Mark Savill, Director of the successful Novahomes franchise, ponders the plight of the estate agent.

The idea of a queue of 4,000 estate agents at the dole office has led to much comment in the media of late – and frankly most of it is unkind leading to comments along the lines of ‘the only upside to a down swing is that estate agents are now only as well off as the rest of us’.  While we have all come across ‘jack-the lad’ agents, the truth is that there are a lot of very modern, talented agents who may suddenly find, through no fault of their own, that they no longer have a market. So where will they go?

A good many will change careers having only been lured into a buoyant property industry on the back of easy pickings.  We recently had an approach from a potential agent who would have considered himself a failure if he had not lifted a million out of it over 5 years.  No agency experience at all and completely clueless as to how to work a tough market. 

Of those that are left some will have been offered ‘suitable’ alternative employment with their existing companies; maybe they’ll be commuting at their own expense to a lower paid job and accepting it gratefully for the security of a monthly salary.

Others will take this opportunity to become part of the new breed of agents – the ones that are trading from non high street locations with minimal cost bases, offering a high level of personal service for a competitive fee.

Buyer behaviour has changed with the advent of the internet and the dramatic growth of broadband.  Yet even today estate agency is still a largely a high street retail operation.  How many industries can you name that now only operate from a single medium?  If the worlds of retail, banking and insurance have a selection of web-based channels with discounted rates why not estate agency?  In actual fact the question is not why not – it is why not yet! 

For many the issue is how to go about setting up your own business. 
At novahomes we have built a brand centred around a fantastic web presence with a complete list of everything you need to start your own web agency and we have priced it to be competitive.  It is easier, cheaper and quicker to pick up our brand and expertise than to build your own.  You also have the added advantage of trading as part of an experienced network.  The more of us there are the more high profile and profitable we all become!

Estate agency is now set to change more dramatically than ever before.  The truth is that the buyer behaviour changed and it is only a sea change in the market itself that will force agents to change in the same way.  If there is still truth in the old adage that necessity is the mother of invention then it is also true that nothing will force change quicker than change itself!