Confirmed as a panellist at the Virtual EA Masters Conference next week, Jon Cooke, CEO of epropservices, the parent company of The Guild of Property Professionals and Fine & Country, says that he believes that a second wave of Covid-19 would act as a catalyst for further change within the industry.
“We have already seen the industry evolve ten years within a few months as a result of the pandemic hitting our shores and estate and lettings agents adapting very quicky to a new way of working.
“I believe that a second wave of Covid-19 will entice more agents to re-evaluate the way they work, and we will see a third wave of agency gain momentum as a result,” says Cooke.
Cooke says that the first wave of agency was predominately surveyors who also ran estate agency businesses in the local high street. The second wave of estate agency was when the more entrepreneurial marketeers came into the industry, some with prime and sometimes brash high street locations. It is this second wave that has driven the industry for the past two or three decades; very much a marketing-led model of estate agency.
“The third wave is where individuals will possibly work remotely and will be less reliant on a high street office, however, they will work with an umbrella organisation that will provide them with leads, marketing, technology and the ever increasingly important compliance, similar to what The Guild does for its 800 Members and what Fine & Country does globally in the prime market sector under its platform license,” Cooke explains.
“Before lockdown there was already a growing trend in the industry of agents moving away from the high street estate agency model and moving towards more flexible options that offered them the ability to work from anywhere, greater earning potential and the support of a network.
“If a second wave of Covid-19 causes further disruption in the market, more agents will be looking at their office set ups and ways to cut their overhead costs by perhaps having a central hub or shared office space such as WeWork. Technology has allowed agents to work remotely and the lockdown has proven it to be a viable option.
“The pandemic has forced the industry to embrace certain technology that until this year may not have been at the forefront. These days, every agent is more tech enabled and experienced at working remotely, which I believe could be the future of the sector.”
Cooke says that the growing number of associates joining the Fine & Country brand under the platform license model is a prime example of agents looking to change the way they work and how they think about estate agency.
“As the model suits business-minded, experienced, motivated property professionals, we are also seeing a remarkable calibre of agent joining as an associate. Generally, they are individuals who by the nature of their experience and the fact that they are dealing in the upper quartile of the market can offer a bespoke, targeted premium service to luxury buyers and sellers.
“How people interact with businesses has changed and as such the property sector will need to evolve and progress to accommodate the needs of today’s buyers and sellers.”
Academics at Oxford University are close to releasing a vaccine to combat the “third wave of agency”. It sounds painful, if nothing else.
Agency doesn’t react in waves and all companies are of course exploring ways to reduce their cost bases. I have a feeling that agents will take market share if they keep their branches open in worthwhile locations.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
The trading location of an Estate Agent has no relationship to how successful they will be.
Jon Cooke is bang on the money with this. The transition might take 5 to 10 years – yet it will happen.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
I called this 16 years ago….work from home, covering a local area, charge less due to lower overheads win/win. Likes of PeeBee and other high street agents giving it the barry big balls towards me…lol
“the future of estate agency today” is what I said 16 years ago…redhomes.co.uk!
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
You advertise that you sell properties for 0.75% plus VAT ….. Its nothing to boast about. I would go as far to say proves PeeBee right.
A 2.3% rating on google shows you get what you pay for.
7 ‘Branches’ with 57 properties for sale averaging 8 properties per branch
Heck even your website does not have an SSL certificate, where else are you ‘saving money’?
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
the future is bright. the future is… oh wait…..
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Smile please that’s the other Barry big balls I forgot your name apologies ….
Still can’t admit I was right can you, my area I cover actually has a stock level of over 80, my google rating is 4.8/5 so you might be looking at a different branch of Red Homes, I am talking about me and my branch…Keep Smiling
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
Fella, If it works for you good luck, many of us have a higher standard of service and want to earn more.
The google link took me through to your site which you advertise above.
There are alway the bottom of the barrel choice in every industry, if you are happy being the pound shop of the estate agency world crack on.
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register
I am happy earning £100k – £120kpa, working from home….suits me fine Fella.
The service I give my clients is above and beyond what most/if not all High Street agents can give, as being self employed you go that extra mile….I am sure you know this being your own boss….Oh no we don’t know who you are as you hide behind a keyboard warrior name….for all we know you could be an office junior..????…
You must be logged in to like or dislike this comments.
Click to login
Don't have an account? Click here to register