For our latest industry roundtable, we brought together experienced agents from different regions, backgrounds and business models to share their insights on the market today, estate agency in the future and the biggest opportunities to come.
There was one thing the agents agreed on very quickly, that estate agency feels different today.
It’s not that one big issue has fundamentally changed the market, but agents having to deal with so many pressures all at once. Consumer expectations are higher, costs keep rising and fees are getting even more competitive. Technology and AI are moving quickly; consumers have more information at their fingertips and economic uncertainty is continuing to impact how confident consumers feel about moving.
For the agencies trying to plan, that combination is making the market feel impossible to predict.
There was plenty of honesty about the challenges, but there was also a strong sense of optimism that the current market is still creating opportunities for the agents prepared to focus on the fundamentals of good agency practice – knowing their customers, giving honest advice, developing their people, protecting their value and making technology work harder for the business.
As one agent put it:
“You can’t control what everybody else does, but you can control what you do.”
That sentiment ran through a lot of the conversation.
Today’s buyers and sellers can know a great deal before an agent walks through their front door. They can research values online, read reviews, compare several agents and ask AI to help them interrogate almost every part of the property and the process.
Consumers are more empowered and the agents around the table recognised that this has changed the relationship.
One agent summed it up simply:
“Consumers know what the house is worth before you even step through the door. Or at least, they believe they do.”
Having access to more information does not mean somebody understands all the implications of a property transaction and this was where agents felt their role was becoming even more important.
“I think we forget what we know about the market that they don’t.”
A seller may have researched a headline value without understanding what happens to their onward move if the property achieves less. They may compare two agency fees without appreciating the difference in sales progression, compliance, marketing, onboarding and the work that happens after an offer is accepted.
One agency around the table had responded by creating significantly more time for valuation appointments.
“We put in an hour and a half for every appointment. Sit there, have a coffee, have a chat. We spend the time to understand where the kids go to school, where the grandparents are, where they’re travelling to. We try to understand everything about that person and what’s right for their next move.
“That depth of conversation is only possible because technology makes other areas of the business so much more efficient. And it’s important because the detail changes the valuation from a price-and-fee exercise into something much closer to genuine advice.
“Our agent can understand where the customer needs to get to and whether the proposed move actually works for them and the market, it also makes difficult conversations easier later down the line.”
Another agent said:
“If a seller understands from the beginning how the price of their current home connects to their next purchase, mortgage and overall budget, reviewing an asking price six weeks later becomes part of an agreed plan.”
“Trust is the biggest thing. In a world where consumers can find endless information, trust and expertise should become some of an agent’s most valuable assets.”
One of the most animated conversations around the table was around fees.
The pressure itself isn’t new; agents have competed on fees for decades. What has changed is the service customers expect for that fee.
Professional photography, video, floorplans, social media, digital onboarding, portals, AML, sales progression and new technology all carry a cost. For many agencies, expectations have expanded much faster than fees.
“We’re expected to do more for less.”
One agent said.
That creates an uncomfortable commercial reality, and several agents felt the sector had played its own part in creating it.
“Our industry fee structures really are crazy. We don’t charge a reasonable price for our services and that’s the industry’s biggest problem. It’s always underpriced itself.”
Said another.
There were examples around the table of agencies taking a firmer position.
Some now charge a mandatory marketing fee to cover the genuine cost of bringing a property to market. Others have become more prepared to walk away when an instruction doesn’t make commercial sense.
Interestingly, those who had introduced additional marketing charges said the resistance they initially expected had largely failed to materialise.
One agent explained:
“As long as you sell it in the right way, consumers don’t expect things for free.
“There will always be somebody willing to list a property for less, and there will nearly always be somebody willing to suggest a higher asking price.”
The agents around the table were comfortable with the idea that they did not have to join that race.
“You’ve got to be bold and stick to your principles and your beliefs, that’s what makes agents stand out.”
One said.
The conversation moved naturally from fees to a broader question about what agency businesses should actually measure.
