How a possible property market recession could cure your staffing needs in your Estate & Letting Agency
As the Bank Of England increases interest rates, the increased borrowing costs and cost of living issues will surely mean people who were already stretching household budgets to finance their next home purchase are probably going to reach their limits.
It will be a 180-degree reversal from the last few years of increasing house prices turbocharged
by rock bottom mortgage rates and government
tax stimulus, together with some lockdowns that made remote work popular and sent homeowners on the hunt for bigger homes.
This means this market can not continue forever.
One of the biggest issues over the last year or so for Estate Agency bosses has been the retention and attraction of good staff/ colleagues.
I have seen Estate Agency bosses paying over the odds for B and C team players, as it is near impossible to hire A players.
Yet that could change.
The U.K. sold 1.4m households last year.
If a recession hits, that number will drop to 850,000 transactions.
That will clear a lot of the crap EA out of the industry and fees will go up as we will now have to earn our money
In the last recession of 2008/9, most estate agents followed the herd and stopped recruiting.
Yet I know some top draw estate agency bosses used the situation as an opportunity and aggressively set out to get A+ Negs and Listers for a fair market wage, meaning over the last 10 years, they have had a team that has pulled up trees and got the top line fees they deserved.
If we go into a housing market recession, this is your opportunity to hire the best of the best without having to pay silly money.
So why do I say this now?
You need to prepare the foundations now.
Start to build relationships now with these A+ negs and Valuers, so if this opportunity comes in 12/18 months, it will be so much easier to do.
I teach my agent clients to deliberately go out of their way to praise them and blow 💨 up their ar$es when you ring for comps, praise or compliment them on social media plus other things you could be doing.
This could be a unique opportunity to grab/steal top the EA talent from your competitors and build an ⭐️⭐️⭐️⭐️⭐️ EA sales team.
Yet you need to put the foundations in now
Are you, as an Estate Agency boss, willing to be greedy when other Estate Agents are fearful?
As the Bank Of England increases interest rates, the increased borrowing costs and cost of living issues will surely mean people who were already stretching household budgets to finance their next home purchase are probably going to reach their limits.
It will be a 180-degree reversal from the last few years of increasing house prices turbocharged
by rock bottom mortgage rates and government
tax stimulus, together with some lockdowns that made remote work popular and sent homeowners on the hunt for bigger homes.
This means this market can not continue forever.
One of the biggest issues over the last year or so for Estate Agency bosses has been the retention and attraction of good staff/ colleagues.
I have seen Estate Agency bosses paying over the odds for B and C team players, as it is near impossible to hire A players.
Yet that could change.
The U.K. sold 1.4m households last year.
If a recession hits, that number will drop to 850,000 transactions.
That will clear a lot of the crap EA out of the industry and fees will go up as we will now have to earn our money
In the last recession of 2008/9, most estate agents followed the herd and stopped recruiting.
Yet I know some top draw estate agency bosses used the situation as an opportunity and aggressively set out to get A+ Negs and Listers for a fair market wage, meaning over the last 10 years, they have had a team that has pulled up trees and got the top line fees they deserved.
If we go into a housing market recession, this is your opportunity to hire the best of the best without having to pay silly money.
So why do I say this now?
You need to prepare the foundations now.
Start to build relationships now with these A+ negs and Valuers, so if this opportunity comes in 12/18 months, it will be so much easier to do.
I teach my agent clients to deliberately go out of their way to praise them and blow 💨 up their ar$es when you ring for comps, praise or compliment them on social media plus other things you could be doing.
This could be a unique opportunity to grab/steal top the EA talent from your competitors and build an ⭐️⭐️⭐️⭐️⭐️ EA sales team.
Yet you need to put the foundations in now
Are you, as an Estate Agency boss, willing to be greedy when other Estate Agents are fearful?