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Stamp duty rush provides agents with opportunity to generate additional revenue

16 February 2021 7590 Views
Stamp duty rush provides agents with opportunity to generate additional revenue

A huge number of additional transactions completing in the next few weeks due to the stamp duty holiday provides estate agents with the opportunity to generate significant additional revenue on top of commission.

Meanwhile, taking advantage of increased revenue opportunities now could help to protect agents' medium-term income with market activity expected to dip when the stamp duty holiday comes to an end.

Market boom continues into 2021

Since the stamp duty holiday was introduced in July 2020, estate agents have experienced unusually high levels of demand. This has translated into a higher number of completed transactions as buyers look to push deals through in order to benefit from significant tax savings.

According to recent HMRC property transaction data, there were 129,400 residential transactions in the UK during December 2020, 13.1% higher than the previous month and a 31.5% increase on the figure recorded in December 2019. This figure represents the strongest December for property sales in the past ten years.

On top of this, Rightmove reports that there are 613,000 sold subject to contract properties still awaiting legal completion, while Zoopla has forecast an additional 100,000 property sales in the first few months of 2021 due to the stamp duty holiday.

The high number of additional transactions is allowing agents to earn higher levels of commission ahead of the stamp duty deadline. The increased activity as a result of the stamp duty holiday has helped many firms to claw back income lost during last year's spring lockdown when the housing market was closed for seven weeks.

As well as benefiting from higher commission levels, agents have the opportunity to increase their revenue per transaction over the next few weeks by exploring additional revenue streams and earning money through third-party referrals.

Agents can take advantage of unprecedented transactions

Referring TV, internet and phone services to homemovers is one of the simplest and most effective ways for estate agents to generate additional revenue per transaction.

Estate agents can partner with Virgin Media to drive a new revenue stream by referring homemovers, with the opportunity to earn a fee when they take Virgin Media's pay TV, broadband, mobile or phone services.

The impact of the pandemic since March 2020 means consumers are acutely aware of the importance of having access to the best TV and broadband at home.

After spending prolonged periods of time at home over the last 10 months, people moving home at the moment don't know how long they will be required to work from home on a full-time basis.

With hospitality and leisure options currently limited, homemovers will also want instant access to TV sport, on-demand and catch-up services, as well as services such as Netflix and Amazon Prime.

Therefore, making sure they have the best broadband and TV packages in place in their new home from the get-go will be a priority.

Moving home is a stressful process at the best of times and estate agents can help to reduce the hassle for property buyers by getting the ball rolling on their installation process.

As well as the opportunity to generate revenue, referring these essential products can help agents to provide an all-round service and improve the chances of receiving positive feedback and reviews.

Want to find out more about how Virgin Media can help you?

Virgin Media is a household brand, renowned for its premium products and ultrafast speeds. Its broadband services are available in 15.2 million homes across the UK and steadily growing, with 5G mobile connectivity available in 100 locations across the UK.

Virgin Media provides estate and letting agents with a proposition to drive a new revenue stream by referring leads of homemovers which then convert into installs of Pay TV, broadband services, mobile and phone.

Agencies which partner with Virgin Media benefit from on-shore account management, as well as training and marketing support.

In 2020, Virgin Media was named by uSwitch as the Superfast Broadband speed winner for the 11th year in a row.

For further information about how you can generate additional revenue by referring Virgin Media’s services to property buyers, contact: becomeapartner@virginmedia.co.uk.

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