In the dynamic world of real estate, effective communication remains a cornerstone for success. However, recent findings from Landmark Information Group have cast a spotlight on the communication challenges pervasive in the housing sector, impacting estate agents, conveyancers, lenders, and surveyors alike.
A Glaring Issue: Time Spent in Communication Tangles
A staggering revelation from the report indicates that estate agents dedicate almost half of their working hours to either pursuing or responding to various issues. This statistic is significantly higher compared to other property professionals, emphasising a unique challenge faced by agents in their day-to-day operations.
The Domino Effect of Poor Communication
Communication inefficiencies not only consume valuable time but also contribute to notable delays in property transactions. Estate agents and conveyancers, in
particular, find themselves grappling with slow transaction times, a concern echoed by 37% of agents. This sluggish pace has resulted in the average duration from instruction to completion extending to 19 weeks, a 77% increase since 2007.
Consumer Expectations vs. Reality
Interestingly, consumer expectations contrast sharply with this reality. A parallel study by Landmark among 500 consumers revealed an overwhelming desire to complete home moves within an 8-week period. This gap between expectation and reality underscores the need for improved processes and communication within the sector.
Chain Issues and Regulatory Challenges
More than half of the estate agents surveyed pinpointed chain issues as the primary cause for delays. Additionally, the increasing regulatory and administrative burdens have emerged as top concerns across the board. Specifically, 60% of agents identified compliance, particularly the complex anti-money laundering (AML) regulations, as a cumbersome aspect of their work.
The Struggle with Regulation and Security
Keeping abreast of the latest AML, fraud, and cybersecurity updates poses a significant challenge for 56% of agents. Furthermore, the financial constraints in recruiting staff skilled in these areas are becoming more pronounced, with 58% of agents acknowledging this difficulty.
A Call for Collaborative Solutions
Simon Brown, Chief Executive of Landmark Information Group, highlighted the shared challenges within the sector. He emphasised the importance of recognising our interconnected roles within the property ecosystem. Brown advocates for investment in technology and data to foster a collaborative approach, thereby enhancing efficiency and certainty for both property professionals and consumers.
Keysio's Commitment to Progress
At Keysio, we understand these challenges and are dedicated to transforming the sales progression process. By providing an innovative online portal, we aim to streamline communication and enhance transparency among buyers, sellers, and solicitors. Our focus remains on leveraging technology to simplify compliance and administrative tasks, ultimately bridging the gap between consumer expectations and the realities of the property transaction process.
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