How Playing Monopoly Can Give You the Upper Hand in Estate Agency
Monopoly feels like a game tailor-made for estate agents. The secret to winning? Surviving the early stages, investing in hotels, and watching your income soar. But in real life, many estate agents find themselves never hitting that momentum.
If you’re reading this, chances are you’re either running an estate agency or playing a key role in one. Maybe you’re in the early days of building your business, or perhaps you’ve been in the game for years. Either way, there’s a lesson you can take from Monopoly that, when applied to your estate agency, can set you on a winning path.
In Monopoly, whoever controls most of the board typically wins. They leverage their position to build a steady flow of cash while locking out competitors. The same can be said in estate agency: those with the most stock tend to dominate the market. But the real challenge is not just gaining stock but ensuring you "own" that stock long after the sale, or in many cases before it even comes to market.
While properties change hands more easily in the game than in real life, wouldn’t it be ideal if you could always be the go-to agent whenever a property you’ve sold re-enters the market? It’s entirely possible, with the right strategy and tools and many agents are already quietly getting on and doing this using technology.
How do you “own” your market?
Studies show that after just four years, 80% of homeowners forget who the original estate agent was. Even if you provided excellent service, that doesn’t guarantee loyalty when it comes time to sell. So how do you keep your foot in the door, year after year?
This is where technology plays a pivotal role. Tools like Lifesycle are designed to help estate agents maintain strong relationships with the new owners well after the sale has completed. Through Lifesycle, you can stay connected, nurturing long-term relationships and positioning yourself as the first choice for future transactions, without lifting a finger and the new owner will pop up as a prospect when the time is right for your team to step in.
The Long-Term Strategy in Action
Here’s how it works: Once you’ve completed on a property, the buyers details become the new owner’s details in Lifesycle. Over time, Lifesycle keeps in touch with them sending regular useful content and yearly emails to remind them how quickly time flies and offering updated property valuations. Whether they request an instant valuation or an in-person appraisal, you suddenly end up with a new valuation that you had never even thought about because you have stayed at the forefront of their mind.
In addition, Lifesycle tracks the homeowner’s activity, such as visits to your website or research into property prices and alerts your team if a potential listing is active. This early detection ensures your team are ready to step in before competitors get a chance, increasing your likelihood of securing future listings.
By staying engaged and leveraging smart tools like Lifesycle, you effectively build your own version of the Monopoly board in your local market, one that gets stronger over time. Eventually, you’re not just competing; you’re becoming the go-to agent, making it tough for others to break in as you already own most of the board.
That is a no brainer, but here’s the catch: Winning at estate agency isn’t just about having the right tools, it’s also about knowing where you are in your journey.
Where Are You in Your Estate Agency Journey?
To truly master the art of building and maintaining your real-world Monopoly board, it’s essential to understand where your business stands today. Are you still in the early stages, navigating the challenges of cash flow and growth? Or are you ready to scale and lock out competitors?
That’s why we created the Estate Agent Business Journey Profiler, a powerful tool designed to help you pinpoint exactly where you are in your journey and what steps you need to take next. By answering just 26 questions, you’ll receive valuable insights into your business’s current stage and a clear roadmap for moving forward. Think of it as your personalised game plan for building the agency of your dreams.
Discover Your Next Move
If you want to build long-term success like the Monopoly masters, it’s time to invest in more than just a CRM. Invest in understanding your journey and what it takes to get ahead. Take our Estate Agent Business Journey Profiler today to gain the insights you need to succeed.
With the right strategy, the right tools, and a clear understanding of where you stand, you’ll be well on your way to dominating your market and building the business of your dreams.
Monopoly teaches us that success is all about long-term thinking and strategic control. In estate agency, the same rules apply but you need more than luck. You need tools like Lifesycle to stay ahead and a roadmap to guide your business to success. Discover where you are on your journey and how to level up with our Estate Agent Business Journey Profiler. Don’t just play the game, master it.
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