Tag: estate agency

Expand your resources through taking on Virtual Assistants.

When it comes to building teams, since Covid the role of Virtual Assistants has emerged as a powerful business accelerator. VAs provide way more than just administrative support. They are a strategic resource when business leaders wish to streamline operations, revamp systems, focus on strategic initiatives and ultimately drive scalable growth.

• In the UK property industry, VAs can take over administrative duties, data capturing, financial administration and bookkeeping.
• A virtual Personal Assistant can manage your diary and inbox and ensure seamless communication with clients – or undertake any task that smooths your day.
• A virtual Property Manager can effectively liaise between owners and tenants to schedule inspections and manage repair and maintenance issues.
• Virtual Social Media Managers can help create and manage content for social media platforms, and other communication channels. They can assist with writing blog posts, creating graphics, scheduling posts and engaging with the audience online.

The benefits of taking on Virtual Assistants to expand your team:

Taking on a Virtual Assistant comes with many potential benefits. They can help you save time and energy, which you can invest in aspects of your business that need your personal attention.

• VAs are cost-efficient, saving time and money. In addition to reducing recruitment costs, wages and employee benefits, Virtual Assistants save on overheads.
• Gain access to a broader range of skills and expertise. VAs have a wide range of skills, and are well qualified and experienced in their particular discipline. They are generally tech-savvy and up to date with the latest software in their field.
• Increase your productivity and focus. When you take on VA to relieve you from day-to-day operations the company becomes more efficient. Your time is freed up to focus on higher value activities and the strategic aspects of your business. This can lead to greater productivity, enhanced customer service and business growth.
• Scale your business more efficiently. By taking over routine tasks, a VA can free up your time to scale up your business. Scaling can involve entering new markets or reaching out to a broader customer base. This could include expanding geographically or targeting new customer segments.
• Improve your work-life balance. Taking on a VA can help to improve your work-life balance by relieving you from tasks that will keep you working after hours. This allows you more quality time to spend with your family and friends or to pursue personal interests.

From saving money to increasing efficiency, taking on a Virtual Assistant or two will revolutionise your company’s routine administrative activities and provide access to specialised skills. In this way Virtual Assistants have the potential to transform the way you manage your daily business operations. And as the UK property industry landscape continues to evolve in 2024, Virtual Assistants can help you stay ahead of the curve, adapt to changing circumstances and sustain a competitive edge.

Celebrate your successes

Once you have plotted the significant events of the past year, it is important to celebrate your successes and recognise the hard work that went into them. It’s also important to show gratitude for those people who helped you reach your goals. Take the time to remember and list the particularly beneficial things people did for you – or when someone went the extra mile – then send each person a thank you note.

Learn from your mistakes – then move on

No business is perfect. Making mistakes or falling short in reaching a goal is inevitable but can also provide valuable personal and business growth experiences. Learning from your mistakes and viewing each of them as a positive experience can help to boost your confidence and release you from being held back by a fear of failure.

Take the time to set goals and create a game plan

Based on your reflections on successes and challenges, what goals do you want to set for your business for 2024? Consider short-term (quarterly), annual and long-term goals, and make sure they are SMART (specific, measurable, achievable, relevant, and time-prescribed).

• Choose your focus for the year.
• Determine what you want to change.
• Select your revenue streams and set revenue goals.
• Prioritise and narrow down new projects and ideas.
• Create a step-by-step implementation plan.
• Establish the people-power you will need onboard to reach your goals.

Communicate your goals with your team

It is important to brief your team on your goals and strategy for the new year. It is powerful to inspire and engage your whole team in reaching business goals so that each team member knows and understands the important part they will play in the company’s success in 2024. It is equally powerful to encourage collaboration between team members, emphasising the connection between teamwork and reaching company goals.

Create goals for different areas of your life
The best approach to the goal setting process is to first define your priorities. You may be most concerned about getting your personal or business finances in order, but how about the other areas in your life? If you set one or two goals in each area, you will very likely see a ripple effect across every area. Consider these areas of your life:

• Personal life
• Relationships
• Business plans
• Career development
• Financial security
• Health and fitness

Write your goals down

Writing down your goals is the start of the SMART goal setting process. When goals are written down you will be more likely to intellectually engage with them and emotionally connect with the results you want to achieve. It helps to provide clarity – taking your goals from being envisioned to being more concrete and real.

When drafting your goals, try to answer five “W” questions:

• What do I want to accomplish?
• Who is involved?
• Which resources or limits are involved?
• Where is it located?
• When is the goal deadline?

