PROPERTY
SPRING 2018
What a lot of lemons in lettings How are agents adapting?
An hour to change your agency
Over 100 leading agents have made the jump to JET Software – Reapit’s exclusive reseller. We deliver a best-practice version of RPS that has been tailored to smaller agencies who still demand the best. JET Software can help transform your business. All we need is an hour to show you how JET could change your agency for the better.
jetsoftware.co.uk | 0330 122 0884 | sales@jetsoftware.co.uk
Welcome Welcome to the Spring edition of Property Pulse - Reapit’s showcase of insights and innovations that can help drive your agency to be even more successful. It has been an exciting few months at Reapit since we completed a Management Buyout in October, backed by Accel-KKR, a leading global technology-focused investment firm. Since then, we have significantly scaled our development capabilities and are planning to deliver various new and exciting solutions. Many of which you can read more about in this magazine. We are also helping clients to adapt to various legislative changes. The General Data Protection Regulation (GDPR) is a current focus and has led us to make some fundamental changes to how RPS operates. The Lettings industry is facing a raft of other challenges: the impending tenant fees ban, mandatory client money protection and Section 24
Simon Whale
changes to name just a few. Many of these are not just compliance issues, they threaten revenues. One way that Reapit has helped many agents is by automating the entire client accounts process, saving time and money. The solution is also scalable and offers portfolio growth potential. For our part, we are developing solutions to offer you a choice in how you adapt, so that anything you do is out of choice rather than restriction. If there is anything in this publication that you’d like to discuss with me, then feel free to drop me a note to simon@reapit.com.
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Real-time business analysis
Lettings Daily Report
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15
Biggest challenge to Lettings agents
The Lettings Lemons
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XXXXXX Essential prospecting tips and tricks
XXXXXXX Intelligent Prospecting
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XXXXXXX A record-breaking 12 months
XXXXXX What a year...
Completions and Withdrawal Analysis We examined over 120,000 properties that were either sold or withdrawn from sale in 2017
45 40 6
Keep calm and prepare for GDPR Our summary of the upcoming GDPR regulation to help you prepare your agency
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Agency, anywhere, anytime RPS Mobile is a brand-new web app transforming the way agents conduct business on-the-go
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Introducing Reapit IQ A new, blended learning experience to improve software skills and contribute towards ARLA’s CPD requirements
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10 tips for morning meetings Morning meetings are crucial for success. We’ve put together a list of ideas to make your meetings better
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Completions and Withdrawals Analysis How good are you at selling properties? Really sold, as in completed? We take a look at properties that either completed or were withdrawn from the market in 2017 in our latest research report.
by Dan
Hare
Head of CRM dhare@reapit.com Produced in association with
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For many years we have seen big differences between the number of properties for sale on Rightmove and the number of properties actually sold according to Land Registry data. There is also a big gap between the average asking prices and the sold prices reported in these prominent indices. Comparison is challenging since associating properties for sale with properties sold represents a continuously moving target with an often significant delay between a property being marketed for sale and a new title deed cropping up in the Land Registry records. More recently, online agents have taken considerable flak from their traditional contemporaries about their ability and efforts to turn a listing into a completed sale.
With this in mind, we analysed a sample of over 120,000 properties that were either sold or withdrawn from the market in 2017 from 1,760 estate agency offices to better understand their journey. We looked at how long they had been on the market, what happened to them between first being listed for sale and being sold or withdrawn and at the fees charged (or lost) by agents.
The results make for surprising reading in a number of respects. We are very grateful to the team at Dataloft whose expertise has helped to make sense of a complex set of data. The following pages contain a summary of some of the key observations from this analysis.
A full report including more in-depth analysis with regional breakdowns and further segmentation of property price and type is available on request. If you would like to receive a copy of the full analysis, please visit:
http://showcase.reapit.com/cwa
About the data The data used in this analysis contains a broad range of property records from across the UK that were either completed or were withdrawn from sale in 2017. The records include properties that had continuously been marketed for sale as far back as 2010, but most records (88%) came to the market in either 2016 or 2017. The completions and withdrawals all took place in 2017. Properties that continued to be marketed for sale into 2018 are excluded from this analysis as a way of keeping the dataset consistent. The properties represent a mix of
locations and prices from Reapit’s extensive client base, including many corporate brands along with smaller agencies and some of the early adopters of RPS via JET Software; Reapit’s exclusive reseller for smaller agencies. Records for non-standard properties including Land, Agriculture and Commercial Property were filtered from the results. No personal data was processed as part of this analysis and all research was conducted on the basis of producing statistical analysis. 7
55%
were sold (completed)
Better than half below half a million A little under half of all properties analysed were withdrawn from sale in 2017. A contrasting picture emerges when we compare the prices of the properties in the data. With the withdrawal rate more than doubling for properties priced over ÂŁ1m when compared to the cheapest properties up to ÂŁ250k. It is only up to the ÂŁ500k mark where success outweighed failure and this volume 8
end of the market represented 63% of all properties analysed. Prime real estate over ÂŁ2m represented a relatively small proportion of the data (3.5%), but was still a statistically valid sample with just under 4,000 properties analysed.
