KnowledgeShare: How to survive in a challenging market
Are you working on your 2024 business strategy? Following a turbulent time in the property market, we understand the challenges of preparing for the future. The cost-of-living crisis, coupled with high interest rates is undoubtedly having an impact. At the same time, the rental market is suffering from high demand, low supply and extortionate rental prices.
Whilst it may be daunting to formulate a plan for the new year, it is absolutely essential. You need to understand exactly what is happening in your marketplace and how you are performing against competitors. By closely monitoring the property landscape, you can effectively plan for the future and create a strategy based on informed perspectives.
Estate Agents need to be assessing their areas of strength and weakness to identify opportunities, based on metrics such as, stock levels which allow you to understand your competitiveness and presence in your local area, time to sell and complete, fall-throughs, sales ratio and initial asking price vs. price you achieved.
Once assessed you can use this intelligence to plan your strategy and fuel your marketing messages to help convert appraisals by utilising solid statistics to showcase your strengths. We expand more on how market data will be integral to forming your strategy in our guide ‘How to survive in a challenging market’. Download it here.