Ensure your goals are attainable

Your goals need to be realistic and attainable to be successful. While they can be stretch goals, which exercise and grow your capabilities, it is important they remain possible. When you set an achievable goal, you may find yourself identifying previously overlooked opportunities or needing to find new, additional resources that enable success.

• Ask yourself “Why?” The first step to making your goals attainable is to link each one to a “why?” When you take the time to understand why you want to reach a goal, the resulting drive helps to avoid distractions and provides focus and determination.
• Break your goal down into action steps. Select the goal you’d like to achieve then identify the steps you must take to reach that goal, moving in chronological order. Break down the first step into daily tasks you can accomplish. Each of the subsequent steps can also be broken down into daily plans.
• Identify the resources you need to reach your goals. In a business context there are several kinds of resources that will support achieving your goals:
  • Time is a valuable resource, and effective time management is essential to reach goals.
  • When it comes to time saving and efficiency, specific IT equipment and software might be necessary.
  • Taking on experienced, high performing people can make all the difference in reaching business goals instead of being overwhelmed or stagnating.

Track your goals in a visible place

Reviewing your written goals and action plan to measure progress on a regular basis helps you stay motivated and on track.  Visual measurement comes in many forms from habit trackers to journals, weekly planners or even using a whiteboard. Whichever method you choose, keeping your goals visible will make sure you don’t forget about them – starting with having a list of your goals up on your wall.

Here are 3 ideas for tracking business goals:

• Use a project management tool. This makes it easy to create customised “goal project” folders and assign task due dates to ensure you stay on top of your goal progress.
• Make goal tracking collaborative. Bring your team members into the goal tracking process.
• Keep a journal. Even though it may be seen as better for tracking personal goals, keeping a journal can be a powerful way to track your business goals, too. By writing down your goals, reflecting on your progress, and noting any challenges, you create a record of your journey.

Employees contribute to a company reaching it goals

Being properly staffed and taking on the right people is vital for the success and growth of any business. With the right team members in place, goal setting provides direction and focus, which helps the team reach company objectives. And goal setting is a tool that can be used to create purpose and engage team members, increasing their job satisfaction and fulfillment. By being clear on the contribution each person makes to reaching company goals, leaders provide purpose, motivation and are able to empower each individual to hold themselves accountable, to keep track of their progress with support and encouragement along the way.

Do you have the right people in place to reach your goals in 2024?

You do not have to be so bogged down under the weight of everyday tasks that you do not have the time to formulate and achieve exciting new goals for your business – to see it thrive and grow in the year ahead. Cost saving and efficiency are two key drivers to success in today’s challenging marketplace. And taking on experienced Virtual Assistants with the right skills and experience deliver on both. They are the key to freeing up a business leaders’ time so you can focus on important work and oversee reaching the goals that will ensure business success in 2024.

1. Calculating the true cost to company

Employing a new staff member costs way more than just their salary. According to the British Business Bank*, the true cost-to-company for the first year of a new member of staff’s employment is approximately £62,890-with their calculation based on the average annual UK salary of £27,600. Business owners need to factor in recruitment costs and various additional, ongoing expenses such as national insurance, pension contributions and benefits to calculate the true cost of taking on a new employee in the UK. Plus, if the employee is working in the office part- or full-time there is the cost of setting up a workstation. Other factors like sick pay, various types of leave and paying overtime must also be factored in.

2. National Living Wage and London Living Wage increases in 2024

To make the decision to take on additional employees even more financially challenging, the National Living Wage is set to increase by approximately 9.8% in April 2024 – up from £10,42 to £11.44. When looked at as a compounded increase over two years, this constitutes a 20.4% increment as compared to the National Living Wage in 2022. Meanwhile, the discretionary London Living Wage (covering all the boroughs in Greater London) will rise from £11.95 to £13.15 in 2024. This is £1.71 more per hour than the National Living Wage and is designed to reflect the higher costs employees face if they work in London.

3. Evaluating the time cost of recruitment

The hiring process, when recruitment is done thoroughly and well, typically takes four to six weeks from sourcing candidates to identifying the best person for the job. Quality candidates are likely to be currently employed. In this case the successful candidate will have to give four weeks or a calendar months’ notice before taking up their new position. From start to finish, this means a company will have spent about 3 months from the time at which they identified a need to onboarding a new employee. The worst possible outcome is when the new employee does not work out and the process must start all over again.

Virtual Assistants are more than just administrators.

