The difference between USA Estate Agents and UK Estate Agents
I was thrilled to sit down with Christopher Watkin, an expert in helping estate and letting agents attract vendors to their agency, to discuss the difference in USA Estate Agents vs UK Estate Agents. Here are the highlights:
The fundamental difference: American estate agents are relationship-based (fiduciary) while UK estate agents are transaction-based (functionary). The UK has an employment model vs the USA has a brokerage model, which supports self-employed agents.
A functional agent does not have ownership or accountability over the tasks performed; it's all tasks assigned by their employer. Fiduciary agents are supported by the brokerage model to become experts in their fields and build relationships with clients. They take more ownership of their work.
Learning how to build a relationship with your clients can be the biggest game changer for UK estate agencies. You have to look at it as building a pipeline for the future. Knowing that 75% of business comes from referrals gives you massive reason to build these relationships. You may sell one person one house every six years, but that person could refer you to other people three times or more a year.
If you are working in an employment model where the goal is to get market share, you can still be fiduciary and become your local expert with the goal of capitalizing on relationships and referrals. Check your social media, message your clients on WhatsApp, follow up with phone calls, and put in the work for the long-game. It's about having a proven system for building relationships with clients and developing a voice in your local community.
More on this strategies for lead agents can be found in The Millionaire Real Estate Agent by Gary Keller. If you would like to learn more about becoming a local expert in your community, simply reply to this email and let's schedule a time to chat.