Because of old practices, Estate Agents ”still operate in an organisational Cul de sac”
Newswire, Medium Daily Digest and general property press. August 2021
Touchpoints are neglected and broken in many businesses, but particularly the property market.
Advocacy and the referral are now at the beginning of the sales cycle.
The sales cycle has been completely up-ended by the Millennials.
Mortgage moments of opportunity occur much earlier in the
process than they used to.
Ref: Maltix March 2021
They used to be at the end !
Activity based marketing has shifted to the relevant activity.
Invariably that’s on the Smartphone !
Estate Agents fail their clients by not optimising the Smartphone sales journey.
“Today’s cross-touchpoint experiences are broken“ Will Temple explains:
Because of old practices, estate agents ”still operate in an organisational Cul de sac”
They generate enough revenue to neglect their future proofing, but this can turn in a instant.
And thats a huge problem for management that’s generally too young to make good judgment on future proofing their business.
Consumers aged 20 to 45 The Millennials.
New rules:
“They trust advocacy on social media, explore their wants on a website, but buy and engage on an APP”
And thats the problem, most Estate Agents think that using the website and the telephone is satisfying their customers needs ……………….it cannot !
Executives must shift their approach to ” identifying
high-value cross-touchpoint tasks – and then design those
touchpoints to support those tasks…”
“Brands must focus on optimising the
journey, not each individual touchpoints”
Think A to Z business, think APP in APP solutions.
All the touchpoints related to the detail, e. g, financial documents, bank statements, mortgage quotes and their decision should be chronologically incremental.
And evenly spaced in the time frame.
Say 10 weeks to sale, then 10 bitesize increments is good.
Perfect for the logic of Progressive Web APP.
Perfect for the two way communication methodology of a Progressive Web APP.
The Millennial is heavily into the one stop smartphone shop.
In both vehicle lending and mortgage lending, the
moments of opportunity occur much earlier in the
process than they used to.
By the time the savvy Millennial are in contact with an Estate Agent they are much closer to fulfilment than most Agents realise.
It can be said, that the Estate Agents role is completely changing and the variable costs of the traditional model are changing obsequiously and inexplicably.
Changing enough to affect Fixed cost models as well!
“Every loan purchase is a journey for the borrower”
It’s critical to map that journey and understand when the
moments of opportunity occur.
Then your financial institution can open timely dialogue about product choices.
Understand you percentages:
Over 80% of the completion journey focuses on the geographical area to purchase and physically looking at the property.
The Millennials put huge trust on quality videos, they have a brilliant skill set of spatial awareness, absent in the pre Smartphone generation.
A property without a top quality video is tantamount to neglect as far as the Smartphone generation are concerned.
Meeting with an estate agent is easily abandoned when they have access to video.
And the preferred method is looking up that pro-video via QR code
The clues of A to Z needs of the Millennial are already obvious, they already and painfully have a disjointed 65% internet journey with plenty of reasons to abandon the process.
Ask your team to conduct all their business on a Smartphone for a month, ban big screens and PC’s
Then you will begin to see the problems you are presiding over inside your business.
Talk to a Partner today.
APP operational within 3 months.