The good news is that taking on a Virtual Assistant provides all the benefits that having exceptional employees brings – without having to bear added costs beyond their monthly salary.

Virtual Assistants should not be pigeon-holed as outsourced administrators. They are highly experienced, technologically advanced professionals with a variety of skills to suit any estate agents’ needs – from operations and property management to social media management, marketing and bookkeeping. They are also great at administration. For around the same hourly rate as the 2024 National Living Wage, a Virtual Assistant with several years of appropriate experience (and a positive, can-do attitude) will take on very important, yet time-consuming tasks. They improve efficiency and free up estate agents’ time so they can focus on critical tasks. And because they work remotely, there is no need to purchase furniture and office equipment, or to worry about higher utility bills or renting a larger office space.

* https://www.british-business-bank.co.uk/finance-hub/tips-on-hiring-new-employees/ (Sourced from the office of national statistics ons.gov.uk, www.marketing-bersin.com, www.msci.com)

Here are some of the time and money factors that must be considered when taking on an additional employee:

1. Calculating the true cost to company

Employing a new staff member costs way more than just their salary. According to the British Business Bank*, the true cost-to-company of a new member of staff’s employment over the first year is approximately £62,890. Their calculation is based on the average annual UK salary of £27,600. Estate agents need to factor in recruitment costs and various additional, ongoing expenses such as national insurance, pension contributions and benefits to calculate the true cost of taking on a new employee in the UK. Plus, if an employee is working in the office part- or full-time there is the cost of setting up a workstation and office equipment. Other factors like sick pay, various types of leave must also be factored in.

2. National Living Wage and London Living Wage increases in 2024

To make the decision to take on additional employees even more financially challenging, the National Living Wage is set to increase by approximately 9.8% in April 2024 – up from £10,42 to £11.44. When calculated as a compounded increase over two years, this constitutes a 20.4% increase from the National Living Wage in 2022. And the discretionary London Living Wage (covering all the boroughs in Greater London) will rise from £11.95 to £13.15 in 2024. This is £1.71 more per hour than the National Living Wage and is designed to reflect the higher costs employees face if they work in London.

3. Evaluating the time cost of recruitment

The hiring process, when recruitment is done thoroughly and well, generally takes four to six weeks from sourcing candidates to identifying the best person for the job. Quality candidates are

likely to be currently employed. So the successful candidate will probably have to give four weeks or a calendar months’ notice before taking up their new position. From start to finish, this means a company will have spent about 3 months from the time at which they identified a need to onboarding a new employee. The worst possible outcome is when the new employee does not work out and the process must start all over again.

Taking on a Virtual Assistant cuts your lead time and cost to company.

The good news is that taking on a Virtual Assistant provides all the benefits that having exceptional employees brings – without having to bear added costs beyond their monthly salary. For around the same hourly rate as the 2024 National Living Wage, a Virtual Assistant with several years of appropriate experience (and a positive, can-do attitude) will take on very important, yet time-consuming tasks. They improve efficiency and free up estate agents’ time so they can focus on critical tasks. And because they work remotely, there is no need to purchase furniture and equipment. Or to worry about higher utility bills or renting a larger office space.

Virtual Assistants are far more than administrators.

Virtual Assistants should not be pigeon-holed as outsourced administrators. They have evolved to become strategic strategic assets, offering specialised skills that address diverse business needs. In other words, they are highly experienced, technologically advanced professionals with a variety of skills to suit any estate agents’ needs – from operations and property management to social media management, digital marketing and bookkeeping. They are also great at administration.

* https://www.british-business-bank.co.uk/finance-hub/tips-on-hiring-new-employees/ (Sourced from the office of national statistics ons.gov.uk, www.marketing-bersin.com, www.msci.com)

The problem of mould

Kylie Wilford, one of VA Central’s Virtual Assistants, who works as a UK-based Property Manager says, I’m finding that with the price of heating increasing dramatically, tenants are not ventilating the property properly. They don’t want to open curtains and windows. They want to keep in the heat. This causes condensation that leads to mould.”

The internal condensation that develops from a of ventilation is the most common cause of recurring mould. Landlords can educate their tenants on the steps they should take to prevent mould from forming. These are:

• open windows regularly
• cover pans when cooking
• dry clothes outdoors or in a dryer
• close internal doors when you cook or shower
• leave a gap between furniture and external walls
• wipe condensation from windowsills each morning

VA Central’s Virtual Property Manager, Michelle Erasmus recommends this to her UK landlords, “Installing an extractor fan in the kitchen and bathroom can help enormously – so can a simple internal louvre window in the bathroom to let out steam. Prevention is better than having to pay a contractor repeatedly to get rid of mould.”

