Prime agents increasingly finding buyers beyond the portals

The latest survey of UK prime residential agents by AgentWise has found that referrals, agent relationships and existing databases are playing a far greater role in generating high-end buyer enquiries, as prime agents go 'off portal', highlighting the continued importance of collaboration within the prime property market.

AgentWise surveyed its member agents operating within the UK's prime residential market to understand how buyer sourcing, agent collaboration and off-market activity have evolved in recent years.

The survey found that referrals are now the single most important source of buyer enquiries, cited by 80% of respondents. Existing databases and agent relationships both ranked second at 60%, whilst just 30% identified portals as a leading source of buyer enquiries.

The growing importance of collaboration is also reflected in how agents view professional relationships. Seven in 10 respondents said cross-agency relationships are now much more important than they were five years ago, with a further 23% stating they have become slightly more important. Not a single respondent believed they were less important today.

This shift is translating into completed business. Half of all agents surveyed said they had completed between three and five transactions with the help of another agent during the last 12 months, whilst a further 20% had completed one or two deals and 20% had completed six or more.

At the same time, 62% of respondents believe off-market opportunities are increasing, compared to just 3% who believe they are becoming less common.

Founder of AgentWise, Eric Corsaletti, commented:

"For years, the portal was viewed as the centre of the property market. Today, particularly at the prime end, it has become just one part of a much broader ecosystem.

The reality is that many of the best buyers are now being introduced through referrals, trusted professional relationships and collaboration between agents. That doesn't mean the portal is no longer important, but it does mean that the agents who are best connected are often best placed to create opportunities for their clients."

Corsaletti added:

"What our survey also demonstrates is that collaboration is no longer a niche part of the industry, it's becoming a core part of how business gets done.

As markets become more international and buyers become more specific in what they're looking for, the ability to quickly identify and connect with the right people is becoming every bit as important as marketing the property itself."