The number of small independents in the UK has fallen by 20% in the past 5 years, the National Association of Estate Agents (NAEA) said in a recent report. This decline is being driven by a number of factors, including technological obsolescence, reduced margins, and the increasing cost of doing business.
Small independents are struggling to stay relevant in an age of automation and rapidly changing work and spending habits. Traditional online platforms have long made it easier for buyers and sellers to find properties without the help of an estate agent. More and more home movers are choosing to work with agents who are located remotely – or to ditch intermediaries altogether. “Off the market” property sales now make up between 15 and 20% of all real estate transactions in the UK, and the cost of living crisis has only hastened the rise of “for sale by owner” (FSBO) platforms.
Most importantly, small independents are falling behind on digitization, unable to provide the same customer experience as some of the bigger brands. Home movers are using their smartphones to interact with agents and have grown accustomed to transparent, low-touch, fully-digital processes. This means that small independents need to be able to offer seamless online home sale experiences – from client onboarding all the way to completion – and set themselves apart for exceptional client service.
Tips for Future-Proofing Your Independent Agency
- Don’t resist change. Embrace it: Independents have a formidable advantage over larger firms: a short chain of command. They can embrace new technologies at a pace that more established firms can only dream of. Use that to your advantage and gain that competitive edge as soon as you can. Experiment, be bold! Your clients will thank you.
- Time is money: Don’t spend your day toiling away on back-office work; instead, reduce unnecessary admin, data gathering, and operations through automation. Stay lean and focus on your core strengths: cultivating relationships, great salesmanship, and local knowledge.
- Your clients love you. Don’t lose them: As an independent agent, you are one of the trusted guardians of your community. However, only diamonds are forever. Clients are increasingly looking for low-touch, hassle-free user experiences, with real-time updates, automated onboarding, and a single point of touch with agents and conveyancers. Don’t risk alienating your future clientele by failing to appeal to them.
96% of British estate agents are SMEs. We created conveyo with independent estate agents in mind. Get in touch today for data-driven, fact-based advice on how to boost your revenues, win more clients, and build a future-proof business through data and technology.