New research claims that more than half of homebuyers do not consider estate agency branches to be important, raising questions about the benefit of an agency maintaining a physical high street presence in this modern age of homebuying. 
The study by WiggyWam found that homebuyers are divided on whether or not it is important for estate agents to maintain a high street office – 54% of respondents no longer consider branches to be important, while 46% do.
Some 53% of those surveyed said that that throughout the course of their most recent purchasing journey, they did not step inside their estate agent’s branch or office at all.
Meanwhile, 38% state that they had cause to visit a branch ‘once or twice’, while just 9% visited ‘quite often’.
This data suggests that, while branches are still considered important by consumers, it is not because they directly facilitate the sales process.
Just 6% of homebuyers say they discovered the home they eventually purchased via the window of an estate agent branch, and 5% discovered it via a ‘for sale’ board.
This leaves 70% finding their future homes online, and 18% responding with ‘other’. Examples of the latter will be word of mouth, auction, and buying direct from the seller.
WiggyWam CEO, Silas J. Lees MRICS, said: “Because of lockdown, many agents have been operating an appointment-only system, so it is no surprise that many recent buyers have not made much use of the branch.
“However, we also know that the entire high street retail sector was struggling before Covid and has been truly battered since. Even the biggest names in retail are retreating from physical operations.
“Yet, at the same time, some retailers are enjoying great high street success and, more often than not, they are those who have changed the strategic value of their physical retail units. It’s about time agents started doing the same, finding a way to create an in-branch experience that cannot be replicated online.
“To this end, multi-disciplinary branches are where the smart money is; agents, lawyers, surveyors, etc, all under one roof, all working together to create an efficient buying and selling process. Given how many law firms, for example, are likely to fold as a result of the pandemic, this kind of consolidation provides a genuine option for the future.
“Combining this approach with upfront, transparent property information, such as that delivered by our Sellers Packs, the high street branch could once again become an invaluable resource in fast-tracking sales whilst helping agents increase their fees and service offerings.”
Survey of 1,081 recent UK homebuyers (last 6 months) carried out by WiggyWam on 1st April 2021 via Find Out Now:
| How did you find the last home you purchased? | |
| Answer | Respondents |
| Online | 70% |
| Other | 18% |
| An estate agents window | 6% |
| A for sales board | 5% |
| During the transaction process, how often did you visit your estate agent’s branch/office? | |
| Answer | Respondents |
| Never | 53% |
| Once or twice | 38% |
| Quite often | 9% |
| Do you think it’s important an estate agent has a physical office? | |
| Answer | Respondents |
| No | 54% |
| Yes | 46% |
| With regard to your onward purchase (if applicable), would you prefer to pay less in estate agent fees if it meant no physical office? | |
| Answer | Respondents |
| Yes | 75% |
Comments (16)
Although there is undoubtedly a benefit in having a high street presence, from a marketing perspective for me these results emphasise why a digital marketing strategy is so important. Long gone are the days a prospect will walk through the door, the world is moving online and effective digital communications are essential to keep attracting new valuations and instructions. Agents have so much potential value even just in their archive data – linking up an agency’s CRM system with a platform like BriefYourMarket.com that makes it easy to keep in touch with people digitally can be a simple and cost-effective way of generating repeat business and attracting new prospects who may never step foot in the branch until they collect their new keys.
This is a trend that was happening before lockdown and will continue long after. Times are changing and we have to accept that. Most clients do as much as possible remotely. Yes it is nice having a physical branch, and the concept of everyone under one roof and create an experience is one we have been toying with for a number of years. For our own sanity we want to keep our high street presence (realised by going through lockdown) but also know we need to re-invent what and how we do things.
I never see the point of surveys like this. What exactly do they achieve? If a business works and makes money by having a high street office what is the problem? Also with less than 1100 people surveyed how is it an accurate interpretation of the general feeling of buyers when there are tens of thousands of properties being sold across the country!? As someone has already said conducting this during a time of lockdown and restrictions is mindless anyway.
I think having a physical office is good, and it should be one easy to get to, but that doesn’t mean it needs to be a ‘high street’ office. Where I work at the moment, we have an office, but it is not on the high street or in the town centre, it is just off one of the major commuter routes in a residential area. It’s great, we have loads of parking for staff, clients, and we even have a small garden! We have a shop just up the road for milk and supplies and there is no chance of coming in and finding someone has vomited or urinated on the windows, like one high street office I worked in!
I would deeply miss slipping and sliding on the vomit on the doorstep on a Monday morning, almost as much as I would miss the remnants of a large kebab with mint sauce and mayonnaise that has been lovingly pushed through the letterbox.
