96. Why a 100% Conversion Rate Means You’re Failing

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Fresh off the back of the TCA Mastermind in Manchester, the lads are back (eventually... Dave had some connection issues!) to dissect the reality of the current market.

This week, Ian shares a horror story involving a high-value property and a lazy agent that nearly collapsed a chain, proving once again that "cheap" fees often cost the most. JK battles the "Mancunian Cough" to drop truth bombs about conversion rates, and the team debates the age-old question: Should you launch new listings now or wait for the January rush?

If you are an agency owner feeling the burnout, or you're obsessed with high conversion rates, this episode will challenge your thinking. It’s time to stop looking at vanity metrics and start looking at your profit.

In this episode, we cover:

• The Chain from Hell: Ian exposes a shocking failure in source of funds checks on a high-value property and why doing it properly is worth the premium fee.
• The December Dilemma: With the holidays approaching, is it better to launch stock now or hold fire for the New Year? The guys share their strategy.
• The Conversion Rate Myth: Why a 60-70% conversion rate might actually be a warning sign that your fees are too low.
• Defining Your "North Star": Why the goal isn't always a supercar—sometimes it's just being able to do the school run.
• Scaling Up: The specific first hires you need to make to transition from an overworked owner-operator to a business owner.
• Mastermind Takeaways: Exclusive insights from the Manchester event, including the power of daily data tracking.

Killer Quotes from the Episode:

"That is what you get for less than 1%... You remember when you were choosing between 2% and 0.75%? This is what you chose. And now we're having to pick up the pieces." — James Kendall

"If your gross conversion rate is 60-70%, the fact of the matter is you're too cheap. Put your fees up, you'll convert less, but you'll make more money." — James Kendall

"You're not going to look back on your deathbed and think, 'God, I wish I'd done one more valuation.' You're going to think, 'I'm really glad I took the kids to school.'" — Ian Storey

Key Resources & Mentions:

• TCA Mastermind: Insights from the recent Manchester event.
• Street.co.uk: Mentioned regarding AI call handling.
• Book Recommendation: Exactly What to Say by Phil M. Jones (referenced in previous context but relevant to the scripts discussed).

Next Week: Get ready for a special milestone! Next week we celebrate Episode 100 with a video special.

About The Complete Agent: The Complete Agent is dedicated to helping estate agents move away from the high-volume, low-fee hamster wheel and build a business based on quality, high fees, and exceptional service.