The latest research by accountancy firm Moore Stephens shows that 27% of high-street estate agents are showing financial distress and struggling to survive in the current property landscape. While some of this has been attributed to slower market conditions, this is also a direct result of the growing prominence of online and hybrid estate agents.
Please find below comment from Emoov founder, CEO and property expert, Russell Quirk, on the latest results.
Founder and CEO of Emoov.co.uk, Russell Quirk, commented:
“We’ve previously seen the decline of traditional business across a number of industries as a result of digital disruption and evolving technology, with those failing to adapt inevitably falling by the way side.
This shift towards the digital space has seen industry giants such as Blockbuster, Toys R Us and more vanish from the commercial landscape due to their failure to acknowledge what the consumer wants – greater convenience, better value and a higher level of customer service.
Unfortunately, this head in the sand approach is one that also remains prevalent within the high-street estate agency sector and as this research shows, it is starting to hit them where it hurts.
While there will always be space in the market for a good, customer focussed high-street agent, there are far too many operating in the same area, with the same outdated practices, and until they do decide evolve their proposition, this decline will only get worse.”