Real estate market at half mast, how are professionals in the sector reacting?

Vitrinemedia, leader in the real estate window market with more than 60% market share, has therefore commissioned the IFOP to understand how real estate agency directors react to this declining market. This study [1] identifies the development levers of real estate agencies. It highlights the good practices of agency directors and the actions put in place to resist the decline in the real estate market. The study reveals that they act both on their structure, by modifying their organization in particular, and on their communication by strengthening their visibility in their neighborhood.

The study initially reveals that real estate agents are quite pessimistic about the future of their profession. In fact, 82% of respondents believe that the market has deteriorated. 39% even think that the situation will get worse in the coming months. On the other hand, 51% of real estate agents report relative stability in their activity. And 16% even managed to grow their business compared to last year.

To survive, real estate agencies are forced to diversify their services. This is how 39% of those questioned finance real estate projects. 27% turned to home renovation services (37% for Parisian agencies), 22% to moving services, 20% to interactive sales, 17% to insurance for real estate and finally 8% to concierge services.

Real estate agencies are forced to optimize their activity if they want to get through this crisis. 80% say they pay attention to the return on investment of their expenses. 59% of agencies that performed well in H1 2023 reduced their spending. 49% now automate certain tasks to be more efficient and waste less time. They are also forced to better optimize their human resources. 86% of respondents collect more feedback from employees to improve certain processes. 80% of them try to create links between employees. 77% offer training to acquire new skills. 65% communicate with their colleagues about the vision and objectives to be achieved.

In order to boost their notoriety, real estate agencies rely on several levers. 93% of successful agencies actively use their storefront, 90% use social networks and 82% strengthen their physical prospecting. The study highlights the fact that successful agencies pay particular attention to the content of their showcase. 70% display real estate for sale or rental, 62% highlight their customer reviews, 53% distribute seasonal news, 51% inform passers-by about the agency's professions and 39% present their team and their recruitment.

We also find among the information disseminated in the window:

• The brand's communication campaigns (when it is a network)
• Free property valuation via a QR code in the window
• Content from the agency's social networks in real time
• Real estate market news
• Information on additional services: moving, renovation, financing, etc.
• Life in the neighborhood, town or village

For Thibault Guillaume, CEO of Vitrinemedia: “Through this survey carried out among real estate agents this summer, we wanted to highlight good practices that are working, in a context of a declining real estate market. Our objective is, as usual, to help, motivate and support real estate professionals in the transformation of their profession. »

[1] IFOP study carried out from July 11 to 24, 2023 with 235 real estate agencies

Illustrative image of the article via Depositphotos.com.