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With several states looking at introducing electronic property transactions, one top agent claims it will take years for both agents and consumers to embrace the technology.
According to managing director of Toop & Toop in South Australia Anthony Toop, the state government’s announcement last week is just signalling the beginning of a lengthy process of change in the industry.
“I think it’s going to take a bit of time for us to get agents confident enough to start using it. It’s a very different feeling to sign something on an iPad - it’s not going to happen overnight,” Mr Toop told Real Estate Business.
According to Mr Toop, agents and consumers will need a transition phase to ease them into the future.
“It will start with the processing of lower key activities such as addendums, contracts and then roll out to agency agreements and advertising budgets, until we can get our heads around using it for everything," he said.
”I think it’s absolutely essential that it happens. It’s a no-brainer that this is the way things are going, but this isn’t a courier getting a signature for a delivery – in some cases this is a multi-million dollar transaction. It’s going to take a while for the psyche to move across to it.”
While Mr Toop believes it could take up to five years for stragglers in the industry to get on board, Ted Piteo, CEO of Professionals SA, believes a transition phase will only hurt the industry’s efforts.
“If we break it up I think it’s going to just complicate the issue,” he told Real Estate Business. “Why should we do the form 1s and not the agency agreement? The reality is it comes down to education and being informed enough to pass that education onto the consumer and say ‘This is how it is done now’.”
Mr Piteo admits he is a fan of the new laws that will make the industry more efficient. However, he claims it will be up to agents to make it work.
“The younger generation is more accepting of making purchases online, and once the older generation has their trust in that, then it becomes much easier," he said.
“It is up to us as an industry to lead this. If we choose to not back this then it will stall. If we tell consumers this is the way things are now, they’re going to believe us, but if I choose not to then the whole system will stall.
“You can only be at the cutting edge of innovation if you understand how technology can benefit you. The challenge of the industry is to understand it, engage it and work it.”
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