The emergence of real estate platforms and a particular reality show has many questioning, and even demonizing the value of the real estate agent. Apparently, we all have really easy lives and make a lot of money.
Combine this with the rise of ‘discount broker’ and the ‘i-buyer’, full service agents are struggling to find new ways to get out in front of potential homebuyers, connect, build trust and demonstrate value.
In April Thomas O’Shaughnessy wrote “Real estate agents will need to adapt to the new, tech-centric real estate landscape in order to remain competitive. That said, despite widespread industry disruption, realtors still have a crucial role to play in the home-selling process- and it’s unlikely that demand for their services is going to go away anytime soon.”
How do agents (new and seasoned alike) stand a chance in this new virtual world?
You pay for a service either because you can’t do it, or you don’t want to. Proto04 shared, “I work in construction and could do just about any job on my house, but I still often hire pros because they have the experience and resources to do a job more efficiently than I can. - When you’re talking about a process with implications of tens of thousands of dollars [or more] it’s worth the cost of a pro.” – Reddit
Residential real estate, especially, is an emotional process. Buyers and sellers alike can immensely benefit from having an invested, but objective third party guiding them through their own peaks, valleys and nuances of a transaction in any given market place.
Jennier Da’Rosa of Intero Real Estate sums it up nicely “even though buyers can do a lot of research on their own, realtors are the experts that can navigate them through all the paperwork and nuances of a transaction. A lot of real estate is relationship based. People want to work with other people that they now and trust. Those relationships can open up more opportunities for buyers and sellers and even help close a deal that may not have been put together otherwise.”
Realtor.com’s Weekly Housing Recovery Index shows that while the housing market was affected by COVID-19, it’s resilient and has surpassed the baseline created in January 2020.
Douglas Elliman “reported $11.8 million in net income during the third quarter, driven by surge in closed sales in Los Angeles, Aspen, the Hamptons and South Florida markets. That’s up 521 percent from the $1.9 million in net income the brokerage reported in the third quarter of 2019. Quarterly revenues ticked up 3 percent year over year to $208 million."
So, how have the online buyers and sellers reached their goals throughout such turbulent and uncertain times?
Answer: Through the resilience and ingenuity provided them by real estate professionals.
CEO of Douglas Elliman Western Region, Stephen Kotler stated that one thing that has been amplified throughout the pandemic is the fundamental need for human connection. That has played an instrumental part in how the brokerage is successfully guiding its clients through its 2nd pandemic.
Are the days of caravanning to Broker’s Opens with your colleagues and connecting on the latest in your local markets gone forever?
Will buyers ever be able to get into a home without a real estate agent again? If we all only had that crystal ball our clients expect us to…
Residential real estate is an emotional beast. It is about building relationships, trust and sometimes being a therapist. How do agents compete in this new tech driven era? Simply, adapt and adjust to yield the results you need.
The pre-existing need for a meeting between realtors and the virtual world was greatly expedited by the Pandemic. In his latest interview with Forbes, real estate leader, Frederick Eklund shared how he and his team are adapting to the current climate. “Nobody wants to watch a 10-minute video with classical music. What people want are passionate and educated agents, someone with personality and spark walking them through the house” Eklund notes.
Eklund continues, “buying a home is supposed to be a fun experience and you lose some of that when it’s all virtual.”
The need for real estate agents is not going away. How do we get out in front of potential homebuyers, connect, build trust and demonstrate value? The secret is a tool that will dramatically enhance the industry, and grab the attention of investors like Tom Ferry, and many others.
Meet yaza, the first real estate platform with Real Estate Agents focused at the center, is steadily making headway. Brilliantly designed, Yaza merges augmented reality with the capabilities of Zillow, YouTube channels, Google maps, slack and more. Agents can now control how they connect with the online homebuyer or seller.
Thomas O’shaughnessy @The Real Estate Witch https://www.realestatewitch.com/role-of-the-real-estate-agent/https://blog.militarybyowner.com/the-effects-of-the-covid-19-pandemic-on-real-estate-and-home-sales