Simon Taylor's Diary Of A Self Employed Estate Agent.: Recent Episodes
Simon Taylor
The highs and lows and the brutally honest truth about life as a self employed estate agent. With 20 plus years as an agent under my belt, I've a few tales to tell.
This podcast is about life from the coalface of being a self employed agent in London. I've plenty to share as I try to navigate building my estate agency and business from scratch.
Last week I saw a picture post on LinkedIn from a well known London estate agency showing staff getting into high spec BMW's and some were even away in Porsches! These amazing cars were given in recognition for the outstanding work these agents had done that year. But could they in fact be career and earnings damaging to the agent?Hear me out....
Here's 5 top life hacks that really help me as an estate agent. Have you got any you'd share?
I conducted a poll on LinkedIn in December asking it it sounded right that some Self Employed Estate Agency Models warmly welcomed new recuits without any property experience.
'Estate Agency experience is overrated' they say...
I'm not having any of it and these operators should be avoided.
If you love the idea of being an estate agent and the idea of running your own agency is alluring, go work in a reputable, independent high street agency. You'll learn a lot more and faster, get a real taste for the job and even get paid whilst you're there!
Common sense surely?
Some ESTATE AGENTS are OBSESSED with ever rising prices, but perhaps an ‘adjustment’ of values would be healthy.
I ran a poll on LinkedIn asking how big a drop in property values must there be for the word 'CRASH' to be used?
The results are in...
I've two properties launching next week. Both are coming on at asking prices that are too high.
It's fine to take on over-priced properties on one condition...
What a time to be alive in the world of UK estate agency… Rising interest rates, cooling confidence and fractured nerves about the strength of the housing market. But....'calm down dear' in the words of Michael Winner. 'This to shall pass.' People will still be motivated to move for a variety of all the usual reasons. Chances are, you've got overpriced stock on your books in need of a price trim. Well, surely there hasn't been a more opportune moment to have that conversation you've been putting off? You could delay a little, but I wouldn't if I were you…
You might think I'm a one man band Estate Agent, 'jack of all trades' but you'd be wrong.
According to my recent LinkedIn poll, almost 40% of estate agents believe agents should never charge upfront fees. Almost a quarter admit to believing they probably should and just 28% are already in the habit of charging.
Just 10% say client's in their area would never agree to paying an upfront fee.
Recession. It's on the way.
It'll be bad news for many estate agents but unquestionably create opportunities for the industry's best and most adaptable agents.
All estate agents of late will have found themselves in a 'best and final' bids situation with offers pouring in left, right and centre.
But do you give buyers a gentle nudge in the right direction or prefer a 'computer says no approach', remain tight lipped and give nothing away?
Hear my thoughts after my 'best and finals' on two properties last week.
Some agents do and some agents don't.
But what do vendors think of those that measure up on the 1st meeting?
Is it a sign that the agent is thorough and professional? Or could the agent appear overly forward or even amateurish if they DIY measure rather than outsource?
And with just 13% of poll respondents admitting that they can't value a property without one, how do the remaining 87% of respondents cope without whipping out the laser device on valuation appointments?
Been one of those weeks...
Sold most of my stock. Phones quieter. Not much urgency from the vendor's sofas I've sat on this week. Lost a valuation.
We've all had weeks like that, haven't we?
Unsure if you'd make it as a Self-Employed Agent? Practice whilst at your employer to find out.
'Self Gen' is the buzzword in Estate Agency branches these days with instruction numbers wafer thin.
Even the 'big boy' marketeers like Purple Bricks are turning their marketing mix upside down and instructing agents to self-generate new business by way of door knocking, social media and local networking to beef up the number of valuations in the diaries.
These are the tools of being a 'Self Employed Agent.'
So if you can successfully obtain new business for your employer from 'Self Gen' as an 'Employed Agent' you can be pretty confident of success if you chose to set up shop on your own.
Employed UK Estate Agents are spoilt for choice these days should they decide to become Self Employed.
There are models galore to chose from and of course you could fly completely solo.
Some Self Employed models insist you have Estate Agency experience. Others will welcome you on board with zero Estate Agency experience - as long as you pay them the monthly fee of course.
Unethical in my view.
But now that I've proved I can run my own Estate Agency, do I still need EXP?
