As the UK throws itself into the thick of negotiations to leave the EU, many are left prepping for the aftermath of Brexit.
None more so than the property industry. Having already undergone fast change across the property market, agents are increasingly finding ways to adapt, in order to future-proof their business before the 29 March 2019 Brexit deadline and beyond.
Following-on from ZPG’s recent State of the Property Nation survey, it’s clear that agents’ priorities are heavily focussed on making sure they are best placed to navigate and position themselves within this shifting landscape. As consumers demand more in today’s technological world, just how can agents adapt to today’s changing market?
Current agency challenges
ZPG’s annual State of the Property Nation highlighted that an agent’s biggest concern is the state of the UK economy, particularly around consumer reaction to the potential risk of instability with some expressing, “We are seeing panic over the economy and its affecting our market”.
Brexit worries, regarding the economy and potential market challenges, have increased since 2016 from 19 per cent to 24 per cent, and continues to rise as the risk of “no deal” becomes ever-more likely, and consequently, agents are having to react quickly to alleviate such concerns.
Competition both online and offline is increasingly becoming a challenge for agents, with new services being offered, together with challenges to agency fees, which are all adding to the list of trials agents are having to compete with.
Vendors are seeking more transparency and speed in their property transactions, with 34 per cent of consumers demanding increased help and support with the move process, and 51 per cent would like to see better value for money from their agent. How are agents adapting? Agency challenges can be summarised as:
• Brexit / economic fears
• Increased competition
• Squeeze on agency fees
• Competitive services
• Increased consumer demands
Pressures on the property industry has led to agents having to diversify and embrace new services and technology to help them future-proof their agency.
We have adapted so we can react accordingly.”
With today’s open market, consumers are looking to agents who offer something new, as such, many are taking steps to assess the fees and the services they offer.
ZPG’s MoveIt has become one of the key players in helping agents adapt and stay current in today’s market, having recently reached the significant milestone of delivering over £1m in referrals to its agents.
Changing the landscape of the property industry, MoveIt enables agents to play an even more pivotal role in the home-moving process, helping them to become “more proactive and up-to-date on changes in the market place”.
High street agents are highly rated for their advice surrounding the home-move, whilst online agents are rated for their value for money. MoveIt helps to combine the two by connecting home-movers with a panel of service suppliers from conveyancers to financial advisers and energy switching, helping to save them precious time, as well as providing up-front moving costs keeping your customers in the know.
Seamlessly integrated within ZPG software, agents can select their panel of service providers, introducing home-movers to MoveIt at each appraisal by showcasing a list of home-moving quotes, allowing customers to select their chosen service supplier. For every successful referral, agents are not only automatically kept up-to-date with each stage of the home-moving process, they will also receive a new revenue-stream helping agents save costs.
With many agents recovering their ZPG portal and software costs from 56 per cent to 265 percent with the help of MoveIt, not only can property professionals deliver a unique service to their customers, they can also future-proof their business from economic concerns and a continued squeeze on agency fees.