Consumers ‘hammering on the virtual doors of estate agents’ says Yomdel sentiment tracker

Consumers desperate to get moving are hammering on the virtual doors of estate agents, with the volumes of new enquiries online rapidly rising above or towards pre-lockdown levels, the latest data from the Yomdel Property Sentiment Tracker (YPST) shows.

For the week ending midnight 3 May, new enquiry volumes from landlords and buyers joined tenants in being well above the 62-week pre-coronavirus lockdown levels, with vendors ending the week not far behind.

Andy Soloman, CEO of Yomdel said:

“There’s been an incredible transformation of what was a very traditional sector, as estate agents have embraced digital tools such as virtual viewings and valuations.

“Consumers are very savvy and they are unequivocally saying ‘we want to do things differently’.

“The best agents have made lightning quick decisions to discover new ways of doing things, and now we are seeing some agents start to bring back furloughed staff to help cope with rising demand.”

 

New vendor enquiries rose a further 14.12%, or 10.53 points to 85.13, just 15% behind the pre-COVID-19 average, but up 146% from the low when the lockdown first hit.

Buyers moved further into positive territory, finishing the week at 125.63 points or 25% above the pre-lockdown average.

They were up 19.75% on the previous week, and were rapidly closing in on the 2020 high of 135.63 reached on 26 January.

Landlords pushed back into positive territory for the first time since lockdown, gaining 24.55% to end at 112.62 points, edging closer this year’s high of 127.24 reached on 12 January.

Stellar growth in tenant enquiries continued unabated, rising 23.60% to 193.82 points from 156.81 last week.

Tenant demand is now almost double the pre-lockdown 62-week average and 249% above its lockdown low.

“No agent should ignore this data. People are online and seeking immediate support to help them plan their moves.

“As the lockdown eases there will be rapid and immediate significant new business opportunities for those that are ready,” Soloman said.

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15 Comments

  1. James Wilson

    Does anyone actually read this nonsense?

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    1. AgencyInsider

      Well, you do apparently.

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  2. porkpie

    We’re having to turn away shedloads of people wanting to view properties, I’d say this isn’t that far wide of the mark….

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    1. Shaun77

      Are your applicants not aware of the lockdown then?

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      1. Yomdel

        Applicants we see are most certainly aware of the lockdown. Many questions revolve around needs and wanting advice. They also need guidance and careful management of expectations as they are seeking support for when it is possible to move. Some are also essential moves.

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  3. Property Pundit

    Let’s see how it all translates in to reality.

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  4. Yomdel

    It is important to stress that this is sentiment-driven demand. There is clearly a huge disconnect between what people want to be able to do and what they can actually do. Our view is that it is a breeding ground for opportunity to build relationships by working with and supporting customers however you can right now, adopting new working practices, and then being able to ramp up with a ready built pipeline as restrictions ease.

    I can also say that the data is derived from many thousands of real conversations in live chat with visitors to estate agent websites who are seeking help to move.

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  5. Jonathan.Welford

    Lettings will be fine for virtual viewings, no home mover will buy a house without even viewing it in person!

    It’s not like buying a ticket to view a film on the basis of a trailer.  This is a big ticket item not a token purchase.

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    1. Yomdel

      Totally agree Jonathan, but virtual viewings may well play a role in helping people narrow down their choices? How many potential buyers have seen enough the moment they set foot across a threshold?

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      1. surrey1

        Only the ones not properly qualified in the first place.

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        1. Yomdel

          very true.

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          1. Paulfromromsey87

            And every agent has sold a property to a buyer that they initially rejected for one reason or another but when they eventualy viewed it they fell in love with it, because the agent identified the buyers’ NEEDS not their WANTS which video/virtual tours simply cannot do.  

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      2. Jonathan.Welford

        I’m currently furloughed.  However, as at any time when people are off work, they cruise the property listings and send enquiries through to agents.  Video tours are a useful tool, but anyone will be deluded to think this is the saviour of the property market.

        Everyone’s cooped up at home on lockdown is looking at alternatives, however whether they’ll be able to afford a purchase will be another matter.  There is so much uncertainty in the economy and job security, only after lockdown is lifted will people know if their jobs are still there.

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  6. J1

    We will all know more on Sunday…..some very excited people out there at the moment.

    Buyer behaviour will dictate every agents future as always.  Not chat bots, virtual tours or videos.

    If buyers are cautious about, or not allowed to do physical viewings then a stagnation will endure.

    One thing being overlooked too is the willingness of sellers to allow strangers or even their agents into their homes.

    So many unknowns.

    Keep moving forward everyone……..

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  7. Woodentop

    Shot in the pan while restrictions are in force. Inevitable consumers will look for next best but is going to be a replacement for the future. Laughable.  
     
    It is only a tool which some may want to use or think it is better than sliced bread, but we abandoned many years ago as it caused more problems than it was worth  
     
    1. With actual public perception once they viewed. The grief it caused and not all properties are user friendly video tour.  
     
    2. The legal implications around false or misleading information AND obligations by an agent. If you are not water tight, you will need big pocket! The consumer is never wrong (Lol) and is pretty good at trying to manipulate for compensation.

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