21 Feb 4 ways to boost your cashflow and collect your fee faster

In today’s competitive property market, attempting to find ways to complete transactions efficiently and cost-effectively, while still providing a high-quality service, is challenging. Here are 4 great ways in which Estate Agents can boost their cashflow.

1. Optimize Transaction Speeds

During the last 2 years, many agents have seen their average transaction times skyrocket, impacting the regularity of their incoming fees. Ensuring that your sales pipeline is progressing efficiently and that transactions are completed as quickly as possible is essential to maximizing cashflow. A dedicated sales progression resource, whether that be an internal sales progressor or an outsourced provider like ASAP Ltd, will help you to keep your transactions moving and your income flowing.

2. Reduce Overheads

There can be large, fixed costs associated with hiring and training in-house staff to handle various parts of a business which can be hard to balance during periods of market flux. Considering outsourced solutions for areas of your Estate Agency, such as Photography, Sales Progression, and Online viewings can greatly help to reduce these fixed costs. By reducing overheads and only buying in these services as you need them, you can improve profitability and cashflow.

3. Improve Customer Service

Providing a high-quality customer service experience, to all parties involved in a transaction, can be pivotal to cash flow growth. Keeping, buyers, sellers, solicitors, and mortgage providers informed of a transaction’s progress, can reduce the likelihood of delays and misunderstandings. This leads to customer satisfaction and can result in more referrals and repeat business in the future. A great way of monitoring customer satisfaction is by capturing your Net Promotor Score (NPS). Find out more about NPS and how to use it here.

4. Minimize Transaction Fall-throughs

An Estate Agent’s time is money so when a sale falls through, their time has been wasted. You can reduce the risk of transaction failure by staying on top of your game and ensuring that all parties have the necessary information and documentation, exactly when it’s needed. This minimises the risks of delays or complications. Seeking the support of progression experts can help Estate Agents get more properties over the line successfully and reduce the number of aborted transactions.

In conclusion, re-visiting your processes and operations regarding transaction times, overheads, customer service, and fall-throughs is a great place for any Estate Agent to start to optimize their cashflow. Whether those improvements are made through self-assessment or with the help of an external supplier, they will greatly help to enhance your cashflow and ensure you are paid faster.

To find out more about outsourcing your sales progression with ASAP Ltd, CLICK HERE to view our services.