A survey conducted by the Council of Estate Agencies (CEA) between May and July 2018 has shown an uptrend in the engagement of property agent or agency services by consumers.
This could signify that consumer satisfaction has been on the rise and so has industry standards.
Consumer satisfaction corresponds to a rise in the engagement of property agent services
Creating an industry that encourages transparency and procedural clarity has taken some time but the CEA believes that the rise in property agent engagements has shown that consumers are now more trustful of property agents.
The authorities have also been active in training agents and providing courses which agents can take to help keep up with the times. They have planned for some changes in the months ahead.
See more: Learn the “Nos” for property agents
The first is a slight adjustment in the Continuing Professional Development framework which will help agent stay connected within the industry and also to their clients.
From Oct 1, property agents will have to take 4 credits from attending professional causes and 2 from attending courses to improve soft skills such as communication and creative thinking. Property agents are required to take 6 credits a year to renew their licenses.
The CEA is also planning to structure a standard contract template for the resale of private residential properties.
A template for the rental of residential homes is currently available and has proven useful and popular with users. Agents will be able to make use of these templates when negotiating contractual terms and conditions.
Consumers such as landlords, tenants, buyers or sellers will also be able to access these templates to ensure their interests are protected.
Technological advancements to help property agents stay engaged with clients
Under the Real Estate Industry Transformation Map (ITM), the council has also been active in developing technological aids which agents can use to engage clients and also create online presences.
The poll has revealed that agents who tend to use 3 or more technological tools such as apps with pricing calculators or electronic forms tend to result in higher consumer satisfaction.
Consumers are also more satisfied with the ease and ability to find agents online. The proportion of consumers who have found their agents online have increased from less than 20% to 25%.
While 72% of the public have said that they will be engaging the services of property agents for future transactions, there has been some concern that the ease of using technology to navigate industry procedures may make it easier to cut out the middleman.