SHIFT IN REAL ESTATE BROKERAGE LANDSCAPE
The new wave of technological innovation fueled by the landscape change in business dynamics - all in the backdrop of the pandemic - is expected to fundamentally change the nature of the way we do business. The Real estate brokerage industry has been witnessing an evolution in its intermediary role. Virtual walkthroughs - three Sixty degree virtual homes tours - have substituted in-person viewings of homes and spaces. The negotiations, bidding and documentation has moved beyond the traditional realms and a significant part of the process is now navigated and closed online itself. People are looking to emerging technologies such as Artificial Intelligence (AI) and virtual reality to improve transacting, marketing, and to make a real estate agent’s life easier. The recent wave of technology has garnered widespread attention and fueled a debate on the future of the real estate brokerage industry. The moot point is that would the above changes make the traditional brokerage industry obsolete, or is it still worth paying an agent when buyers can browse properties online and share direct communication with sellers via apps. On-ground statistics continue to prove that modern technology has not made the broker’s role redundant, and rather - more essential in the ecosystem. The typical real estate agent is expected to cover a lot - administration, marketing, advising, negotiation, researching, as well as finding buyers and sellers. Here’s where the tech comes in. It allows the agents to focus on key processes, while saving time and energy in the right places. A real estate agent’s most important role is to build and maintain face-to-face relationships, whether that be with buyers, sellers or tenants - and any technology that awards them more time to do what they do best will ultimately make the real estate market more streamlined. The internet has overloaded buyers with information - be it diagrams, statistics, data providers, or recommendations. The blogs and market--reports present hordes of viewpoints - and the buyers are left to figure out for themselves what to make of everything. The oversaturation of information is a double-edged sword. The authenticity of the information itself is contentious which further adds to confusion and overwhelm. Hiring agents with genuine expertise built over the years act as the right medium for the buyers not to overpay or get fleeced due to opaqueness in the Indian market. Tech can't replace the trust that comes with human face-to-face interactions along with hyper-personalized and local market knowledge. On the other hand, from a seller's perspective, agents add great value in asset staging, marketing the properties through countless channels, filtering non serious buyers, ensuring the best price possible from the sale. Real estate agents have adapted their role - from simply being an information provider to a service-oriented role i.e. creating value by interpreting, simplifying, organizing, articulating and personalizing the data. The seamless closure of a transaction is still a complicated process and having the guidance of a professional throughout the ordeal is necessary for most buyers and sellers. With the advent of groundbreaking technologies promising to re-design the canvas of services from property management to marketing, realtors are continuing to adapt and evolve, along with learning the best ways to make the most of the available tech. The agent’s role shall continue to be essential
Tags : Vaibhav Dhingra AVEC Group real estate brokerage technological innovation Artificial Intelligence