Disruption has been the Big Game in the last two years. Disruption in the real estate industry has brought in millions of dollars of investment but the proverbial question- does it work?
Do it yourself models, Discount models with limited service, all online buying and selling models. How have they worked? Not so well! If the consumers really wanted to use these platforms,we would have thousands more to vie for the business.
Working with all age groups and demographics, I have come to the conclusion that as business world progresses towards technological advances, there is more of a need from consumers to pay heed to the advice from a trusted and experienced professional.
Online forums are full of real estate professionals giving free advice. I have been through many myself to find a nugget or two, but everyone of the forums have Realtors giving some ridiculous canned responses and throw in their marketing pitch !
An experienced REALTOR® knows the communities they serve way better than technological platforms. Can a technology platform tell you which street has how many renters, if any unusual activity has been noticed in the area, what would be the resale value in the area in ten years time frame, what were the standard features the builders provided in a tract housing development- among many other things!
Can technology stop you from making a mistake made in an emotional moment-making process? I have stopped clients over the years, and even recently, from buying homes that would never be a good fit and resale value will not see much appreciation based on the property characteristics. Also how many of the buyers can buy a home unseen in person? Can a 3D tour give you the real feel of the home?
I can buy goods on Amazon or other online marketplaces. But will I buy the biggest purchase on my life on an online platform? Probably not! Home buying and selling are emotionally charged purchases and it’s hard to look at it through the sterile lens of technology.
Even for sellers, selling their home is a very emotionally charged situation- there are memories and emotions involved. Many times I have sold homes based on an emotional letter from the buyer to the seller. It’s all related to a personality type and how these personalities react in certain situations.
As much as I enjoy technology toys, I really do not foresee these platforms to take over. There are always consumers who want to touch and feel before they buy! So let’s use technology to make our work more streamlined and make us more effective.