Market share and boards still matter, but several agents felt profitability and stock quality were becoming more important than the pursuit of being number one in a region.
With one saying:
“Being number one isn’t relevant, profit and cash flow is really what makes agents stand out, especially in such an uncertain market.”
Agents described local markets where properties had remained listed for months, sometimes at asking prices that had little chance of attracting a buyer.
For some agencies, that has prompted a much more disciplined approach.
“We don’t want to accumulate instructions, we want to build a stock book that has a realistic chance of transacting.
“It’s not about having the most houses for sale anymore. It’s about one in, one out.”
That requires regular conversations with sellers about what the market is telling them, discussing their circumstances and ensuring it’s the right method of sale at the right time.
Some agents around the table are now setting expectations at the valuation appointment that price will be reviewed after a defined period, if activity does not follow.
There was a recognition that valuation is never an exact science, particularly with unusual homes, but agents were clear about the cost of allowing unrealistic stock to sit indefinitely. That stock still needs marketing, it still takes up team time, it still appears in reports and conversations and most importantly, the seller remains stuck.
A more challenging market makes trust, insight and those honest conversations even more important.
The slower pace of the market is also creating opportunities and one of the clearest examples was second-agent business.
Properties are staying on the market for longer and the agents around the table said they are paying much closer attention to vendors who initially chose somebody else.
“The best listing is the second agent.”
By the time an agent gets a second opportunity, the conversation has changed.
The seller has tested their expectations against the market. They know whether the level of communication has been good enough and they have seen whether the original strategy was right.
“It’s a different valuation as well because the consumer will actually listen to you. They’ve been on the market six months and now they’re asking, ‘Why isn’t my house selling?’”
Losing the first valuation rarely means losing the customer now and the agencies doing this well are keeping in touch with vendors, monitoring competitor stock and using insight and their CRM to identify opportunities to re-engage.
Technology inevitably featured in a big part of the discussion, particularly AI.
Agents could see plenty of opportunity in it and there was interest in how AI might help businesses identify likely movers, make sense of data more quickly and remove repetitive work.
But there was an equally strong feeling about where technology has to stop.
“People still people buy people, no matter what technology has to offer. Estate Agency remains full of judgement, and complicated, emotional and often uncomfortable conversations.
“People worry about whether they can afford to move, sellers become frustrated when their home does not sell, chains are still difficult and offers still fall through and customers still need bad news explained.”
Technology can support that process, but the agents were cautious about allowing convenience to take away the personal service that gives a good agency its value.
“If you don’t care about the consumer and that doesn’t come across, then you’re not going to win the business.”
When the discussion turned to what would separate successful agents over the next two years, great people came out loud and clear.
“Conversation – that’s the biggest thing for me. The best agents will still pick up the phone up.”
For agents, the opportunity with AI was to free up their people to have more of the right conversations. One example discussed was how an agency was using data and AI insight to narrow 100 potential customer calls to the 20 people most likely to transact.
Despite the enthusiasm around technology and the opportunities it creates, there was plenty of frustration about the sheer amount of it.
When agents were asked how many technology providers their businesses worked with, they said:
“Too many – Maybe 15 different providers.”
The conversation that followed reflected a wider problem. Agents have spent years being offered individual solutions to individual problems. The result is a lot of agencies with a fairly extensive collection of platforms, integrations, supplier relationships and data sources.
“Managing all of that takes time, it’s a major distraction. You can get flooded with tech, with propositions, with CRM and everything that goes with it”.
Another said their approach was finally much simpler.
“Find your supplier, nail your flag and stop the distraction.”
The desire around the table was for tech solutions that connect more of the business and customer journey together rather than adding another layer.
Agents talked about wanting fewer suppliers, better integrations and clearer access to data in real-time.
One agent described the ideal as having the information needed to understand exactly what was happening across a branch at any point in the day, including applicants, viewings, offers, stock, average fees and sale-to-asking-price performance.
“You need to know what’s going on in your branches instantly, every day. You can’t wait for the end-of-month reports because by then it’s too late, especially in the current market, it’s hard enough to forecast.”
