The landscape within the property industry continues to change, with highs and lows shaped by economic trends, shifting consumer behavior and technological advancements. For estate agencies to thrive in this dynamic environment, it is essential to constantly review, measure, adapt and innovate.
With 2024 on the horizon, now is the ideal time to look back over 2023 and make any changes that will leverage the lessons you, as an estate agent, have learnt over the past year.
Here are three areas that should not be ignored when revising business and marketing plans for the year ahead.
1. The UK’s residential property market in 2023
According to J.P. Morgan*, “House prices in the UK have skyrocketed over the past 15 years, increasing by 44% nationally and by 74% in London since 2007. However, in 2023 rising interest rates are filtering through to higher mortgage rates, putting downward pressure on house prices.”
The good news for 2024
- While average house prices have generally fallen in 2023, they are still almost 20% higher than they were at the start of the pandemic four years ago – and the prices now appear to be broadly stabilising.
- There are currently more first-time buyers on the market who have adapted to the new interest rate era.
- A growing number of property investors are considering the option of a new-build rather than an existing residential property.
2. Innovations in estate agent practices in 2023
Estate agents’ depth of industry experience, extensive local knowledge, use of up-to-date technology and great service ethic will have kept the best ahead of the rest in 2023. The best estate agents will have leveraged technology to provide a seamless turnkey service to their sellers and buyers to ensure a smooth and successful transaction from start to finish.
The good news for 2024
- Efficiency is paramount in marketing and repetitive processes can be automated to streamline lead generation, fast-track follow-ups and personalise lead nurturing. CRM systems can manage client data and interactions effectively.
- Today, clients expect to receive an immediate response, 24/7. As estate agents are not available 24 hours a day, AI enhanced chatbots can interact and answer client questions in real time, even outside of business hours.
3. Technology-based advancements in marketing and CRM in 2023
In 2023, the importance of comprehending the customer journey has never been more critical. Most people today start their property search online. The rise in digital technology means property buyers expect a seamless and personalised omnichannel marketing experience when interacting with brands and products, regardless of whether they are searching for the best estate agent, checking what property is for sale, responding to a call to action to make contact, viewing a property or making an offer to purchase.
The good news for 2024
- Technology will allow you to provide an automated online buyer experience that includes nurturing clients based on who they are and exactly what they are looking for when they first visit your website.
- Getting phygital can combine physical and digital encounters to create a seamless and enhanced customer experience. Any time you use technology to bridge the gap between the physical and digital worlds, you will join other estate agents in “going phygital” for a comprehensive customer experience.
Remote work is here to stay
One of the most profound changes that should be considered when planning for 2024 is that the work landscape has undergone a significant shift since the Covid pandemic, with remote and flexible work becoming more and more prevalent. Estate agents can embrace this already established way of working to save time and money when they grow their resource base by taking on Virtual Assistants with the necessary expertise and resources to work effectively from anywhere. In doing so they make their estate agency more efficient while cultivating a company culture that prioritises work-life balance.
*https://www.jpmorgan.com/insights/global-research/real-estate/uk-market
