In recent years, we’ve seen countless changes in technology that have had a dramatic impact on the world of real estate. As more information has been made available to buyers and sellers, many have attempted to take some or all of their real estate transactions into their own hands.
Travel, transportation, entertainment and hospitality: these are just a few of the industries that have taken a hit from new technologies. As the digital age continues to evolve, real estate may very well be the next industry to suffer. Keep reading to find out more about how consumers are taking charge of their own real estate transactions and what you can do to stay relevant in the digital age.
Realtors May Be Facing Diminished Value
As any experienced realtor knows, diminishing value is a problem that has been creeping into real estate for years. Thanks to websites like Zillow, Trulia and many more, your clients have access to much of the same information that you do. Chances are that your agency’s website lists the homes that are available in your region. Clients can not only see what homes are available in their desired location, but they can also browse through pictures of the property, see how it measures up to comparable homes in their price range and even get an online estimate of how much the property is actually worth.
While the abundance of available information is no substitute for the knowledge and experience of a dedicated real estate agent, agents are having to work harder and more creatively to prove their value in the buying and selling process. Fewer clients are seeing the value of using—and paying—a middleman that is less informed, forcing realtors to take a step back and rethink their business models.
On the one hand, the abundance of information available has made it difficult for realtors to thrive in today’s market. On the other hand, those who haven’t incorporated online marketing tools may soon be entirely unable to contend with their media savvy competitors.
Gone are the days when potential buyers drove through their desired neighborhoods, looking for For Sale signs in the windows. The new generation of buyers is accustomed to finding any information they need on the internet. In fact, many buyers are now privy to pertinent information about their desired property even before their real estate agent.
Are You Ready to Take Charge?
If you feel as though you are struggling to remain relevant in this changing industry, you are likely looking for ways to change your game. While those who have been in the business for a long time may have trouble surrendering their rolodexes and brochures in the name of progress, those who will see the most success are those who can embrace technology’s advancements.
If a real estate agent’s value came from the fact that they were limited to finding and showing potentially interesting properties, the whole industry would suffer. Fortunately, clients are trusting agents now more than ever to field calls, manage paperwork and processes and decipher the finer details of the buying process. By highlighting your experience in managing the more grueling aspects of the buying and selling process, you can ensure that clients will continue to look to your knowledge and experience for guidance.