Successfully Navigating the Post-Market Appraisal Phase in Estate Agency

Having completed the market appraisal and demonstrated your expertise and the unique value of your estate agency, it's essential to seize the opportunity to get the property onto the market without delay. However, if the property doesn’t immediately come onto the market, it's crucial to identify areas for improvement in your approach to ensure future success. For instance, if the owner states, "Thank you for coming out today, I’ll speak to my wife and come back to you after the weekend," the misstep likely occurred at the booking stage. Ensuring both owners are present at the initial meeting can significantly increase the likelihood of securing their instruction.

Constantly reviewing and refining your processes will help you develop a system that works more often than it fails. While it's impossible to satisfy everyone all the time, your goal should be to create a process that is as robust as possible for most clients. Let’s consider the worst-case scenario: the owner from the market appraisal does not immediately agree to list their property with you. Despite this setback, there remains an opportunity to showcase your exceptional personal service and to attempt to secure their business once more.

In the UK, it's common for homeowners to engage three estate agents to value their property, seeking a comprehensive understanding of its value and determining which agent best aligns with them. If you’ve followed the processes outlined in this book, you should have been the first agent to interact with the owner by hand-delivering a pre-market appraisal letter. However, it's equally important to be the last agent they remember. This is where the post-market appraisal stage plays a crucial role.

After completing the market appraisal and setting a future date and time to follow up with the homeowner, you should promptly prepare and hand-deliver a post-market appraisal letter. This letter should summarise the key points discussed during the appraisal and provide any additional information that could assist the homeowner based on your conversation. This proactive approach not only reinforces your commitment to personal service but also offers another chance to secure their business.

In most cases, homeowners schedule multiple market appraisals on the same day. Therefore, by the time you’ve returned to your office, prepared the letter, and delivered it back to the property, the homeowner might have already met with one or two other agents. During your appraisal, it’s helpful to ask the homeowner about the timing and identity of the other agents' appointments. This knowledge allows you to time your follow-up strategically, minimising guesswork and maximising impact.

In addition to the post-market appraisal letter, consider including other valuable information tailored to the homeowner’s needs. For instance, if during the appraisal the owner mentioned their interest in a bungalow in a specific area, take the initiative to search for suitable bungalows on platforms like Rightmove Plus. Print details of withdrawn bungalows and include them in the pack you deliver. When presenting this information to the homeowner, explain that you’ve identified some potential properties and offer to arrange viewings if they are interested. This level of proactivity can significantly enhance your standing with the homeowner, demonstrating your dedication and resourcefulness.

When delivering the post-market appraisal letter, make an effort to engage in conversation with the homeowner. This is another opportunity to close the business, especially now that they have met with the other agents and are ready to make a decision. If securing the business on the spot isn’t possible, reaffirm your next scheduled follow-up call. A simple confirmation like "speak to you on Monday" keeps the lines of communication open and demonstrates your continued interest and commitment.

In summary, the post-market appraisal phase is a critical period for reinforcing your value and differentiating your service. By promptly following up with a personalised letter and additional helpful information, you can impress the homeowner and increase your chances of securing their business. Consistently reviewing and refining your processes ensures you remain competitive and responsive to clients’ needs, ultimately leading to more successful outcomes in the highly competitive estate agency market.