Digital: Changing The Face Of Real Estate
Category Industry News
The past decade has yielded more technological advances (and resulted in more obsolete technology) than anywhere else in history. In a relatively short space of time, the way people interact and conduct even the smallest task has changed and continues to evolve on a daily basis. In an era of smartphones, smartwatches and smart cars - the tech revolution is noticeable by most individuals across a plethora of industries. As more and more people rely on their digital devices to stay connected at all times, each interaction has become woven and integrated with technology. Dominating professional and business transactions as well.
Effecting a wide spectrum of industries, the advancements that tech has made in the real estate sector is clearly visible. From how properties are being advertised and marketed, to how buyers research and interact with listings - it has all changed.
To provide more insight into the ever-evolving role technology plays in the world of property, the founders of The Agency Property Group, Kyle Leigh ,Simony Santos and Lynn Pinn explain how these advancements are changing the face of real estate.
How Is Digital Changing Real Estate?
According to Leigh, the real estate landscape in South Africa is changing rapidly, with technology making information more accessible and marketing properties online a simpler process.
As such, the traditional real estate agency offering, that has been slow on the uptake of technological advances, has faced some struggles with consumer expectations. While the industry has gained a negative rep with regards to the value agents actually provide versus high commission charges, technology is now forcing real estate professionals to do better and become more transparent.
“At The Agency Property Group, the two cornerstones of our business are ‘transparency’ and ‘value-add’. We believe it's vital for any business in this new age of technology to not only be completely transparent in their dealings but to add value beyond what is simply required of them from day to day dealings. They need to become trusted advisors who provide exceptional service.”
Is This A Positive Change For Real Estate?
Leigh believes that the tech shift in real estate is definitely beneficial, as it will push agents and agencies to deliver a higher level of service. “It will create greater transparency and force the old school traditional way of thinking and the ‘hangers-on’ to adapt quickly or risk fading away. Those that offer unparalleled service will thrive in the years to come.”
However, as with any change, there is a level of trial, error and learning that will affect the way real estate business is conducted. “There are a few companies that are trying to ‘disrupt’ the industry in South Africa with a singular online approach and while it could prove to be the model of the future, it may also prove to be more of a detrimental platform until the technology gets better and social norms change.”
Will The Agent On The Ground Become Redundant?
While technology is constantly transforming the way that the real estate industry is operating, co-founder Lynn Pinn says that it won’t make every-day real estate agents redundant. “With over two decades of experience in real estate, we fully understand that it is people, above all else, that drive this industry.”
While it is the agent or broker’s responsibility to ensure that they stay ahead of the times, it would take a complete overhaul of social behaviour and the flawless integration of artificial intelligence to render agents obsolete.
Quoting Seth Godin, co-founder Simony Santos continues by stating, “People don’t buy goods or services. People buy relations, stories and magic.” Santos continues, “An authentic, experienced, highly-skilled and trusted agent, who embraces new tech and is progressive in their approach will be irreplaceable.”
How Is The Agency Property Group Evolving With The Times?
At first, The Agency Property Group was driven by a purpose to change and challenge the negative perceptions of the real estate industry. Doing so by establishing a business where they provide world-class service with honesty and integrity to their clientele. “Over and above that we wanted to ensure we could make it compelling for both our clients and agents alike and it was only when we started to think about ditching everything a traditional agency represented that the penny really dropped and we felt like we were moving real estate forward in some small way”, says Santos. Getting rid of all the unnecessary aspects of traditional agencies, The Agency Property Group made a conscious decision to discard overpriced print marketing and ditch the office and other excessive costs. “Stripping out the extravagant expenditures and non-essentials allows us to be lean and agile which in turn not only allows us to provide a superior product but also allows us to move swiftly with the times, embracing technology as we aim to be at the forefront of the industry.”
Leigh adds, “We are hoping to create a new real estate landscape that not only empowers the agents and provides greater benefits but more importantly allows us to have open and transparent conversations with our clients and drive our marketing spend where it matters most – online.”
As technology continues to evolve and consumer expectations change, the real estate industry has to adapt. While challenging to stay ahead of the curve, in the long run, digital will help push this sphere in the right direction. For this and more professional property advice contact The Agency Property Group today.
Author: The Agency Property Group
