The reports available to you in MarketView provide priceless insights into your performance and that of your competitors. The Fallen through report displays and details properties that were previously SSTC which have subsequently been put back on the market, during your set date range.
- Consider setting up and scheduling email alerts for yourself or your colleagues that notifies you when a property has fallen through in your area. This will put you in a good position to try and win new instructions for your branch, and it gives you enough time to build a plan on how you can best position yourself when you approach the vendor
- If a property has fallen through, plan on how you will reach out to the vendors, regardless of whether or not you have them registered on your books. Before you do reach out to the vendor, identify the property that has fallen through, establish any potential buyers you may have for that property, and reach out to gauge if the interest is still there
- Consider similar properties that you have recently sold to show your success with this type of property. Show examples where you have actively found a buyer - sales you have agreed before a property has gone on the market.
Consider ‘chain building’, a valuable concept although sometimes challenging to achieve - you have a property that will list when the vendor finds a property. Think about your vendor list, are any of them looking for a property like this?
- Be aware of trends in the number of fall throughs a particular branch has. If a key competitor is consistently appearing as the agent of multiple fallen through properties, this information may help you in prospecting with potential vendors. You can gain a competitive edge - “I’ve noticed they have struggled a little bit lately with fall throughs”
- Understand and be aware of your own fall through rate and know how many sales need to be agreed in order to meet your business target. This will help you with your target and revenue setting for the year ahead.
Calculating your own fall through (filter the Fallen through report solely based on your branch name) will help you understand how many properties you must accept an offer on, in order to account for your fall through rate. This will help you work back to understand how many valuations you need to do in a week, in order to meet your targets