What can estate agents learn from the BestAgent secret filming video?

By now, I'm sure that most estate agents will have watched the video released on Youtube by BestAgent.

Here's the link if you missed it. Click Here.

Briefly, the website BestAgent, which sends a valuation request to all agents in a town anonymously for the sellers, created a mystery shop video as a team member arranged valuation appointments with every agent in her town. 

The website's home page states, "All agents are not equal. Most will undersell your home." 

While that could be true, it's a somewhat unsubstantiated claim and definitely doesn't help the public's perception of estate agents, does it?

The video showed footage filmed with a hidden camera of every valuation appointment.

As you would expect, there was a variation in prices, fees, packages and service levels. 

She had about 11 valuations altogether, each with a different offering. That's enough to confuse anyone. 

But, my key takeaway from the video was that the agents who were winging it stood out like a sore thumb. 

Those who were unsure of what value to propose for the property came across as a little shifty as they tried to bumble their way through.

They would start at a figure, then, as they realised the sellers' reaction wasn't that positive, suggested a slightly higher price. They came across as clueless as they hedged their bets.

It seemed as if there wasn't a right or wrong answer, and really, the seller could just choose whatever price she wanted, and the agent would try to sell at that price.

In stark contrast, the agents with a plan and a strategy shone through. 

They came across as knowledgeable, capable, and experienced. 

They knew what they were talking about and had a proven strategy for getting the property sold. 

This created a sense of comfort for the seller. She knew that those agents would know what they were doing. And she felt that she could trust them.

She was advised on the best course of action and was given a clear plan for success.

The video ended with an interview with the estate agent that won the instruction and ultimately sold the property. 

She did a cracking job and handled the process with integrity throughout.

But, the main thing that she was praised for was that she sold the property quickly, for a price over the asking price. There was no real praise for how professionally she handled the sale. 

So, whilst their tagline says, "All agents are not created equal", it would seem that their thoughts and reviews of a fantastic job well done are the same across the board. 

It didn't matter how hard she worked or how competent she was. They didn't care that she was carefully negotiating between multiple buyers or that she gave expert advice to the seller.

It still boiled down to the quick sale and the high price. 

They even said they wouldn't have called her for a valuation because they didn't like her franchise branding. Meaning that they would have gone for a different agent based on the outward appearance of the firm. 

Had they not had valuations from every agent - which took over 2 days of appointments and most sellers wouldn't do - they would never have even spoken to the agent they ended up using.

So, the outward perception of your firm and your ability to sell quickly is ultimately what will be judged by sellers - no surprises there, right?

But, the critical difference is the valuation appointment itself.

As agents, we cannot see what our competitors have said to the seller.

This video gave an unprecedented insight into how vital the valuation pitch is.

Branding and reputation will get you the appointment, but what you do in that appointment will make or break you.

And there are limited options for training in valuations. 

The majority of independent agents get a promotion from Sales Negotiator to Valuer at some point in their career. Perhaps they go out on a few appointments with another valuer to see what they do, but there is hardly a set training plan or a course on developing the valuation figure and pitching it to the seller.

If you have valuers representing your firm, you should know what they say in the living rooms.

What does the gold standard look like for your business? 

How would you want your firm to be represented?

You should know what every valuer's pitch sounds like to see where you can improve on it.

I would imagine that if you have a set standard and a practised pitch that accurately describes to the sellers what your proven process for selling homes looks like, you will see the conversion rates skyrocket.

Perhaps you could meet as a team to see what you currently include in your pitch and what you could change?

How can you improve?

How, as a firm, do you want to come across?

How do you want your valuers to establish a valuation price?

And finally, how do you actually SELL properties? What is your process? 

If you get this part nailed, you will be able to confidently tell all potential sellers what you do, why you do it and how it works so well. 

A structured appraisal presentation with a detailed action plan = No more winging it! 

Working as an estate agent myself, I spent years honing my marketing process and valuation pitch. 

If you have any questions about marketing your estate agency, or would like any help with putting together the perfect presentation, click the link!