Just a few years ago, PurpleBricks, Zoopla and PropTech hadn’t been heard of and Countrywide was one of the biggest names in the property industry. The industry has changed dramatically over the course of the past ten years, but what can we expect to see in 2028?
Industry experts have recently given their opinions on what we might see in the next ten years. Here’s what those experts have predicted.
In five years or so, we can expect to see more online agencies and 30% of the market will be taken up by small low-cost agencies. Some people will pay more for a superior service, and boutique agencies will also take up 30% of the market.
Technology continues to thrive and larger agencies will keep up with customer demands by investing in things to improve their customer experience. It’s also likely that there will be less need for administrative staff, which will leave agencies with more money to improve their customer experience.
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What do customers want?
While it’s clear the internet makes things easier for people, we still enjoy the human interaction and in-store customer service. Hybrid agents will grow, and people will begin their search online, but finish it on the high-street.
Most home buyers move a maximum of five miles from their current address, so local agents should profit from this and provide a friendly local service to encourage buyers and renters to move offline.
What does the future hold?
It’s certain that hybrid businesses will dominate the market and the number of estate agents will reduce. Well known firms will continue to be successful and will invest in technology to improve their customers’ experience. Facebook could enter the property market, but due to the scale of the company, it’s unlikely that many agencies would want to be involved.
Portals will offer a more extensive service, including moving closer to the transactions, instead of just showing properties. While these changes are just opinions from experts, there’s no doubt that the property market will see some significant changes in the coming years.