Innovative service and an ability to forge strong relationships with buyers and sellers will be central to estate agents’ success in the more restrained marketplace of 2023, according to Lee Wainwright, CEO of FocalAgent.
Wainwright said the challenges of buying a property were much greater last year than they are today. He explained: “In 2022 there was fierce competition, with huge demand set against limited stock, meaning many buyers were forced to pay over the odds for a property that was less than perfect for their needs. In 2023 there’s more property for sale, less competition and repricing in the market.
“Mortgages are more expensive, but rates are still historically low and a huge proportion of homeowners have benefited from significant growth in equity and are in a great position to buy.”
Wainwright insisted that agents need to take time to really understand what buyers and sellers are looking for. “Agents who put time and effort into building strong relationships with buyers, as well as focusing on winning instructions, will find it much easier to sew deals together,” he said.
The CEO believes the advance of short-form video and its use across social media will be the most exciting development in the sector this year. “Short, sharp, punchy videos popping up in the social media feed of people who aren’t actively searching the portals for a property have the power to reach a whole new audience who don’t even know they’re looking,” he said.
“And there’s a big opportunity to win new instructions too when those passive buyers are pulled into the funnel and decide to list their home, and you’ve already shown that you take property marketing seriously,” he added.