What is the future of Real Estate?
September 22, 2014
This is the largest gathering of UK estate agents, thinking about the future of selling property. Of course it’s a very digital business today, and the sponsors Zoopla have created an Amazon-like platform of properties for sale. But the “elephant in the room” is that all these estate agents have very physical businesses, where their individuality is commoditized by the online portal.
Time for estate agents to wake up to their advantages! Just like small corner shops felt threatened and dominated by large supermarkets, there is actually room for both. Corner shopsbegan to specialize – as Organic Butchers, Local boutiques, or Polish stores – leaving the price-driven weekly shoppers to fill their baskets elsewhere. Similarly estate agents need to focus on the physicality and locality. Becoming boutique advisory services. Buying and selling property is just a transaction, easily commoditized. Designing a home of my dreams, with the right décor and furnishings, with local plumbers or decorators when I need them, or renting out my spare bedroom, or finding the right school, or helping extend my loft. These are the things I need help with. Maybe my local property concierge could help me?
In a digital world, the best solutions are physical and digital. Adding value in new ways to make people’s lives better. In the music industry, people pay 99 cents for an iTunes download, but $99 (or a lot more) for a rock concert ticket. Beyonce, JayZ and U2 all sign up to the world’s largest concert organiser Live Nation, rather than a record company, to manage their careers most profitably. Zoopla can far more effectively give people choice and facilitate transactions. Local experts can add much more value, and make much more money, in other ways.
Email firstname.lastname@example.org to get my keynote “The Future of Estate Agents”