How LiFE halved the UK's average fall through rate
We understand the disappointment and stress that comes with the collapse of a sale. For this reason, we are delighted to report that our fall through rate from January to June was half the national average.
Whether looking to sell a property or move into your dream home, a fall through late in the process is the worst possible outcome. However, despite often being preventable, sales continue to collapse throughout the country at an alarming rate.
Recent figures put the UK average fall through rate for the first three months of the year at 38.8%. That means over a third of all sales during this period ended in collapse rather than completion. Despite an improvement in the second quarter, the same source recorded 2018’s six-month average as 30.5%.
At LiFE, we’ve moved to counteract many of the common causes of sales collapsing particularly over the last two years. On the back of recent initiatives and our long-standing service level, our fall through rate from January 1st to June 30th 2018 was 15.9%. This is not only half the national average, but also the best six-month record in our history.
When asked about this performance, Oliver Tyrrell, our Area Sales Manager for West London, said:
“We’ve tightened up since the market has and have worked hard to ensure expertise and experience is always at hand for our customers. By maintaining a proactive approach, even on the occasions when a fall through does become unavoidable, we regularly prevent our sellers from having to start again from scratch.”
LiFE Area Sales Managers: Oliver Tyrrell (left) and Josh Larn (right)
It’s important to note that this was no fluke. Following detailed analysis of both our business processes and previous sales that had fallen through, we identified opportunities, launched two new approaches and reaffirmed the standards LiFE have always worked towards. In 2016 our fall-through rate was 33%, dropping to 30% in 2017.
Looking back, we believe the key contributing factors to our record performance so far this year are:
- Employing a dedicated sales progression department
- Established direct affiliations with specialist solicitors
- Ensuring accurate information is collated and communicated at all stages
- Diligently qualifying prospective purchasers
Josh Larn, our East London Area Sales Manager, acknowledged the impact of these actions:
“Fall throughs often happen due to there not being enough clarity at the listing stage, a lack of ownership over progressing the sale or agents having inefficient relationships with both clients and solicitors. We’ve worked hard to reduce the impact of each of these and are thrilled with the results.”
If you want to reduce the chances of your sale falling through or would like to find out more about our service, get in touch with us on 020 8896 9990 or visit our Sales page for more details.