A recent survey by a leading estate agency software provider confirms exactly how property buyers find the home they buy. It is indisputable evidence that technology and modern consumer behaviour has completely overtaken the traditional estate agency business model.
Expert Agent are a company that supplies operational software to the estate agency industry. Their client base totals 1200 estate agency branches, a significant chunk of the total UK contingent.
Recent research by Expert Agent analysed data relating to 209,000 buyers registered with their client base. Indisputably representative.
The results make uncomfortable reading for property firms that are stubbornly intent on maintaining a 20th century approach to property selling.
It transpires that 9 out of 10 prospective house purchasers do not bother to register on agents’ mailing lists, preferring to visit property websites like Rightmove instead, then requesting a viewing only when they see a specific property advertised for sale.
This leads to two conclusions. Firstly, coveted lists of secret and exclusive buyers held by traditional estate agents as they often claim to have are, in truth, imaginary. And secondly, with 90% of buyers searching for and finding their next home online, why on earth do estate agents need lots of expensive High Street premises that cost a fortune to operate and that necessitate HIGH fees from the consumer in order to fund them.
Low cost online estate agents just took another step forward.