Now more than ever, it seems every industry is under threat by disruption, including the real estate industry. Whether it’s from new technologies or emerging start-ups, the industry should be poised for change. However, should we fear this change, or use it as an opportunity to improve? How can agents remain relevant and viable in this changing economy? We weigh in on the debate and discuss everything you need to know about this issue.
New technologies are changing the way we do business, and agents must adopt them. Drones, collaborative robots, wearable tech, 3D technology, augmented reality, body cameras, smart locks, and the plethora of apps and software programs allowing tasks to be streamlined and automated are not threats, but rather opportunities to improve. Implementing these technologies into our business operations and service standards is how we can innovate our offerings and improve the customer experience. The fact is, agents who see digital disruption as an opportunity to improve and adopt these technologies, will be the ones who stay relevant and viable in this changing economy.
The real threat comes from new business models delivering more value to consumers. Just like Uber changed the taxi industry and Airbnb changed the hotel industry, the real estate industry could be disrupted by start-up companies introducing better ways to buy, sell and rent property. With consumers having instant access to online property information, the real estate agent middleman is at risk of being removed. However, the threat does not come from low-cost, low-value models like Purplebricks. The threat comes from start-ups that effectively change the traditional business model, and replace it with methods of delivering far more value to our consumers.
No matter who or what disrupts our industry, there are ways to ensure we do not become obsolete. To ensure our consumers continue to demand our services, we must respond now by providing a new and improved customer experience. To remain viable, we need to highlight our point of difference – the unique human relationship we offer. That way, we can continue to make our consumers feel compelled to use us when they buy, sell and rent property, instead of the latest app or online business.
Whether we like it or not, disruption is coming to the real estate industry. The best way to respond is by stepping up and delivering a new and improved customer experience. To stay relevant in this changing economy, agents must adopt new technologies and use them to enhance the customer experience so they remain the ‘agent of choice’ now and into the future. If you’d like more information on Validum’s online real estate courses to become qualified or upskill, get in touch today.
How do you think the real estate industry will be disrupted? What suggestions do you have for improving the customer experience?