Here is a thought leadership article from one of our Key Industry influencers, Kye Wheatley.

The estate agency industry has historically adopted the attitude that if we generate more leads that then translates into more business. The statement would be correct if, every lead was of quality and then responded to efficiently every time. But this simply isn’t the case. 

The real problem is that many business owners have never asked the right questions about the operational side of processing leads efficiently and effectively. Whilst lacking the ability to easily get that information from the business to then analyse.

Estate agents marketing spend normally features in the top 3 – 5 largest cost bases in their business, so why is it the industry only responds to 50% of the digital leads. If you look at that across 20,000 estate agents’ offices, a considerable amount of waste is built into the system.

Additionally, but even more importantly from a profit perspective is few businesses have calculated the costs to process a lead. This seems staggering when you look at the single largest cost in any estate agency is its staff, so why would you not want to know this number.

A formula that is worth looking at:

-   Cost to acquire a lead

-   Quality of every lead

-   Cost to manage a lead

Without fully understanding the answers to these in your business you will not be able to make informed decisions about improving efficiency and in turn profit.

The Area platform has been continually designed to be able to give you these answers in real time. We are now seeing agents using Area operating 4 times more efficiently than the industry average. If we said that we could save everyone of your agent’s hours of lead chasing per week, think what that would save your business over the course of a year.

Check out Kye Wheatley's key influencer bio here.