45%
Completions & Withdrawals Analysis
were withdrawn from sale
Completed vs Withdrawn by price range Up to £250k £250k to £500k
59%
£500k - £750k £750k - £1m £1m - £2m
30%
70%
47%
43%
48%
41%
53%
57% of properties completed in 2017
38%
62%
£2m - £5m
32%
68%
£5m - £10m
32%
68%
£10m +
32%
68%
Completed
Withdrawn
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Completions & Withdrawals Analysis
FOR SALE
62%
Withdrawn properties with or without an offer
SOLD 38%
STC
Point of failure Nearly two-thirds of the properties withdrawn in 2017 had no offers on the property beforehand. Failures in chains and more general issues with sales progression are a factor in withdrawals, but most of the properties withdrawn never got to the point of going under offer. Indeed 62% of the withdrawn properties received no offers (accepted or rejected) before being withdrawn. This percentage rose
to 72% for properties priced at over ÂŁ1m and dropped to 55% for properties priced up to ÂŁ250k. It would be conjecturing to say how many of these properties were being marketed speculatively, but the significant aborted costs of marketing these properties are undeniable.
Reapit has introduced a Withdrawals Dashboard to proactively monitor for properties that may be at risk of withdrawal. See p16 for more information. 10
Time between for sale and withdrawal for properties without an offer 4000
3000
2000
1000
r2
yr s
hs O
ve
hs
m on t
23
m on t
hs 21
m on t
hs 19
m on t
hs 17
m on t
hs 15
m on t
13
m on t
hs
hs 11
m on t
hs 9
hs
m on t 7
m on t
hs 5
m on t
3
1
m on t
h
0
Fail fast Half of those withdrawn without an offer were withdrawn within the first four months of being marketed for sale. With typical sole agency agreements lasting between 12 and 16 weeks, the danger of withdrawal seems to occur before an agreement expires. We do not have data on whether these properties went to a competitor or were withdrawn completely as
part of this analysis. The volume of withdrawals within just a month of being marketed for sale was significant. There is equally a very long tail with 14% of properties being marketed for over a year without an offer before being withdrawn.
Reapit has introduced a new status of Withdrawn (Disinstructed) to help distinguish between properties that were lost to a competitor from those that decided not to sell. Whilst not included in this analysis, we expect to be able to derive further insight into withdrawal reasons in future. 11
Completions & Withdrawals Analysis
ÂŁ463,498,968 1.3% commission lost from withdrawals
average commission
Lost potential
The total amount of potential commission lost via the withdrawals in this analysis was almost half a billion pounds.
With an average commission rate of 1.3% for both those properties that completed and were withdrawn, the amount an agent charges seems to have little effect on the rate of success or failure.
A small number of properties with a commission rate of 0% or above 7% were excluded from the dataset for these calculations on the basis that they were inaccurate records or part of agent promotions.
Unrealistic vendors? 30% of the properties withdrawn from sale had their price changed between first marketing and withdrawal compared to just 19% of those that completed. Despite challenging market conditions in many areas, a relatively small percentage of the properties analysed had a price change during the period they were being marketed. 12
The statistics appear to back the widely held belief that realistic pricing of the property at the point of initial marketing is important.
Withdrawn properties by location:
61%
45%
national average
40%
in Greater London
throughout the rest of the UK
Capital punishment The proportion of withdrawals in London was significantly higher than the national picture. Greater London property represented 29% of all properties analysed in the dataset and 60% of all properties priced over £1m. The withdrawal rate in London was significantly higher than the national average as a proportion of all properties either completed or withdrawn. As was the case
nationally, the higher the price, the higher the withdrawal rate, but even the relatively cheap London properties priced between £250k and £500k fared worse than the national average with a 52% withdrawal rate versus 41% nationally. There were very few properties up to £250k in the Greater London data.
For a complete breakdown by region and price range, request a complimentary copy of the full analysis at http://showcase.reapit.com/cwa 13
Completions & Withdrawals Analysis
Conclusions When you take on a listing, you take on a liability, both from a perspective of abortive cost, but also of reputation. In 2017, Josh Phegan; the highlyacclaimed real-estate coach from Australia cited an example of a UK client who had a withdrawal rate of a third – a figure that drew a collective gasp from the assembled crowd of leading agents. Based on this analysis, a third of properties being withdrawn is far from the worst performance an agency can produce. Yet Josh warned of the danger of an unsatisfactory experience leading to those disappointed vendors not just failing to recommend their agent, but also actively warning against using that agent with the volume involved. With the relatively low volume of price reductions, the speed at which many properties were withdrawn from sale and the drought of offers on so many of the withdrawn
properties, it would seem likely that many vendors of withdrawn properties would hold the view that their agent fell at the first hurdle. How much overvaluing to win the business in the first place has an effect on these figures is difficult to say, but making sure that the stock that you take on has a realistic chance of receiving an offer well within a sole agency agreement period seems like ageold advice that rings particularly true based on this data. The performance of online agents will undoubtedly continue to fall under the microscope of industry commentators, but those seeking to exploit these figures to help their own market appraisal presentations should be careful not to throw a stone in a glass house.
