The market uncertainty caused by Brexit is now posing even greater economic challenges than the acquisition of stock, according to estate agents surveyed in ZPG’s State of the Property Nation report. The third instalment of our report uncovers how agents feel about the economy, about their own business prospects and how they’re responding to Brexit troubles.
With 60% of agents feeling negative about the economic situation, and a significant drop of 10% in the number of home movers typically in the market at any one time, agents are very much feeling the bite of Brexit. However, our survey reveals they’re also feeling increasingly in control of their own business prospects. Having experienced the very real effects of Brexit over the last year, it’s clear that agents are taking both proactive and reactive measures to help them offset the challenging economic climate.
Agents have undertaken a diverse array of activities, such as reviewing their marketing methods and the services they offer, to try to compensate for the economic situation. In many cases, agents haven’t chosen to decrease their overall spend, they’re simply becoming more aware of how they’re spending in order to achieve the best level of service for their customers. This has led to a focus on increasing and investing in technical capabilities to enhance their business returns, rather than operating on shoestring budgets.
The use of ‘PropTech’- or property technology – if selected wisely, enables agents to address many of the current industry issues and challenges. ZPG’s range of software solutions can support agents in offering a wider range of services, improve the quality of their customer service and boost their ability to compete more efficiently across the digital arena of the internet. It can even open up new revenue streams; our MoveIt tool has already delivered over £1 million in referrals to our agent partners. Finding new ways to make money will always be a priority for forward thinking estate agents. But in these difficult times the benefits of alternative revenue streams may be more welcome than ever.