Today it’s difficult to imagine an estate agency that doesn’t use software.
In the 2024 PayProp Rental Confidence Index, only 1.2% of agents did not think technology a worthwhile investment, while almost 60% had increased automation of their business in the previous year.
That being said, there are still many misplaced assumptions in regard to estate agency software. Here, we bust 5 of the most common estate agency software myths.
Myth 1: “I’m a great estate agent; I don’t need technology.”
The better you are at being an estate agent, the more you will get out of using technology. By automating administrative tasks and streamlining prospecting, technology can either be a service enabler or a time-saver. While that can simply mean more free time for some, it can also enhance your value proposition, giving dynamic agents more time to do what they do best. Best of all, it allows you to focus more time and resources on dealing with customers and prospects.
To name just two examples:
- Reapit’s automated booking tools pre-qualify applicants for you, so you can filter out the window shoppers and focus only on the hottest leads – and the pre-qualification form can be customised to give you the lead data you need up front.
- PayProp automatically matches incoming rent payments to the right tenant and property, automatically reconciles them, and allows you to pay out to all your landlords the same day the rent arrives, turning hours of admin into a 10-minute job.
“The Reapit story stood out for us because they were the only organisation that said, ‘You still need to be a great estate agent’,” says Malcolm Prescott, Managing Director, Webbers.
Myth 2: Software puts estate and letting agents out of a job
The flip side of Myth 1, and a myth for the same reason. Software can sift through data to identify business opportunities or reconcile your rental payments, but it can’t build rapport with a client like an agent can.
What software can do better than humans is allowing agencies to handle high task volumes. Without needing to hire more staff, small and mid-sized agencies can easily get the power to go toe-to-toe with much bigger businesses.
With the cost of employing new staff soon to go up due to increases in national insurance, tech-enabled efficiencies could also cost less than bringing on new workers.
Bloom Residential used Reapit’s Power Reports to analyse property and client data and identify opportunities, allowing them to cut a massive 10 hours of admin per week and bring in an extra £20,000 in revenue.
“Reporting on our data had previously been very long-winded and complicated, but with Reapit’s power reports this has become substantially easier and more beneficial. Our managed portfolio has increased dramatically over the past couple of years, and by using Reapit we have been able to manage this without increasing headcount.”
Myth 3: Estate agency software is all hype and no results
Every agent has heard stories about bringing in a new PropTech system and discovering that it made things twice as hard for 10 times the cost. But that need only be true if you think new technology can just be dropped on a team without properly embedding it into their existing processes, workflows, policies and so on. You wouldn’t do that to a new hire, would you?
To tell the difference, look for recommendations from other agents, check estate agent-focused review websites like Kerfuffle, or look at industry awards based on customer feedback like ESTAS.
The right tech works in the background. It doesn’t slow you down. You don’t want to be thinking too much about it. Reapit works as it should. And the feedback from the staff has always been very positive.
Matt Nicol, Owner and Managing Director, Nicol & Co.
Myth 4: Estate agency software is too expensive
The upfront cost of estate agency software can often be considered high, but it’s important to weigh that up against the cost of not using it and the gains and costs savings elsewhere following its implementation. Technology can unlock new business opportunities and make your processes more efficient, helping you cut costs and bring in new revenue.
Streamlining business processes with tech can turbocharge your business’s growth – as it did with Shanta Residential, who used the time they saved by automating their rental payments with PayProp to grow their portfolio by 42% in 12 months.
It can also bring more immediate savings by helping you generate more reliable revenue from your existing client book. The London Broker identified £2 million a year in potential new fees just by improving their data accuracy and management with Reapit.
“One of my colleagues at ARLA said to me that PayProp is too expensive. I said that’s how I used to think too, but think about it: how much would you say an administrator costs? £35,000 a year? Even though PayProp is going to cost you per property, in the long run you will actually save money.”
Darshan Sunger, Managing Director, Three Oaks
Myth 5: Switching to a new system is too difficult
To be fair, migrating data to a new system and retraining staff is always going to take time and effort. But some platforms will walk you through the process with expert support and training, making the process as smooth as possible.
As with the cost of software, it’s also important to consider the downside of not switching. Sticking with a less powerful platform avoids the onboarding process, but also means spending more time on admin every week – and risks your agency being outperformed by rivals with better tech. They’re speedier, they’re more efficient and they’re getting opportunities using data you’re not using, or aren’t able to monitor.
Onboarding may also be easier than you think when you choose market-leading estate agency software like Reapit. If some of your staff have used the same platform in a previous job, they can hit the ground running.
“The onboarding process was surprisingly easy. It’s intricate, but when you are migrating the amount of data that we had across our six branches, that’s to be expected. But we really did feel that our hand was held, and that we understood the step-by-step process and that we were always updated on what was going to be happening next within the onboarding process.”
Tom Ward, Director, Aspire Estate Agents