For a complete picture of the Completions and Withdrawals Analysis including a more detailed look at commission rates and complete detail on the figures by region and price range, request a complimentary copy of the full analysis at: http://showcase.reapit.com/cwa 14
NEW FEATURE PREVIEW
Lettings Daily Report The Lettings Daily Report (LDR) is a powerful new tool at any level of management for letting agents. It enables users to quickly and efficiently report on a wide range of key performance indicators at the click of a button. Whether you’re looking to measure the short-term performance of a region, an office or an individual, the LDR will provide detailed information in real-time that can be used effectively in a multitude of ways. Key business areas like viewings, market appraisals, offers, stock and much more can be reported
on. The LDR is, therefore, an extremely insightful tool to use in morning meetings. The report can also be used to identify areas for training and process improvement. As it’s highly configurable, it fits around your working practices and only displays information relevant to your business. If you would like to learn more about the comprehensive management reporting capabilities in RPS, then give us a call on 0843 218 1660 or if you’re already a client, ask your Client Relationship Manager for more information on this new feature.
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Withdrawal Analysis in RPS Quickly and easily monitor properties at risk with our new, real-time management dashboard, so that you can better retain clients and reduce time spent on admin.
Not all properties sell immediately and in this situation, a client’s first reaction can be to withdraw their property from the market. With stock levels continuing to fall, protecting your current instructions is of vital importance. Our Withdrawal Analysis Management Information Report can help you identify issues and opportunities in a timeframe where remedial action is more likely to
The Withdrawal Analysis Management dashboard in RPS
Monitor withdrawal to instruction ratios, fees lost and identify properties at risk of withdrawal in real-time with the new dashboard 16
Track trends in withdrawn activity to encourage proactive behaviour and compare regional or office performance
be effective. Properties with no recent contact, viewings or offers can be easily identified, giving you the chance to rectify this before the client becomes unhappy. The Withdrawal Analysis Dashboard empowers you to ensure that clients are retained wherever possible. With the numbers calculated automatically based on journal activity and other records, there should be less reliance on manual reporting which takes time to compile and could also contain inaccuracies.
By using the Withdrawal Analysis Dashboard, you can, ultimately, help drive business improvement in your agency. Withdrawal to Instruction Ratio
Withdrawal to Instruction Ratio
Being a proactive agent, servicing your clients and giving them more than they expect, all serve to set you out from the pack. Withdrawals
33
Instructions
84
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Agent Views: Lettings Lemons With all manner of challenges currently facing the lettings industry, we asked a number of leading experts what they thought is the biggest challenge to Lettings agents currently and what are they doing about it. The impending ban on tenant fees is the single biggest challenge we’ve ever faced in lettings. What we can do in preparation is look at the current ratio between managed and unmanaged stock and work on incentives to encourage more Let Only landlords to take some sort of managed service. Currently, just under half our stock is Let Only and NOT earning us a monthly income. Creating a worthwhile, attractive and financially viable managed service which appeals to the professional landlords has huge turnover implications. Karl Tatler | Karl Tatler Estate Agents & Lettings Our biggest challenge this year is plate spinning between landlord and tenant. Whilst the market usually favours one or the other, I think this year will see a new climate altogether, where landlords are subjected to even more legislative changes, start to feel the impact of changes to tax laws and, for the first time in a while, do not see the growth in rental prices that they have been so used to. On the flipside we have a more educated tenant, spurred on with the release of the tenant fee ban. Quite rightly, they are becoming more aware of their rights, their knowledge on security deposits and the process surrounding taking a property is growing and they feel more in control than ever. Marrying the two together can be a challenge. Educating our landlords remains a top priority as well as treating tenants with respect. Spencer Lawrence | Paramount Properties 18
The biggest challenge, in my opinion, facing Letting Agents this year is twofold. Firstly, landlord’s disposal of property/portfolios due to the newly implemented changes in tax legislation – this negatively impacts upon the managed property income stream. Secondly, new stock. The BTL market has seen significant reduction in volume for the same reasons. The above when coupled with the impending ban on upfront fee income will impact upon the cash flow of all letting businesses. Ben Waldram | Ben Charles The biggest challenges are legislative, clearly 3% Stamp Duty surcharge, the Section 24 tax changes, and the banning of fees will all weigh heavy on Lettings business. The key for me is not assuming that Landlords will be able to bear increased costs as they are clearly also under pressure. Lettings agents, us included, need to pull Landlords closer, deliver exceptional customer service and work together to help them drive down costs. At the same time, agents need to become more efficient leveraging all the technology currently available to strip costs out of their business. Sam Mitchell | House Simple I think the biggest challenge being faced by lettings agents is very simply government intervention and the inevitable unintended consequences this will create. The tenant fee ban is a major concern for many letting agents as, in many cases, their profit margins will mean they become unviable businesses in their current form. Some may cut costs too much or in the wrong places and this will lead to unhappy landlords who will seek the services of better funded and, dare I say it, safer agencies to work with. My clients are gearing up with prospecting and world-class stay-in-touch processes to ensure they pick up the pieces when other agents will undoubtedly fail. I also think simplification of the landlord and tenant journey will be a big winner for those who are brave enough to overhaul complicated unnecessary systems and processes to ensure they are easy to do business with - and also highly efficient and effective in delivering outstanding customer service and results. Iain White | Agency Mentors 19
Jet Software - Case Study
“You can’t run an estate agency business without software.”
