15 Jan 4 Ways to Boost your Cashflow in 2024

The current property market is littered with challenges facing estate agents including a consistently high number of fall throughs, market uncertainty and a drop in property demand. Estate Agent Today (EAT) found that over one third of properties fell through last year, in their recent article.

This highlights the increasing importance of maximising cashflow to navigate any market uncertainty in 2024. Here are 4 ways you can boost cashflow within your agency, and collect your fee faster:

1. Improve Customer Service

Focus on providing the best customer service experience to all parties involved in the transaction including buyers, sellers, solicitors and mortgage providers. This will be beneficial, not only because it can reduce the likelihood of delays and misunderstandings, but it will help you convert your buyers and vendors into advocates, resulting in more referrals and repeat business in the future.

A great way of monitoring customer satisfaction is by capturing your Net Promotor Score (NPS) which you can read more about here.

2. Speed up your pipeline turnover.

Ensuring that your sales pipeline is progressing efficiently and that transactions are completed as quickly as possible is essential to maximising cashflow.

You can achieve this by investing in your sales progression resources, whether that is an internal sales progressor or through an outsourced service such as our Complete ASAP offering. It will help to ensure your sales are continuously moving, meaning you can focus your time on selling properties, further boosting your cashflow.

3. Minimise Transaction Fall-throughs

An estate agent’s time is money and when a sale falls through, their time has been wasted.

The best way you can reduce the risk of transaction failure is by ensuring that all parties have the necessary information and documentation, exactly when it’s needed as delays with key documents will increase the risk of fall-throughs. This is particularly relevant with upcoming legislation changes regarding material information.

You can accomplish this by gathering upfront information early and proactively progressing the sale, checking up and down the chain for updates.

4. Reduce Overheads

Considering outsourced solutions for areas of your Estate Agency, such as:

• Photography

• Online viewings

• Sales Progression

This can significantly help to reduce the fixed costs associated with hiring and training in-house staff, some of which may only be required during market spikes. By reducing overheads and only buying in these expert services as you need them, you can improve profitability and cashflow.

As we start a new year, now is the perfect time to review your operations and explore new ideas to help you improve your cashflow.  Whether simply tightening up internal processes or outsourcing time-consuming tasks to specialists, this could be the year you enhance your cashflow and get paid faster.

To find out more about outsourcing sales progression, click here.