The reports available to you in MarketView provide priceless insights into your performance and that of your competitors.
The Slow movers report displays how many weeks a property has been on the market during your set date range and when it was first instructed. You can use this report to find and win new business by targeting competitor properties where the listing has been on site for a long time.
- Many agents will have a good idea of what the sole agency term is that your competitors offer. You should factor this in when using the Slow movers report. Whilst the default for the Slow movers report is 8 weeks, consider what the sole terms of the property on the report is, in order to determine when you should reach out and try to win the instruction for the property. If you do this too soon, it may not be an effective use of time, but if you know a particular competitor has an earlier sole agency term, use this to your advantage to target properties as soon as you can
- Be aware of your applicant base. When you plan to target a property and try to win the instruction, you should establish specific examples of the times when you've found an applicant for a property. Look for examples of where you have actively found purchases (consider chain building) i.e. ‘one of my vendors would be interested in your property’.
Then, consider the marketing style of the properties that have appeared within the Slow movers report. Approach the vendor - you have been advertising for 7 weeks, a key question you can ask is about the clickthrough rate they are receiving. Vendors may not have this information or have been told about it from their current agent. You might even catch a competitor out for not keeping their vendor informed!
Talk about your average clickthrough rates if they are higher. Discuss your strengths such as photography style, writing a different style of description to help them achieve the sale. What is your unique value proposition you can give to your prospect?
- When it comes to Slow movers, you aren’t just talking about how you can achieve a sale for that vendor, but will you offer a better service. Do they call you and keep you informed, do they do what you want them to do on viewing, how hard are they working for you? What extra value and service can you offer and deliver to be better than the competition
- Check to see if a large portion of the Slow movers are with a particular agent. This may lead you to a price conversation - you may spot trends in what competitors are overvaluing. Your value is a fresh listing, with fresh marketing, at a fresh price.
Equally, the Slow movers report can help you learn more about your competition because if you notice a competitor's name crops up often, you can gauge their success rate
- Identify the style of property. Does a particular agent consistently have a certain type of property, or do they have all of the larger or smaller houses, in the Slow movers report. This may suggest that a particular agent is good with a certain style of property. You can inform vendors that ‘not only have they not sold your house, but all of their properties of your type are slow movers’. You can help a vendor understand your competitors may not be best suited for them
- Target new business (competitor properties) by scheduling an email alert that notifies you to when Slow movers are found in your area. A recommendation would be to schedule a Slow movers email to yourself or your colleagues on a recurring monthly basis for properties that haven't moved within the last 4 weeks