A survey of 100 senior estate agency figures, commissioned by Landmark Estate Agency Services (which is in the business of proptech for the estate agency industry), has been compiled into an ‘Estate Agents of the Future’ report, looking back at what lessons the pandemic has taught estate agents, as well as considering where improvements in businesses could be made, the appetite for technology adoption, and what the estate agent of the future might look like.
More than half of estate agents interviewed (56%) said they had a difficult financial year as a result of the pandemic, staffing issues have been a challenge for 61%, while 49% say there has been a lack of proptech investment at their firm during the pandemic.
More than three quarters (78%) of respondents said that working from home has made them appreciate the importance of software in their role and the wider industry.
The report examines the future of the estate agency profession in the near to mid-term and asked agents about their concerns for the coming year, as well as looking further out to 2025.
Of the current concerns, cashflow came out top with 58% saying it is a moderate or major concern for their business. Compliance and cyber threats are a major concern for 23% of the agents.
The survey asked agents to select the top three ways in which data and automation of administrative tasks will help improve the industry in the next four or five years.
50% said having more data up front would speed up transactions. 42% felt it would improve the customer service experience. 40% said it will help reduce admin tasks so that more time can be spent of selling more homes.
Looking to 2025 the survey found that 76% of the agents believe the residential property industry will see increased legislation. 78% think there will be more online/hybrid agents in four year’s time.
Ben Robinson, Managing Director of Landmark Estate Agency Services said:
“To capture the current sentiment in the estate agency industry, we commissioned an independent market research project, which interviewed 100 senior estate agents and three key areas of management concern really came through: people, proptech and processes.
“The last 18-months have really been a challenging time, what with managing resource amidst difficult conditions such as furlough, maintaining compliance and all while working through significant peaks.
“I believe this has sharpened agents’ focus on where real improvements can now be made – within the onboarding process an increased use of automation to replace many manual tasks – such as ownership and AML checks – come out as particularly strong themes.
“What is apparent throughout our research survey is a desire to improve the way we buy and sell houses and we believe we’ll see real change over the next two years, with the pandemic actually being a catalyst for change.”
To download a copy of the Estate Agents of the Future report, click here.