The newly published Voice of the Agent Survey 2024 offers a detailed understanding of the UK property market’s present situation and potential future. The survey reflects the perspective of 841 industry professionals, a significant increase from 553 in the prior year, alongside the insights from 2,000 consumers nationwide and a variety of credible studies.
Conducted by We Are Unchained Ltd, the survey gives us a glimpse into market sentiments, prevalent trends among sales and letting agents, competition in the market, marketing strategies, customer opinions, the role of PropTech and AI, mental health in the workplace, experiences with discrimination, and demographic details. Several industry experts and companies collaborated with Unchained to extend the survey’s outreach and deepen the research insights. Rightmove added some key research guidance as well.
Unfortunately, the survey points to persistent gender discrimination, notably affecting women’s advancement to senior roles within the estate agency sector. A staggering 85% of those who have encountered discrimination are women, with gender discrimination reported by 44% of female agents versus 5% of males.
Female agents also face discrimination from clients based on gender (71%) and age (29%), yet many do not take action against these issues. The report suggests that better support systems could help empower agents, especially women, to address and effectively report discrimination.
The report also remarks on the lack of female presence in higher managerial positions, despite the industry having a balanced gender representation at the entry-level.
According to the survey’s findings, agents are experiencing a busier market, with 42% reporting an increase in dealings with vendors compared to 37% last year, and 81% of agents expect vendor numbers to rise this year. It reveals that the average agent fee is 1.3%.
Key takeaways from the survey include:
+ Market Confidence: There have been ups and downs in market confidence since 2017, but there’s still a positive sentiment for 2024, with agents believing in the market’s resilience and growth potentials.
+ Sales and Estate Agents Trends: The survey shares insights on a vibrant and variable market in terms of vendor interactions and perceptions of property value, with agents hopeful for market growth and stable property prices despite economic uncertainties.
+ Lettings and Letting Agents Trends: Growth is expected in the lettings sector for 2024 despite challenges, with rental prices likely to rise and fee structures evolving to adapt.
+ Concerns and the Competitive Landscape: Agents express concerns about economic instability and the challenges of regulatory compliance in a competitive environment. There is an indication that personalized and traditional services may be favoured over digital-only models.
+ Marketing Insights: The survey underscores the importance of investing in digital marketing to connect with homeowners and landlords, which is critical for growth, and addresses the challenges of content creation.
+ PropTech and AI Adoption: The use of technology is deeply integrated for efficiency, with substantial interest in AI advancements to streamline operations.
+ Mental Health and Discrimination: It sheds light on widespread mental health issues among agents and discrimination faced by women in particular, calling for stronger support measures and more inclusive practices.
+ Demographics and Professional Engagement: It offers an analysis of the industry’s demographic structure, noting the dominance of male, middle-aged professionals, and a substantial engagement with professional memberships and networks.
Key Statistics:
+ Optimism: Most estate and letting agents are expecting an increase in vendor and landlord figures.
+ House/Rent Prices: A slight majority of estate agents believe house prices may drop a bit in the next 12 months, while most letting agents see rental values climbing.
+ Marketing investment: Businesses spend an average of 10.4% of their budgets on marketing (excluding portals), with 62% going to portals and 38% for other marketing ventures. This equates to 17% of revenue being allocated to portal expenses.
Simon Leadbetter, co-founder of Unchained, started The Voice of the Agent in 2023 out of curiosity about industry professionals’ collective insights. Instead of keeping the results to themselves, Unchained decided to share the findings to facilitate a more informed industry-wide conversation.
A panel discussion on the report is set to be released next week. Simon Whale from Kerfuffle said after reviewing the survey that it stands out as one of the most informative research studies produced for the industry and recommends it to all agents and associated suppliers.
