The 21st century has witnessed billions of dollars being channeled into real estate tech; many are faced with the questions is it the end of real estate professionals? The internet is a hub of connectivity completely transforming the way consumers purchase product and services.
Technology is a valuable addition to the real estate industry. However, it will not replace real estate professionals for the foreseeable future. It will shift business models or many real estate firms and redefine their goals to adapt to the changing landscape.
In the real estate sector, a lot of ‘startups’ have come and gone all promising the ‘next big thing ‘causing little disruption at the end creating confusion and dissatisfaction with their clients. For a lot of people purchasing a home is an emotional experience and represents the most significant transaction they will ever make in their lives that cannot be entrusted to an app. Just imagine getting into a heated argument with Alexa or Siri? Crazy right?
Technology has simplified and streamlined real estate transactions whether it’s searching for a home or taking virtual tours from anywhere in the world, a realtor is still needed to seal the deal. The human element and connection are still vital, and for the simple reason, they are a guide and help buyers do more than just list property and sign agreements.
Technology is yet to replace the importance of human trust as well as providing emotional trust and expertise during this life-changing decision. Some aspects of the human element can be automated, and we will continue to witness a digital-based approach to these processes. Regardless, not everything can be artificialized.
For potential homeowners, search sites have given them the ability to look for their ideal home before purchasing. It’s a great thing empowering buyers. However, a lot of this site provide inaccurate information causing frustration to buyers as a result of algorithm misguidance an occurrence which could be easily avoided in a real estate agent was factored into the equation.
Technology relies more on objectivity rather than intuition, in some aspects, it’s a source of strength, but it can also undermine the role of intuition in the negotiating process especially when two parties are involved. Human are experts at reading and analyzing emotions helping them to exploit the situation to get better deals thus closing deals faster, efficient and smoothly an aspect which technology cannot provide
The real estate model is based on client/agent satisfaction. Real estate professionals can incorporate technology into their work to provide a more personalized relationship, improving organization and ensuring transparency/ efficiency.
As technology continues to expand and simplifies things, it can never replace the human aspect. Real estate sector is still based on face-to-face communication. It can never match good old human expertise and experience. Can you imagine relying on an app or chatbot to solve your problem or help you make the most crucial decision in your life? I can’t.
The property market is a hands-on business, technology can help, but it’s nearly impossible to replace a living and caring person who invests his effort and time to ensure you get the best deal possible.