The market is gummed up, almost broken as the supply of homes available for sale is out of sync with the sheer volume of buyers on estate agent's books. According to Twenty Ci - the data research company, the number of homes for sale is at a 15 year low. But will rising interest rates and household inflation provoke some homeowners to make big decisions? If so, estate agents could benefit.
We all know that social media ain't going anywhere and it's the ultimate essential for any agent wanting to set up shop. And it's free! But what happens if you get negative comments? My latest blog post in a local Facebook group created a number of comments I wasn't expecting. Here's the 'offending' blog post for reference that created a 'lively' debate. Why Are There So Few Homes For Sale In East London? | Simon Taylor - No ordinary estate agent (propertywithsimon.com)
There's no shortage of estate agency Branch Managers & Office Valuers (particularly the corporates) that take 'passing the buck' to a whole new level.
It's not uncommon for a vendor not to see or hear from the Branch Manager or Office Valuer after they've downed their tea & biscuits and walked out the door with a signed agency agreement.
I intend to take full advantage of that.
Repetition & Consistency are believed to be the keys to getting fit.
You won't see or feel much different after a few weeks of working out but give it 6 months and you'll see and feel the difference.
I see many agents frustrated their leaflet drop or social media post failed to get much traction. Big deal says I.
Keep going. Repeat and be consistent.
On this episode of the Diary of a Self Employed Estate Agent with Simon Taylor, Simon spills his predictions for the year 2022. This isn’t about predicting house prices with a crystal ball.
[00:22 - 02:59] The Paranoia of Estate Agency Bosses
- Paranoid bosses will create incentives to keep their top talent
- Self-employed estate agencies are gaining traction
[03:00 - 05:20] Cheap Fees as a Selling Point are OVER
- Majority of the market will prefer higher fees for better service
- The industry's best agents won't be distracted by agents offering cheap fees
[05:21 - 07:40] Self Employed Agents will Struggle
- Every or most self-employed agent will ‘wobble’ at the beginning
- Don’t give up! It takes time to build those foundations
Key Quotes
“My advice is don't freakin’ go down the rabbit hole of cheap fees. Charge your worth.” - Simon Taylor
‘If [an agent] can't negotiate a decent fee for themselves, how are they going to negotiate the best possible price for your house?” - Simon Taylor
“As a self-employed estate agent, I don't think anybody should beat themselves up, thinking they're a failure, having doubts, or lacking confidence because it's not working after just a few months. It takes time to build those foundations.” - Simon Taylor
Connect with Simon
Website: https://www.propertywithsimon.com
Facebook: https://www.facebook.com/PropertyWithSimonTaylor/
LinkedIn: https://www.linkedin.com/in/simon-taylor-no-ordinary-estate-agent®-455995100/
Instagram: https://www.instagram.com/propertywithsimon
Youtube: https://www.youtube.com/channel/UCEPmplP3xedEVUcKNTRU82w
LEAVE A REVIEW + and SHARE this episode with someone who’s interested in anything property, brand building, lead generation and business related. Listen to previous episodes on Apple Podcasts or Spotify!
Multitasking is hugely over rated IMO.
I’m no all rounder and nor do I want to be.
I don’t do lettings.
I don’t deliver leaflets / promo material myself.
I don’t do my own photos, floorplan or videos tours.
I don’t manage my Facebook ad account.
I now have assistance with sales progression.
‘Focus’ is my secret sauce.
‘Focusing’ on just one thing - ‘selling property well.’
If you had a choice between all ‘all rounder’ and a pure specialist, who would you choose?
I’ve spoken to 6 employed agents aged 45-55 over the last 8 weeks.
Here’s what I’ve learnt….
Most feel too old to have a bash at running their own agency.
Not true says I…
Ray Croc was 52 when he bought McDonald’s.
Colonel Sanders was 62 when he franchised his KFC secret recipe.
Morgan Freeman didn’t really make it until he was 50.
With age comes experience & whatever skills you lack (e.g social media) can be learnt, outsourced or even a combo of both. (Just like me).
Nobody is suggesting an employed agent becoming self employed must create a global business.
Just 2-4 instructions a month is often all it takes to say ‘I should have done this years ago.’
These numbers aren’t so scary & from experience, it’s really not that difficult.
Small instruction numbers can be more profitable than being employed & 100 times more rewarding.
Times ticking but there's still plenty of time left for these 6 agents.
It can be exciting coming to the realisation that you want to walk away from your employed estate agency job and go it alone.
