Scrolling through my mail notifications, 3 emails jump out at me.
- App for Real Estate Valuators launched in Dubai
- No App will ever replace a real estate agent
- 3 Things Estate Agents can do to compete with iBuyers
It was like the outcome of an alliance gone sour.The first from a techie bent on disrupting an industry with a few lines of code.The second , a pained agent refusing any form of tech-advancement in a bid to defend his territory.And the third , a kind of mediator. But isn’t that the reality?As with many other industries , technological advancement is disrupting industries and evoking a range of emotions from anxiety to fear to anger, thus leading to shut mindsets.But it doesn’t have to.It only takes a shift in perspective and some understanding.
So here’s 3 ways to adjust to tech changes in the real estate space
- Focus on the relationships.Real Estate isn’t some grocery item you buy off the shelve.There’s no return-back policy.It requires planning,insights,a chunk of funds and more importantly,a guiding hand.Apps sure can do a lot on information gathering.But nothing beats a personal relationship with an agent.There’s just certain questions an app can’t answer.
- Embrace the tech.Don’t fight it.Rather , take time to understand it.Its actually there to make your life easier.Tech is just a multiplier of whatever it meets.So you render excellent service , tech only helps propel that.You offer shabby service, tech makes it worse.
- Hop on the bandwagon.Get involved.Stay open to new ideas and new ways of doing things.Get your brand out there.If you need to attend a seminar/training, then do it.Understand how social media works.Whatever changes ,don’t be the last to catch-up.
To answer the main question, iBuyers are the latest threat to agents, offering lower listing fees, faster transactions and an online-based process that’s basically made for millennials (an important fact, considering millennials now make up a whopping 36% of all home sales.). Now that that may be the figure in the U.S but on a global scale,by 2025, millennials will comprise three-quarters of the global workforce.That should be some food for thought.