The London Report - London Report 2023

LETSOLD

A streamlined experience

We've seen how people move around

London to find the optimum balance

between price, property, location and

lifestyle. It's a challenge for customers to

find a home if they aren't familiar with

London's local markets, and at any one time,

we can have tens of thousands of renters

and buyers on our books, looking for a

new home. It will be invaluable for our

Negotiators, who are working to move

Londoners, if we were to welcome every

newly registered renter and buyer with

personalised, suitable recommendations.

Just like Netflix and Amazon, we decided the

best tool to support our customers and our

staff is a recommendation engine, to comb

through the vast amounts of data in real time

and best match the properties to customers.

Finding the right property

Our team of data scientists built and

deployed a neural network machinelearning

algorithm to create a tool which

matches customers with the properties

they are most likely to be interested in to

streamline the customer experience. We

are already seeing a better engagement

rate by matching people with a tailored

list of properties. This machine-learning

algorithm has been built in partnership

with DataRobot, a best-in-class data

science platform, which is used by

companies like the F1 team McLaren.

Continuing to modernise

estate agency

Foxtons investment in technology can

be traced back to our early days as a

disruptor in the property sector. We

continue investing in cutting-edge

technology to differentiate Foxtons from

the competition to this day; our in-house

team of software developers are

constantly improving and iterating our

bespoke CRM system, BOS, to include

new features and products. This agile

approach to development allows us to

constantly release new features that

advance our business. In recent times,

we've leveraged our skills and knowledge

to embed a wide range of artificial

intelligence models into our processes,

empowering us to identify opportunities

for new leads in real time and surface

these to the right person at the right time

on the right channel.

The world is changing at a very rapid

pace, and artificial intelligence algorithms

are increasingly used across a wide range

of industries to match pace. Our objective

is to modernise estate agency by better

supporting our customers and employees

to make informed, faster and more

confident decisions. We believe data and

technology is a competitive differentiator

and our innovative culture and technology

stack will lead the way forward, for our

company and our sector.

INNOVATIVE DATA

AI AND ANALYTICS

Everything the Foxtons Business Analytics team do is designed to enable faster, more confident

decisions through innovative and cutting-edge use of data and technology. As we've highlighted

throughout The London Report, Foxtons advanced approach to data analytics is accelerating

growth across our business. The technologies we've adopted have made the business more

productive, optimised marketing costs and increased revenue. This unique approach to data

within the property industry differentiates Foxtons from the competition and allows a stable

foundation on which to provide a better customer experience.

Accenture

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