LeaderFox LeaderFox is a single office agency operating in and around Poole. They were using Rezi Enterprise when director Ryan Woolfenden approached JET about switching software. Their main requirement was to have a reliable solution that actually works. Ryan, an experienced estate agent, founded LeaderFox in 2012; they won Best Newcomer UK at The Sunday Times and Times Estate Agency of the Year Awards. He commented: “We just wanted a piece of software that actually works. Having been hoodwinked in demos with other providers, we decided not to base our decision on a demo with JET, instead we spoke to existing customers, read-up on testimonials and that’s how we decided on JET.” 20
“Software shouldn’t be a talking point in your office – it should just do a seamless job in the background. It might seem like a backhanded compliment, but this is what it’s like for us with JET. All seven of our users have got to grips with it quickly and I barely hear it mentioned in the office now. Ahead of doing this interview, I asked my Sales Progressor how she is finding the system, as she has the most exposure to the software, and she simply replied: ‘I love JET!’ – I’ve never heard a team member respond in this way about software.” Since going live with JET in December, Ryan said they have experienced a significant uplift in business activity. For example,
JET Software - Case Study viewings have increased from 30-40 per week to 80-90. Ryan attributes this to being able to match and prospect more effectively using JET. He continued: “The reporting is amazing. It’s made me a much better manager. I am now able to run effective prospecting sessions, where I use the reporting to pull-off different lists for each team member to follow-up. By giving them specific lists, I’m able to focus them much more.”
management is really helping the team too, as they’re able to easily pick-up where others left off. I also love how they’re ahead of the curve with GDPR and helping to ensure we’re compliant.”
“Your database is the most important thing in agency and ours is now much more accurate; it’s virtually impossible to enter a duplicate record in RPS from JET, whereas in Rezi we could easily have entered 12 duplicates. Having one database across sales, lettings and property
Ryan Woolfenden LeaderFox Estate Agents
RPS Mobile is the latest development that LeaderFox have received from JET. It allows their team to work remotely by putting all their important RPS data at their fingertips, 24/7. Ryan commented: “For me, having access to my diary on my phone is fantastic. The negotiators like it because they’re able to enter instant feedback after appointments to keep the team up-to-date. We’re also really excited by the prospect of RPS Digital, which will allow us to offer a 24/7 viewing and valuation booking facility to our customers.”
Software shouldn’t be a talking point in your office - it should just do a seamless job in the background. It might seem like a backhanded compliment, but this is what it’s like for us with JET.
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Keep calm and prepare for GDPR The General Data Protection Regulation (GDPR) will be in force from 25th May 2018, introducing a number of new requirements to protect the privacy of individuals, while enabling and facilitating the free flow of personal data. At Reapit, we have been actively preparing our business and our software solutions for compliance with the changes to data protection that the GDPR introduces. This article is intended to help by addressing the key points of the regulation.
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that official sources are followed and a business seeks its own legal counsel to determine how the GDPR might apply to their company and how to ensure compliance with the rules it introduces; accessing the links at the end of this article give detailed and easy to understand guidance. Please note that this article is for informational purposes to assist understanding, it should not be relied on as legal advice.
What is the GDPR?
It is important to note that compliance with the GDPR is more about understanding and adapting business processes and documenting activities than it is about technical changes. As every business processes data in different ways, for different purposes, they should carry out their own assessment on how they ready themselves for this legislative change.
The GDPR, or the General Data Protection Regulation (EU) 2016/679, is a European privacy law proposed by the European Commission in 2012 and approved by the European Parliament and the Council of the EU in 2016. The GDPR will replace a prior European Union Privacy Directive (95/46/EC) which has been the basis of European data protection law since 1995.
There is plenty of information in the public domain about how to become compliant, but we do recommend
The GDPR regulates, among other things, how individuals and
organisations may obtain, use, share and erase personal data. It will have a significant impact on businesses around the world. With regard to data processing, the GDPR relies on the same legal justifications laid down under previous law, but the requirements for consent and legitimate interest are more stringent. The GDPR protects the same data subject rights but it expands on them, to include a few new ones. The most significant change in relation to our relationship with clients are the new rules the GDPR is introducing in relation to our contractual rights and obligations. The GDPR covers all ‘personal data’ relating to identifiable living individuals. In relation to defining personal data, the main difference between the existing legislation and the GDPR is that the latter is more prescriptive, including in the definition of ‘online identifiers’ – examples include an IP address of a person’s internet connection, cookie identifiers placed by websites, geo-location data and others. The following is not exhaustive but serves to show the information that can be considered as personal data, such as: name, address, financial information, contact numbers/addresses, physical identifiers (e.g. ID and photos). The GDPR, like existing legislation,
also references ‘special categories of personal data’, relating to sensitive information such as religious beliefs, ethnic origin and political opinions, as well as genetic and biometric data. Although there are not many items of sensitive personal data a property agent needs to process, it is entirely possible that sensitive information will be included on documents that an agent has to store or use, such as those relating to ID checks, so due care should be taken.
Can personal data be processed without an individual’s consent? For processing of personal data to be lawful under the GDPR, an organisation must ensure that there is a lawful basis for that processing to commence and that the processing is done in accordance with the fairness principles. The GDPR makes reference to six lawful bases and to seven principles, as follows: Fair processing principles 1.
