What Is the Future of Real Estate Agents?

One of the best ways to make money is by investing in real estate. Everyone wants to own their piece of the planet because it allows them to build equity over time and raise a family in their own home.

Real estate agents are the ones that connect buyers and sellers and help people realize their dream of home ownership, but in today’s modern world, technological advances are starting to do some of their core tasks. Will this spell the end of the need for a real estate agent? It’s doubtful, but there needs to be a shift in how they serve their clients and provide value.

Let’s look at the future of real estate agents and what they are up against.

Future of Online Home Evaluations

This used to be an agent’s domain, and it was up to them to do market research and comparable listings to determine the value of a home and where it sits in the market. With the advent of high-tech real estate websites, you can get this done with a few clicks.

Dominant property websites give lots of information, including:

  • Median listings
  • Sales prices
  • Home values
  • Market trends

These provide buyers and sellers with date information for their homes or properties they are looking to buy. It seems hard to compete with all this information at the ready for anyone to search, but all this is is raw data that may be too difficult for the average person to disseminate.

Besides that, there are so many more factors that affect house prices besides location and square footage. Trained real estate agents view properties and find a house and design features that can change the value of a home, and a database can’t do that.

Then, there is the beauty of the beholder. Not every house is right for everyone. You need to get your feet inside and look around while having the guidance of a professional agent who knows what to look for and what will work for you. A real estate agent knows what to tweak and change for a seller to get maximum dollars, which can’t be done remotely.

Future of Real Estate Technologies

The future of real estate involves lots of technology, such as CRM real estate. These emerging technologies in real estate aren’t going anywhere. The playing field will only get more digital, and agents need to pivot, so they are still necessary for these important purchases and sales in people’s lives.

While change can be hard, all industries deal with it and implement tech into their operations. The best news is that change is good as long as real estate agents know its value and how to use it for the benefit of their clients.

Future of Real Estate Buyers

iBuyers is a trendy name synonymous with the tech product names given to Apple products. It sounds cutting edge and the most advanced way to buy and sell a property. Still, it is just different investor groups buying up real estate fast to give consumers less perceived hassle when transacting real estate.

This streamlining of the real estate process comes with a higher fee structure, which is why it will never replace the traditional route of the buyer and seller working through a real estate agent. Fast closings attract some people, and these companies are institutional house flippers, but overall, money is king, and people need to get the most cash out of their real estate deals.

Future of Real Estate Services

Before the days of the internet, information on real estate was provided by agents. Like home evaluations, agents were there to answer all the questions their clients had and provide important information about their purchase or sale, including:

  • City stats
  • Recreational amenities
  • Access to transit
  • Neighbourhood schools
  • Commute times for working
  • Crime rates in the area
  • Neighbours

Now that they can get some of this information in broader strokes online, agents must focus on service. They will need to explain and interpret the information people to get online and guide them through the process of their transactions.

Real estate agents also have strong business relationships with key professionals their clients need, like bankers and other lenders, lawyers, home stagers, inspectors and movers. They will also need to be there for:

  • Marketing
  • Writing contracts
  • Offering sound advice
  • Negotiation
  • Paperwork
  • Showings
  • Marketing
  • Reviewing contracts

Future of Real Estate Transactions

Another important issue is that only the seller pays for the real estate transaction. This means there is no reason not to use a real estate agent as a buyer. Imagine a seller’s disadvantage when dealing with a buyer and their agent. There is no one to negotiate and write contracts, give advice, or help stage their house to get it sold for the highest price.

Also, without representation, you may get into a negative legal situation if you forget to include things in your contract. Lawyers can help, but they are not experts in sales contracts.