Estate Agency: An industry in reverse?

Estate agency should be one of the most innovative industries in Britain. Instead, in many respects, it's moving backwards.

Every estate agent claims to be different. The reality? Most look remarkably similar. The best agencies are defined by their people. Behind every successful business is a capable, experienced and motivated team. But while many industries have embraced innovation, transparency and better customer experiences, estate agency has been painfully slow to evolve.

In some areas, it has actually gone into reverse.

Too many agents. Too little difference.

There are thousands of estate agents competing for fewer instructions than ever before. Yet most offer the same service, use the same portals, follow the same process and promise the same results.

Being genuinely different shouldn't just be about branding it should be about delivering a better way of selling property.

Every property deserves Its own strategy

A charming country estate with paddocks, stables, cottages and acres of land is not marketed in the same way as a three-bedroom semi-detached house. Yet too often, both receive the same formula: photographs, a floorplan, an online listing and hope for the best.

Generally, the higher the price, the more unique the property and the more important it is to profile and match the perfect buyer.

Winning instructions has become more Important than selling homes

Too much effort goes into securing lengthy sole agency contracts. Too little goes into finding the right buyer. The focus should never be on tying a client into a contract it should be on delivering the best price, to the best buyer, within the seller's preferred timescale.

That's the job.

When the contract protects the Agent more than the client

Many sellers don't realise how restrictive some agency agreements can be. Long sole agency periods, lengthy notice clauses and even sole selling rights often place the balance of power firmly with the agent.

If a seller introduces their own buyer, why should they still pay a full fee? Surely the relationship should be built on performance, not contractual protection.

Have we become too dependant on property portals?

Property portals have transformed exposure but they have also changed buyer behaviour. A property's listing history, price reductions and time on the market are visible for everyone to see, creating perceptions that can be difficult to overcome.

Marketing should be far more than uploading photographs to a portal and the marketing footprints left behind by the portals are difficult to erase. The portal should be one tool not the entire strategy

Price high. Reduce Later. Repeat.

One of the industry's oldest habits remains one of its biggest problems. Some agents overvalue simply to win the instruction. Weeks later come the inevitable price reductions.

Then another.

And another.

Meanwhile, the property becomes stale while the seller loses valuable time and negotiating power. Correct pricing from day one, supported by proactive marketing, almost always delivers better outcomes.

Does every buyer need to see everything?

Today it's common for anyone, anywhere, to view detailed floorplans, bedroom layouts and photographs of every room online. But should they?

Security and privacy matter. Detailed information should arguably be reserved for genuine, registered buyers rather than being permanently available to the entire internet.

If Fees are negotiable...What is the service really worth?

One of the most puzzling aspects of estate agency is the fee structure. If an agent can immediately reduce their fee by thousands of pounds simply because they're asked, what does that say about the value of the service?

Professional fees should be transparent, fair and consistent not invented during the valuation appointment.

It's time for Estate Agency to move forward

The future of estate agency shouldn't be about longer contracts, powerful portals or unachievable promises.

It should be about:

• Matching one buyer with one property

• Clear fee and agency terms from the outset

• Smarter innovation and technology

• No sole selling rights and no lengthy agency periods

• Protecting the seller's security and privacy

• More personalised service with bespoke marketing

• Giving control back to the seller.

The best agents won't be those who shout the loudest. They'll be the ones who genuinely put their clients first, adapt to changing expectations and recognise that selling a home is about far more than simply listing it online.

Estate agency doesn't need revolution, it needs evolution!

Julian Peak

Managing Director | Queenwood Property