How UK estate agents are embracing Multi Listing Services
07 June 2016 2523 Views
It's great to hear how new proptech is being embraced by a number of front line agents in order to network more deals for their businesses by collaboration.
I recently met a varied assortment of estate agents and prop technologists that appreciate new concepts, and what they heard is changing how property is sourced and is generating a new trade between local agents away from their reliance on just portals.
That social evening brought many users and knowledgeable fans together, networking and discussing how The Independent Network of Estate Agents (INEA) is now making a mark.
We heard from a number of agents that had completed deals, achieving higher STC offers than other similar property sales nearby and also how sellers were buying into paying higher fees for the premium service MLS brings for main agents reaching larger buyer and tenants pools via sub agents.
The conversations were IT-inspired but it became clear that the concept is so simple that this is not just for 'geeks' for once a sales team is given full training, MLS makes a real difference.
The patient pioneers of INEA that have stoically persevered are now reporting increased sales and lettings, as more become familiar with the due process.
MLS is taking root in The UK, others may have toyed and failed, but after some years of experimenting INEA is bring in a working model that will vitalize the property industry and generate an improved client to agent service.
When Americans come to the UK they are amazed that there is no co-brokerage facility and that when they walk into an estate agent they can only have a meaningful discussion about a tiny sub-set of the available properties in the area.
They have had Multi Listing Services for decades and immediately recognise the poorer service that UK estate agents can offer is a result of the weak systems infrastructure.
Travel agents, mortgage companies and many other sectors of the service industry have had to make the transition to a co-brokerage model.
And now it is time for UK estate agents to do the same thing.
Trials are now underway with a number of corporate and larger online only agency leaders where various different practitioners such as Countrywide and easyProperty have witnessed that initial trials have shown that agents of all types working together can be beneficial for consumers.
INEA MD Trevor Mealham claims that agent B2B networking started a good 120+ years ago and it's about time we return to some of the basics where MLS brings pooled benefits to accessing more local stock as well as working with sub agents to extend reach to bring more viewers over the client's doorstep to achieve maximum local and national exposure.
As some of the larger UK agency groups are kicking the tyres of this different way of working they are surprised that the higher quality service enabled by MLS, also enables them to charge higher fees instead of participating in a market race to the bottom on price alone.