The question being asked by many people at the moment is Can a traditional agent survive in the modern era" This is currently a very contentious topic, which has sparked a lot of interest and created a lot of excitement.
In my opinion, high street and online agency models couldn't be any more different - one major part of the successful traditional agency business model is that people buy from people, the questions that are asked are the right questions, the brand is a trusted brand that has subliminally been etched into someone's mind simply by passing a for sale' sign or seeing that agent on the high street for several years. Whereas, when you look at the online offering, then you would have to say that it is adhering to our fast paced, technology rich world where people would rather text or email than speak to someone, and where it is the norm to like or tag a picture on social media of a person sitting in the very same room.
The question that should be asked is can traditional and online work in tandem To which I believe the answer to be a resounding YES.
Some vendors, landlords and applicants will always want that personal touch, and there are many technological advancements that traditional high street agencies should be using to free up time and save on costs to allow them more face time with landlords, applicants, tenants and vendors. For instance, many agencies still send out their rent demands by post, when they should just make use of the preferred client communication method, SMS, or why not even push the boundaries and send a recorded delivery email - and why not automate this by using a product like our Taurus automated software system, making the whole admin process more efficient.
Around 12 months ago, we developed our own client portal, Scorpio, which allows landlords, vendors, tenants, applicants and contractors to access certain information via a specially designed, password protected "log in" area on an agency website. So, for example, during a market appraisal, the ability via a mobile device to show instant comparable reports to a potential vendor/landlord, or a match to show them instantly just how many applicants are matching to their property. When that potential vendor turns into an actual vendor, they can use this area on the website to view all the information they need regarding their sale or let. This doesn't mean "traditional" agents have to drop their traditional values, but the use of clever software and technology does mean they would be more equipped in the current market. It also means that their clients can access a lot of the information they need, 24/7 - a requirement in our fast-paced, technology-driven lives.
My feeling is that Online' will always be online, but that a high street (or retail park) agency can also be online' with the right technology and backing.
We (VTUK) are hosting our 4th Annual Roundtable debate on this very subject on 3rd July 2014 - This forms part of our continuing series of topical industry Round Table events which have covered topics including licensing, 24/7 agency and Corporate Agency vs Independent, with guests including Lord Best and (now former) Housing Minister the Rt Hon Grant Shapps.
For further information on VTUK, please call 0800 328 0460 or visit www.vtuk.com
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