Cashflow is stopping agents from embracing technology - claim

A lack of cashflow is stopping agents from adopting technology to boost their business, it has been claimed.

Proptech firm iamproperty recently brought together experts from the sector to discuss the opportunities and challenges estate agents are facing, as they navigate an increasingly digitalised industry.

The roundtable featured Michele Gettins of iamproperty, Charlotte Jeffrey-Campbell of The Able Agent, Tim Barnett of Credas, Gary Barker of nurtur.group, Katy Billany of TwentyEA, and Ian McKenzie of The Guild of Property Professionals.

The panel discussed that innovation is often a differentiator for agents in a highly competitive market, where customers’ expectations of an efficient digital experience, like that of their other transactions, are high. 

Barnett said: “Most agents are investing in tech for their business to make operational efficiencies, but it’s tech’s ability to give agents a competitive edge that branches should be getting most excited about.

"They should use it to play into the experience consumers are looking for and use digitalised processes and a better service offering to stand out, especially in an industry like ours.”

However, whilst the panel agreed technology was the way forward, there are still existing barriers stopping the property sector from taking the leap.

One of the primary barriers identified was cash flow, with agents struggling with lengthy transaction timelines and low fee margins. McKenzie said: “Cash flow is the biggest barrier to innovation; agents aren’t able to turn their pipeline around fast enough. 

“Agents don’t have time to review every solution, we need to make the proposition more joined up and simple and help them to make a clear link between innovation and competitive advantage.”