There is little doubt that 2012 will see further changes to the property industry with fewer costly high street estate agents.
Low cost local estate agent OliverFinn has challenged costly agents in Chiswick High Road and Turnham Green Terrace for over a decade and is looking forward to further change and innovation in the coming year. There is no difference in the service on offer, just the fee, as the general public is beginning to realise.
In 2011
HomesAlone surveyed UK estate agents, solicitors and conveyancers about the future of High Street estate agents. An overview of the results reveals that there is a definite move towards change, whether it is downsizing, new technology or culture change.
Around 57% of solicitors and conveyance professionals who responded predicted fewer High Street estate agents in the coming year, yet the majority (56%) of estate agents are not thinking about changing their business model.
Industry plays catch up
When asked: ‘Where do you get the biggest percentage of your new business enquiries for instructions for rent and sales?’ 34% cited the Internet, 31% put it down to ‘having a local presence’, and only 2% said it came from ‘walk-ins’.
The days when buyers and tenants hiked along the High Road to find a property are long gone. They now look online for a new home. “The industry is finally catching up and moving away from expensive shop fronts towards
local offices in secondary locations. People don’t want to pay inflated fees but neither do they want a cheap online-only service run from someone’s spare bedroom.
Transparency
"Before I opened
OliverFinn fifteen years ago, I made the decision to use an office rather than a shop. I identified that the market was already flooded with agents, all claiming to be the best, whilst all being about the same. So I decided to do something different.
"The cost of property marketing has radically reduced, so I created a model to pass the savings on to clients, without compromising any standards in marketing or exposure."
Much more important than a flashy window display, is a personalised service from a knowledgeable local agent with the clients best interests at heart, says Harper: “Many of our new vendors and landlords come to us via personal recommendations from existing clients and also from repeat business.”
Source: HomesAlone.co.uk: 264 Estate Agents and 75 Solicitors/Conveyancers. Range: one branch, multi branch, Internet based and high street brands.
