Mike Day’s article about AI this week prompted EYE to take a look at what Artificial Intelligence thinks of estate agents, in particular why agents are so disliked and mistrusted by the media and in public perception.
We asked Bing’s ‘Copilot’ AI to answer the provocative question: “Why do people hate estate agents?”
The result was in the main predictable but if you recognise that the tech is distilling its response from a vast array of internet sources to arrive at the conclusion, there is some justification in saying that, as an industry, we should be paying close attention to these identified trigger issues.
How good are your firm’s comms with customers? How far do you go to justify your valuations? How well do you play your part in ‘the dance of contracts and keys’ and do you avoid ‘the occasional shady waltz’?
Here then is the Copilot response.
Estate agents—those enigmatic figures who navigate the labyrinthine world of property transactions. Their reputation, like a weathered signpost, points in various directions. Let’s unravel the reasons behind this complex relationship:
Trust Issues:
Trust is a delicate commodity, and estate agents often find themselves in its precarious balance. A survey revealed that just 1% of UK adults consider estate agents trustworthy. They’re ranked lower than lawyers (3%) and even traffic wardens (2%). The sentiment isn’t unfounded. Many agents admit that some of their peers indeed deserve the stereotype.
Communication Woes:
Picture this: You’re waiting for updates, but the line remains silent. Delays and lack of communication are common complaints. Buyers and sellers yearn for timely responses and transparency. If you opt for an Online Estate Agent, brace yourself for potential gripes about market knowledge and subpar photos.
Shady Valuation Tactics:
The mystical art of property valuation—sometimes it feels like estate agents consult a crystal ball. Shady valuation practices irk both buyers and sellers. Honesty and clarity in this realm would go a long way.
Profit Motivation and Aggressive Sales Tactics:
Estate agents, driven by profit, can appear relentless. Their sales tactics—a blend of persuasion and persistence—can leave clients feeling cornered. The perception of being unnecessary middlemen in the property process adds to the discontent.
Blame Game:
When deals crumble or expectations aren’t met, guess who’s in the spotlight? Estate agents. They’re the convenient scapegoats when things go awry. Perhaps it’s because they’re visible players in an intricate dance of contracts and keys.
So, why the animosity? It’s a mix of trust deficits, communication hiccups, and the occasional shady waltz.
And the solution is simple – Personal Brand.
Unfortunately, that requires transparency and the desire to embrace different from instead of better than.
Few agents have the courage.
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We don’t need AI to tell us why people aren’t keen on estate agents.
We have a reputation for bad service and being self-serving, which makes people not value us as an industry. Because of this, people don’t see our worth, and many agents’ fees are falling, which means many agents have to cut back, which means they can’t afford to provide the right service. It’s a vicious circle.
Simply, the best thing agents can do is raise standards in the FIRST instance – do what you say you’re going to do, and do it well. If everyone did this, our reputation would improve and our fees would improve, which delivers the money to put behind great service, creating a circle that is much less vicious.
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just as when my children extract the urine now and then about my age, I retort that, well, at least I got here, no guarantees for you, Sunshine.
just as when I am ridiculed and or scorned for this industrys public perception, I retort that everybody hates an estate agent, until they need a good one.
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Everyone hates an estate agent, until they use a lawyer lol.
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