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Understanding the dynamics and KPI stats is crucial for anyone looking to make a mark in estate agency
Recently, Simon Bradbury asked a great question on Twitter about potential home buyers moving from London to the country, specifically Cambridgeshire and Bedfordshire. It's a significant question that deserves more than 240 characters to answer.
Yawn Warning- maths!!!!
Let's take St Neots as an example:
In St Neots, there are currently (at the time of writing this) 896 listings managed by 87 agents and builders. Out of these, the top 15 agents have 15 or more listings each. To cover all properties currently listed, a buyer would need to make 89 phone calls or visit 89 websites. Naturally, buyers will filter out agencies that don't have suitable properties, making property portals essential for efficiency.
Consider the competition:
There are 87 agents covering PE19.
Established agents have a significant advantage due to their larger listings and brand recognition.
For instance, if an agent has only 4 listings, they can expect about 13.47 viewers, representing just 4.08% of potential buyers. On the other hand, a leading agent with 94 listings can expect around 316.53 viewers, capturing a whopping 95.92% of the market's attention.
Why is this significant?
Visibility: Established agents have more properties, attracting more potential buyers.
Brand Recognition: Buyers trust and engage more with well-known brands.
Efficiency: Established agencies can handle large volumes more effectively.
KPI Stats: Based on my analysis of portal traffic:
The top 15 agents account for 60% of the total views on property portals.
Agents with fewer than 10 listings capture only about 5% of the total traffic.
Listings with premium placement or enhanced features receive 3x more views on average.
Growing an agency brand from scratch requires:
Building personal brand recognition.
Competing directly with established agencies.
Leveraging technology and property portals for maximum visibility.
Understanding these dynamics and KPI stats is crucial for anyone looking to make a mark in this competitive landscape.
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