Exciting but also a little scary too.
Here's an essential checklist every agent considering self employment should tick off before they even consider handing in their notice.
This episode is for agents out there fed up with estate agency. Many fall into estate agency and find it hard to leave. But for those that really are fed up with their 'Branch Manager' or 'Senior Negotiator' positions, is jumping ship to the agency up the road really the answer? Sure, they pay might be £3,000 more per annum and the car allowance a little better but will it make you happy? Do what makes you happy.
Am I worried I've sold all my stock?
Hell no. After all, shouldn't this happen to every agent that's capable of getting the job done?
Will I be all guns blazing in December to refill the shelves? Have a listen to find out...
An agent working with a 'branded' agency model called me yesterday seeking some guidance.
It turns out the brand he was working with was effectively bleeding him dry and in fact preventing him from building and investing in his business.
Be warned. There's some great models out there and many less so.
Isn't it sad that so many great agents fail to pursue their dreams.
Fail to take the plunge, start their own business or perhaps even leave the industry once and for all.
Fear can be a real positive - it can keep us alive but it can also hold us back.
As for having a lack of cash to go it alone, set up in business and follow ones dreams. 'I don't buy it' or should I say 'don't get it'. I say this as starting a business can be done cheaper and easier than ever before.
There's nothing revolutionary in this episode, just 'old fashioned' estate agency 'hacks' to pinch instructions from agents asleep at the wheel.
There's so much low hanging fruit out there and there's even tech software to help you do it.
This episode will perhaps resonate with those that have ever worked for the company. Plenty of highs, plenty of lows and my goodness, I've personally never worked so hard in my life.
But all good things come to an end...
Why are estate agents paid so little? Why have salaries stood stagnant? Ever worked out your hourly rate?
This episode is for any agent that’s ever been disinstructed, fired, told to jog on, ‘your services are no longer required.’
I’m tired of social media posts about new instructions and market share. Social media is under scrutiny like never before about what’s really ‘real’. There’s far too much polishing going on IMO. This episode is here to provide some balance and reality.
When I first started my agency, I thought I'd replicate my Purple Bricks days and cover a vast area. But success lies in narrowing down and focusing on a much smaller patch.
If you've done a top job on behalf of a client then you deserve a review.
You can be sure that potential clients are seeking out your reviews and I confess to 'pimping' them out on social media - after all, might as well make them work hard for me.
But when's the right time to ask for a review? Admittedly, I've changed my tune.
Valuing properties accurately is all very well but without rapport, you're toast.
Do you know what your clients do for a living? Many estate agents do but remarkably, many don't.
We can all look back and question whether we made the most of life and made the right decisions. Sure, hindsight is wonderful but it's surely better to regret something you have done than haven't.
This episode is for estate agents doing social media and it's also for estate agents not doing social media. Which camp do you fall into?
This episode is for agents seeking their next instruction.
Sometimes you have to have sharp elbows and at other times, you have to bow out gracefully.
Though I'm a 'No Sale, No Fee' agent, I do charge an upfront marketing fee. You might think clients would object but they don't and it's purpose is the preservation of cashflow.
Over time, my fees have risen.
Some gurus out there claim they'll show you how to charge 2.5% or more. I wouldn't be comfortable charging fees so high but my fees have certainly been on the rise as my confidence has grown.
Here are some steps and actions I wish I'd have had the chance to take advantage of before starting my agency.
There's lots on ground work that can be implemented before taking the plunge and these will no question make your transition over to self employed estate agency so much easier and quicken your route to success.
I used to be allergic to door knocking for business.
In truth, I still don't really like it but this experience has at least opened my eyes to what I might be missing.
There's never an absolutely perfect time to go self employed as an agent. If you're waiting for the perfect moment, you'll be waiting a very long time.
Hear why I had no choice other than setting up on my own.
Got a pen handy?
In this instalment, I spill the beans on two crucial, non negotiable factors that have served me well as a self employed agent and business builder.
Who on earth is Simon Taylor and what gives him the right to have a podcast of his own?!! An estate agent with a podcast, whatever next?!!
This series is primarily aimed at estate agents interested in hearing a fellow agent share their experiences about life from the coalface of being a self employed agent.
Buy you don't have to be an agent or self employed agent for that matter - just have an interest in anything property, brand building, lead generation and business related.
Here's a quick intro from me on what's prompted me to start this podcast podcast.