The stamp duty holiday which finally ends later this week might have a lasting legacy - encouraging more agents to use PropTech.
That’s the claim by Openview-Powered by VTUK, a cloud-based service supplying the property industry.
It says that as the final push to get transactions over the line occurs in the coming days, reliable automated systems are needed more than ever to avoid delays, fall-throughs and other issues - and may prove their worth in the long term.
Peter Grant, chairman and chief executive at Openview, explains: “2020 was a breakthrough year in terms of organisations jumping on board with automated technologies. During the Covid-19 outbreak, many sought methods to keep their processes operational and service levels consistent during such a busy period, because the property industry never closed, it just got busier.
“There is no way of predicting how the market will turn after the stamp duty break, but automation will certainly grant agents complete control of day-to-day operational needs.”
“Incorporating rapidly emerging PropTech will help estate agents make that jump from struggling when reaching a certain capacity, to being optimistic and being able to take on more clients because the tools are there to do so. The stamp duty holiday has taught us that organisation is key and automating effectively improves this.”
Even once the stamp duty holiday ends, activity and transactions are expected to remain high for the remainder of the year and Grant claims that automation will enable agents to get ahead of their competition.
“Thousands of homebuyers are rushing agents to complete their sales in time so that they benefit from the stamp duty tax break. Although the stamp duty holiday returns to the threshold of £125,000 at the end of September, other incentives will remain meaning that reliable, cloud-based software should be adopted to assist the high volumes of transactions on the way” he adds.
“Automation is a great asset that cannot be overlooked. It offers various strengths and capabilities that, when used correctly, can greatly benefit estate agents. Even seemingly minor automation can make a big difference in the workforce and to the client. Mastering the automation process from the outset makes actioning 24/7 enquires and transactions a breeze, even once the holiday ends.”