Property’s tech revolution – why it’s more important than ever for agents to embrace it

Property technology, more often known simply as PropTech, has helped to transform the property market in the last 20 years or so, from Rightmove to virtual tours and instant valuation tools to automated rental payments platforms.

And its importance is only going to get greater still, especially now we’re entering a more uncertain period for the property market. The post-pandemic property boom was never going to last forever, and there are signs that the market is beginning to slowdown, albeit still with very high levels of activity and a long-ingrained supply/demand imbalance largely remaining in place.

Using the right PropTech, and integrating it in the correct manner, can do wonders for your business – cutting unnecessary wasted time on admin, smoothing over processes, streamlining, freeing up your staff to do what they do best, etc.

There has long been a worry that technology will replace agents, but quite the opposite is true – technology can improve and enhance existing processes, save time and money on manual tasks, and help to further modernise an industry that has still some elements from another age.

Here, we set out why agents need to embrace the property tech revolution.

Lead generation and nurturing

In a slowing marketplace, it becomes more vital than ever to nurture and grow the leads you already have in your database. We’ve used this analogy a few times before in the past, but it’s like a farmer and their crops – in slightly harsher times, the farmer will tend to and nurture the existing crops they have rather than spending all their time on growing new crops.

It’s the same for agencies, who will often have a lot of potential leads in their database that they just haven’t followed up with for quite some time. That’s where lead nurturing tools are very important, while capturing new leads must still form a crucial part of your strategy – but equal weight should be given to both areas.

Automation and streamlining processes

One of the biggest changes to the property market in recent years has been the shift towards automation and all-in-one systems, where everything is streamlined, logged, tracked and kept in one place for all parties.

Automating certain processes can help agents to save time and money on those laborious tasks and instead spend more time on the things that will grow their business and improve their bottom line – more important than ever as the market starts to slow a bit and the cost-of-living crisis begins to bite.

Streamlining, meanwhile, means processes and plans are more effective and efficient, with less mixed messaging and miscommunication and a smoother journey all round.

Better communication

With so many means by which to communicate nowadays – WhatsApp, text message, Facebook messenger, chatbot, etc – tech has helped to improve the levels of communication between agents and their clients, and between suppliers and agents.

What’s more, agents can tailor their communication strategy according to who they speaking to. So, for example, younger tenants and landlords may prefer WhatsApp messages, while an older seller might still appreciate a phone-call.

Tech has enabled a huge range of communication tools – which also includes video meeting tools like Zoom and Teams – which means communication problems should, in theory, be a thing of the past. Or at least less problematic than they once were.

Embrace tech or get left behind

As PropTech evolves, the next stage of property’s tech revolution is probably just around the corner. There is an argument that the property industry was slower than other industries to embrace change, but equally PropTech – which started to properly become a thing in the early 2010s – has grown into a huge industry in its whole right, which suggests a desire for innovation and new ways of working.

Those agents who don’t embrace tech – and it has to be useful tech that really has a purpose and clear vision – are likely to be left behind in the future.

Investing in the right technology could be the key differentiator for your business moving forward and that’s why The ValPal Network is forever seeking to move forward and come up with innovative new solutions to common agent problems.

We already have ValPal, our flagship instant online valuation tool, and MovePal, our lead nurture programme, as well as other innovative products we have either launched or are close to launching.

To find out more about what we can offer you, please contact us at team@valpal.co.uk or give us a call on 020 8663 4930.