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TODAY'S OTHER NEWS

Agency live-streaming all instructions to cope with demand

An estate agency with a reputation for PropTech innovation says it now live-streams all instructions in a bid to operate more efficiently and more safely.

Nicol & Co in Worcester says the innovation came about when the housing market was reopened a month ago and the agency, along with others, had to service a rush of pent-up demand.

Managing director Matt Nicol says: “Covid-19 is still a very real threat, and the safety of our staff and clients has had to remain a priority.  We’ve taken to livestreaming all instructions to be our first step in the journey and with great success.” 

He continues: “We now carry out less physical viewings with very eager clients that then make quick decisions to offer. 

“We’ve heard that lenders pulling some of the 90% LTV rates is because they simply cannot deal the volume of applications without service levels dropping, so buyers and sellers need to hear that from agents to maintain confidence in this market.” 

Nicol has long been an advocate of technology, previously promoting use of an app to help liaise between agents and clients. The agency’s latest comments are in Rightmove’s latest monthly market snapshot, illustrating how heavily the market has bounced back since reopening after lockdown.

Other agents gave other examples of the pent-up demand.

Andy Shepherd, chief executive of Dexters in London, told Rightmove: ”Transactions numbers are increasing daily, over the past two weeks we’ve agreed sales on over 250 properties and arranged lettings on over 600, so 85 a day or 10 an hour in the working week. Comparing last week with the first week of March we are 60 per cent up on transactions.”

And David Plumtree, group chief executive for estate agency at Connells Group, adds: “So far in June we’re seeing more buyers register with us than during the same period last year – leading to increased levels of new instructions and sales agreed so far this month. Notably there is strong demand from first time buyers despite a shortage of higher loan to value mortgage products.”

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