Helping Simplify The Process
In an ever-changing world, some things are constant. The housing needs of individuals and physical spaces for business will always be present. What buyers and sellers are looking for, or how transactions are completed, is a different story. The demands and expectations are changing, and the industry’s best practices need to change. While Sable Realty is a business with a rich thirty-year history, in 2020, a new broker took over the leadership and identified changes to the industry that needed to be addressed by reimagining the way that a modern brokerage was run. There are many ways in which the industry is changing. Some of the top items we have identified are the process of buying and selling, technology innovations, the role of the agent, and how brokerages operate.
The Impact of Technology
Keeping up with technology can be daunting, and adopting new practices means being nimble and adaptable. Technology is a big part of our world and affords us many ways to create a convenient experience when completing many transactions, including real estate. Emerging technologies have influenced all aspects of traditional real estate transactions, ranging from how properties are listed to average closing times. There have been changes that have been adopted to date, changes that are emerging trends, and other technological advances that could potentially crate change on the horizon. Digital contracts completed through Docusign, online property listing platforms, smartphone apps, and social media currently impact all aspects of real estate transactions. Emerging trends, including tools such as virtual reality, will continue to shape the way properties are shown and experienced. Looking forward, many unknowns are on the horizon, including technologies such as blockchain that could support a transaction’s legal components, such as transferring deeds or titles and sharing important documents. Blockchain networks could ultimately increase trust and reduce intermediaries when buying and selling real estate.
The Role of The Agent
Viewing homes has evolved with the changing technology to access information and place offers. While many people still want to experience a home firsthand before making an offer, many factors come into play that may prevent that from happening. In hot markets, offers are often coming in faster than people can get in to view a property. Moves to new cities and busy schedules create challenges for buyers to view properties. With the right tools, modern agents can create real-time virtual walk-thrus, video tours, and even drone flyovers of the property. When working with an agent discussing the technology they will use to show a property, it is essential to ensure your listing, whether a residential or commercial property, is represented physically and digitally.
Choosing the right Real Estate Agent is all about finding someone who will work hard for you, deliver exceptional service, and have a solid network for buying and selling properties. The advances in technology and access to available information have left some wondering if an agent is needed when dealing in Real Estate transactions. Looking at the big picture, an agent’s role is a crucial part of the mix. However, what it looks like is very different from what it was fifty years ago. As with all industries, the process changes and the top reasons to use a professional evolve. For starters, their negotiating skills and local market expertise become more important than ever, helping sellers receive the most money for their property. Having the right individual in your corner is vital when significant investment is at stake. Homeowners that take on the task of selling a home themselves could lose money with one single misstep; the buyer’s agent may talk down the price, or a seller may list at a price that doesn’t reflect fair market value, which can cause a property to sell quickly for less than it was worth, or it may sit too long on the market bringing the value down. Pricing aside, the speed of the sale can often be affected by using an agent, as many will have pre-set marketing campaigns that they can quickly execute, and there is a good chance they already have a network of potential buyers. The right agent could have a buyer in place before the home is officially up for sale! With the modern marketplace, the agent-client relationship is changing, and it is crucial to consider the skills that an agent needs to possess in 2022 to represent each client properly. Real estate agents who will succeed for their clients and brokerages must learn to thrive amidst these changes.