What has an estate agency and a formula 1 team have in common?
What have estate agents and Formula 1 teams have in common.
You are going to have to bear with me on this, but I promise you it will make sense.
With every formula 1 team, there is lots going on behind the scenes. You get to see the driver race around the track for a few hours and then lift a trophy. That’s it but break it down and look what goes on behind the scenes.
Did you know, for a formula one team, it takes in excess of 1,000 people to design, build and operate two formula one cars? Its insane to think of it that way.
What this shows is although you seen around 15-20 in the pit lanes and one driver there are literally hundreds of people behind the scenes.
Why is this relevant? Well, quite often people’s perception is that agents “just stick it on Rightmove” and hope for the best. I am sure some agents do, but the majority, analyse, review, and adjust all marketing as well and regularly plugging away at marketing, there is so much that goes on behind the scenes a bit like the formula 1 team.
The driver practices in the car virtually every single day. Getting to know the car, every aspect of it. Every bump, the way it reacts to every corner, the way it handles, the driver gets to learn every aspect of the car and knows when something isn’t right.
An estate agent is the same, a good agent knows the market, knows what is selling and what isn’t. they know when a price is right and when it isn’t. They know what to change and how it effects the marketing BUT like a driver its something that comes with experience.
Two drivers, if one has been driving a car for 10 years and it’s the first time for the 2nd driver who is going to be best? – now the 2nd driver could be the next Senna, BUT realistically the driver with 10 years’ experience is going to know the car better. And with estate agents with more experience, they would have dealt with all different scenarios and know what to expect, as well as what to look out for.
The rules in formula one is always changing, year on year there are changes they need to follow, new technology that comes out. The teams make sure each car is at its peak of progress and ensure their car is slightly better then the next teams.
It’s the same in estate agency. Ok not with the rules so much but with technology most defiantly. The market changes with different aspects being key to getting maximum exposure. Let’s look back at 15 years ago, shop windows and newspapers were the main thing. Without that you wouldn’t have sold property!
Well fast forward 15 years, most agents do not advertise in the papers anymore and its rare that the shop window is updated, why? Because they already advertise on the worlds biggest shop window. Rightmove.
So, a bit like the formula 1 team, your estate agent needs to be ahead of the competition, forever evolving and adapting new technology to ensure they are at the peak of their performance.
How do you spot the winner, well its simple isn’t it? It’s the guy/girl at the end holding up the trophy.
BUT, surely the most important thing is the trophy? Isn’t it?… no.
What if the competition were all in less powerful cars, had penalties? A crash even? … then the winner has won by default. Not because of skill.
It’s the same as estate agents. There is an agent nearby me that is listing a crazy amount of instructions. THEN, the list about “we have just so X property”. but, nobody ever asked how many properties have they listed to sell that one property? 3, 5, 10 even?
You see there is an old saying, ‘if you throw enough mud at a wall, a certain amount will stick’ .. its so true. If they list a certain amount of properties, then by default a certain amount will sell. Does that make then the “winner” of estate agents? Certainly not.
If we go back to that winner of the formula 1 race, what was their lap time? Did they have any personal bests? Did they break any records?
It’s the same with estate agents, they may have ‘sold’ a property, but what percentage did they achieve? How is this compared to what they originally listed the property as? Has it been reduced? How many viewings? How many offers? How much did they negotiate? And how long did it take?
So many people look at the trophy (or the sold property) and ignore all the stats behind that trophy that makes up the success.
So, breaking it down, its clear there is so much more going on behind the scenes than what people are aware of. From the team, to the driver, to the technology… one alone doesn’t work well, but in tandem they work in harmony.
The same with the trophy, a “sold” property is wonderful, but there is so many more questions to be asked rather than just paying attention to the fact they have ‘sold’ a property.
Something to remember, Lewis Hamilton started in go-karting. Does that make him any less of a champion? Or was it the start of his success? Or was it part of his success?
Was he always a great driver, and it just took a while to be noticed? … like estate agents, they may have started in their spare bedroom, but does that make them worse at their job? Or is it the start of their success and part of their journey.