In this episode, hosts Mark Burgess and Rob Brady sit down with David Long, Sales Director at Newboulds & Co., to discuss the future of estate agency entrepreneurship.
In our conversation, David shares his journey from a corporate estate agency background to working for independents to founding a technologically driven and lifestyle-oriented estate agency. We explore the transition from a large corporation to a small, independent operation, where every decision, from phone calls to marketing, is crucial. David highlights the challenges of starting a sales department within an existing lettings agency during major events like Brexit and COVID-19 and discusses the importance of nurturing relationships over transactions in today's digital landscape.
We tackle the misconceptions faced by those transitioning from corporate to independent models, stressing the significance of branding, lead generation and having an agile team. David warns against undercutting fees, advocating instead for raising fees while providing exceptional service to maintain reputation and income.
We then discuss the motivations and challenges of growing an estate agency business, particularly the complexities of potentially managing a team and instead leveraging technology to streamline operations, improve efficiency, and enhance customer experience. How accountability towards implementing technology is important.
As we investigate the evolution of sales processes, David reveals how remote valuations and technology can revolutionise the industry, potentially allowing for scaling and faster transactions. Despite the pandemic accelerating technology adoption, we reflect on the importance of maintaining confidence in a tech-driven approach and the power of personalised automated systems to provide a great customer experience. David currently has over 40+ email nurture journeys in place!
Finally, David shares insights on the future of the estate agency industry’s expectations of smaller firms and how technology plays in shaping its future.
