Technological change and estate agents’ practices in the changing nature of housing transactions

Abstract

The construction of housing markets, mediated by estate agents, is changing. The ‘information age’ has witnessed widespread changes to personal intermediation across many business sectors (e.g. holiday sales and insurance brokerage), yet estate agents continue to be extensively involved. This paper asks whether the intermediation process has changed and why this is the case. Through a cultural economy investigation of the everyday practices of estate agents in New Zealand and England we identify how they have adapted, directed and responded to technological and social changes. In England, three service levels of agency arose with varying roles for technological information dissemination, the matching process and the formulization of prices. In New Zealand the hegemony of high quality service has resisted other mediation forms; retaining socially negotiated housing outcomes. Despite these differences, the unique facets of housing, its complex sale procedure and emotional transaction nature have hitherto enabled the adaptive capacity of estate agents to continue influencing housing market processes and rationalize their ongoing construction of housing transaction processes.

Keywords:

• Estate agents
• markets
• cultural economy
• everyday practices
• adaptation

Notes

1. Statistics New Zealand, 2015.

2. Office of National Statistics, Mid year estimate 2013.