The latest research by GetAgent Exchange has revealed that whilst the majority of UK estate agents don’t have a physical branch presence outside of their local town or city, only a small proportion utilise referral platforms to help them monetise out-of-area leads.
The survey of UK estate agents, commissioned by GetAgent Exchange, found that 74% have more than one physical branch within their town or city.
However, this figure fell to just 34% when it came to their physical presence within other towns and cities within their home county and again to 30% when asked if they have a branch within any town or city across their wider region.
What’s more, just 14% stated that they have a branch in other UK regions outside that in which they are mainly located.
LEAD MONETISATION
Despite this, just 27% of those surveyed stated that they utilise a referral platform of any kind to help share and monetise leads that they obtain via buyers or sellers who are looking to buy or sell a property in an area in which they aren’t operational.
When asked what they see as the biggest obstacle to utilising such referral platforms, the key issue was trust. These agents simply don’t trust that they will get what they are owed for the leads they generate for other agents in different areas of the market.
Time was also a considerable obstacle, with many agents stating that they don’t have the time or resources to engage properly with potential leads and the agents to which they could be relevant.
The value of these referrals ranked as the third biggest concern with agents not seeing the returns offered as being worthwhile, whilst having the volume of leads was the least most challenging aspect when it comes to referrals.
CLEAR PROCESS
Colby Short, Co-founder and CEO of GetAgent.co.uk, says: “Out-of-area leads are a common byproduct of how people move, whether it’s buyers relocating for work or sellers moving closer to family.
“Yet most agents don’t have a clear process for what to do with those leads when they fall outside their patch.
“What stood out from our research is that volume isn’t the issue. Agents are getting these enquiries, but the barriers are trust and time. Many worry they won’t be paid fairly for the introduction, or that the admin involved will outweigh the benefit.
“That’s why only a minority are using referral platforms, whether that’s legacy networks like the Guild of Property Professionals or Relocation Agent Network, or more innovative models like GetAgent Exchange.
“But with the right systems and safeguards in place, these referrals can represent a real commercial opportunity.”
