The right investment can help agents to thrive even during the current cost-of-living crisis. That’s according to cloud-based CRM solution Openview, which says business owners need to remain savvy to cope with the current issues.
With potential price drops coming as the market begins to slowdown, along with issues concerning low stock and difficulty recruiting fresh blood, the firm says agents are tackling lots of challenges at present.
There are also big rises to wage bills, increased operating costs and inflationary pressures – of the like not seen since the 1970s – to consider, which means agency owners need to the find the right ways to save themselves time and money.
Adam Rackham, Openview’s Operations Director, said: “Inflation is not limited to just our personal lives, but it directly impacts estate agents, too, and the way they are able to conduct business.”
“The cost-of-living crisis is already impacting the property market and is putting pressure on agents’ already squeezed margins. To combat this, but keep a high quality of service, agents need to make sure they are investing in the right places, to help them to save time and money.”
With the cost-of-living crisis set to be here for the foreseeable future, putting more pressure on UK businesses and households, savvy investment choices will help agents take more control and successfully grow their businesses, Openview claims.
It says that investing in the right kind of places, including software and online tools, can make room for growth and help to manage costs by streamlining processes, generating efficiencies, cutting down on admin tasks and improving productivity.
Rackham continues: “When money is tight, it’s a time to box clever and spend wisely. Agents might be looking at ways of cutting costs, but working smarter, faster and better could actually bring more rewards in the long-term. So it’s about choosing the right automated processes, the right software, to reduce workload and free up agents to do what they do best.
In turn, he says, this will help agents to generate more leads and instructions and, ultimately, ‘more profit for an agency’.
“Investing money into the right places can help to build back any money that businesses might feel they are losing out on,” Rackham insists. “The right software can grant agents with more exposure and a greater pool of would-be clients during a time where the economy is changing and creating challenges.”
He concluded: “PropTech services are here to automate labour-intensive processes, freeing up more time for growth and offering the best possible customer experience.”
“They can also increase business opportunities and give agents back that most valuable of things – time. This alone can make a dramatic difference when it comes to growing a business.”