The Covid-19 pandemic has caused enormous economic and social disruption for the UK housing market.
As agencies reopen and return to work after weeks of lockdown, it is clear that they can no longer conduct their day-to-day operations in the same way they did before.
With ongoing social distancing measures and other restrictions in place for the foreseeable future, many traditional face-to-face methods of conducting business are now largely impractical in a post-lockdown world.
For sales and letting agents operating in this new environment, it means adjusting to new ways of working and of communicating with customers.
While the disruption caused by the pandemic will continue to impact the industry for a long time, there are early signs that as we ease out of lockdown there is a significant pent-up demand for property viewings and transactions.
MRI Software is contributing to an ongoing industry-wide insights report by blockchain proptech company Coadjute on property activity and the figures suggest that the UK housing market continues to recover.
In the week beginning June 8, bookings of sales viewings were up 255% from 4 weeks earlier – just 7% off pre-lockdown levels – while sales enquiries have surged ahead and are now 54% higher than before the crisis.
The figures are a strong indicator that the industry is ready to bounce back, but the upshot is agencies need to be prepared for a surge in property transactions and ensure they have the resources necessary to manage the workload.
Unfortunately for many agencies, the pandemic has forced them to scale back to offset costs.
These cuts combined with the anticipated post-lockdown surge means that many sales and letting agents are already under considerable pressure.
Even before the pandemic most were already facing unprecedented challenges due to rising consumer expectations and tightening government regulations.
Now that lockdown restrictions are gradually being lifted and the market appears poised to rebound, agencies will undoubtedly encounter gaps in resources due to staff on furlough or job cuts.
To deal with the increasing pressure, most need to re-evaluate business strategies and consider digital solutions that enable them to fill service gaps cost-effectively.
Already we have seen the importance of employing digital tools, with many companies conducting virtual viewings and live video tours amidst the coronavirus pandemic.
Other digital capabilities as automated responses, e-signatures and online portals will be essential to managing customer relationships and day-to-day processes in a new, socially distanced world.
This will give staff time to focus on what they do best: building customer trust and loyalty.
Indeed, proptech innovations that employ dashboards, data analysis and CRM functionality can help free agents from time-consuming tasks and make the processes involved in enquiries, viewings and sales more efficient.
For example, lead management solutions can help generate professional email responses to enquiries including photos, floorplans and attachments with just a couple of clicks.
Another example is reporting and analytics solutions which can create custom reports quickly, allowing faster and more informed decisions around lettings and property management.
By utilising technology, businesses can ensure that resources are used as effectively as possible.
Today’s tech-savvy consumers increasingly expect agencies to provide a modern and easy online experience that leverages tools such as online portals.
As agents deal with the rapidly evolving health crisis, it is important that they be able to provide timely and critical updates to customers and other stakeholders as conditions change.
Technology that can facilitate clear and consistent communications with buyers and residents can play a key role in engaging with them and ensuring ongoing positive customer experiences.
What’s more, e-signatures solutions allowing customers to sign, submit and manage important documents anywhere at any time will be an important means of minimising social contact and making customers comfortable.
Agencies that deploy these technologies have an edge over competitors, as they can offer clients high-quality, 24/7 customer service.
The ongoing impact of the pandemic may be difficult to predict but what is certain is that technology is increasingly seen as the differentiator in terms of customer experience and agencies must equip themselves with tech-enabled flexibility to keep their businesses moving.
By utilising the right digital tools, agencies can plug the gaps to improve operational efficiency and put themselves in a better position to weather present and future challenges – and emerge even stronger from the Covid-19 crisis.
Trevor Youens, is Director, Residential Solutions at MRI Software
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