While some sectors have been forced to close and been brought to a halt, the real estate sector has taken up the responsibility and opportunity to push through these disruptive times and keep the market moving.
With work and home becoming one, for many of us the features of the home have never meant as much as they have done previously. While some may have fallen in love again, majority of us have fallen out of love and estate agents have been on hand to fulfil their pledge.
‘It’s a massive honour and responsibility to sell or rent someone’s home, it shouldn’t just be about sticking photos on a portal, estate agents need to offer more to the clients to justify why professional agency are worth the fees’.- (Daniel Mcpeake- Managing Director at NESTSEEKER) with Christopher Watkin Pod cast channel on LinkedIn “Helping Estate & Letting Agents attract Vendors & Landlords to use their agency”
And Yes, they have done just that, by adapting to the working restrictions caused by the health crisis, estate agents have invested in making greater use of property technology. The market has emerged from being accused of being stuck in the past and now leading the way of how tech advancement and adoption is the way forward for all sectors.
At the webinar held on the impact of COVID-19 on housing 2020, several agents from real estate firms talked about the changes to their ways of working.
In order to maintain activity, proactive agencies have stepped up their shift to the digital age. Particularly after the double blow of the pandemic and lockdown. New practices have definitively been adopted, and agencies have made use of current and new tech.
Agencies have been able to prosper largely thanks to the virtual viewings and use of current tech of video calling, to visit the property online.
There has been an increased investment in marketing homes with 3D floor plans, video walk throughs and virtual viewing options in an attempt to make it attractive for tenants and purchasers.
Turning a negative into a positive
RICS Professionals survey across the UK reported a decline in business with 80% seeing a decreased workload and 67% seeing a decrease in new business enquiries. Reduced cash flow is being experienced by 69%, while 25% of clients electing to take property off the market. (RICS 2020 Impact of COVID-19 on UK Property & Construction Market Survey-27 MAY 2020)
Despite the impact of Covid 19, the real estate sector remains resilient and having adopted new practices that are to stay: “We will be systematically proposing this process to
our vendors in order to save time. It’s a real ‘plus’ that we will continue to promote even after a return to normality”, the Managing Partner at housing 2020 webinar confirmed.
Property seeking using your smart phone is the new normal and platforms like ViewingHub are a hybrid of the new tech era and the need for professional services. There would always be a need of a physical experience as searching for a home is not always about floor plans and photos but how it makes you feel. The digitalisation/ automation of the viewing process is a time and money saving step forward. It would allow agencies to adopt new practices but integrate a tool, that allows for a greater conversion from property portals and a return on investment from increased marketing cost.
The new way forward is tech innovation and adoption, and this would go a long way in answering the age-old question, why professional agency is worth the fees. Giving vendors, landlords, buyers, and tenants the confidence and trust that despite turbulent times, the professional real estate sector remained open for business and invested in making their clients experience better.
