Login
iscover
In a turbulent market, and the current real estate, one is as turbulent a market as they come, only the best-equipped agents will remain, one tech-adaptive expert has said.
Openn Negotiation director Peter Clements added that those who want to stay in real estate need to keep learning and adapting their process.
“If you want to survive in a challenging and changing market, you’re going to need the right tools,” Mr Clements told REB.
“The virtues of any tech trend or product which prevails tends to be agnostic of the industry they succeed in. Customer expectations will always be prioritised by the value they provide. And as a real estate transaction has so many variables, the whole industry is ripe for the emergence of more and more value-adding solutions.”
See through
He says that products that enable efficiency and transparency will continue to be favoured.
“If you accept that no two properties are the same and that the same investment — or home for most — is the highest-value asset owned, the emotion involved in buying or selling evokes the need for a highly engaged sales agent.
“With that in mind, it remains clear to me that a skilled salesperson is necessary to foster a relationship and coordinate a suitable outcome for all stakeholders.”
Console CEO Charlie Holland agreed, adding that the exact landscape of real estate’s future remains unknown, but that tech is certain to be at the heart of it.
“This means that real estate businesses are going to need to evolve, become more efficient and pivot towards a service that meets the needs of both tenant and landlord,” Mr Holland says.
“What we can be certain of is that the service model of today is not the model of tomorrow. Even Airbnb, who has already disrupted this industry before, is evolving its offering to change the market of the future. And they represent just one example of disruption in this sector.”
Boom
Mr Holland says that there are already plenty of start-up tech business entering the industry.
“This, together with a significant increase in investment funds, is creating something of a mini tech boom.
“Most of these new entrants are trying to solve a particular problem, niche or part of a process. Nobody is trying to solve all of these at once, though. What it demonstrates is how slow the industry has been to adopt new tech that solves problems and creates more value for everyone in the ecosystem. The industry is, in that sense, a bit behind other Australian industry sectors. But the trend indicates it will start to catch up.”
Mr Holland says that one clear trend emerging is the development of new communication paths.
“We’re seeing a lot more tech that allows tenants or landlords to interact seamlessly with property managers. After all, who wants to communicate by email if there is WhatsApp? Who wants to print a form if there is an easier, digital alternative?
“They are thinking about the customer journey, which means, for residential property management, that the tenant and landlord experience is at the core of the technology.”
You are not authorised to post comments.
Comments will undergo moderation before they get published.