You have probably seen this headline before. “The Internet and Technology is Killing Real Estate Agents”. I believe the human element of real estate is going to be around for a long time. Real estate technology is simply changing the relationship between all the parties involved in the transaction. Being more productive is essential your business and getting the max return on investment on a job based on commission.
The Role of An Agent Has Changed
A real estate agent in the past was good at his job because they were the source information. The consumer is smarter, more informed, and has access to more resources. An agent simply spouting off information they already know is not always going to be the best method to gain the trust of your clients (it is still important to know that information). Your Clients go online and do their research. They have seen houses, looked at neighborhoods, and know what they generally want before you even meet them.
Healthcare & Real Estate Technology
To explain this further, think of the healthcare industry. Why are hospitals and ER’s struggling while urgent cares around the United States growing? Lot’s of urgent care centers have started to cater to the “new” consumer. They are transparent, list their prices online, have wait time estimates live online, etc. They learned that patients were fed up with walking into a hospital and paying a bill they had no idea was going to be so expensive.
It is a shift in expectations, one that we see more and more with clients in real estate. Are you shifting with those expectations in mind?
It Is About Service
Consumers want people and companies to be more transparent. More clients want to see the value you are putting into the transaction. You don’t earn your commission because you are a just a real estate agent. Being responsive is one of the best ways to stay ahead of the game. This is where real estate technology actually helps you. If you are bad at keeping up with leads, there are services that will help you automatically keep contact with clients, at least until you can contact them directly.
So what are the best things to tell clients when they ask you, ” why am I paying you this money?” At the end of the day, the two most important things you can give are protection and negotiation.
On the surface level using an agent is sometimes hard to grasp. But negotiations can get tricky, and you can’t always assume that the person you are going to deal with is reasonable or can get along with. Agents conveying messages work better because you won’t directly be dealing with the buyer or seller. As petty as it sounds, I have seen really weird things kill a deal. That wallpaper you hate all over the house? That was put up by the sellers late grandma and you just made her upset saying you wanted to rip it down. Your agent talking to the sellers agent would be able to help you avoid this by acting as the messenger. This is just an example, things can be more complicated. But that is an example of how the smallest things can shake up a deal.
If you are using a less experienced agent, make sure to ask about their brokerage and if there is great help if the situation goes above what your agent is use to dealing with. I work everyday with my agents and making their transactions as smooth as possible. If they want my help on the deal, I will be there. The reality is, an agent working for a large national brokerage sometimes will have will have very little help and contact with their broker. They hire lots of agents, it is impossible to keep up with all their deals.
You could say I am biased about this, but I am trying to be honest as well. The best way to see this is from a risk standpoint. Are you willing to take the risk on such a large transaction? Real estate technology is only making agents in our industry service you and your house better. I truly believe that.
Author: Ruben Hernandez