The thing that baffles me is, when I used to rampage around a town centre on a Saturday night, many moons ago, I would have defended my doner kebab with my life and I enjoyed every greasy morsel of it. Why then, would someone push theirs through our letterbox?
So 53% did not comply with Money Laundering Regulations? While it is not a condition to visit, how did they get checked, records obtained and received the keys to their new home! Not forgetting that when the wheel comes off during a sale, a friendly and helpful personal contact is an advantage. Ah its the on-line brigade who have no office working out of their bedroom. Try doing it with Rentals and never meeting the tenant.
If the rents cheap enough an offcie is a good billboard. There is a lot of mileage IMO in teams working together and a manger developing staff face to face but it depends on what the model is-low volume-high ROE etc Anyway-I’m sure Connells Group would disagree having picked up circa 800 new leases?
INDEED! Many savvy EA’s who lease might even be “net up” on accommodation expenses if they sublet well… there’s a thought…
It actually pays to have an office! literally pays!
And In other news, 100% of customers never visited someone’s bedroom.
Homebuyers may never visit but what about their clients – The vendors!?
What’s the need exactly to have a vendor visit the office?
Sometimes a chat face to face, some people crave personal interaction, some might need to give us a key to conduct viewings coz their off on holiday, or need to drop a set of documents in because their printer doesnt work, or they cannot be printed and copied. Perhaps they just wanted to pop a head in and say “hi” or “I was just passing, thought I would ask how things are going” (depsite the fact they are proactively kept up to date on a regular basis before you start)
Maybe they want to meet the team before deciding who to use…
There is room for High Street and Online…
Why people want to kill hooman interaction is beyond me…
Very comforting to know you can though and a meaningless survey if ever there was trying to garner some PR
Headline
Not many people visited estate agents offices during lockdown
Time he went back inside his tent
During lockdown I think everyone was permitted to go out for walks which I’d imagine was a highlight of the day. Yet only 6% found their property from a window – great value for the high street address there.
53% never visited – it wasn’t lockdown for the last 6 months was it?
I think the 2nd to last one is the elephant in the room and from over 1,000 respondents is the one you really should be paying attention to. I can only imagine it will go up each year but that’s just my hunch.
That’s the headline.
All ostriches please go ahead and tell me I’m wrong for so many reasons.
Dear BillyTheFish…. My name is Ric head of Ostriches at our company.
During lockdown I think everyone was permitted to go out for walks which I’d imagine was a highlight of the day. Yet only 6% found their property from a window – great value for the high street address there. They were out enjoying fresh air ye numpty nuts, not window shopping ffs. Come on. No more insults, just come on BillyTheFish… really!!!!!!
53% never visited – it wasn’t lockdown for the last 6 months was it? There is OFTEN no reason to visit during a sale… however, a point missing in that question is… How did they collect the key on completion? (I bet 90% perhaps had to go collect a key! Seller to Buyer direct handover is RARE) was the office visited by anyone else related to the purchase ie Surveyors, etc.
I think the 2nd to last one is the elephant in the room and from over 1,000 respondents is the one you really should be paying attention to. I can only imagine it will go up each year but that’s just my hunch. Interesting, but again was any context put to the question… Key collection, trades people for access, surveyors or people who cannot communicate online, elderly wanting Face 2 Face help… this is a question without scenarios. I bet they didn’t know how many physical interactions may have taken place over that sale. Perhaps a seller being urged to stick with it and be patient…
All ostriches please go ahead and tell me I’m wrong for so many reasons. Ok, so not saying you are wrong, just pointing out… lots of one line questions with multi choice answers will get a particular response and lets be fair, if you asked how many felt the EA was not required, I would imagine 90% would say yes.
Great time to do a survey like this though… in a fecking lockdown pandemic… erm… good chance many will have tried to communicate online before in person where possible… ffs…
The cost of an ITZA window display and 24/365.25 brand presence can’t be isolated as a non marketing expense. Every vendor bought from someone and invariably passing the agent’s office or board is a positive marketing reinforcement of an agent’s successes.
Locally the Purplebricks territory has been taken over by a well known and well respected agent, he will be competing against the firms he has worked for in one town, but 5 miles west he is unknown competing against 4 agents with a window display, 9 miles east there are 6, 10 miles south another 5, 8 miles SW even more. I’m not sure it’s possible to be local without an office
An office isn’t essential , somewhere more than 1 person can work together is so if an ITZA window costs very little more than tertiary office space it is mad to ignore its brand awareness and marketing value