artificial Intelligence is transforming the property industry, reshaping the way properties are bought, sold and marketed. Estate agents who embrace AI-powered tools have a competitive advantage by leveraging AI to increase efficiency, provide tailored experiences, make data-driven decisions and enhance customer engagement. And as AI continues to advance, its role in Real Estate marketing is likely to expand offering new opportunities and possibilities for agents and their clients.