Unchained's Voice of the Agent Survey: Elevating Estate Agency with Strategic and Practical Insight.
In 2023, Unchained launched its inaugural "Voice of the Agent" survey, building upon a seven-year legacy of conducting similar research among financial advisors. This innovative survey was designed to delve into the perspectives of estate agents regarding the market, marketing strategies, and property technology advancements.
Rather than listen to the usual pundits, we wanted to know what the industry really thought: the agents in the arena. A mind-blowing 553 agents participated last year, providing precious insights into our industry.
What will be most valuable to Prime Estate Agency News readers is that we could cut the data by the value of the properties agents listed. This opened a treasure trove of insight into prime real estate.
The survey revealed that the average commission fee for all agents stood at 1.27%, with prime agents earning 1.64%, nearly 30% more. Put simply, agents who operate in the prime space earn a higher percentage of higher-value properties. This is born out when our analysis showed that prime agents account for 23% of instruction volumes but capture 57% of the fee income.
And prime agents invested 21% more in marketing than their counterparts.
A key finding of the survey was the identification of the most used marketing channels. While there were commonalities, prime agents distinguished themselves through significantly more frequent use of all channels, including social media, canvassing, direct mail, and public relations. They were 21% more active across all channels, including magazines, in-house publications, and PR. Moreover, 58% more prime agents employed mobile advertising and radio.
The survey also highlighted a mismatch in the media mix preferred by all agents and the marketing channels that most resonated with homeowners. This insight is crucial for refining marketing strategies.
Looking ahead to this year, Unchained is committed to expanding the scope of the "Voice of the Agent" survey. The aim is to deepen our understanding of the market and foster a community of shared knowledge. Making the results available to all participants enables agents and agencies to leverage this collective wisdom in their strategic planning and decision-making.
This year's survey introduces new sections focusing on artificial intelligence and mental health alongside exclusively commissioned research on the perspectives of buyers, sellers, landlords, and tenants.
Adding to this year's survey report publication, I will join a special webinar alongside David Lindley. In this session, titled "Prime Cuts of Voice of the Agent," we will delve into the most critical data from the survey, focusing mainly on how the findings for prime agents compare with the broader agent population. Prime Estate Agency News readers who complete the survey will be invited to the webinar.
This initiative is essential to Unchained's understanding and addressing the nuanced needs of the real estate market. By integrating feedback directly from agents and aligning it with market trends and consumer behaviours, we are setting a new standard in industry research.
The "Voice of the Agent" survey is more than just a tool for data collection; it is a platform for collaborative growth and strategic excellence in the real estate sector.
I invite all forward-thinking estate agents to participate in this year's survey. Your contributions are valuable in shaping the industry's future and enhancing your business strategies through the insights gained from this comprehensive study.
Grab a coffee, block out 30-40 minutes, and dive in. Yes, the survey is long, but that means we can provide the most complete picture. You can participate here: https://www.surveymonkey.com/r/PEAN
PS To understand marketing in full technicolour, join me at one of our national 30 Years of Marketing tour dates. David (https://www.youtube.com/watch?v=mi4tLjd8q0k), Elaine (https://www.youtube.com/watch?v=dM6MryfdlCI), and Simon will all testify to its value. You can find the details here, and we still have some early bird spaces left: https://worldclassmarketinginaday.com/
Simon has worked with industry giants like Fidelity, Emap, Prudential, AXA, Autotrader, Barclaycard, Abbey National, Daily Telegraph, and Northcliffe Media. In addition to his corporate roles, he has ventured into entrepreneurial projects, founding startups such as AffinityIQ, Untopia, and Blue & Green Tomorrow, a leading UK-based online magazine focused on sustainable investment. Simon has held significant leadership positions in property, including Group Marketing Director for Countrywide Plc, Global Head of Marketing, and Partner for Knight Frank LLP. He has also been the interim CMO of Keller Williams UK and the Global CEO of Fine & Country. Simon now helms Unchained, a specialist marketing consultancy that delivers data-informed strategies to its clientele.
