Like Ben over at HousingDabble, Julian at LuvTheCity asked us to send over some thoughts on what we thought the property market would look like in 2015.
We won't spoil it by revealing our thoughts in full today, but will link to their article when it gets published.
In the meantime, one of the ideas we had was a property portal equivalent of TripAdvisor. Where the public can post their comments directly against listed properties: viewing feedback, comments about the street, etc. Can you imagine the uproar that would cause?!
How do you see estate agents' use of the internet changing?
Update: That was quick! LuvTheCity have already posted the article and my answers are listed alongside an illustrious band on industry names including: Sarah Beeny, Rosalind Renshaw, Duncan Dunlop and Angus Edy.
Read the full article here
Most believe that price is the deciding factor and strive to offer the cheapest (most basic) service in order to complete. This will make them easy targets for FSBO's and the likes of Tesco. That, I believe, is why most feel insecure and under threat.
The public would in most instances prefer to deal with a local (available) expert, an estate agent, but, if the service they offer is not tangibly better than that offered by the cheap alternatives, they are unlikely to stump up the extra fees.
The (profitable) future, in my humble opinion, is for agents who differentiate their service from that of the cheapies by adding value.
Julian hit on the point, that the standard of presenting their vendors property is, on the whole, dismal. Certainly not professional, in fact it is true to say that in most cases, it is the minimum that they can get away with. Not a good business model.
You get what you pay for. Vendors realise this, in my experience they are happier paying a little more to get the (very important) job done than they are saving a few quid and risking a lot.
My advice is to offer both. It will not cost agents extra to do so, so why not. Give the clients a choice.
Basic service, cheap . . or. . . all singing all dancing service for a slightly higher fee. Every other industry offers choices so why don't estate agents. Upselling increases instructions, fees and profitability.
Thanks for your comment. I think an increasing number of agents are offering different price options, or at least upselling premium listings, virtual tours and the like. Certainly that seems the way with the fixed price model.
I can't agree with you that 'most' agents feel under threat from the Tesco operation. Mindful of the impact perhaps!
Martin