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ExCel London was buzzing with estate agents for Propertymark One 2024 last Friday 14th June. From groundbreaking technologies to market strategies and political impacts, the event offered valuable takeaways for all attendees.
Here are the five key takeaways from the event.
1. AI is still the hot topic, are you being left behind by your competitors?
Artificial Intelligence (AI) continues to be a game-changer in the property industry, and its potential was a hot topic.
Dave Garland, managing partner of second century ventures and REACH focused on how AI is revolutionising various aspects of the estate agency industry.
The discussions delved into AI’s role in automating administrative tasks, such as property descriptions, client emails and calendar bookings which can save agents time and reduce errors.
AI is also starting to enhance customer interactions by providing personalised experiences through chatbots and automated communication systems. Although early in their inception, these tools can help agents respond to inquiries promptly and efficiently, improving customer satisfaction.
Additionally, AI-driven data analysis offers profound insights into market trends, helping agents make informed decisions about pricing, marketing strategies, and investment opportunities.
The integration of AI tools is becoming increasingly essential for estate and lettings agents looking to stay ahead of the curve. As AI technology continues to evolve, its applications in the property industry will likely expand, offering even more innovative solutions to enhance efficiency and client satisfaction.
2. How the General Election and beyond will affect the property industry
Daisy McAndrews, former Economics Editor and Chief Political Correspondent of ITV News, provided an in-depth analysis of the upcoming general election and its potential impact on the property industry. Her insights included:
- Land value is falling in the UK
- The UK is experiencing higher inflation than any other G7 country
- During election cycles the Bank of England won’t change interest rates to avoid any political alignment so its likely the current rate will stall until post-election
- Tax rises are likely with either party, one of the most likely will be a re-assessment of council tax banding (current bands were agreed when the average UK house price was £58k, in 2024 the average house price is £300k)
Daisy’s insights underscored the importance for estate agents to stay informed about political developments and prepare for potential regulatory changes that could impact their operations and strategies.
Estate agents were advised to engage in continuous education and stay updated with legislative changes to navigate the evolving regulatory landscape effectively.
By understanding and anticipating these changes, estate agents can adapt their strategies to maintain compliance and leverage new opportunities that arise from political or regulatory shifts.
3. Reductions are an untapped goldmine for estate agents
Timothy Bannister, Rightmove’s Director of Property Science Innovation, shed light on the often uncertain or unpredictable strategy of property price reductions. He provided data-driven advice on when to reduce prices, by how much, and the impact of waiting to reduce on time-on-market.
Timothy emphasised that strategic price reductions can significantly enhance sales efficiency and market competitiveness. Such as:
- Average time on market currently is 64 days for sales and 21 days to let
- The longer you wait to reduce a property the less likely it is to sell
- Properties that took 8 weeks to reduce their price experienced 160 days on market vs. 79 days on market when reduced between 2-4 weeks
- The longer you wait to reduce a letting, the less likely the landlord is to relist the property with you next time due to longer time to reduce meaning bigger reductions
By analysing market data, agents can determine the optimal timing and magnitude of price adjustments to attract buyers and close deals faster. Tim’s insights highlighted that reductions are not merely reactive measures but can be proactive strategies to stimulate interest and drive sales.
This approach can help estate agents unlock hidden value in their property listings or their competitors, making price reductions an untapped goldmine for those who use them wisely.
4. Material Information
Of course, Material Information made the agenda. One of the most topical legislative updates in the last 12 months.
The panel discussed how providing comprehensive and transparent information about properties can build trust with vendors and streamline transactions. Attendees learned about the latest standards and best practices for disclosing material information, helping them to enhance customer satisfaction.
The sessions highlighted that clear and detailed property information, including structural details, legal considerations, and neighbourhood insights, can significantly influence a buyer's decision-making process. Transparent communication about a property's condition, history, and potential issues fosters trust and reduces the likelihood of disputes or transaction delays.
Estate agents were encouraged to adopt a proactive approach in gathering and presenting material information. This includes utilising the latest technology to manage and share information efficiently.
By prioritising transparency and accuracy, estate agents can improve their credibility and build long-lasting relationships with their vendors.
We recently sat down with Sally Holdway of Teal Legal and Homeowners passport to discuss this topic in more detail, you can watch the session here.
5. Phil Spencer: Embrace change and gain a competitive edge
The afternoon featured an engaging talk from Phil Spencer, Founder of Move IQ and co-presenter of Channel 4’s Location, Location, Location.
Phil shared behind-the-scenes moments from the show and discussed the current market trends. He also discussed how the landscape has changed since he started out.
He emphasised the importance of adaptability and innovation in navigating the ever-evolving property market and discussed the need for agents to stay abreast of technological advancements, also highlighting the value of continuous learning and professional development in staying relevant and competitive in the dynamic property landscape.
Conclusion
Propertymark One 2024 was a day filled with rich content and valuable networking opportunities. From the latest in AI technology to the implications of political changes and strategic market practices, attendees left with a wealth of knowledge and actionable insights. As the property industry continues to evolve, staying informed and adaptable remains key to success.
If you attended Propertymark One but didn’t get a chance to speak to the Spectre team, please reach out and one of our team will be in touch!
