133. The Estate Agent Who Increased His Fees By 65% And Still Grew Ft. Michael Parry

Michael Parry of Frank Modern and Parry & Grace joins James Kendall and David Warburton to talk about what it really takes to move an estate agency upmarket. Mike shares how Frank Modern grew from a start up launched during lockdown into a successful volume agency, but also reveals the uncomfortable reality behind the numbers. The business looked successful from the outside, yet margins were tight and being busy did not necessarily mean being profitable. That led to a major change in mindset. Mike and the team increased their fees, invested more heavily in their marketing and became more selective about the clients they worked with. Since 2023, their average completion fee has increased by 65%. Despite completing slightly fewer sales this year, higher fees and upfront marketing charges mean the business has generated more revenue. The conversation explores the shift from a "win at all costs" mentality to what Mike calls "with or without you energy", and why having the confidence to lose an instruction can ultimately create a stronger business. Mike also explains why Frank Modern eventually created a completely separate premium brand, Parry & Grace. As £1 million plus instructions began coming through their direct mail campaigns, they discovered that their existing stock could sometimes undermine their positioning with premium sellers. At the same time, mainstream sellers occasionally wondered whether Frank Modern had become too expensive or exclusive for them. The episode goes deep into the practical changes that helped drive that growth, including handwritten direct mail, better use of property market data, presenter led video, premium marketing and learning how to demonstrate value rather than simply telling sellers what their home is worth. James and David also discuss why moving into the premium market requires genuine financial commitment, why sellers judge an agency long before the valuation appointment and why agents who want higher fees first need to create a service worth paying more for. Ultimately, this is an episode about backing yourself, becoming comfortable with losing the wrong instructions and building an agency around profit and value rather than volume and market share.