Who would be an Estate Agent – The Evolution of an Industry

Who would be an Estate Agent - The Evolution of an Industry

Using the coverall term estate agent to mean an estate or letting agent, why would anybody want to get into the profession in the first place, and why is there such a high turnover? As I have it on good authority that nearly 40% of those within the property agency are considering changing their company within 12-months, and the average length of time a person who is less in rank than a manager stays in role is 18-months. Also, staffing is at the lowest level since 1975, in terms of ‘good staff’.

Which is why, many branches/offices/businesses in non-COVID-19 times are running on skeleton staff, and why tech is taking some of that boring process driven stuff away from front-line earners.

The digital transformation of the property industry and I am not just talking residential agency, but from planning to build in the real world, to disposal and asset management etc, is happening despite a huge lack of trained personnel in key sectors, the ‘work’ now being diligently handled by AI, machine learning, and multiple applications of big data still goes on.

Real estate, like all commerce is never going to be as it was, and the ‘people’ heavy offices and branches of past decades are possibly not going to exist. Embrace this concept and march on with a more agile approach.

Am I advocating that agencies divest themselves of great agency professionals who maybe have been part of the tight little family/team for years? No, but when retirement or ‘natural wastage’ the polite term for when agents get burnt out, or get disgruntled, or want to set up themselves, comes along – maybe do not rush to fill that chair left empty.

Instead re-imagine what it is that your business needs and how it needs to function moving on? In less than five years a typical agency will consist of all the moving parts that most 2020 businesses have.

Meaning agents doors should be flung open to attract, digital marketers, film makers, social content makers, micro-influencers who can grow agents brands. Let us face it in 1980, when I started out to be an agent you needed a desk a phone a filing cabinet, a shop window, and lots of grit, determination, and an extrovert personality, and probably 20 Rothmans and a large ashtray.

At that time agents were the high priest and priestesses, the font of all secret knowledge about property, we knew the secrets, we had the data, and the public knew it. Now in 2020, a ten year old with a mobile can google his or her address and punch in ‘what is my home worth’ or even ask Alexa, and the answer is there, no need for the agent’s secret knowledge.

So with property consumers, more tech savvy than the agent, to get ahead of the public, it is time to re-invent the space agents inhabit – I see it as exciting times, and the bigger question is not why would you want to be an agent – but what qualities do agents in the 2020’s need to be relevant?

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

Freehold and Leasehold Reform Act-lessees can control their own destiny

Matthew Pennycock, Minister of State for Housing and Planning, has made a Parliamentary Statement regarding the future progress of the Freehold and Leasehold Reform Act 2024. The Government have formally recognised the “significant complexity of the task” and that the legislation was rushed in at the end of the last parliament and as a result…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker 22/11/24

The current average asking price of a typical first-time buyer property is £225,340. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was…
Read More
Estate Agent Talk

The Architecture Of Attention Behind Social Media Addiction

In the digital age, social media platforms have revolutionized how we connect, share, and consume information. Behind their sleek interfaces lies a sophisticated architecture of persuasive technology.  These platforms employ intricate design patterns and technical elements to capture and hold user attention. From subtle visual cues to complex algorithmic systems, every feature serves a calculated…
Read More
Breaking News

2025 Predictions for the Private Rental Sector

Allison Thompson, National Lettings Managing Director, Leaders Romans Group (LRG) “As we approach 2025, the lettings industry is entering a phase marked by stabilisation and opportunity. Rental inflation has slowed to an average of 3-4% for new lets, reflecting the effects of affordability constraints; renters’ budgets are beginning to limit how much rents can rise.…
Read More
Breaking News

Response to Matthew Pennycook’s Statement on Leasehold Reform

Yesterday, Secretary of State Matthew Pennycook made a Ministerial Statement on the future of leasehold reform. Responding, Mark Chick, director of ALEP and a Partner at Bishop & Sewell LLP said: ALEP welcomes the ministerial statement which puts in place a timeframe and some objectives for the implementation of the Leasehold & Freehold Reform Act.…
Read More
Estate Agent Talk

Essential Garage Storage Solutions for Small Spaces

Maximize your garage space with practical storage ideas that keep your items organized and accessible. If you’re dealing with a smaller garage, smart solutions can make a big difference in keeping your space neat and usable. 1.  Wall-Mounted Storage Wall-mounted storage is an excellent way to save space and keep your garage organized, especially in…
Read More