Today’s view on viewings
Viewings have become a hot topic in a cooling sales market. Writing for Estate Agent Today, Adam Day from agency eXp says the number of viewings per sale should be used as a barometer for the health of the housing market.
Adam’s own yardstick is if there are 8 to 10 viewings per property sale, the market is strong. In 2008, this figure topped 14 viewings per sale but it was very short lived. Today, the number of viewings per sale, according to the agent, is around 10 – a double-digit figure that is despite wider political and economic unrest.
As yet, unsettled conditions have not filtered down into all corners of the sales market. In fact, London estate agency Chestertons reported an increase in the number of viewings it booked in October when compared to September. Its 5% rise in viewing requests is thought to be largely down to cash buyers and international purchasers not necessarily affected by the UK’s fiscal environment.
With the Autumn Statement picking up where the mini Budget left off, many minds will turn to what 2023 holds for the viewing diary. Even if the touted number of 10 viewings per property sale dips a little, agents are still looking at a healthy number of requests to tour each home they list.
If Adam’s approach doesn’t strike a chord, you could look at the demand for viewings from another angle. According to the latest Propertymark Housing Insight Report, published in November 2022, the number of new buyers registering per member branch in October was 64 – that’s 64 purchasers who have the potential to request multiple viewings in their quest to find a new home.
Or how about assessing the number of homes that are for sale? Propertymark’s report also revealed that the average number of properties listed at each of its members’ branches was 30 during October 2022. How many staff are there looking after the demands of 30 property sellers?
There’s no escaping that the market is changing. While for Adam Day a glut of viewings on a single property reflects high demand and a healthy market, agents have to prepare for a similar scenario that has a very different outcome.
With more stock coming online, budgets being tested, fall through rates rising and searches having to be started over from scratch, agents could be facilitating a high number of viewings with less offers and sales to offset their effort.
The lettings market, however, is proving to be a different beast altogether. When analysing its data, online lettings platform, lettingaproperty.com, found several of its properties received 100 or more viewing requests in October, with one subject to 134 requests to view. With tenants desperate to secure a property, a letting agent’s time is especially stretched – with accompanied viewings and the subsequent processing of multiple offers.
Whether lettings or sales, agents across the country will be facing the same issue – balancing resources while maximising the cost per viewing. At times like this, when business owners want their employees to focus on income-winning tasks, agents can develop a ‘love hate’ relationship with viewings.
One of the most cost effective ways of showing a property for sale or to rent is by running an open house event. Resources stretch much further and continuity is maintained when several viewings take place on a single day, with one professional at the helm.
Viewber has been hosting open house events on behalf of agents for a number of years, manning the flow of people and registering feedback during a set period of time. Our Viewbers are adept at handling show days, where anyone can drop in for a look – with the possibility of multiple viewers in the property at the same time – or they can manage a more formal schedule where guests have pre-booked time slots.
“Open house events and show days certainly have their place in today’s property market,” comments Viewber’s Co-Founder, Ed Mead. “The overarching perks of getting volumes of potential buyers or tenants together in a property at the same time persist – such as drumming up a sense of competition and gaining real-time feedback while in the property – but there are excellent resourcing advantages too.”
“Open houses can be an excellent filtering tool when a property first launches to market, sparing an agent several, separate time-wasting property visits.” adds Ed. “A Viewber-run event will yield a comprehensive set of feedback that the agent can use to wisely shape their next step. This could be concentrating on the keenest prospects who offer straight after an open house, discovering whether any of the buyers also have a property to sell, or arranging follow-up, accompanied viewings for those who look most likely to proceed.”
If you have a property that warrants an open house event, why not book a Viewber to host it on your behalf? If you prefer to be the lead yourself, no problem. A Viewber can provide backup assistance on the day, ensuring no prospect leaves without submitting their details and feedback. Our open house events are flexible in duration – available for just 30 minutes right up to a full day – and can be held over a weekend or even on a Bank Holiday.
Viewber also offers a traditional ‘one-to-one’ accompanied viewing service seven days a week – with availability during traditional office hours and of an evening too. We’re here to help you manage workloads in the most cost effective way, so contact the team to learn more.
