The first quarter of 2017 has been decent for Integra with a busy diary and income levels virtually identical to that of the same period last year (which was in itself a record year). Indeed, projected income for April could see us move some 10% ahead of revenues for the corresponding period in 2016.
Training has been high on the list of activities with two successful Consumer Protection and Money Laundering courses sold out in London in February.
With new Money Laundering Regulations becoming law in June I have arranged another two courses in London on 17th May. At the time of writing the morning programme is virtually sold out but there are still opportunities to book for the afternoon course.
Details here:
I have also carried out these compliance training courses for a number of individual businesses this year.
As businesses grow they often find that they are promoting staff “ahead of time” and then look to “train” those with new managerial authority. I am now working with a handful of my clients on delivering a rolling series of mentoring programmes on an individual or small group basis designed to help maximise the ongoing development and success of their “rising stars”.
To date in 2017 I have produced copy for three estate agents who have built new websites and regularly contribute content for several clients every month and also run their social media accounts and produce e-newsletters for their database of customers and clients.
This regular communication with databases of customers and clients is proving invaluable. I have recently undertaken some research amongst estate agency clients who are finding that 85% of their new business (valuations) is coming from “farming” their own databases and not from external advertising and certainly not from the portals such as Rightmove, Zoopla and On the Market.
Now that consumers are accessing property information on the portals without registering with estate agents, a huge source of potential business is either being delayed or lost as consumers are only contacting agents at the point of viewing not at the commencement of their searches.
Agents need to find ways of connecting with consumers earlier and more regularly if they are to maintain or grow their businesses.
Online valuation tools can help capture customer data early but the huge untapped value in an agent’s own database is still not being exploited as well as it could be.
This is an area I am working on with a number of enlightened clients who would rather invest in farming their own data than paying more and more to place more and more ineffective banners and “add ons” on the portals.
I am not knocking the portals as a channel to reach potential buyers and tenants but their very saturation and drive to increase revenues through selling more and more “add ons” is reducing their effectiveness to agents as business generators as it gets harder and harder to differentiate oneself within the confines of the portal.
I recently contributed to an interview piece in Estate Agent Today on how to improve your agency - you can read the article here:
Finally I am delighted to confirm that I have been asked to be a judge for three prestigious sets of awards in 2017. The Property Press Awards, the Law Firm Services Conveyancing Awards and the International Building Press Journalism Awards. It is always an honour to be invited to be amongst the “great and the good” of the industry on such occasions and I look forward to the judging processes and outcomes.
Michael Day MBA FRICS FNAEA
Managing Director