~The changing role of real estate agents in the changing times~
The great French scientist, Louis Pasteur, famously said, “Fortune favors the prepared mind” — meaning that, true advances come from being knowledgeable at the beginning of an endeavor. Today’s home buyers are taking this advice to heart. They’re doing more to educate themselves on the market, narrowing their search process by using online tools and in many cases, handling more of the home buying tasks themselves with assistance from brokers or real estate agents.
This change has primarily been inspired by the paradigm shift in information technology. Digitization has had a profound impact on marketing practices across the globe. Amazon has changed the way we shop and Netflix has taken the entertainment industry up by a storm. Gradually we see the real estate industry catching up on this trend too. The Consumer Real Estate Index in a recent study of 1,000 potential home buyers, put a spotlight on how consumer home shopping behavior is changing. It found that three-quarters of home buyers (73%) would use online sites to search for properties and more than half (53%) are inclined to book home tours online. In fact, according to “Real Estate in a Digital Age,” published in September 2015 by the National Association of Realtors®, 43% of buyers went online to find the home they eventually purchased.
So, would it be right to say that ‘brokers and agents in the real estate industry are dying a slow death? Will they be obsolete in the near future?’ Let’s delve a little deeper and answer this.
These days, a home buyer can search listings and tour houses entirely through internet platforms. Similarly, agents & developers can also enlist and sell properties using mobile phone apps. All these online platforms ensure a safe, seamless and enjoyable home buying experience. No longer is the definition of buying a home is a toilsome task of visiting different sites for physical inspection of properties.
In this new landscape, the investors and buyers need real estate professionals on their side … now more than ever!!
According to a report by the National Association of Realtors®, nearly 90 percent of buyers purchased their home through a real estate agent or broker in 2016—a dramatic increase from 69 percent in 2001 (2016 National Association of REALTORS®Profile of Home Buyers and Sellers). It just doesn’t stop here! In the last 15 years, the “golden age of consumerism” has ushered in unprecedented access to real estate data, empowering homebuyers and sellers to potentially or partially manage their experience, yet the positive perceived value of working with an agent has skyrocketed. Interesting!!
Agents today are seen more as a consultant, as an insider who with their expertise and guidance can make the entire process of buying and selling a memorable experience for both the parties involved. The success measure for brokers and/or agents then becomes how well they properly interpret the data on the client’s behalf, how responsive they are to inquiries, and how likely they are to seamlessly manage the total customer experience. All three of those assets require a commitment to adopting marketplace efficiencies through the use of technology.
Monest with its whole gamut of online tools and solutions came into being with this objective of uplifting and improving the role of agents in the changing times and helping them in the process of closing deals faster.
Listed below are some of the reasons how Monest App can help Agents stay ahead in their business:
Digital Profile – By creating a profile on Monest, you get a ready platform to showcase your skills, elaborate on services and build transparency amongst the three main driving forces in our business – buyers, developers and fellow agents
Connect with Buyers & Developers – One of the biggest advantages of the Monest App, is you can receive real time updates on qualified leads and new projects in the market
Collaborate with fellow Agents – By connecting with fellow agents, you are able to multiply the turnover by leaps and bounds and expand your reach in the market
Feed – News, updates, announcements, promotions, offers are all rolled into a single place
Organize Listings & Enquiries – The App provides a single platform for you to capitalize on your hard work at absolutely no extra cost. It enables you to get enlisted and build credibility in the most efficient way possible.
With many homebuyers conducting their search on-the-go, agents should embrace tech-based tools to keep homebuyers organized and save them time. The rise of mobile apps has made it easier for agents and homebuyers to communicate directly, schedule showings, and ultimately make the process simpler and faster.