Are Agents Adapting in a Changing Landscape?
Category Industry News
The real estate industry, of course, does not operate in isolation and the landscape has most definitely changed, with technology, in particular, affecting the way companies operate. More than ever before, as agencies continue to grapple with a more knowledgeable client base, a more forward-thinking, modern approach to business is needed.
Buyers are mobile-friendly, agent-averse, and prepared, with a wealth of information at their fingertips. They know what they want - and more importantly, what they don't - and the client ultimately wants to be sure they are dealing with the best agent for their individual needs.
As such, mobility and flexibility are key, and an approach that cuts away unnecessary frills and replaces them with real, honest, hands-on service. Agents need to work with their clients, not for them, and the client not only wants an agency that understands the marketplace and the current climate, they also want to know that the agent they are dealing with will go to bat for them when it really counts.
The agent, of course, also needs to partner with an agency that understands all of this and provides the best possible working environment, and model, to ensure maximum success. Are agencies in South Africa truly changing the way they operate to fit a modern landscape or are they attempting to manage a traditional model in a new, digital age?
If the latter is true, the questions must be asked: are agents happy with older models in a modern climate? Do traditional commission structures still hold true? Or is it time to approach a new breed of buyer with an agency - and agent - better suited to what is needed?
Kyle Leigh, the Managing Director of The Agency Property Group believes that a smaller, more mobile team is exactly what is needed to navigate this new, more fluid market. Leigh is well aware of what customers are looking for in an agency, and its agents, and as such has tailored his teams to reflect what is wanted - a collaboration with the best, most well-informed people.
"Our model is not office-based, for starters, which means we are mobile and flexible," says Leigh.
"We have a team of two agents operating across the Atlantic Seaboard and the plan is to add another two working the rental market in the area, with one admin assistant there to assist the agents working the area.
"Effectively, this means there is no internal competition amongst our agents, and that is how we want it to stay. By having a dedicated team of two, we ensure we have the best two agents in any respective area, operating in that area indefinitely, meaning their knowledge of the properties, the current climate, and any new developments will continue to grow, ensuring clients will be working with the very best agents at any given time.
"This is a model we want to roll out across the province with time."
By keeping their agents exclusive to an area, The Agency ensures the quality of their agents continues to expand over time, allowing them to grow not only The Agency's brand and credibility, but also their own. It is a model that has quickly yielded results with their agents comfortable in the knowledge that they will be allowed to work in the area without any internal conflicts, while being able to grow their networks, brand profile and credibility without any time constraints.
Atlantic Seaboard specialist Lynn Pinn couldn't be happier, "Having worked for the big brand traditional agencies for nearly two decades, I can honestly say that this has been the best move I have ever made. We have a solid online platform and fantastic brand identity. On top of the unbelievable commission structure, the lifestyle that this has allowed me to create is incomparable and has truly awakened the entrepreneurial spirit within."
Lynn's partner, Simony Santos, is also revelling in her new role, ''Having built up many relationships and a solid network of clients over the last 10 years, the reality is that my clients want to deal with me and not be referred to other agents within the company, because of area restrictions. I am now able to genuinely assist all my clients regardless if it's a house in Bantry Bay or a sectional title unit in Green Point. I love having the freedom of working throughout the Atlantic Seaboard and fully engaging with the community.''
With a model that has been built to fit a new, and ever-changing industry, The Agency will be looking to roll out across the Western Cape, one area at a time.
"While we would love to expand quickly, we want to make sure our structures are sound and working in the best possible way for both our agents and our client base," says Leigh. "We have two incredible agents operating on the Atlantic Seaboard and we will be looking to implement the same model of team in the Camps Bay and Hout Bay area and then the CBD in the coming months."
Author: The Agency Property Group