Lawfulness, fairness & transparency
2.
Purpose limitation
3.
Data minimisation
4.
Data accuracy
5.
Storage limitation
6.
Integrity & confidentiality
7.
Accountability
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Lawful processing bases 1.
Consent (recorded, revocable, purpose-specific, informed, freely given by a positive action)
2.
Contractual (performing, negotiating or entering into)
3.
Legitimate Interest (e.g. reasonable and proportionate commercial interest)
4.
Legal Obligation (other legislation, such as health and safety, tax, criminal law, etc.)
5.
Vital Interests (e.g. health hazard)
6.
Public Task (e.g. administration of justice)
Each time personal data is processed, at least one lawful base should be referenced and all the principles should be satisfied. In relation to their core day-to-day activities, businesses often use contract and legitimate interest as justification of the processing they do and, in most (but not all) cases, consent in relation to their direct marketing activities. Note that a specific consent requirement for direct marketing specifically is not a new requirement of the GDPR, but an existing requirement under the UK Privacy and Electronic Communications (EC Directive) Regulation 2003 (PECR).
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consent has not been obtained, an informed decision should be able to be made about how personal data is processed that is sufficient to satisfy the enhanced requirements that apply from 25th May 2018. However, for the purpose of satisfying these requirements before entering into any marketing campaigns (e.g. ‘consent renewal’ campaigns), there should be no infringement of the direct marketing rules that currently apply to such processing under the PECR. We recommend that legal advice is sought on the lawful basis by which personal data can be continued to be processed for marketing purposes; the links at the end of the article will be useful for this. It should also be noted that, from a data storage/retention perspective, it is likely that certain records will need to be retained for a period of time necessary to comply with certain requirements stemming from other legislation, such as those which cover financial, tax and insurance obligations. There is a personal obligation to retain such records which applies notwithstanding the relevant individual’s consent preferences.
When is consent needed?
Individual Rights
In many cases, especially those relating to marketing activities, consent will be used as the lawful basis for processing personal data. For data subjects for whom
The GDPR provides the following rights for individuals (data subject rights), many of which are already in effect under the Data Protection Act 1998:
Rights for individuals 1.
The right to be informed
2.
The right to access
3.
The right to rectification
4.
The right to erasure
5.
The right to restrict processing
6.
The right to data portability
7.
The right to object to processing including profiling
Amongst others, key changes to note under the GDPR are as follows: • the data subject rights provided under the DPA are slightly expanded • the applicable response timeframe is shortened by 10 days • the permitted £10 data protection request fee is abolished • the data controller must inform individuals of their rights.
It should be noted that most of these data subject rights are not absolute and they are subject to a number of restrictions that have yet to be clarified by the ICO. Therefore any data subject request should be carefully verified, taking into account the latest guidance from the ICO before responding to it. If you would like to receive updates on the GDPR from Reapit, including a pack of useful information, audit templates and our detailed executive summary, please visit: https://showcase.reapit.com/gdpr/ We are also running events and workshops to help both clients and prospective clients to contend with the legislative changes of the GDPR. For availability and dates, please contact us on 0843 218 1660.
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Agency, anywhere, anytime A brand-new app with an incredibly versatile set of features to deal with every aspect of front-office agency. Let’s face it, agents spend large chunks of the day out and about. As a result, it can become easy to let daily tasks slip. That’s why we’ve developed a new app to help you get things done in between appointments without having to return to the office. Whether you’re at a viewing or valuation, RPS Mobile gives you instant access to your RPS data from a smartphone or tablet, so that you can always work onthe-go. It also works seamlessly with your desktop version. To learn more about the key features and benefits of RPS Mobile, keep on reading... 26
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Diary sync RPS Mobile lets you check in from anywhere. Set call reminders, register applicants, run reports and much, much more.
Up-to-the-minute updates After a viewing, record instant feedback with RPS Mobile, keeping your clients up-to-date with the progress of their property.
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Impress potential vendors When carrying out a market appraisal, create a list of potential buyers or tenants that are searching for similar properties.
Book appointments on the spot Get quick access to your RPS diary so that you can keep on top of your upcoming appointments – as well as book new appointments.
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Intuitive interface RPS Mobile is designed with the agent in mind. The interface is sleek and easy to navigate which means you can get straight to business.
Stay on top of your messages Get important messages and tasks in real-time with RPS Mobile – helping you to better manage your workload when out of the office.
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Close the gap between the field and your office RPS Mobile will become an essential tool for your team out in the field. To learn more about the features and benefits of RPS Mobile and to access a free demo version, please visit: showcase.reapit.com/mobile/
Client feedback on RPS Mobile: RPS mobile has enabled our valuers to be far more efficient, working their valuation follow-up tasks whilst on-the-road in between appointments, updating telephone call and contact notes at the same time, so office staff have real-time updates...
Paul Wood | Pygott & Crone I love that I could book a viewing from my phone that led to an offer. I also really like the layout of the app and that it stores the last 10 applicants that I was looking at on the computer.
Zoe Pennington | Streets Ahead 31
Intelligent prospecting Intelligent prospecting is crucial to estate agency success. Not only can it significantly boost your market share, it can also help you grow a strong and healthy database. The team at JET Software has put together some tips and identified the top target lists to help get you started. Find out more by visiting: rps.jetsoftware.co.uk/ prospecting/
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2. Spot the portfolio
If you are booking a Market Appraisal, it’s always worth questioning whether the vendor has any other properties in their portfolio that may need pricing.
