Expert provider of market research, KnowYourMarket has partnered with sales conversion strategist, Tony Morris International to develop a product that will push an agency’s lead conversation rate to new levels. C3: Compare, Coach, Convert – integrates mystery shopping insights with specific sales coaching to improve an agency’s customer experience, convert more valuations into instructions and ultimately increase revenue.
Richard Combellack, Chief Commercial Officer at KnowYourMarket, says C3 utilises data from mystery shopping phone calls, property viewings and valuations to compare an agent to their biggest competitors, identify weaknesses and where improvements can be made. “Once the data has been collected, together with Tony Morris International, we are able to deliver monthly bespoke training to close those gaps and ensure that no opportunities are falling through the net,” he adds. “Based on the comprehensive market research we receive, we will be able to provide a formulated strategic training programme that will elevate an agent’s team and help them to increase their conversion ratios.”
He notes that through monthly eLearning, virtual or face-to-face Academy days, agents will have access to one of the UK’s leading estate agency trainers, where they can ask questions and receive instant feedback. During the meet ups, Tony will even make live sales calls to the agent’s database himself to demonstrate everything he teaches.
Tony Morris, Founder of Tony Morris International, says: “Having helped over 350 estate and letting agents, the one area that has always been challenging to measure, is the progress throughout the next 12 months after training. We always see an instant improvement after training in conversions and revenue, however, bad habits start to creep back in and then results can start to go backwards. With this collaboration with KYM, we will now be able to continuously monitor and the review the team’s progression and coupled with ongoing training, we will see the conversions and revenue continue to increase over time.
Morris continues, “It’s a bit like having one personal training session at the gym. The personal trainer watches you work out, identifies some gaps, and delivers a session to you. However, if that personal trainer stops monitoring you, and stops coaching you, the probability of you achieving your desired outcome is significantly reduced.”
Combellack says that the proof of concept is in the statistics with agents who have trialled the product and are already seeing the benefits to the bottom line. “Since engaging in Personal Development Training for the team, Duckworths have increased their market appraisal to instruction rate from 41% to 63% and increased their sales fees from 1.25% to 2% too. Essentially, they are getting 2.2 more instructions per month for every ten they go to see. Based on their average property price of £165,000that means an extra £4,537.50 and an additional £54,450 per annum. Further to this, the increase in their average sales fee of 0.75% means that for every ten instructions they take on, they receive an additional £12,375 a month, or £148,500 per annum. Therefore, each agent within their team has the potential to see a total return increase of £202,950 for every ten properties instructed a month,” he adds. “Similar results have been seen with our lettings clients. Romans Lettings increased their market appraisal to instruction rate from 53% to 68%, as well as increasing their lettings fees by 2%.”
The in-depth research and data collated by KnowYourMarket, coupled with the bespoke training from Tony Morris International is assisting agencies to be more effective in their local market, increasing their conversation ratios and business income. “The data provides insight into the areas that require attention and readjustment, while the bespoke training addresses those gaps and provides agents with the tools they require to improve and flourish in their market,” Combellack concludes.