ISSUES RELATED TO WATER

1. Clogged gutters

The Landlord and Tenant Act of 1985 states that in regard to the repair obligations in short leases, it is the landlord’s responsibility to keep in good repair the structure and exterior of the dwelling (including drains, gutters and external pipes). Before winter weather sets in, clear the

gutters so that water runs off efficiently. If the gutters are clogged with dead leaves, water will flow down the sides of the exterior walls, causing penetrating damp.

2. Leaking roofs

There are a whole host of issues that can arise due to a damaged roof, some of which can lead to severe problems. One of the most common roofing problems involves broken, damaged or missing roof tiles. Although the tenant has the responsibility to report any issues to their landlord it is not their duty to fix the problem, this is the landlord’s responsibility. Landlords should be informed as soon as possible and should be given a reasonable amount of time to make the necessary repairs.

Winter weather can cause damage. Proactively preparing your investment property for winter is vital for the wellbeing of your tenants and your property’s maintenance – and it can save you money in the long run. For busy UK Estate Agents who can have between 200 – 400 rental properties on their books, taking on a Virtual Assistant to focus on handling their Property Management portfolio makes sense in terms of being efficient on landlord’s and tenant’s behalf. They have the knowledge and contractor contacts to be able to deal quickly and efficiently with building issues. They can also advise their landlords on proactive action that will save money.

3. Technology-based advancements in marketing and CRM in 2023

In 2023, the importance of comprehending the customer journey has never been more critical. Most people today start their property search online. The rise in digital technology means property buyers expect a seamless and personalised omnichannel marketing experience when interacting with brands and products, regardless of whether they are searching for the best estate agent, checking what property is for sale, responding to a call to action to make contact, viewing a property or making an offer to purchase.

The good news for 2024

• Technology will allow you to provide an automated online buyer experience that includes nurturing clients based on who they are and exactly what they are looking for when they first visit your website.
• Getting phygital can combine physical and digital encounters to create a seamless and enhanced customer experience. Any time you use technology to bridge the gap between the physical and digital worlds, you will join other estate agents in “going phygital” for a comprehensive customer experience.

Remote work is here to stay

One of the most profound changes that should be considered when planning for 2024 is that the work landscape has undergone a significant shift since the Covid pandemic, with remote and flexible work becoming more and more prevalent. Estate agents can embrace this already established way of working to save time and money when they grow their resource base by taking on Virtual Assistants with the necessary expertise and resources to work effectively from anywhere. In doing so they make their estate agency more efficient while cultivating a company culture that prioritises work-life balance.

*https://www.jpmorgan.com/insights/global-research/real-estate/uk-market

4. Use the power of omnichannel marketing to reach more people

Omnichannel marketing is understood to be an integrated approach to marketing across various platforms, combining marketing and sales, and even other divisions of an agency that work together. In other words, omni-channel marketing incorporates all activities or touch points that occur with a buyer – online and offline.

In the property industry, buyers and sellers will typically go through several touchpoints with your brand before they visit your website or make an enquiry. One of the major benefits of omnichannel marketing is the extra brand visibility and awareness that it generates by continuously putting your brand in front of consumers, across many different channels. Another important benefit is that it can make your marketing activity much more efficient as marketing content and collateral can be easily repurposed across many different channels and mediums.

5. Be known for a consistently great work ethic

Many estate agents are trained to play a numbers game and simply get as many listings as possible in order to increase their opportunity to make as many sales as possible. However, a quantity over quality mindset negatively infects the estate agency profession on many levels. Contrary to popular belief, being an estate agent is not a sales profession, it’s a service profession that requires its practitioners to have a very strong work ethic to achieve success for both their clients and themselves. In the long term, providing a consistently high standard of service is essential for estate agents who want to create a competitive advantage. And to maintain trust with clients and gain the all-important personal referral, agents need to also hold themselves to a high ethical standard.