3. Prospect on Mondays
If a competitor’s property has not had many viewings over the weekend, the vendor might be considering a fresh approach on the Monday – a perfect time for a conversation.
1. People buy people
4. Create target lists
Though fees and services are important to potential clients, it’s ultimately your agency they are buying into. So, become the agent of choice by being informed, friendly and professional.
By using Power Reports in RPS, you can identify vendors who have withdrawn their property from the market in the last three years. Armed with this data, you can create prospecting lists.
5. Never overpromise
8. A consistent approach
If you’re trying to win new business from a rival agency it can be tempting to overpromise, but this could result in lost opportunities. Be enthusiastic, but realistic.
It takes time to establish a brand and message. Leaflet dropping can help, but concentrate on hitting precise areas frequently, rather than blanket dropping occasionally.
6. Don’t sell yourself short
9. Don’t criticise competitors
£ Cheap fees often mean cheap service. If you deliver exceptional customer service and have built effective relationships with your current clients, stand firm on your fees – you’re worth it!
Criticising the competition is not a good way to get business. Instead, impress potential vendors by having property details to hand, use the Rightmove Importer to win the instruction.
7. Ask for their business
10. Don’t do the obvious FOR SALE
Cold-calling can be successful if done professionally. Offer to find them a new home and then ask to help with their own sale. Make this a habit and the rewards will be plentiful.
Every agent will target the same streets and housing estates. Therefore, when leaflet-dropping, try and target the properties that other agents find difficult.
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Reapit- Case Study
Success without tenant fees Bell Ingram’s service ‘revolutionised’ by RPS Bell Ingram, an agency business with 11 offices across the UK, switched from using Excel spreadsheets to RPS to manage their multi-discipline operations. Having not had software in place before, it is no surprise that the company has found significant benefits from moving to a CRM system that links all their offices and departments via a single database. Johanna Wiseman, a sales negotiator at their Perth office in Scotland, commented: “We didn’t have a system before, other than paperbased files, so we were constantly duplicating work, calling each 34
other to find out the state of play of a property – and it just wasn’t efficient. Now any one of our offices – whether it be Inverness, Oban or Perth – can see what is happening with a property at any one time.” The business was founded back in 1899 as H.J Bell & Co before merging with successful Edinburgh Agent C.W Ingram & Co in 1971, when they rebranded to Bell Ingram. They offer a broad range of estate agency, lettings and professional property services to their clients, who range from private to corporate. Despite having a
Reapit - Case Study large lettings and management portfolio, the tenant fee ban that was introduced in Scotland in 2012 hasn’t impacted their business; they actually didn’t charge tenant fees in the first place – something that may offer some reassurance to other agents in England. Johanna describes their service as being ‘revolutionised’ since RPS has been installed across their network. She continued: “Reapit’s software has helped us develop our agency and land management sectors of the business. By providing us with a bespoke system to link and coordinate our teams so that any one of our offices can see what is happening with a property whether it
Johanna Wiseman Bell Ingram Estate Agents
be an offer, a tenant reporting a fault or to chase up our contractors, the service that we can now provide to our clients has been revolutionised.” “I also really like that I don’t have to worry if I am remembering about expired gas safety certificates or forgetting to do an inspection, because all of these can be logged onto Reapit and it flags it up to you. It takes a huge weight off my shoulders knowing that it will be flagging it up on a daily basis.” “Having the one system to cover sales, lettings and property management has become an essential part of the success of Bell Ingram’s business.”
Reapit’s software has helped us develop our agency and land management sectors of the business.
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Introducing Reapit IQ
A new, blended learning experience Helping your team to perform at an optimal level involves an increasing amount of training and guidance on a variety of topics including soft-skills, compliance and technology. Reapit has always put training at the very core of our service proposition and in the same way our clients have embraced a degree of digital disruption, we have recently completed an extensive modernisation of our training offering to deliver a blended learning experience. Following a successful pilot, Reapit IQ, our very own Learning 36
Management System, is now being offered to all 20,000 users of our award-winning solutions. This represents the next exciting stage in Reapit’s commitment to champion best practice in the estate agency and lettings software sector. Thousands of agents have been trained by our expert in-house training team in person, but online learning offers a range of
advantages to busy agents who need to train staff on specific roles or functions quickly without the logistics of arranging training facilities or sending them to Reapit’s dedicated training centres. To ensure that Reapit IQ continues to deliver best in-class training, our clients now have a set of flexible training options for both online and in a conventional classroom environment.
both front office sales and lettings staff, that can take new users to a competent level through 24/7 access to e-learning material. It can also be used by those wishing to refresh their knowledge of the product. The courses contain a range of modules and tests and are supported by webinars and classroom sessions, enabling clients to directly engage with an experienced Reapit trainer to gain more detailed knowledge of the product.
