Using the Withdrawal Analysis dashboard

This guide has been reviewed against our global client base and classed as relevant to all regions

It is a sad fact that, for varying reasons, every agent will lose business through instructions being withdrawn

The key to success in this situation is to put in place mechanisms to give your office the best chance of winning back each dis-instruction or, better still, have a pro-active approach to ensure your stock is not at risk of dis-instruction in the first instance

For more information on accessing and using the Withdrawal Analysis dashboard, click here:
Withdrawal Analysis MI Analysis dashboard

Why and how is this useful?

There are many reasons why a vendor may choose to dis-instruct their existing estate agent. While some of these may be out of the control of the agent, understanding the why and how of withdrawn stock is a vital evaluation tool for your business.

One of the most valuable elements of this report is the At Risk of Withdrawal section, which provides visibility of existing instructions that could look to dis-instruct, due to not having achieved the desired interest to date. In addition, this section also puts a pounds-and-pence value toward stock at risk, which should act as motivation towards ensuring that all efforts are placed toward matching, pricing and continued communication for any identified clients. Read more about this metric below.

Understanding the metrics

Each metric listed below refers to each panel of the dashboard.

The date range picker at the top of the report offers a 12 month back date review - make sure you have selected the required date range first

 

  • This chart provides a count of withdrawn and instructed properties within the calendar month chosen

  • Clicking the Withdrawn section of the chart provides a data breakdown allowing each property record to be accessed

  • Review each withdrawn property:

    • Have conversations with the vendor been recorded in full?

    • Did discussions take place surrounding price and the potential need to reduce?

    • Check property journal for matching and viewing levels

    • Was activity discussed on a regular basis with the vendor?

    • What was the opposition towards viewers making an offer?

The length of time between take on and withdrawal can prove to to be an interesting statistic

  • Click on the chart to get a data breakdown allowing each property record to be accessed

  • Each property record should be carefully reviewed to understand the activity and communication logged - trends can usually be easily identified:

  • A proportion of withdrawals in the less than 4 weeks category should be a major concern - a keenly priced property should attract sound activity in its first four weeks

  • A high rate of withdrawals in the 12 - 20 weeks category, especially around the 12-16 week range, can often be down to agency agreement terms expiring and vendors taking their instructions to competitors

  • Is there more that could have been done to prevent this?

The figures presented are critical - as they are vital to the flow of income to your company

  • The length of time used for these metrics can be changed via Settings:

    • Click Settings (top right) and use the At Risk sections

    • At Risk - No Recent Activity

      • Instruction cut off can be set to days/weeks/months and the figure changed

      • Last viewing period can be set to days/weeks/months and the figure changed

      • Contact period can be set to days/weeks/months and the figure changed

      • Contact types used to indicate contact made with vendor can be added to/removed

    • At Risk - No Offer

      • Instruction cut off can be set to days/weeks/months and the figure changed

No Recent Activity

This metric pulls together properties that are:

  • Live and have the status of For Sale Available

  • Were instructed over 1 month ago*

  • Last had a viewing over 1 month ago*

  • Have not been contacted for 1 month*

No Offers after 6 Weeks

This metric pulls together properties that:

  • Are live and have the status of For Sale Available

  • Were instructed over 6 weeks ago*

  • Have no offers

Fees Lost

  • This metric outlines, from instructions lost, what this amounts to in lost fees

  • Over a period of time, viewings can slow-down against an instruction - but it is important to reflect on your stock and understand if properties are overpriced

    • Early viewing feedback may make this even more obvious - though price negotiation should enter your vendor conversations well before an instruction hits the At Risk category

  • Another concern should be why an instruction has had no contact for over one month:

    • Is the Next Call date being used successfully?

    • Are staff entering their conversations onto the property record?

  • When moving a property record from For Sale to Withdrawn, you will be presented with a Withdrawal Reason prompt and, if dis-instructed, who is now the the instructed agent - by completing this detail, the ability to see who and why you are losing instructions to becomes clear

  • You may also wish to review the property journey, all the way back to the Market Appraisal appointment and ask:

    • In hindsight, did we overvalue the property?

    • Is the same competition winning?

    • Are they selling our stock as the second/third agent?

    • Are they aggressively touting our stock because we are overpricing - or for another reason?

    • Our fees are more competitive than our competition but we're selling less - is the service we are providing reflective of our fees?

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