Estate agents across the UK are diversifying their services, implementing artificial intelligence tools, and streamlining operations. This response comes amid extended transaction times and evolving consumer expectations, according to research from The Guild of Property Professionals.
The findings, gathered from regional meetings, indicate that property deals are reportedly taking between 16 and 20 weeks to complete in some instances. Agents are addressing these delays through measures such as enhanced information gathering and improved chain management.
Agencies are also exploring new service offerings beyond traditional sales commissions, including premium marketing, conveyancing referrals, and property surveys. This diversification aims to provide value throughout the moving process.
AI is being adopted for practical applications such as generating property descriptions, emails, and social media content. Consumers are also increasingly using AI for property valuations and legal advice.
Iain McKenzie, Chief Executive of The Guild of Property Professionals, stated that the market is challenging but not broken, with agents needing to adapt to more informed consumers who expect value and transparency.