Reapit’s highly experienced training team have developed a complete e-learning suite of courses aimed at
Reapit IQ may also be used to provide refresher training to those who have previously attended
New training curriculum The new Reapit IQ training curriculum is divided into three core levels of competency, designed to take an agent from their first day on the job using RPS right through to running an office and administering RPS for teams. For full details of the curriculum, please visit: http://showcase.reapit.com/training/
PROFICIENCY
PRACTITIONER
EXPERT
Front office sales
Managing & tracking lost instructions
New homes & developments
Front office lettings
Property management Client accounts
The basics of RPS Mobile
Sales progression and pipeline management Managing a successful renewal
Prospecting techniques User administration
Branch management 37
Introducing Reapit IQ (continued) live courses. Further modules for more advanced users have been developed so that there is a structured curriculum across three competency levels. Learning via Reapit live training allows our clients to maximise their staff productivity through focused 60 minute sessions, also giving them valuable time with one of our trainers. More experienced users can learn about advanced features of the software, including the various management information
Reapit’s dedicated training centre in London where regular training for new users is conducted
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dashboards that have been added to RPS in the past year to monitor market appraisals, withdrawals and data accuracy. From a management perspective, Reapit IQ offers those responsible for training within their organisation an easy-to-use yet comprehensive way of managing the training needs of their teams. Reapit IQ tracks the progress of each individual learner and this data can be reported on to give managers a clear picture of the courses that have been completed, along with options to
allocate specific training to users based on the business need. Training remains without additional charge for all Reapit clients and Reapit IQ is another complimentary addition to our proposition – another way we are striving to maintain our position as the leading CRM and Lettings Accounting software provider to the UK residential real estate sector. Richard Day, Service Director at Reapit commented: “I am really excited about Reapit IQ and the training framework the team have developed. Reapit IQ provides a platform that enables the team to develop and offer training quickly and far more efficiently than ever before – and to deliver it in a way that works for our clients.” He continues: “Our partnership with Propertymark is aimed at ensuring clients get the benefit of CPD while training with us. I would really encourage all our clients to log into Reapit IQ and see what is available now and also as we continue to update our training catalogue throughout the coming months.”
CPD via Reapit IQ Reapit and Propertymark recently announced a new partnership to help ARLA members to improve software skills and achieve their mandatory CPD commitments.
Learning via Reapit IQ can be used to help clients achieve their mandatory CPD commitments – a requirement for maintaining Propertymark membership. Reapit has created a working partnership with Propertymark, to ensure that any new training or revised material is certified for CPD, maximising the value of the training provided. Shelley Brown, Membership Manager at Propertymark, commented “We are very happy to be working with Reapit on this innovative new approach to software training. ARLA Propertymark, NAEA Propertymark and Reapit have a shared goal to improve training standards and we are confident that members will appreciate more flexible ways of building up their CPD.”
Reapit IQ is now available to all 20,000 RPS users worldwide. For further information, please visit: http://showcase.reapit.com/training/ 39
The digital tenant Digitalisation is transforming the tenancy process and, as a result, the service delivered by agents. How is Reapit helping to facilitate the digital tenancy process?
Find a property Property searches now start online. A large proportion of applicants carry out their search on property portals as individual requirements can be set. Once a property has been found, the applicant will submit a viewing request. This action fires the submission to Reapit’s RPS Software via a dedicated feed, which is monitored by agents who follow up accordingly. If an enquiry is sent out of working hours, our Property Pulse solution triggers an email back to the applicant with further property details as well as comparable properties of interest. The agent can then follow up on the enquiry the next working day. If, however, an applicant visits the 40
agent’s website, they can book a viewing anytime, anywhere via the RPS Digital tool. It allows the applicant to view a live – and synched – diary to pick a suitable time and date. Once chosen, they will receive an instant email confirmation. The associated negotiator can check their diary in RPS and follow up accordingly. The latest integration with Moneypenny will take this one step further as agents will soon be able to provide a full 24/7 service online and by phone.
Securing the property Once the viewing has been confirmed the agent will conduct the viewing. If the applicant shows interest, they will place an offer. The agent will then contact the Landlord for a decision.
The agent can also issue the applicant with login credentials for The Tracker - a self-service portal to view the progress of their tenancy.
Credit and reference checks Once the offer has been accepted, the agent can request a reference and/or credit check in RPS by using the following integrations: •
Ittria
•
Let Alliance
•
Van Mildert
Tenancy agreement If the applicant passes, they can access The Tracker to view the tenancy agreement and corresponding paperwork. They can also sign documents via our Adobe Sign integration. The Tracker boasts several online payment portals, which allows credit or debit card payments
to be taken with ease. The applicant may also be contacted by text to confirm the offer; as a rent reminder or to show similar properties of interest. This is possible thanks to our integration with SMS Speedway. Once the tenancy has been signed and deposits paid, the applicant officially becomes a tenant.
Tenancy period Once inventory checks have been completed, the tenant will move into the property. If they come across any issues during their tenancy, they can log in to The Tracker and use the Fixflo integration to manage and report faults. This ultimately gives tenants a course of action to follow that’s preventative and minimises interaction with the agent. If the tenant wishes to extend or end their tenancy, they can do so by sending a direct communication to a single point of contact via The Tracker - the ultimate one-stopshop for agents and tenants. 41
10 tips for successful morning meetings Daily morning meetings set the tone for the day ahead. Follow our tips to make them effective for your agency.
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Distraction-free zone Daily morning meetings should be held away from interruptions, ideally in a separate office.
