All modern business including agencies are digital businesses
The legend that is Chris Watkin asked me this question recently: –
‘If you were going to go into estate agency now, what route would you take, High street, franchise, online, hybrid or a combination of all or any?’
My answer is, ‘the route I would take Chris is DATA. Forget online agency, hybrid, traditional agency, or trading from your bathroom that is not the debate. Nor is self-employed, employed, franchise, hybrid/franchise, gig model of employment.
The future is all about the CAPTURE OF DATA AND ITS USE.
Recently I spoke to a very successful client, an award-winning estate agent who has built her own great profitable business. She just dived in, and with her drive, determination and can-do attitude moved her business forward.
She asked me if a franchise model was better than being self-employed or working for someone else.
I said that if I were a franchisor and I offered a franchise with training and a brand in return for a % of her turnover and a franchise fee, would that be a good deal?
I then said what if I came to you, not with a franchise but the details of every potential vendor and landlord who was going to the market in the next year, not existing vendors and Landlords, but fresh DATA of people who as yet had not spoken to a soul, and she would be the first point of contact.
We both agreed that anyone setting up an agency would pay strong money for this DATA, because it is the lifeblood of the business.
In the 1980’s it was all about getting inventory, now the value and profitability of businesses relies on the rich data that companies hold, its refinement and acting on the analytics.
In some ways if you have a largish team at least one of them perhaps should be a data-scientist, as their skill set is as necessary as the board erector or the EPC provider.
If you have a view – please let us all know by emailing me at [email protected] – Andrew Stanton Executive Editor – moving property and proptech forward.