Online Estate Agents Disrupting the Industry – My Predictions

Jun 28, 2015 by

I believe that in 2015, the online estate agents industry will gain more market share than ever before. Online estate agents continue to report record levels of business. But lets put that aside and look at some independent data.

 

This chart shows Google search volume for the brand names of some of the most popular online estate agents. We can see that from 2015, interest has started to rise dramatically:
 


 
My team and I, having recently launched our own online estate agents – CastleSmart.com – have benefited from seeing the customer demand and sheer need for this service first hand – despite at the time of posting being relatively new to the market.
 
Several things have aligned that makes now the right time for estate agents to really boom. Most notably, Gen Y (digital natives born after 1981) now have the power to buy and sell property. I’ve discussed other key reasons for the factors behind the boom here.

 

In this post, I want to discuss my predictions on exactly how this disruption will look, and its effect on traditional estate agents.

 

2014: Statistics showed that online estate agents were only responsible for 5.5% of house sales. Although small, it’s risen from almost zero a few years earlier.
 
2015: Online estate agents will continue to grab the headlines and be looked at with some novelty factor. As per the innovation bell curve below, innovators and early adopters have tried out the service and driven the early growth, laying foundations for more mainstream adoption.

 

Through word-of-mouth and mainstream advertising campaigns that are already being observed, the market share should rise to 10%.

 

Estate Agents Growth - Bell Curve
 
Although traditional industries typically observe growth as shown above, Internet driven applications have often seen much more accelerated growth as this illustrates:

 

big bang estate agents adptionSource: HBR

 

Although I believe that this big bang type growth is unlikely, there’s certainly the possibility.

 

2016 > 2018: I forecast that these years will see some of the strongest growth, with market share climbing between 20% and 40%. At this stage, traditional estate agents will reluctantly start changing their business model to offer better value to consumers. For example, through lower-cost fixed rate packages.

 

2018 > 2020: I believe forecasts of online estate agent market share growing to 70% are ambitious. Although I think that online estate agents will now be a mainstream option and will comfortably handle at least 50% of property sales and lettings.
 
This growth will cause newer estate agents, and some that have failed to adapt, to close shop. Although the biggest estate agents – particularly those which have positioned themselves as premium and built their brand over many years, will continue to thrive but profits will be impacted.

 

For those that struggle to see these or similar growth forecasts materialise, look at other industries that seemed stubborn to e-growth. When the ‘online equivalent’ eventually gained traction, the new industry boomed. Think of e-books, Internet banking, movie rental and more.

 

Many notable figures are for the first time investing heavily in online estate agents. The number of platforms is growing and the reviews are glowing. With all of these factors combined, I believe we’re set for an online estate agent boom!

 

read more

Related Posts

Tags

Share This

Track Attendance & Fees With THIS iPhone App

Nov 6, 2014 by

My onlineĀ projects have so far all been web based. However, I’m all to aware that an increasing number eyeballs are focused on mobile and there’s undoubtedly massive growth in this space.

 

So, when I needed a better way to track and attendance and cash fees from the martial arts classes that I help run, I knew an app was the way to go.

 

 

Introducing: Attendance & Fees!

 

 

Attendance & Fees on the App Store

read more

Related Posts

Tags

Share This

A Mentor: Your Shortcut To Success

Oct 28, 2014 by

Learning anything new can often be a challenge. So, to aid our learning we often go on courses, read up on the Internet and just battle through to work things out. However, an often neglected method and more effective method of learning is to get a mentor.

 

The benefits of having a mentor are clear. You’ll get proven information, tailored to suit you. A mentor can also help you avoid common pitfalls and essentially put you on the fast track to success.

 

Mentor

 

I hear you ask….

 

Why would someone spend their valuable time and expertise helping a stranger like me?

read more

Related Posts

Tags

Share This

Need Inspiration? Let Yourself Get Bored!

Apr 16, 2014 by

Entrepreneurs talk of all sorts of things that sparked their inspiration and led them to create their business. From an apple falling from a tree and knocking them on the head to solving a irritating problem to just plain and simple seeing a gap in the market.

 

On the other hand, one of the ways I find inspiration is to simply let myself get bored. Yep, it’s as easy as that. You might not realise it but we’re all so busy and likely to have so many distractions around us, it’s often rare that we actually get bored anymore. I bet when you’re stuck somewhere with nothing to do you’ll whip out your phone and occupy your time somehow. That’s good – but not all the time.

 

 

read more

Related Posts

Tags

Share This

How to Find Inspiration For Your Online Business Idea

Nov 28, 2013 by

How to Find Inspiration For Your Online Business Idea

I speak to a lot of people that want to start an online business but they don’t know what in. So if you have this problem, rest assured that you’re not alone and there is still hope that you can build a business that you love.

 

To start with, you should think about what your passions are and evaluate whether you can create a business around these passions. Doing so will make it much more fun when it comes to running your website. However, saying that, my passions have only fueled a handful of my business – such as AlphaForecast (I was an active trader) and Beautiful Tribute (people needed a completely free memorial website).

 

Many of my other projects came to life after I saw a gap in the market which then developed a new passion.

read more

Related Posts

Tags

Share This

Google vs Bing – The Battle Heats Up With BingitOn.com

Nov 21, 2013 by

bing-vs-google-search-results

 

Google have been dominating search for over a decade. And rather than back that up with stats, just ask your mother (or grandmother) to ‘Google it’. If they know what you’re talking about, that’s as good evidence as any that Google is the reigning and undisputed search heavyweight champ.

read more

Related Posts

Tags

Share This

oDesk vs Freelancer.com Review. An Employers Perspective

Nov 21, 2013 by

Outsourcing plays a big part in helping me to run multiple businesses in a diverse range of niches.

 

As a result, I outsource loads of different tasks to different types of freelancer and I’ve tried almost all of the platforms out there. From Elance to RentACoder (before it was named vWorked and acquired) to oDesk, Freelancer.com and more.

 

 

odesk-vs-freelancer

 

read more

Related Posts

Tags

Share This