Estate agents need to harness the power of social media to enhance their service offering
Rowan Alexander, a director of the newly independent Cape Town estate agency, Alexander Swart Property, says that to meet their predicted growth predictions ASP is recruiting agents at the rate of at least two per month. This exercise, he says, has shown him only too clearly that some people still have misconceptions about how today’s estate agents should conduct themselves and what makes for success.
“In some people’s minds,” says Alexander, “estate agents have to be fast talking sales people who know how to clinch a deal against all odds. This is, however, very far from being the case because what sets estate agents apart from other sales people is that they sell a service, not a product.
“In a sense a correctly priced home will always sell itself. The agent is simply the facilitator. He or his company does not own the stock – the seller is the home owner.
“The agent’s task, therefore, is first of all to find stock for sale and then to find buyers. This means that as much as 75% of the estate agent’s time has to be spent on bringing in stock. The most successful estate agents are those who find the most stock.”
In both the sales facilitation and the finding of stock, says Alexander, the estate agent’s reputation is the key factor.
“What sellers want is an estate agent who has a proven track record and a good reputation, knows his business, is au fait with prices and market trends in their area and understands sales documents and the many pitfalls in them. In short, they want an estate agent who is 100% reliable and honest,” says Alexander.
But how does an estate agent build up his or her reputation?
Today, says Alexander, social media plays a highly important role. Client referrals and client comments, both good and bad, published in the social media, coupled to the estate agent’s own Facebook and Twitter reports, will more than any other medium influence a client to make contact with and/or trust an estate agent—or avoid him at all costs.
For example, says Alexander, Stefan Engelke of Alexander Swart Property, recently posted a Facebook report about how he had sold a R 1,425,000 home at R 1,400,000 ( 98,25% of the asking price) within 48 hours of getting the sole mandate. What is more, this property had been marketed by his competitors for a period of 60 days but they had been unable to procure a suitable buyer.
“This success story was shared with his social media friends and within five days was read by 11,604 people – and it is still being read. This post has to date reached 15,102 people.
“Reports of this kind,” says Alexander, “have a greater influence on clients than any other factor and therefor we need to remember that there is more to a online reputation than just likes and followers.”
However, warns Alexander, if the estate agent has let down a client or behaves in any way unprofessionally, exposure on the same social media can ruin not only his reputation but also that of the agency which employs him.
“That is why now that we are recruiting fast we have to be very careful about signing on a new estate agent. Quick- fix salesmen out to make as fast a buck can ruin an agency’s reputation very quickly.”
Lack of experience and age however are not a barrier to obtaining a position as an estate agent, says Alexander. The rookie, once accepted into the firm, will have to commit himself or herself to studying for the Estate Agency Affairs Board examinations, but, says Alexander, these are not too onerous and he has to be mentored by a qualified estate agent for a full year.
The good news, however, he says, is that in progressive firms such as Alexander Swart Property, young estate agents, complete novices, often very soon become top performers.
“They have energy and enthusiasm and they are willing to work long hours. Some of our top estate agents have only been in the business for one or two years,” says Alexander.
02 Aug 2017
Author Independent author