Experienced agency owners mustn’t let their teams get carried away during the good times in the property market, senior industry executives have claimed.
The issue of sales transactions was addressed in the latest the latest Agents MVMT Pass the Syrup podcast.
Ben Madden, director of Fine & Country Turnham Green Terrace, who has started the podcast as part of his Agent MVMT initiative, suggested newer recruits may panic at headlines showing sales are down.
He said: “In our team we have guys who have been doing it for a few years.
“Because we are in a room together they are getting the education of what the real world looks like and not when you are coming out of a pandemic with rates of 0%, that is not normal life.
“Experienced quality agents have a duty of car to talk people through this to explain it is not the end of the world.”
Agents on the podcast including Base Property's Kristjan Byfield, Preston Baker's SJ Taylor and Rowan Waller of Wallers Estate Agents said it is important to look at official data such as HMRC transaction figures in context and consider the time lag as well as your own firm’s instructions and pipeline.
Byfield said: “We all know property is cyclical. You know you are going to have peaks and troughs, good businesses know how to leverage peaks and ride out troughs.
“A lot of agents have come in over the past two to three years and think it is always going to be that easy.
“As owners and managers we have to be careful in those good times not to get carried away.
“Don’t let our teams get too much credit for what hte market is doing.
“You do need to applaud staff but don’t get carried away about selling superstars when 80% is down to market conditions.
“You will have years where you are smashing it and bringing in nice commissions and bonuses and others where it will be a bit lean, that is where you earn the good times in the tough times.”
Watch the full podcast below:
This article is taken from Estate Agent Today