Have you ever wondered how much revenue does your agency potentially miss out on? In the world of property, the combination of fall through rates and completion times can make or break an estate agency.
The number of completions of residential property transactions is a key driver of income for estate agents. As we’ve mentioned previously, 1 in 4 of property completions falls through, often leaving all parties out of pocket, when estate agents have already listed and marketed the property. According to the Office of National Statistics, the average property price in the UK is currently £249,309. If we consider that an average estate agency fee is 1.42%, a loss of a single deal means a potential loss of an average of £3,540.18 in revenue.
Of course, as an estate agent, you are not able to pre-empt every single eventuality or prevent circumstances out of your control. Still, you can ensure that you give yourself the best possible opportunity to avoid the fall-throughs and – if possible – supplement lost revenue.
With the average completion time being 118 days, estate agents seek new ways to complete quicker and generate extra revenue and maximise their earnings.
But is there a solution?
With the digital transformation of the industry, property technology becomes more relevant than ever as it provides answers to both of the problems outlined above. WeCOMPLETE speeds up transactions by coordinating the work of estate agents and conveyancers, resulting in an average reduction of completion times by 28% across ALL transactions, including the most complex and problematic of cases, with completions regularly reduced by 50%.
In addition to that, estate agents who adopted WeCOMPLETE as their property completion platform reduced their fall-through rate to 8.1%, less than a third of the national average, but even then, they were able to earn a referral-fee free revenue by putting more conveyancing cases through the system.
By providing access to real-time updates, sales progression calendar, and individual and group communication, you don’t have to spend extra time chasing for updates. Progress made by the legal teams will be instantly visible at your end, so you don’t have to check on but check-in.
To find out how WeCOMPLETE can help your agency reduce the fall through rate of your property transactions click the button below: