Mark Meyer, CEO Meyers Estate Agents looks at how the property market has navigated the pandemic and the opportunities that lie ahead for the sector.
Two years ago, no-one foresaw the changes that the pandemic would bring to all our lives. The consequences are dramatic and far reaching, and no doubt we will live with them for many years to come.
From a business perspective, it seems to have been the ‘luck of the draw’ whether franchisees have been fortunate enough to continue trading relatively uninterrupted or negatively affected. Some have suffered substantial financial loss due to no fault of their own and for others, their business model has shifted so significantly it is now unrecognizable. Sadly, some may never be able to return to their previous roles.
Opportunities
However, for those who are now looking for new opportunities, I’d like to highlight the property sector as a positive place to be. Historically, property has been particularly stable because whatever is happening in the economy – both good or bad – people still need to move house, and everyone needs to live somewhere. It’s an established and reliable market and can be ideal for potential franchisees if they choose a progressive franchisor with a great business model.
During the first lockdown like all businesses, estate agents were restricted from managing house sales. However, the Government was quick to recognise the value of the property market to the economy, and brought in protective measures, such as the stamp duty holiday for homes under £500, to ensure momentum was maintained and buyers were still keen for transactions to go-ahead.
Pent Up Demand
The stamp duty holiday, pent up demand due to the lockdowns, plus a surge in people looking to purchase a home with a larger garden or better facilities to work from home, has driven the housing market in recent times. Record levels of house prices and volumes of sales have been recorded during the past 12 months. Our franchisee for Poole sold 21 homes last month alone and our franchisee for Shaftsbury has agreed sales on just shy of £9 million worth of property since the start of 2021. A stable market has become even more buoyant with demand even outstripping supply in some areas.
Skill Sets
If you are considering a change in career, the good news is that by joining a franchise which offers thorough training, those with no background in the property industry can succeed. At Meyers, we have trained people with no experience to become successful estate agents - including a former firefighter and also a hairdresser! The key skill you do need is the ability to connect with people. You also have to care deeply about helping vendors get a great outcome on their house sale and be prepared to be flexible and go the extra mile for your customers.
Remote Working
The pandemic has certainly changed the way most people work. Remote working has become standard. What we are finding is that a number of traditional high street estate agents have realised their expensive high street offices are now surplus to requirements and have decided to go it alone. As a result, we are also seeing enquiries from experienced agents looking for help to find a better way of working.
Interestingly, at Meyers Estate Agents, we have worked remotely with franchised agents operating from their home offices for around seven years now. We recognised early on, the power of technology for marketing properties and also the added benefits of keeping overheads very low by not having traditional high street offices. This means we can afford better promotion resulting in better outcomes for our clients but also offer new franchise opportunities at a low cost too. It also means we are a big step ahead as our systems and processes are already honed and ready in place to help new agents joining our network.
Our highly successful, award winning business model has been the best kept secret in the property sector for some time! However, now the market demand is such that we are actively looking to recruit new franchisees to join us in locations across the UK. So, if you are looking for a career change or are an established agent who wants to work in a better (and more profitable) way, achieving a healthy work-life balance then why not contact us for more information? It could be the best move you ever make.
For further franchise information please see: https://www.franchisedirect.co.uk/property-and-estate-agents-franchises/meyers-estate-agent/**