- September 13, 2019
- Posted by: admin
- Category: Business plans, Competitive research, Innovation, International, Real Estate
This is the digital age and the truth is, technology and artificial intelligence have affected various sphere of life. Now the big questions are what is the fate of real estate agents in this tech-dominated age? Is the future of the real estate industry going to have fewer agents or none at all? Will the technology-driven disruption take out the role of a real estate agent completely?
Let’s face facts, we cannot tell accurately what the long-term effect of technology in the real estate industry. However, it is a question that troubles the minds of most real estate agents in Nigeria. This is expected as technology has shaken various sectors and industries. Artificial intelligence dominated many areas of life. We moved from newspaper vendors to online blogs, vlogs and online news. From walking into a store to shopping online and having it delivered. From cashiers to automated teller machines (ATM).
Currently, technology and the arrival of the internet has changed a lot in real estate. Most importantly, how people search and shop for homes or any property for that matter. Thanks to online property listing sites, buyers can search through properties in various areas from the comfort of their homes or offices.
The big fear is that technology will take away the livelihood of real estate agents in Nigeria and other parts of the world. This is mainly because of how technology has greatly affected the process of buying, seller and marketing in general. Will the rising technology cause real estate agents to be extinct?
Some people believe that real estate agents will become completely obsolete in the years to come. Others say the effect of technology will only enhance the real estate industry but cannot take the place of real estate agents. It is difficult to assert which of this disruption will be a success at the end of the day.
The benefits of technology in real estate sales cannot be undermined. Therefore the reality is that real estate agents have to become tech-savvy to stay relevant in the real estate game. About 10 or 15 years ago, the real estate agents were “kings”. In that, they had all the information about where to rent an apartment, how to buy a house, tips for selling your house fast and much more. They had the key to buying and selling real estate.
However, in recent times, the advent of the internet has offered home-seekers and sellers quality information at their fingertips. This is a luxury that no one is willing to trade. It has also made the sales process less cumbersome. Clients in the real estate market now have all the data they need and have become more knowledgeable.
However, this doesn’t take away the benefits of involving a realtor in your sales or buying process. Especially here in Lagos, Nigeria where the risk of being duped is high, it is still advisable to work with a trusted real estate agent. Realtors should leverage technology to stay germane in the industry.
The key to remaining relevant as a real estate agent is to provide quality service and ensure the client is getting value for their money. The truth is that not everyone has the time to take time to go over property listings online. A lot of “old monies” still prefer the traditional methods of buying and selling real estate.
In reality, real estate is mainly based on human connections and transactions. In most cases, even with technology creeping into all facets of the industry, the place of human into in real estate cannot be overruled or undermined. The truth is that people would always need someone’s guide, someone to show them the ropes and how it works. The digital age can help to ease and enhance a couple of things but technology cannot give emotional support to a client when a deal is going south.
Both technology and the real estate agent play important roles in real estate transaction. However, knowing that the impact of technology is here to stay. The real estate agent is left with the responsibility of embracing these changes rather than trying to fight it off. It is best to use technology to his advantage and become a technology-savvy realtor.
Needless to say that both technology and the role of the real estate agent are essential in the real estate industry. Although the agent-buyer interaction has been altered visible, however, the role of the agent has not been swept out completely.