If it’s not broken, don’t fix it!
Prior to my epiphany with Proptech a few years ago, try saying that with a few seasonal drinks inside you; I was a traditional property man, a stalwart of the status quo, and slow to adapt to change. Not quite one of the ‘if it is not broken don’t fix it’ brigade but close.
Now I am in the other camp, having seen how much drudgery and Groundhog day processes spin along in the ever-complex property ecosystem. And I want with your help reader to explore how life can be better if property or a service industry is in your blood.
Speaking recently to Iain McKenzie CEO of the Guild of Property Professionals, a man with an enviable and distinguished career in agency, we explored how this terrible pandemic did have a few silver linings.
Iain explained, ‘When the property market first went into lockdown, more agents were forced to evolve with virtual interactions as the only way that they could carry on promoting properties. Subsequently, Government guidance in May stated that virtual viewings and valuations should be the first interaction with vendors and buyers.’
Teasing him, I said was this not just a gimmick, that would evaporate hopefully like Covid-19, his response was, ‘Those Guild members who use the virtual tools included in their membership have identified that not only is this style of interaction exceptional customer care, but it also improves the efficiency of their business.’
Being me I obviously burrowed a little deeper, I asked – tech costs money and what about our friend Mr ROI (Return On Investment)?
Back came Iain’s answer – ‘At a recent Guild Advisory Council meeting our Members were saying that their viewing to sale ratio has gone from 13/1 to 4/1, because they are sending virtual viewings and videos to customers in the first instance, and only doing physical viewings when the customer is genuinely interested.’
Clearly, these type of efficiencies, add significant profit to a business, and makes for a more seamless consumer/agent centric service. So maybe changing inefficient ‘unbroken’ legacy systems might be worth a try after all?
If you have a view – please let us all know. – Andrew Stanton Executive Editor – moving property and proptech forward.
Email me at info@stagingsite.estateagentnetworking.co.uk if you have any comments or suggestions for me.
You May Also Enjoy
Property values climb in Q1
Propertymark backs move to commonhold
Phasing out leasehold flats is the right thing to do
Deposit Disputes Are Rising – Are Baths to Blame?
Inheritance tax haul grows as more families are dragged into the tax net
