The Need for Speed…
We look at lots of KPIs and metrics in real estate – appraisals to listings, listings to sales, time on market and more.
But have you considered the metric of speed? Have you looked at how long it takes you to call an interested buyer back, organise an appraisal for a prospective seller, or reach out to a vendor with feedback about their open home?
Because make no mistake, speed has currency, and it’s right up there with trust, experience, service, and previous results as something that can differentiate you from the competition.
Case in point
Some time ago, I spoke with a number of ‘seller referral’ companies and was absolutely fascinated by one particular statistic they both shared.
The most successful agents using the platforms have one common trait: ‘Speed of engagement’.
Basically, the agents who responded to ‘seller appraisal’ requests quickly had an 80 to 90 per cent success rate of winning the business. In this instance, that time period was under five minutes.
That’s an incredibly valuable key performance indicator, and there’s good reason that’s the case.
We all feel the need…the need for speed
Let’s be honest here. Everything is a lot more immediate and fast-paced than it used to be. We expect things to happen almost instantly, and the businesses that deliver on the promise of speed have changed the playing field.
In fact, the enterprises that offer instant gratification have become some of the biggest disruptors of recent decades.
I’m talking the likes of McDonald's with drive-thru, along with more recent behemoths like Uber, Amazon, and DoorDash.
For each of these businesses, speed is the differentiator. The customer wants something, and the businesses provide it, almost instantly.
And now that instant gratification has become a consumer expectation that extends across pretty much all industries.
In an age where we're always connected, accessible, and just a Google search away from almost anything we want, any delay or sense of ‘waiting’ diminishes the user experience.
Speed must be part of your service offering
Now more than ever, speed must be factored into your service offering.
And it’s not just about ticking the box of meeting a growing consumer expectation. It’s also about harnessing the empathy that underpins great customer service.
Selling a property is a big deal, and trusting someone to look after your investment is just as important. Buying a home is equally significant, often marking an emotional life milestone.
It’s only natural that as a customer you want to feel confident the agent or property manager you deal with appreciates the leap of faith involved. Speed of engagement with that seller, landlord, or buyer instils that confidence that you have their back.
Quite simply, speed of engagement demonstrates you are Professional, efficient, effective and you’ve got this.
It’s a competitive advantage
No matter what your role - whether it’s sales, property management or administration - a focus on ‘speed’ will gain you a competitive advantage.
Review your processes, your service standards and your delivery of service.
Identify the feasibility of decreasing the time it takes to complete a particular task.
Where can improvements be made that will separate you from the competition and provide greater perceived value to your clients?
Having a ‘competitive advantage’ is often because of the simplest executions. Speed is one of them.
About the Author
Manos Findikakis is the CEO of Agents’Agency, Australia’s first multi-brand real estate network, ‘the only fully integrated solution for you and your people to create an unforgettable experience.’
For all enquiries and more information on how the Agents’Agency can help you take your career to the next level, click here to get in touch.
