This article covers how you could use Your market position to your advantage and how it could benefit your business.
Some key outcomes of following this advice:
- Understand the purpose of routinely checking Your market position on ZooplaPro
- An awareness of how Your market position could be good for your staff members
- An awareness of how you could use your statistics to win more business
This article includes:
- The benefits of routine
- Why can these stats be good for my staff members
- How can I win more business with these stats
The statistics within Your market position are current and they're all based on Zoopla data. As such, we would recommend you routinely check them.
Let's say for example, you keep an eye on Your market position regularly and you see you are doing really well in a certain area. You may be highly placed for New Instructions and so you can use this to your advantage by discussing your success during market appraisals or in discussions with new vendors or landlords. You may find this could increase the amount of properties you are being instructed on.
If you didn't routinely check this section, you may miss an opportunity of seeing your best results being displayed, and you may not have picked up on another opportunity for discussion when talking to your vendors or landlords.
Your market position is very similar to your Dashboard statistics but with the benefit of being taken through to more detailed reports. This allows you to see your market in more depth and to understand who you are fiercely competing with when you see position changes. This then provides an excellent opportunity to plan your marketing activities to remain top of the statistics.
If you have no staff, this section might not resonate with you, but still might be a beneficial read if you plan to employ staff in the future
The statistics are not only good for the directors but also for your staff members as they'll like to keep abreast of how the business is performing.
I can speak of personal experience. When I started as a negotiator, I wanted to know how my branch was performing in comparison to my competitors. My competitive nature wanted my branch to be number 1 across the board. When I can see my branch performing well and the statistics are showing it, it made me want to strive for more and take ownership of the businesses success. From that day, I believe all staff members should be kept up to date with how the branch is performing because it's important for everyone to know. When you are operating a business, you will know full well that every single person has a vital part in it's success.
It can also be good because, building on the example of being highly placed for New Instructions, your negotiators and valuers can reflect this during valuations or discussions with new landlords or vendors. It's a great way to strike up further conversations and drives further credibility with your statements. Not only does it help with the potential on winning new business, but also for morale and recognition for your staff.
Your market position can be used for several different aspects of business, one being targeted canvassing in certain areas of other agents stock.
You'll be able to see who has the most Price Reductions in your outcode(s). If you can notice that there are some agents who are price reducing a lot of their properties and consistently, you could decide to target their stock to sign for your agency. Not only does it present potential new business opportunities, it could give you a good indication of what areas are popular in your town. You might be able to notice this by looking at the Sold report in detail and seeing if you can spot a pattern in areas that are selling more than others. If you can notice a pattern in your area, act on it and target the area for canvassing to give you a chance of winning new instructions.
It's also a great performance analysis tool which allows you to showcase your successes in certain areas. If you are seeing good success, you could showcase this to your customers by posting on social media or your website. This builds greater engagement with your audience and shows you are active in your town.
The only report you can share publicly on your social media profiles and website is the Share of listings report, if displayed as a Pie chart. All other reports are permitted for your internal use only