From the rise of online property portals to the emergence of AI-powered search, the way people find and buy homes has changed significantly over the past 25 years. But as technology continues to evolve, what does the future hold for property portals and estate agents?
While much of the conversation around AI focuses on how consumers will discover properties, there's another important question for the industry: how can property businesses turn these new ways of searching into meaningful customer relationships and commercial opportunities?
It's a question explored in the latest episode of The Property Stack Show, sponsored by iovox, where iovox Chief Commercial Officer Matt Gayleard and Hannah Parker, founder of property marketing agency Inoki, were joined by Simon Baker, former CEO of REA Group and a leading investor and adviser in global property marketplaces.
Together, they discussed the evolution of property portals, the growing influence of AI and what these developments could mean for the way property businesses attract, engage and convert customers.
As Simon observed: "There's a transactional search and an emotional search. Buying a home is an emotional search."
So, what can property portals and estate agents take from the discussion? Here are five key lessons.
1. Why does understanding customer value matter more than ever?
As property businesses invest in new technologies and marketing channels, understanding which activities deliver genuine value to customers will become increasingly important.
For property portals, success isn't simply about attracting more visitors or generating higher enquiry volumes. It's about delivering relevant enquiries to estate agents and demonstrating how those enquiries contribute to business growth.
For estate agents, the challenge is similar. With customers discovering properties through an expanding range of channels, understanding which activities generate valuable conversations, viewings and instructions can help businesses make more informed decisions about where to invest.
This focus on outcomes is particularly relevant as AI introduces new ways to search for homes, engage with prospective buyers and manage enquiries. Technology may make it easier to generate and handle customer interactions, but the real measure of success is the value those interactions create.
It's a principle reflected in the experience of Simon Baker, former CEO of REA Group. When discussing the growth of realestate.com.au during The Property Stack Show, Simon identified "focus" as one of the most important factors behind its success.
Rather than pursuing multiple opportunities, the business concentrated on building comprehensive property listings and strong relationships with agents, recognising that delivering value to customers was central to its growth.
For today's property businesses, the lesson is equally relevant. As technology evolves, the priority should remain understanding customer needs and investing in the activities that deliver meaningful results.
2. Will AI replace property portals and estate agents?
AI is more likely to complement established property portals and estate agents than replace them, helping buyers research properties while human expertise remains central to the buying process.
Consumers are increasingly able to explore locations, compare properties and ask detailed questions about their requirements using conversational AI tools. As these technologies develop, property search could become more personalised, allowing buyers to investigate everything from commuting options and local amenities to how well a neighbourhood suits their lifestyle.
However, buying a home is fundamentally different from purchasing an everyday product. Decisions are influenced by personal circumstances, family needs, lifestyle preferences and long-term aspirations, many of which cannot be captured through traditional property search filters alone.
During the podcast, Simon suggested that AI could act as a co-pilot alongside established property portals, helping consumers research homes and make more informed decisions rather than replacing the platforms they already use.
For portals, AI offers the potential to build on existing listings, audiences and trusted brands by delivering richer, more personalised search experiences.
For estate agents, buyers may arrive having already undertaken extensive research, with more specific questions and expectations.
The opportunity lies in combining technology with the human elements of property transactions, using AI to support discovery and research while ensuring buyers can access the advice, reassurance and expertise they need to make confident decisions.
3. How will AI change what buyers look for in a home?
AI could help buyers move beyond traditional property filters to explore how well a home and its surrounding area match their lifestyle.
Price, location, property type and number of bedrooms will remain important, but buyers may increasingly use AI to ask more detailed questions about commuting options, local amenities, schools and neighbourhood characteristics.
During the podcast, Hannah Parker raised an interesting question about the importance of richer property information alongside comprehensive listings.
While having a wide selection of properties remains valuable, providing more detailed information about individual homes and their locations could help buyers make better-informed decisions.
For example, a listing describing a three-bedroom detached house with a driveway and garden provides the essential facts. But additional context about nearby schools, walking routes, independent shops or transport connections could help buyers understand whether the property suits their lifestyle.
This also reinforces the importance of understanding what buyers are actually looking for. A customer enquiring about a particular property might be prioritising proximity to family, a shorter commute or access to outdoor space, rather than the property itself.
For property businesses, recognising these wider motivations can help create more relevant experiences, improve customer conversations and potentially connect buyers with homes they might otherwise have overlooked.
4. How should agents measure enquiry quality?
By looking beyond the initial contact to understand how quickly an enquiry is followed up and whether it leads to a viewing, valuation, instruction or eventual transaction.
As consumers discover properties through portals, agency websites, social media and potentially AI-powered search tools, understanding which channels generate valuable enquiries will become increasingly important.
One marketing channel might deliver a high volume of enquiries, while another generates fewer contacts but attracts buyers who are ready to arrange viewings.
Measuring enquiry numbers alone doesn't necessarily reveal which channel is delivering the greatest commercial value.
The real insight comes from understanding what happens next. Was the enquiry answered promptly? What was the customer looking for? Did the conversation progress into a meaningful opportunity?
This is where conversation intelligence, including technology provided by iovox, can help property businesses connect customer interactions to their original marketing source and better understand which channels are delivering meaningful commercial opportunities.
Technology such as iovox AI Insights can also help businesses analyse customer conversations, understand enquiry quality and identify potential missed opportunities.
For property portals, these insights can help demonstrate the value of enquiries generated for agent customers, rather than relying solely on lead volumes. For estate agents, they can support better marketing decisions and improve follow-up activity.
As AI introduces new ways for consumers to discover properties, understanding the journey from initial enquiry to commercial outcome will become increasingly important.
5. Why should property businesses look beyond day-to-day operations?
Taking time to consider how the industry is changing can help property businesses challenge existing thinking, learn from others and identify where technology could deliver genuine value.
Another important theme from the podcast was the benefit of exchanging ideas with experienced industry leaders and looking beyond familiar ways of working.
Discussing events such as Property Portal Watch Europe, iovox Chief Commercial Officer Matt Gayleard highlighted the importance of stepping away from everyday responsibilities.
"I think it's perspective," he explained, describing the benefits of being surrounded by people who have built successful businesses and approached familiar challenges in different ways.
For property portals and estate agents, this is particularly relevant as AI continues to evolve and businesses face decisions about where to invest their time and resources.
Whether it's exploring how AI could improve customer service, reviewing marketing performance or identifying ways to make better use of existing data, taking time to assess what's working can be just as valuable as introducing something new.
And as Simon's experience at realestate.com.au demonstrates, sometimes the most important decision is knowing where to focus.
Listen to The Property Stack Show
Hear more from Simon Baker, Hannah Parker and Matt Gayleard on the evolution of property portals, AI-powered search and the future of the property industry in the latest episode of The Property Stack Show, sponsored by iovox.
Explore more industry insights from The Property Stack and read our related article on AI-powered property discovery.
Discover how iovox for Real Estate helps estate agents and property portals understand customer conversations, measure marketing performance and identify valuable opportunities.