Strict agenda Stay on top of your goals, opportunities and risks by setting an agenda - and sticking to it!
Keep it snappy Have a specific start and finish time, every day. Your team should always be there on time and ready.
Time’s up Keep things short. 15 minutes is ideal. Use an egg timer to help instil urgency.
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Keep it interesting Empower your team by delegating the chair to a different team member every few days.
Collaboration Involve your team, don’t just preach. Get your team to take an active role in the meeting.
Turn all devices off To ensure your team stay focused on the task at hand, switch off mobiles and monitors.
Stay focused on the data Use our software to view real-time dashboards and reports on important data like withdrawals.
Presentation is key
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If you’re showing data, present it on a big screen or projector to ensure everyone is on the same page.
On your toes If you usually struggle to cover everything in time, try asking everyone to stand up for the meeting. To download a handy pdf of the tips to print out and try for your next morning meeting visit: rps.jetsoftware.co.uk/goodmorning/ 43
Do It For Dom 2018 Climbing Snowdon Do It For Dom 2018 is all about our friend Dominic Subbiani who has recently been diagnosed with Huntington’s Disease. So Suzanna Mavity and Simon Whale have decided to do the unthinkable... climb a mountain. All to raise money for Huntington’s Disease Association. To donate or to get involved, visit the dedicated Facebook page:
www.facebook.com/Doitfordom2018/ 44
What a year... Reapit has had a record breaking 12 months with the trend of estate agents seeking a single database management solution across all aspects of their business gaining momentum. A record number of clients switched to Reapit’s RPS software in 2017 with the majority signing up for sales, lettings, property management and client accounts. Reapit also significantly increased the number of existing clients using the full solution by moving across their property management and client accounts teams to RPS to benefit from a joined-up system too. Nock Deighton, one of Shropshire’s largest and oldest firms of estate agents with 9 offices, signed up in May. They previously used DezRez and CFP and switched their sales, lettings, property management and client accounts teams over to RPS. DDM Residential in Lincolnshire
signed up for Reapit’s full software solution in July and moved all their 5 offices over from Expert Agent. Another exciting contract for Reapit to win in 2017 was Keller Williams America’s largest real estate franchise who set up in the UK in 2015. They have big plans for their expansion in the UK, and worldwide. Reapit was brought in to replace their existing software for UK agents – Realspace. Reapit’s Client Accounts portfolio has grown by 66% in the last 6 months. Venmores, DDM Residential, Keatons, Strutt & Parker and Scott Fraser have all moved across sizeable portfolios to Reapit’s client accounts software which is accredited by ARLA and the ICAEW and reconciles all accounts to the penny every day. Venmores switched from Expert Agent, DDM from CFP, Keatons from VECO, Strutt & Parker from Qube and Scott Fraser from Let MC. Another emerging trend over the last 12 months has been the need for traditional agents to raise their 45
game in the online arena. This is not only to compete with the growing number of online and hybrid agencies in the market but also to stay relevant in a world where the modern consumer expects and often prefers digital service. With this in mind, Reapit launched RPS Digital which has proven to be an attractive proposition in the market. Lawrence Rand was the first agency to go live with RPS Digital which allows agents to offer 24-hour valuation and viewing booking facilities via their websites. These bookings then sync directly into agents’ diaries. Combined with Reapit’s Trackers, this provides a full online service for clients to be able to monitor their property interests and rental portfolios in real-time, 24/7. Within days of going live Lawrence Rand was celebrating a new instruction that had been won on the back of an enquiry being received at 9pm at night and valuation being done the following morning – before any of their competitors had even called the client to arrange to see the property! James Pendleton, an existing Reapit client that operates 10 offices in South West London also signed up for RPS Digital and in the same year decided to bring across their property management and client accounts teams from Easy Match to Reapit to create a single, fully synced platform across their entire business. 46
Howard Cundey was recently shortlisted in the category for ‘Best Online Agency’ at the Property Wire Awards after adopting RPS Digital. Howard Cundey LIVE came 3rd in the category which included the likes of Purple Bricks and Yopa. The ten office agency which operates in Kent, Surrey, Sussex and London, moved its sales and front office lettings teams over to RPS from Expert Agent in 2016. This year they decided to move their client accounts and property management teams over to RPS as well. It’s been an exciting 12 months for Reapit with a Management Buyout supported by Accel-KKR, a leading global technology-focused investment firm to support further development, innovation and growth. This year marks Reapit’s 20th anniversary. The business has grown from a single office operation with 3 employees in December 1997 to an international organisation with 5 offices, 150 employees and over 20,000 users across 17 countries. The scene is set for another successful year following the launch of a new version of RPS Mobile and the introduction of a new user interface set to be revealed later this year. We’re also hoping to repeat our award success after winning Best Software Supplier at the ESTAS, Best Supplier at The Negotiator Awards and being awarded Best in Class at The EA Masters. Watch this space!
Our CRM and Lettings Accounting software is a scalable solution that works for a real estate business of any size. Find out how Reapit keeps everyone and everything in your real estate business talking to one another. www.reapit.com
FOR SALE
TO LET
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The leading CRM and Client Accounting software provider to the UK residential real estate sector GOLD
supplier estate agency
2016
www.reapit.com