From “traditional” to “anywhere, anytime”

With consumers being able to access large amounts of information thanks to technology, the digitisation of the property industry is rapidly growing into maturity.

When conducting their research online, both home buyers and sellers are now benefitting from more choices and they take their time assessing all available options well before stepping foot into a physical location.

Home buyers and sellers are not limited by the high street anymore. As they are taking non-linear paths to purchase, they combine both traditional and digital channels to make a decision.

• 65% of property activity happens online when High Street agents are closed (Purplebricks)
• 5 billion visits have been recorded on Rightmove’s digital platforms in 2016
• 98% of buyers and tenants go straight to Rightmove and Zoopla when searching for properties
• 30% of leads get missed by estate agents operating without technology – 48% only get a follow up call within the 24 hours

These factors amount to decreased physical store traffic and implicitly, lost leads for high street agents. The traditional agency sales tactic used to be primarily built around strategic locations; nowadays, however, as a high street agent, you are faced with a new paradigm: the “anywhere, anytime” digital availability.

Source: Deloitte

The need to adapt the home buying and selling process to the requirements of your customers has become crucial to maintaining and growing your position in the marketplace. Relying only on a high-street presence is simply not enough anymore.

The physical world is being replicated in the digital world through digital communities, businesses and assets, fundamentally changing the way consumers engage with businesses and each other.

Source: Ernst & Youg, 2016. The digitisation of everything – How organisations must adapt to changing consumer behaviour

Rejecting technology or ignoring the real impact it can have on the way you attract new customers will lead to lost opportunities and a lack of competitive advantage in an increasingly commoditised world. Digital transformation go the property industry, however hyped it may sound, can be turned into a real opportunity.

How to join up your customers' experience using both traditional and digital elements

To be successful, high street agents must work to improve their customers’ experience by integrating digital services across the entire buying and selling journey. There are several ways to look at how to best make use of all available technology, but at the heart of all subsequent efforts should be your customer. Start your digitization process by partnering with your buyers and sellers to better understand which specific customer technology would improve their overall experience.

Disrupting your own business model before the competition does is the break you need to ensure success. There is no time to lose, as technology is constantly evolving and reshaping the way your customers interact with the world.

According to a recent study of home buyers and sellers, almost half (43%) of all buyers also had a house to sell (source: marketleader.com). In the following weeks we will publish a breakdown of your customers’ buying journey, providing recommendations and tips on how to close more deals by making use of smart technology to engage with buyers at an earlier stage.

For more insight into digital transformation and its impact on the property industry, read this useful comparative case study: 3 Things Thomas Cooks’ Resurgence Can Teach Estate Agents.