KnowYourMarket, a mystery shopping and market research company operating within the homeowner and home mover sector, has unveiled its latest benchmark report comparing key market statistics from the first quarter of 2023 to the first quarter of 2024.
The report aims to reflect how the market and estate agents’ performance have evolved over the period, providing crucial insights for industry professionals.
Annabel Goulden, head of KnowYourMarket, part of nurtur.group, commented: “Our benchmark report serves as a comprehensive analysis of the shifting landscape within the property market and sector. By examining key metrics and our benchmarks, agents can gain invaluable insights into market trends and anonymised performance data across the country.”
KnowYourMarket specialises in collecting vast amounts of data through web, call, and face-to-face mystery shopping, allowing for a detailed assessment of estate agents’ performance.
Goulden emphasised the importance of this data, explaining: “Mystery shopping is not about micromanaging staff but rather a training tool designed to help businesses improve processes and foster growth. By identifying areas for improvement and investing in targeted training, companies can maximise sales opportunities and enhance customer satisfaction.”
The benchmark report delves into various aspects of estate agents’ performance, including sales compliance and customer experience. A series of key industry benchmark questions were determined to obtain average scores from a sample group of estate agents. The scores were generated from the number of times the mystery shoppers were asked these basic, yet vital questions. By not asking these key questions, estate agent could be losing leads to their competition with even realising.
Goulden highlighted the significance of these metrics. She stated: “Every interaction shapes the perception of a brand, making it vital for estate agents to deliver a seamless customer experience consistently. Our report aims to help agents understand customer needs better and implement strategies for ongoing improvement.”
One key finding of the report is the importance of gathering comprehensive data on initial enquiries, as it not only ensures customers feel heard but also provides valuable insights for internal use. Additionally, the report emphasises the impact of customer experience on brand loyalty and revenue generation, citing research that shows 86% of consumers are willing to pay more for a better experience.
