The estate agency industry has historically been one that relies on personal relationships and in-person interactions to buy and sell properties. However, with the rise of digital technologies, businesses are increasingly turning to digital tools to improve their efficiency and profitability.
Digital offer systems such as those provided by companies like beagel.io, a Microsoft supported startup, are becoming an increasingly important tool for estate agencies. Beagel.io is an open API stack technology that powers digital real estate offers, connecting buyers, sellers, agents, and their teams live 24/7. As a result, it can streamline the offer process and provide a central platform for communication and documentation, which can help businesses reduce the time and resources required to manage transactions and improve their profitability.
Healy Hynes, CEO of beagel.io, says "Digital offers are the future of estate agency efficiency and profitability. By automating the offer process and providing a central platform for communication and documentation, businesses can reduce the time and resources required to manage transactions, which can translate into improved profitability."
In addition to improving profitability, digital tools also improve efficiency. A study by Deloitte found that companies that adopt digital tools such as automation, data analytics, and cloud computing can improve their productivity by up to 33%.
By providing customers with more information and access to make offer online, businesses can reduce the time and resources required to sell properties, freeing up staff time for other tasks like filling deal pipelines.
According to the National Association of REALTORS® (NAR), the average US real estate agency branch employs between 3 and 5 agents. Again, according to the NAR, the median home price in the United States was $431,000 in the third quarter of 2023.
According to a 2022 NAR report, the median number of residential properties sold per single-office brokerage in the United States was 168 in 2021. However, there is a wide range of sales figures among brokerages. The top 10% of single-office brokerages sold an average of 400 properties in 2021, while the bottom 10% sold an average of 25 properties. Given the competitive nature of the industry, commissions per branch can vary widely, however a productivity improvement of 30% as suggested by Accenture's study, could see even a bottom 10% brokerage increase their turnover by $95,000 per year.
Digital tools such as beagel.io can also help smaller estate agencies compete against larger, more resource-rich competitors. By providing a streamlined, efficient platform for managing transactions, these tools can help businesses offer a higher level of service to customers, which can translate into increased customer satisfaction and retention.
Digital offers such as those provided by beagel.io are becoming an increasingly important tool for UK estate agencies looking to improve efficiency and profitability. By automating the offer process and providing a central platform for communication and documentation, businesses can reduce the time and resources required to manage transactions and improve their bottom line. As Healy Hynes notes, "Digital offers are the future of estate agency efficiency and profitability”
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