4 minutes reading time
(743 words)
AI vs Estate Agents - Who Gets the Value Right?
If you’ve been anywhere near the property market lately, you’ll have noticed how much easier it’s become to get a value on your home. A few clicks online and there it is - a number, clear as day.
At the same time, estate agents are still out there doing what they’ve always done - walking through the front door, taking it all in, and giving a view based on experience as much as evidence.
It’s not really one or the other. Yet it does bring us to a simple point worth thinking about - who actually gets the value right?
Over recent years, platforms like Zoopla and Rightmove have made property values more visible than ever. With a few clicks, anyone can see an estimated figure. Behind the scenes, these figures are driven by Automated Valuation Models, pulling together data from previous sales, local trends, and wider market activity.
There’s no denying the appeal. It’s quick, accessible, and gives homeowners a starting point without needing to pick up the phone.
Some estate agencies have taken this further. Companies such as Purplebricks have built their model around technology-led pricing, offering a more streamlined, data-driven approach.
And in many cases, it works.
For more standard properties in established areas, these models can land close to what the market might bear. When the data is consistent, the outcome often is too.
Yet property, as we know, rarely stays within neat lines.
The moment a home steps outside the “typical” bracket, the limitations begin to show. A model cannot walk through the front door. It doesn’t notice the quality of a renovation or the compromises behind a quick refresh. It cannot sense the feel of a street, or the difference one side of the road can make.
That’s where the traditional estate agent still holds ground.
Firms like Savills and Knight Frank continue to place real emphasis on in-person valuations. There’s a blend of comparable evidence, local knowledge, and experience built over years of seeing how buyers actually behave.
It’s not just about the number.
A good agent is thinking about how a property should be positioned, how it enters the market, and how pricing might shift depending on interest. In slower or more uncertain conditions, that judgement can make all the difference between a smooth sale and a drawn-out one.
There is also a growing challenge around expectation.
When a homeowner sees an online figure, it can quickly become fixed in their mind. Even if that number is based on historic data, it starts to feel real. When an agent arrives with a different view, the conversation can become more difficult than it needs to be.
We are seeing more properties come to market slightly too high, only to be adjusted later. That initial overreach can cost time, and in some cases, confidence.
It reflects a wider theme across the property sector.
We now have access to more data than ever before, yet refining that data into something meaningful is becoming more important, not less. It’s something conveyancers are feeling every day. The volume of information has increased, although the responsibility to interpret it still sits firmly with the professional.
AI can provide a strong starting point. It can highlight trends and offer direction. Yet it doesn’t replace the need for human judgement.
What we are likely to see is a blend of both. Technology will continue to improve, while the role of the estate agent becomes even more focused on interpretation and guidance.
There’s a balance to be found.
It would be interesting to know whether we are starting to trust the number more than the knowledge behind it, and where responsibility sits when that number misses the mark.
For this week’s Property Matters, Gareth Wax is in the chair, joined by Hamish McLay, and also by Rowan Waller, known to many as The Property Pen, as they bring this conversation into the open and share thoughts from across the sector.
Because in the end, a property is only ever worth what someone is willing to pay for it. Getting there still relies on more than just the data.
Never miss an episode of Spilling the Proper-Tea again, subscribe to our YouTube Channel to catch or watch live: https://www.youtube.com/@SpillingTheProper-Tea
For content enquiries:This email address is being protected from spambots. You need JavaScript enabled to view it.
For podcast/media info:This email address is being protected from spambots. You need JavaScript enabled to view it.
At the same time, estate agents are still out there doing what they’ve always done - walking through the front door, taking it all in, and giving a view based on experience as much as evidence.
It’s not really one or the other. Yet it does bring us to a simple point worth thinking about - who actually gets the value right?
Over recent years, platforms like Zoopla and Rightmove have made property values more visible than ever. With a few clicks, anyone can see an estimated figure. Behind the scenes, these figures are driven by Automated Valuation Models, pulling together data from previous sales, local trends, and wider market activity.
There’s no denying the appeal. It’s quick, accessible, and gives homeowners a starting point without needing to pick up the phone.
Some estate agencies have taken this further. Companies such as Purplebricks have built their model around technology-led pricing, offering a more streamlined, data-driven approach.
And in many cases, it works.
For more standard properties in established areas, these models can land close to what the market might bear. When the data is consistent, the outcome often is too.
Yet property, as we know, rarely stays within neat lines.
The moment a home steps outside the “typical” bracket, the limitations begin to show. A model cannot walk through the front door. It doesn’t notice the quality of a renovation or the compromises behind a quick refresh. It cannot sense the feel of a street, or the difference one side of the road can make.
That’s where the traditional estate agent still holds ground.
Firms like Savills and Knight Frank continue to place real emphasis on in-person valuations. There’s a blend of comparable evidence, local knowledge, and experience built over years of seeing how buyers actually behave.
It’s not just about the number.
A good agent is thinking about how a property should be positioned, how it enters the market, and how pricing might shift depending on interest. In slower or more uncertain conditions, that judgement can make all the difference between a smooth sale and a drawn-out one.
There is also a growing challenge around expectation.
When a homeowner sees an online figure, it can quickly become fixed in their mind. Even if that number is based on historic data, it starts to feel real. When an agent arrives with a different view, the conversation can become more difficult than it needs to be.
We are seeing more properties come to market slightly too high, only to be adjusted later. That initial overreach can cost time, and in some cases, confidence.
It reflects a wider theme across the property sector.
We now have access to more data than ever before, yet refining that data into something meaningful is becoming more important, not less. It’s something conveyancers are feeling every day. The volume of information has increased, although the responsibility to interpret it still sits firmly with the professional.
AI can provide a strong starting point. It can highlight trends and offer direction. Yet it doesn’t replace the need for human judgement.
What we are likely to see is a blend of both. Technology will continue to improve, while the role of the estate agent becomes even more focused on interpretation and guidance.
There’s a balance to be found.
It would be interesting to know whether we are starting to trust the number more than the knowledge behind it, and where responsibility sits when that number misses the mark.
For this week’s Property Matters, Gareth Wax is in the chair, joined by Hamish McLay, and also by Rowan Waller, known to many as The Property Pen, as they bring this conversation into the open and share thoughts from across the sector.
Because in the end, a property is only ever worth what someone is willing to pay for it. Getting there still relies on more than just the data.
Never miss an episode of Spilling the Proper-Tea again, subscribe to our YouTube Channel to catch or watch live: https://www.youtube.com/@SpillingTheProper-Tea
For content enquiries:
For podcast/media info:
Stay Informed
When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.
Comments