Optimising Complete Sales Processes within the Real Estate market in the UK
In the rapidly expanding UK real estate market, where time management and communication are essential, tracking the property sale process is the key to success. This comprehensive case study will examine how Aqua Software increased the completion rate for a medium-sized Independent Estate Agent in London, securing increased profitability and customer satisfaction.
Background
Applied the software to a medium-sized Estate Agent operation in East and South East London. The main issues they are facing are the common slow-down sale completion times and fall-through rates.
The Challenge
Our client, London Estate Agency, struggled with several existential challenges:
Sale Completion Time
Slower transaction times are a major challenge for Estate Agents, as a recent report by Landmark Information Group revealed the average time from instruction to completion is now 19 weeks – 77% longer than in 2007.
Lack of Communication
Research among agents, conveyancers, lenders, and our clients highlighted concerns about communication within the housing sector as a whole. Our clients suggest that its employees spend more than 44% of their day chasing stakeholders or being chased by them.
Sales Fall Through
According to the Zoopla property portal, an average of 31% of all house sales fall through at least once before completion. Our client reported an average of 35% across their offices, a missed income of approximately 300,000 pounds annually.
Our Solutions
Aqua, with its flexibility and customizable features, provided the opportunity to address those challenges:
Workflow Expertise
Flexible Workflow
Aqua can adapt to each project's requirements. Its customized workflow enabled our client to manage all sales process-related tasks simultaneously.
Tasks Schedule
Tasks were scheduled effectively to a productive sequence. Aqua identified any delays instantly and notified relevant parties in a logical flow.
Real-Time Information Sharing
Dashboard precision
Aqua offered a clear and effective communication schedule to address the main challenge in the workflow. Every team member and stakeholder was able to retrieve and update all relevant information without the requirement to chase relevant parties.
Stakeholders
All relevant parties, estate agents, solicitors, buyers, and sellers, were sharing real-time data, including documents, enabling informative decision-making without delays.
Data Management
Instant Metrics
Aqua offered actionable insights determining the potential for a fall-through, identifying strengths of team members and areas needing intervention.
Cooperation Effectiveness
Aqua facilitated the real-time collaboration of all stakeholders, reducing communication delays by a remarkable 50%. Estate agents were able to effectively share updates, review critical documentation, and instruct necessary surveys without any delays.
Impact and Numbers
Aqua Communication's innovative features have significantly enhanced the efficiency of estate agents, freeing up an additional 25% of their time and cutting their workload by half. This has expedited the property sale process, enabling our clients to complete sales within an average of 14 weeks, thereby reducing the completion time by more than 30%. Moreover, there has been a remarkable 15% decrease in fall-through rates, which has contributed over £100,000 to our clients' balance sheets, highlighting a substantial boost in productivity.