6. Take on a Virtual Assistant to free up valuable time

Virtual Assistants are remote-working skilled professionals with experience in a variety of roles. By delegating repetitive and routine tasks to a Virtual Assistant a VA can free up time to focus on the high-value activities that drive revenue. There is a wide range of important tasks they can take off your shoulders. Your Virtual Assistants can liaise with clients and manage your calendar, capture financial data, oversee lead generation, maintain a client database, manage your social media accounts or handle the agency’s property management. Some of the benefits of a Virtual Assistant include:

• Improved customer service
• Better focus on core business activities
• Increased productivity
• Improved work-life balance
• Enhanced health and wellbeing

It goes without saying that a good impression lasts. It is important to ensure that your dealings with a prospective are concluded on a positive note – no matter whether the client has chosen to work with your agency or not. This is vital to maintaining your agency’s good reputation. Just because a client hasn’t signed a sole mandate with you to sell their property doesn’t mean that they will not do so in the future. Building for the future is another way in which you can ensure success for your agency in 2024.

*https://www.developmentfinancetoday.co.uk/article-desc-5591

My girlfriend was clearly aware that this was an overestimated property price at which point he came down by 20%.

So, what lessons can Agents learn?  

Lesson 1: A seller wants a skilled negotiator to achieve a premium price in an acceptable timescale for the seller and taking any stress out of the deal. If you’re an Agent, demonstrate to the seller how you are a skilled negotiator.  Bear in mind, the cheapest agent is the one who achieves the highest price for your property.  Not the one that charges the cheapest fee.

Lesson 2: What can you do to add value to the seller on an initial valuation?

Lesson 3: Prepare before you see the seller. Don’t wing it.

Authored by Stephen Brown,
Agents Together

MIDDLE OF THE SALES FUNNEL

Once a prospect moves to the middle of the sales funnel, they are likely to be qualified as sales leads, i.e. people who are actively looking to buy a property. At this stage you can make them aware of your services and specific property stock. Focus on how your knowledge and experience can help provide a solution to their needs or pain points. To promote engagement, you can provide the option to fill in a form to book a call, provide more information or download a guide.

What are some of your prospects’ considerations?

Home buyers will be asking themselves:

• Is now a good time to buy?
• What type of home do I need and want?
• What can I afford?
• What areas should I consider?
• How far am I prepared to commute?

Buyers will be seeking information from friends, family, and online. They are interested in:

• Specific market conditions,
• What homes are worth in their area if they are first selling,
• What homes are worth in their location of interest,
• Tips on purchasing a home,
• Details about what amenities homes on the market are offering, neighborhood and school information.

How do you create engagement?

As the prospect moves through the funnel, engaging content can include a call to action to get their email address. For example, a free downloadable property guide could be accessible by providing their details. At the same time, an automated CRM system is the most efficient way to inform your marketing and sales teams of the prospect’s response.

Relevant content

Typical content within the middle of the sales funnel provides useful information, case studies, e-Guides, market reports, webinars on helpful “how to” topics and FAQs along with tailored communication and in-person contact. Once they request your download, you can add them into a nurturing email campaign and provide them with useful information.

BOTTOM OF THE FUNNEL

Once the qualified lead has reached the end of the funnel a degree of familiarity and trust should be established. You’ve spoken to their needs and addressed their concerns and have forged a person-to-person relationship. If you’ve nurtured the prospect effectively, making a sale should be more straightforward.

Clients have reached the point of action

Leads are involved in an active search for a home. Buyers at this stage are:

• Aware of exactly what they want and what they can afford,
• Need recommendations based on an estate agent’s knowledge of a local area,
• Ready to view homes in-person,
• Want specific information about the buying process.

At the point successful buyers are:

• Looking for assistance in finding home inspectors and mortgage brokers,
• Concerned about timelines and logistics,
• Wondering if they are getting a good deal,
• May need help in selling their current home.

How do you stay top-of-mind?

Once a prospect has moved through the sales funnel and you have started to nurture them and feed them content (even if at that time it does not lead to a prospect immediately becoming a buyer) you can remarket to them via Google or Facebook to ensure you remain familiar to them. Then when the time comes for that prospect to choose an estate agent, they will be more likely to choose you.

POST SALE FOLLOW UP

Keeping in touch with your customers is essential to secure repeat business and referrals. Your happy clients will appreciate knowing:

• What is trending in the marketplace,
• if their property is going up in value or not.

Building an effective sales funnel is about knowing your own brand identity and tone of voice, as well as who your buyers are, so you can supply the type of information they need throughout every stage of their sales journey. Creating a sales funnel is an extensive process. It takes time and effort to determine what channels will work best for your team and your buyers. But by systematically starting from the top and working your way to the bottom of the funnel, you can develop a seamless sales process that will allow you to generate leads, convert them to clients retain more customers than you would with ad hoc marketing.

*https://www.hsbc.co.uk/mortgages/timeline-for-buying-a-home/