BREAKING PROPERTY NEWS – 12/08/2021

Estate Agent Networking Breaking News

Daily bite-sized proptech and real estate news in partnership with Proptech-X. Today, Stanton looks at the shift to online estate agencies, Propertmark’s view on proptech’s place in the industry, and an index of proptech trends for 2021.

 

  1. Estate agency is a people business…only if humans are in the office
  2. Propertymark CEO Nathan Emerson thinks proptech is here to stay
  3. What are the proptech trends for 2021

 

Estate agency is a people business…only if humans are in the office

Today I came across a property professional under pressure. They posted that if they received a market appraisal request from a potential vendor late on a Saturday night, while settled on the sofa to watch TV, they’d ignore it. Why? They’re an agent, right? Well…they argued that they’re human first.

In many ways, I would have to agree with that stance. For sure, real estate is a service industry, but there must be a line in the sand allowing us to switch off and live our lives.

However, agents must realise that some companies never switch off. Is that enough of a commercial driver for them? Amazon makes revenue of $21 billion annually, and for good reason.

Through Amazon, if a client wants goods on a Saturday night, they can have them delivered in a cardboard box with a smile by the morning. It never switches off and its profits show that.

The same is true for online challenger banks. Anyone can open an account 24 hours a day, seven days a week, using just their smartphone. The acquisition costs for these fintechs is 75% lower, forcing brick and mortar banks to quickly revise their methods.

To this end, will getting property services on demand become the norm sooner rather than later? To meet the digital transformation demands of these digital natives, will agents need to be in the branch 24/7?

I’m not so sure. Unless we see a torchbearer drive the change, we might still see agencies closed on a Saturday afternoon for the next decade. As the buying habits of the public move relentlessly on – well, relentlessly online – failure to grasp this will come at a price.

 

Propertymark CEO Nathan Emerson thinks proptech is here to stay

Writing in the publication Estate Agent Today, Propertymark CEO Nathan Emerson has extolled the virtues of what digital can do for the agency industry. In a very balanced piece, he says that though there is confusion as the proptech landscape is fragmented, clear verticals are opening up and maturity may well be on the way. This might well mean smaller sales teams and more tech.

In the article, Emerson states: “It is imperative for any property agent, whether lettings or sales, to keep abreast of the digital transformation revolution which is occurring at this moment in time. This will not only ensure that they are engaging with the most relevant products for the short and medium-term, but they are also in a position where they can strategically place themselves to continue to deliver and exceed client and customer demands.

“Whilst a complete end-to-end solution has not been entirely adapted on a property sale, it is still possible to not only list and remotely market property but be in a position where a potential buyer can now view full 3D interactive videos, floorplans and effectively filter out potential choices to a much more granular detail.”

Due to this, Emerson says, the viewing to sale ratio has decreased. Estate Agencies have become more efficient as a result of this shift to dynamic, small teams using “carefully integrated digital solutions”.

 

What are the proptech trends for 2021

The only certainty in the world map of proptech, with London only second to New York in the proliferation of proptech start-ups, is that nothing is certain. At present, around the world, the real estate sector is pouring investment into artificial intelligence, big data, building information modelling, IoT, VR and AR, and the shared economy.

So, as a bit of a side bet, investors are spread betting, unloading cash on anything that has the potential to be the next big thing.

We have put together a non-exhaustive index of the sectors and technologies that are most apparent both here in the UK and across the globe, with of course commercial real estate being the number one big earner in the real estate vertical.

A to C

3D Modelling, 3D Printing, Accelerators, Agent Matching, Agent Services, Analytics, Artificial Intelligence (AI), Asset Management, Auction, Augmented Reality, Augmented Valuation, Big Data, BIM, Biometric Security, Bitcoin, Broker Free Listing Search, Build-Buy-Manage-Rent-Sell, Cad, Chatbot, Coliving, Commercial Real Estate, Compliance, Construction, Construction Management, Contech, Conveyancing, Co-Working, CRM, Crowdfunding, Cryptocurrency, Customer Experience (UX), Cyber Maturity.

D to O

Data Protection, Data Valuation, Design, Development, Digital Twin, Drones, ESG, Facility Management, Fintech, Funding, Geolocation, Geospatial, Home Services, Indoor Mapping, Infrastructure & Sensors, Investment & Finance, Investment Management, Investment Platforms, IoT, Lead Generation, Legal Tech, Leasing Management Software, Lending – Mortgages, Lending Peer to Peer, Lending Tech, Lettings, Listing & Search Services, Location Based Services, Logistics, Long Term Rentals/Sale Search, Management & Maintenance, Marketing, Marketplaces, Money Transfer/Remittance, Mortgage Tech, Modular, Online Agent Brokerage, Online Agent Lettings, Online Agent Sales, Online Agents, Open Banking.

P to Z

Payment Operations, Payments/Billing Tech, Platforms, Portals, Portfolio Management, Property & Infrastructure, Property Management Solutions, Property Marketing platform, Property/Building Management, Real Estate Investment, Real Estate Marketing Solutions, Real Estate Tools, SaaS, Sales & Marketing, Shared Economy, Shared Services, Short Term Rentals, Smart Building, Smart Buildings, Smart Cities, Smart Cities & Mobility, Smart City Sustainability, Smart Homes, Smart Real Estate, Smart Services, Software Providers, Space as a Service, Start-ups, The Shared Economy, Valuation Tools, Venture Capital, Virtual Reality and Virtual Viewing.

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate. Want to contact me directly regarding one of my articles or maybe you'd like a chat about future articles? Email me via editor@stagingsite.estateagentnetworking.co.uk

You May Also Enjoy

Breaking News

A third of UK homes for sale are ‘chain-free’ reports Zoopla

Recent tax changes and incoming council tax premiums for second homes have unsettled property investors and second homeowners with some now looking to sell One week on from the Autumn budget, buyer enquiries for homes that are chain-free are 33 per cent higher compared to those not advertised as chain-free 41 per cent of two…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker 06/11/24

The average 5-year fixed mortgage rate is now 4.66%, down from 5.33% a year ago The average 2-year fixed mortgage rate is now 4.92%, down from 5.76% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.69%, down from 5.40% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.05%, down from 4.91% a year ago The average monthly mortgage payment on a…
Read More
Overseas Property

Top reasons to consider buying a luxury villa in Phuket Thailand

Those who have worked hard for many years are often looking for ways to invest their cash so that they can enjoy life to the max in their advancing years. Some might decide to dabble in the stock market or insurance policies to enhance their savings, while others might look to purchase something more physical…
Read More
How to add value to your home
Estate Agent Talk

5 Top Tips for Running a Business From Home

Have you ever wanted to start and run your own business from home? Although it’s an incredibly rewarding experience, it can be tough to set up and know where to start, especially if you have no business experience or background! Whether you want to run a small business, or have grand ambitions for eventual expansion,…
Read More
Estate Agent Talk

The Importance of Time Management for Real Estate Investors

Time is one of the most valuable assets for real estate investors, especially when juggling multiple projects, clients, and market trends. Without a strong grip on time management, getting bogged down in tasks that don’t drive growth is easy. You see, every minute spent on admin tasks or low-value activities is a minute that could…
Read More
Estate Agent Talk

Transforming Your Condo into a Next-Gen Smart Home Experience

Gone are the days when we must get up to press a button on the TV to adjust the volume, use actual keys to unlock doorknobs, or turn a knob to control the air conditioning unit's thermostat. These days, all we have to do is sit pretty on our couches, let technology do its work,…
Read More