Book a demo

Let a friendly Gnomen expert answer all of your questions and take you through the system online in 15 minutes. Just choose a time that suits you.

username pass repass
CAPTCHA Image Refresh
Sales: +44 (0) 208 123 9019 Support: +44 (0) 208 629 1208

Montana H

Business Development Director

Share Facebook LinkedIn Twitter

How should estate and letting agents react to Brexit?

After a long and drawn out campaign, the British public last week decided to leave the European Union.

Gnomen, Property Software, Software for Estate Agents, Property Market, Brexit, EU

The vote was won by a narrow majority of 52% to 48%. So far, it's been well-documented that the pound and the financial markets have taken a hit since the news of a 'Brexit' broke.

Other than that, it's all still very much up in the air until the fast-becoming infamous Article 50 is triggered.

Since the result became known, a number of reports have surfaced suggesting the property market could suffer due to the uncertainty surrounding the UK's future.

For example, a study by property consultancy Plentific found that 12% of over 1000 homeowners surveyed said they are now less likely to sell their home in the next three years.

That's not to say it's all doom and gloom, however. Many estate agents have indicated they are still completing transactions and have not had any deals fall-through as a result of the referendum result. With all this going on, we've put together five steps for estate and letting agents to help maximise opportunities and continue to be successful in this changing landscape.

1. It's business as usual

As indicated above, it's been business as usual for most estate and letting agents. Some of the problems currently being faced in the market are long-term and not necessarily anything to do with the referendum outcome.

Right now, nothing has changed – the UK is still part of the EU for the foreseeable future. If agents carry on as they were this time last week, last month or even last year, the chances are there'll still be many prospective clients looking to sell or let property.

2. Reassure your clients

One of the biggest problems to come out of last week's referendum is uncertainty. Political and financial doubts and instability have a very strong effect on the general public.

Many homeowners or landlords may now be assessing their options or waiting before making their next move. This is your opportunity to reassure them and let them know that you'll look after them and aim to get the best out of their assets.

3. Keep up to date with that's going on

Not much may have happened yet – but that's not always going to be the case. Over the next six months, things should start to change, despite there being a two-year negotiation period for the UK to work out its exit deal.

It will be extremely important, therefore, for agents to stay on top of what is happening. It will be beneficial for agents to keep clients updated with how the UK's EU departure is affecting the property market. What’s more, some legislation could change in the future, too, so it's important agents remain vigilant for this.

4. Be proactive

There may be some downsides to the UK leaving the EU – demand might dip and the supply shortage may continue, house prices may even drop-off. Rather than letting this affect business, agents can be creative and proactive in order to make the best of the situation.

For example, if house prices do fall, then agents can tailor their marketing to attract first-time buyers – a group who may find it easier to get on the property ladder in a post-Brexit UK – to their clients' properties.

5. Be accessible

At a time when it's difficult for people to get straight answers about the country's future, it's vital that estate and letting agents are there to help.

Good agents with strong market knowledge should work hard to advise the public about property and answer any queries they may have. If agents offer advice and guidance to people with doubts, they are increasing their chances of taking on new instructions.

So there you have it. It could pay to bear these steps and ideas in mind over the next few weeks as we await a more definite outcome and further details of the UK's departure from the European Union.

Here at Gnomen we provide property software for estate and letting agents. To find out we can help your agency, please get in touch with us on 0208 123 9019.

You can book a free demonstration of our estate and letting agency software here.

Share this article

Share Facebook LinkedIn Twitter

Montana H

Business Development Director

Twitter LinkedIn

Gnomen news

latest budget outlines britains digital future

> Read more

agents benefit as property prices London

> Read more

Fees ban draft bill: 5 key questions answered

On November 1, the Department for Communities and Local Government (DCLG) published the draft for what is to be known as the Tenants' Fees Bill.

> Read more

Property firms must come to terms with Artificial Intelligence

Property firms must come to terms with Artificial Intelligence Companies have been warned that they must get to grips with emerging, disruptive technology such as artificial intelligence (AI) or risk becoming obsolete.

> Read more

Agents need to be wary of fraudulent computer virus scams

Agents need to be wary of fraudulent computer virus scams Cyber-crime is one of the great challenges of our time, and it's something estate and letting agents need to be aware of.

> Read more

Range of lettings measures announced during party conference season

Range of lettings measures announced during party conference season The political party conference season usually springs a few surprises and it was those of us working in the property industry who this year were required to sit up and pay attention.

> Read more

MPs debate unintended consequences of proposed letting fees ban

> Read more

Busiest time of the year for letting agents almost upon us

If you are a letting agent it is likely that your workload is about to get a lot busier

> Read more

Agents urged to prepare for introduction of new data protection legislation

It might not be something you have given much consideration to but new data protection legislation is coming into effect from next year that will have a significant bearing on your estate or letting agency business

> Read more

Letting fees ban set to go ahead but no timeline specified

One of the most contentious issues in the lettings industry at present is the proposed ban on letting agents fees to tenants.

> Read more

Complaints against agents - are they on the rise

A few weeks ago, The Property Ombudsman (TPO) launched its latest annual report at the House of Lords, revealing a rise in the number of formal complaints resolved by the redress scheme as well as a record total of compensatory awards paid by estate and letting agents.

> Read more

Selling via Facebook Live-is this the future?

A new first in the world of estate agency has taken place, with online agency HouseSimple recently attempting to sell the first home in the UK via a viewing on Facebook Live. Sale by social media, in other words.

> Read more

What do we know about the new housing minister

Following the recent General Election, a new housing minister was appointed to replace Gavin Barwell, who lost his Croydon Central seat.

> Read more

Election 2017: What are the main parties housing policies

On June 8, Britain will go to the polling booths for a second General Election in just over two years. Theresa May surprised everyone when she announced the snap General Election in April (not least because she herself had previously ruled it out), but since then the party political machines have launched into action and MPs across the country have been out and about in their constituencies, trying to win over voters.

> Read more

Why agents should capitalise on the Bank of Mum and Dad boom

In recent weeks there have been a number of stories about the rising importance of the Bank of Mum and Dad when it comes to house purchases, with financial assistance from parents becoming almost a requirement for young buyers looking to get on the property ladder.

> Read more

The rising influence of short-lets how could it affect letting agents

It sometimes feels like there not a day that goes by without a news story concerning the growing short-lets market.

> Read more

Housing White Paper what does it mean for agents

Earlier this month the government released its eagerly anticipated housing White Paper. The 104 page document sets out how the Conservative Party intends to improve the supply/demand imbalance of housing in the UK.

> Read more

Is 2017 the beginning of the end for estate agent boards

For Sale and To Let boards have long proved divisive with some arguing they are still a useful marketing and advertising tool, while others argue that they are an eyesore and a relic from a different age. But have they had their day

> Read more

Good news for agents annual transactions remain strong

Despite the various challenges faced by the property industry in 2016. Brexit, stamp duty changes and tighter lending criteria chief among them

> Read more

House prices: what could happen in 2017?

Last year was a memorable one for a number of reasons, and throughout an astonishing 12 months which included the Brexit vote and election of Donald Trump the UK property market remained stable and consistent.

> Read more