Several experienced agents said the level of unpredictability felt very different from previous years.
“Previously, most years, you knew what the market was. You could pretty much predict what it was going to do over a 12-month period.”
“Today, the view is very different. Sometimes I could barely tell you what we may or may not do next month.
“Pipelines can change quickly and an unexpectedly weak month can have a massive impact when you’re already operating with tight margins.”
It is one reason agents were placing greater emphasis on better insight and a broader mix of income.
Mortgage referrals, legal services, auctions, lettings and other complementary services all formed part of the conversation.
The strongest agencies were looking at the complete opportunity within their customer base, making sure their insight worked hard to show where an applicant may also be a landlord, or if an investor buying through the sales team may need a rental appraisal. Does a seller need a mortgage or is a property that is struggling via one method of sale better suited to another.
Agents talked about the benefits of connected customer data making those opportunities easier to see.
For one business:
“bringing sales and lettings data closer together has already changed how opportunities are progressed. We’ve learned a lot about the value within our existing database if we maximise it.”
Many agencies talked about their team structure and that lots of the team had joined during a very different property market.
“It’s not their fault, but until now they’ve never needed to create activity in the way more experienced agents remember”.
One agent described the issue as “single transaction” thinking.
“Somebody rings for a viewing, you book a viewing. You don’t cross-sell three more properties and you don’t talk about the mortgage.”
In a market where stock moved rapidly, for many agencies that was enough. But today, agents need more.
“A good negotiator needs to understand the customer behind the enquiry, recognise other opportunities and know how to move the conversation forward.”
That makes training and mentoring more important than ever.
“I came to a striking realisation recently after spending time mentoring people elsewhere in the industry. Why aren’t I mentoring three of my own people instead!”
That has led the business putting more structured support around its younger team.
There was also a really positive side to the discussion. While less experienced people may lack exposure to previous markets, several agents felt newer recruits could adapt faster because they were less attached to old habits.
“They don’t know the old market; they only know this market.
“I think in the last year there’s been some really good young talent out there and I need to invest more time in some of those people.”
For agency leaders, they felt there is a clear opportunity in combining experience with that adaptability.
The conversation around standards naturally led to regulation and the planned reforms. Agents were sceptical, of how practical the reforms are in reality and if they can make meaningful change to transaction timescales.
Despite the challenges, agent support is there for greater professionalisation of the industry, particularly because consumers can struggle to make a meaningful comparison between different services.
One agent described the challenge of competing with businesses offering far less infrastructure around a transaction:
“It’s hard for a consumer to compare a like-for-like service. They can’t see the difference between an agency that has dedicated sales progression, proper AML onboarding, professional marketing and significant support behind the transaction, versus one who doesn’t , they just see ‘Estate Agents.”
Greater regulation could help create clearer expectations, however, agents were sceptical about any regulation that exists without proper enforcement.
“It’s whether they can police it.”
The feeling around the table was that good agents would naturally continue to meet the required standards.
“The real value of regulation will come from addressing agents with poor standards.”
One of the most practical themes from the conversation was focus.
“Agency leaders are being pulled in more directions than ever. There is always new technology to consider, a new business model to understand, a competitor charging less, a challenging marketing or another marketing channel to adopt.
“The danger is spending so much time responding to everything happening around the agency that there is less time to improve what is happening inside it.
“As an industry, we’ve spent years being disrupted. We just need to focus on our people, our customers and being good agents.”
Despite the challenges at play, agents are leaning into new opportunities.
Second-agent opportunities are returning. Better connected data is driving opportunities across sales, lettings, mortgages, auction and other referral services. AI can help teams prioritise their time so real customer conversations and relationships can thrive. And when the market becomes harder, genuinely good agencies become easier to recognise.
For all the change happening around Estate Agency, one of the strongest conclusions from the room was reassuringly familiar:
Good people protect your business above anything else.
Technology will continue to move forward; consumer expectations will keep changing and markets will likely stay unpredictable.
The job for agents is to make sure the fundamentals move forward with them.
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