The Productivity Paradox: Why Some Estate Agencies Still Resist Chain Viewing Technology

A recent Landmark study revealed that 43% of estate agents felt that greater visibility of a transaction as it progresses would have the biggest positive impact on their productivity. Close behind, 42% believed that greater certainty of a transaction would be the game-changer. Yet, despite these clear demands for enhanced transparency and certainty, estate agents are still losing 55% of their time chasing stakeholders or being chased for updates – a significant 11% increase from 2023. This raises a compelling question: if the need is so evident, and the technology exists to meet it, why are some estate agencies still resisting the adoption of chain viewing technology?

A Fragmented Landscape with Outdated Practices

For decades, the property sales process in the UK has been plagued by inefficiencies, mostly due to fragmented communication channels and outdated practices. When 47% of estate agents indicated that they are prioritising digitising more processes, and 49% are looking to assign workloads more efficiently, it becomes clear that the industry is well aware of its challenges. Even consumers are clamouring for better communication: 47% of buyers and sellers stated that better coordination between estate agents, lenders, and conveyancers would dramatically improve their experience, with 39% desiring more proactive updates from their estate agent.

This disconnect between demand and implementation can no longer be justified as a lack of awareness or unwillingness to change. Consumers are accustomed to real-time updates and transparency in almost every other area of their lives – whether tracking parcels, monitoring food deliveries, or receiving live updates on travel itineraries. But, when it comes to buying or selling a house in the UK, it feels like stepping back in time.

The Technology Exists, So Why the Reluctance?

1. Fear of Change and Legacy Systems
   Many estate agencies are entrenched in legacy systems that have been in place for years, if not decades. There is therefore a (reasonable) fear that these outdated platforms may not easily integrate with modern chain viewing technologies, leading to perceived disruption and high costs of implementation. However, a lot has been written about the impact of assumptions, not all of it in polite language. It’s worth asking the question to your preferred chain view supplier, as some are fully integrated with all the leading CRMs and the effort of implementation is therefore a non-issue.
2. Perceived Complexity and Training Costs
   A common misconception is that digital transformation is complex and requires extensive retraining. Yet, today’s modern chain viewing platforms are designed with user-friendliness in mind – especially as they have so little of the constraints of typical legacy software. In fact, some chain view tools are as intuitive as an app on your mobile device. Adoption is less about technical complexity and more about the mindset shift required to embrace a new way of working.

Of course, the aversion to invest any effort is often tied to the weight of the benefits received in return. Most people will be very keen to learn and adopt a tool that will save them half of their time in the office typically spent doing something tedious. So, communication of the why and the benefits should always be a top priority when bringing in a new software solution. From thereon it’s plain sailing, as the adage goes.

3. Short-Term Cost Aversion
   Implementing new technology involves an initial investment, which some agencies are reluctant to make, especially in a challenging market. However, this short-term cost aversion ignores the long-term gains in productivity, employee satisfaction and client retention. Agencies that fail to invest now risk being outpaced by tech-savvy competitors who do recognise the value of chain view technology and who can, therefore, complete transactions faster and more efficiently.
4. Leadership’s Lack of Digital Literacy
   One of the most significant barriers is the digital literacy of leadership teams. Decision-makers who don’t fully understand the benefits or capabilities of chain viewing technology are less likely to champion its adoption. Yet, just as one would expect a doctor to be up to date with the latest medical advancements, estate agency leaders have a duty to be aware of the tools that can enhance their service offering and operational efficiency.

The Competitive Advantage of Early Adoption

Agencies that are embracing technology are already reaping the benefits. They attract top talent by offering more balanced workloads, ensure returning clients by providing a transparent buying or selling experience and gain a competitive edge by reducing the time it takes to complete transactions. These agencies aren’t just surviving – they’re thriving, setting new standards for the industry.

Meanwhile, those that resist, are risking far more than just productivity. They’re jeopardising their market position and customer loyalty. As the housing minister pushes for greater transparency and upfront information, the coming regulatory environment will only favour agencies that are already tech-enabled.

A Duty of Care and Responsibility

There’s a moral imperative at play here as well. Estate agents have a duty of care to their customers, which includes staying informed about technology that can significantly improve transaction outcomes. The market is moving towards a model where visibility and certainty are not just competitive advantages but customer expectations.

In this context, continuing to operate without chain viewing technology is akin to flying blind. It leads to a cascade of inefficiencies, from overburdened staff to dissatisfied customers. It is not just about adopting new tools; it’s about evolving to meet the modern consumer’s expectations.

Breaking Through the Resistance

Resistance to technology isn’t new, nor is it insurmountable. The key is education, leadership buy-in, and a strategic approach to implementation. For agencies hesitant to make the leap:

• Start small: Implementing chain viewing technology can be gradual, beginning with pilot programmes or select transactions.
• Training and Support: Partnering with technology providers that offer comprehensive onboarding and training can mitigate fears of complexity.
• Highlighting Quick Wins: Demonstrating short-term productivity gains can help secure leadership buy-in and employee support.

The Road Ahead

The property market is at a crossroads. Those agencies that cling to outdated practices will face an uphill battle, losing both employees and clients to more tech-forward competitors. Conversely, those that embrace change will not only enhance productivity but also foster customer loyalty and secure long-term growth.

The question isn’t whether the industry will digitise – it’s which agencies will lead the charge and which will be left behind. The technology exists, the demand is clear, and the benefits are tangible. It’s time for estate agents to stop flying blind and start embracing the visibility and certainty that chain viewing technology can offer.

Change is in the air and the choice is a simple one: adapt or risk becoming obsolete.

Kindly shared by Estate Agent Today Picture courtesy of Adobe