Digital disruption has swept across the world streamlining and improving the way we do things whether that be something as simple as our weekly shop, or a decision as large as buying or selling a house. So much so it is the focus the BBC Radio 4 show “Breakfast with Disruptors” hosted by Simon Samuels.
Throughout the series, he examines how a buzzword first coined in Harvard in the late 1990’s has become a force that has driven established companies out of their respective industries, drastically reshaping the business environment in the meantime.
Radio 4 now is (another) online vs high st estate agents debate
— Russell Quirk (@eMoovCEO) May 22, 2017
What is Digital Disruption?
Digital disruption is the process of change involving the value proposition (service offered) of an existing business or sector, due to the evolution of that business model through the development and implementation of digital technology.
Today, two-thirds of companies that dominated the Fortune 500 list in the 1980’s have now vanished due to the disruption in their industry, as well as their failure to pivot with this change. In this digital world, the power now lies with the challenger, not the established traditional entity.
“Forget rules, obligations and regulations – all that disrupts is good, all that stands in the way deserves to fail.”
Whilst digital disruption always evolves with the consumer at the forefront, it does unfortunately come at a cost. Those that fail or refuse to pivot with the changing face of their industry and insist on continuing with the traditional business model often fall by the wayside as a result, these are the incumbents.
In recent times, we have seen many big brands, who in their day were untouchable, go out of business due to a failure to adapt to what the consumer wants and the new technologies in place to facilitate this.
Digital Disruption in the Property Sector
Online estate agents have been around for quite some time now and we are now reaching a point where selling your property with an online estate agent is becoming the norm.
As with every migration to a digital platform, it was only natural that homeowners were hesitant about the model, after all, it is the most expensive asset they are ever likely to own.
The online sector initially, and currently, is portrayed as a DIY method of selling by high street agents such as Simon Gerrard of Martin Gerrard and Co due to the “lack of hand holding, negotiating and guidance” which he believes will be the online estate agents downfall and states as the main reason he isn’t worried about the likes of eMoov and Purplebricks.
Unfortunately, whilst the high-street estate agent sector persisted with their head in the sand view that the online agent is just a fad, online agents have further evolved their proposition to go above and beyond the service provided by the high street and put to bed the fictitious rumours about the online service offering.
Why eMoov is the best choice for you
Our aim is to make selling your home easier. But this is only one of the reasons why we are rated the best estate agent in the country:
We are a full-service estate agent and we sell all over the UK for a one-off flat fee of £795 Inc VAT, not the 1.3% plus VAT you would pay a high-street agent (around £3,000 to £4,000 on the average UK house).
Disruption: Technology allows us to sell all over the UK from one location, so although we have local property directors in your area who know the market, we don’t spend your money on expensive offices, shiny Mini’s and designer suits. This lack of expensive outgoings means we also don’t employ the small print style tactics of the high-street sector such as sole agency agreements. We offer a transparent service, with a low fixed fee, that focuses on the benefit of the seller, not the agent.
Valuation and Listing
Not only do we have local property directors who will come out and visit your property in person, they are able to provide you with market comparable from a wealth of eMoov and other online sources, then and there on the spot.
If you decide to list they will personally take your photos, compile your floor plan and do everything to create your online listing.
Disruption: A blend of people and technology allow us to provide you with a vast amount of information on your property and the surrounding area at the click of a button.
We can then create your property listing and send it straight to our team to put live on all the major portals, whereas a high-street agent will have to wait until he gets back to his desk and upload it all with the five other properties he has to work on that day.
Buyers and sellers no longer want the agent to do the viewings, due to their lack of knowledge of the property and their propensity to undersell it.
Whilst we let our sellers conduct the viewings, we schedule and confirm all viewings on their behalf so they can sit back and prepare for the viewing itself.
Disruption: Our Hero2 platform lets our sellers log on anytime, day or night, to schedule when they are free to view, confirm or cancel requested viewings and monitor buyer feedback.
No longer do they have to wait for the high-street agent to do this for them, constantly ringing them whilst at work trying to schedule viewings at a time they can’t make.
Offers Negotiation and Sales Progression
Once the offers start to come in on a property we’re there every step of the way with a dedicated, professional sales progressor to help you get the best price for your property. Despite what the high-street sector may claim, we are a full-service estate agent and work right up until the day you hand over your keys to ensure the smoothest sale. Sales progression is a big part of what we do as standard in our low fixed fee and we employ real people to oversee the whole process, helping and problem solving every inch of the way
Disruption: Our sellers can see all the offers submitted on their property immediately and accept or counter via our Hero2 dashboard. This leaves our progression team to take care of the important parts like qualifying buyers, offering advice to our sellers and ensuring a smooth, stress-free transactions. This is possible through a dedicated offers team and a customer empowering digital dashboard, whereas a high-street agent who is juggling three sales at once can often be out of the office hosting viewings when the important calls come in about another property in the offers stage.
So there you have it. All you need to know about digital disruption in estate agency and how the online sector is pioneering a change in the business environment that puts the seller first, now the agent.