Three changes agents are making amid ‘challenging’ housing market

Agents are developing new service opportunities, making better use of artificial intelligence (AI) and technology and improving operational efficiency to cope with the uncertain market, research shows.

Six stops into its 20-meeting regional tour, The Guild of Property Professionals has highlighted how agents are responding to a challenging market.

Meetings across Cornwall, Exeter, Bristol, the wider South West and Cardiff have highlighted changing consumer expectations, increased stock and reduced buyer urgency.

Members reported increasing numbers of vendors arriving with valuations and opinions generated by portals, online tools and AI.

The market is challenging, but it is certainly not broken.”

This is placing greater emphasis on agents explaining local market conditions, pricing and the wider costs of moving, rather than simply providing a headline valuation.

Transaction times are another consistent concern, with members reporting deals taking 16 to 20 weeks in some cases.

Members discussed practical ways to improve the process, including better information gathering at instruction, improved Memorandums of Sale, seller checklists, proactive communication, regular pipeline reviews and stronger chain management.

There was also interest in exchange-ready processes that bring key information together earlier, helping to reduce uncertainty and improve the journey from offer to completion.

Members are also examining how they can provide greater value throughout the moving process, rather than relying solely on commission from a completed sale.

Services under consideration include premium marketing, photography and video, conveyancing and mortgage referrals, surveys, legal and sales packs, auctions, probate, vacant-property services and removals.

The focus is on making these services transparent and demonstrating the value they provide, with some Members also exploring tiered service packages that give consumers greater choice over the level of marketing and support they receive.

AI use

AI featured in almost every meeting, with agencies increasingly moving beyond experimentation and looking at practical applications.

Current uses include property descriptions, emails, social media content, video scripts and administration, while more advanced applications include call transcription, automated task creation, vendor reporting, workflow automation and internal knowledge systems.

Members also highlighted consumers increasingly using AI for valuations, legal questions, landlord and tenant issues and general property advice.

At the same time, social media and video are becoming increasingly important, creating an opportunity for agents to establish themselves as trusted local sources of property information rather than relying solely on portals to generate enquiries.

Iain McKenzie, Chief Executive of The Guild of Property Professionals, says: “The market is challenging, but it is certainly not broken.

“What is changing is the way agents need to operate. Consumers are more informed, have greater choice and increasingly expect value and transparency from the businesses they use. Our Members are therefore looking at how they can deliver a better service, use technology more effectively and build businesses that are resilient over the longer term.”