ARE ESTATE AGENTS BECOMING REDUNDANT ? BY GRANT SMEE CEO OF LEADHOME
THE USE OF TECHNOLOGY IN THE PROPERTY INDUSTRY HAS LATELY BECOME A FAIRLY CUTTING-EDGE TOPIC , AS THE REAL ESTATE SECTOR HAS BEEN ACCUSED OF BEING SLOW IN ADOPTING TECH TOOLS , AND MOST TRANSACTIONS STILL OCCUR THROUGH AGENTS AND PROPERTY BROKERS . HOWEVER , AS TECHNOLOGY HAS ADVANCED , IT HAS EQUIPPED PROPERTY PROFESSIONALS WITH SHARPER TOOLS TO ASSIST THEIR TRADING . AI HAS IMPLICATIONS FOR COMMERCIAL AND RESIDENTIAL REAL ESTATE , AND WHILE IT MAY POSE A THREAT TO THE TRADITIONAL APPROACH OF ESTATE AGENTS , IT ALSO OPENS UP NEW OPPORTUNITIES FOR THOSE WHO CAN ADAPT .
WILL BUYERS AND SELLERS STILL NEED THE SERVICES OF AN ESTATE AGENT WHEN THEY HAVE EVERYTHING THEY NEED ONLINE OR DIGITALLY TO PURCHASE A HOME ? WILL A PROMPT BOT BE ABLE TO FIND BUYERS THEIR DREAM HOME AND NEGOTIATE THE TRANSACTION ?
ACCORDING TO GRANT SMEE , CEO OF PROPTECH AGENCY LEADHOME , THE TRICK IS FINDING THE SWEET SPOT . " WE ANTICIPATE A STRONG LEANING TOWARDS AI-TYPE PROPERTY TRANSACTIONS , ESPECIALLY AMONGST THE YOUNGER GENERATION , BUT THE CONSUMER WILL FIND OUT THAT ALTHOUGH TECHNOLOGY ADDS A DYNAMIC , STREAMLINED ' YOU ARE IN CONTROL ' ASPECT TO BUYING OR SELLING A HOME OR PROPERTY , A PROFESSIONAL REAL-LIFE PERSON ASSISTING YOU ALONG THE WAY IS JUST SOMETHING THAT CANNOT BE REPLACED . ACCORDING TO SMEE , AI-BASED ALGORITHMS OR MACHINE LEARNING SHOULD HELP AGENTS AND THEIR CLIENTS IN VALUATIONS , CREATING FORECASTS , APPLYING FOR FINANCE , AND SCREENING BUYERS OR TENANTS .
THUS LEADHOME , RECENTLY ACQUIRED BY ONLY REALTY HOLDINGS , WAS , ACCORDING TO SMEE , AN EXCEPTIONALLY ATTRACTIVE INVESTMENT , AS HIS TEAM REALISED THAT BUYING TRENDS WERE SHIFTING SIGNIFICANTLY . SMEE EXPLAINS THAT THROUGH ONLINE INTERACTIONS , LEADHOME CLIENTS EXPERIENCE A NEW-FOUND WAY OF BUYING OR SELLING A PROPERTY . “ CLIENTS LIKE THE UPFRONT CLARITY PROVIDED BY THE FIXED FEE AND DISENTANGLED CONCEPT , WHICH MEANS THAT THEY APPRECIATE THE TRANSPARENCY AND SIMPLICITY OF THE PROCESS . THEY ALSO LIKE WHATSAPP CONVERSATIONS , ONLINE LISTING , INTELLIGENT SEARCH AND SELL ( USING AI TO MATCH BUYERS WITH SUITABLE PROPERTIES ), ACCESS TO INFORMATION , AND QUICK TURNAROUND TIMES .” SMEE SAYS THAT HE HAS NOTED STRONG FAVOUR FROM THE MARKET FOR AGENTS WHO ARE EMBRACING TECH AND STEPPING AWAY FROM TRADITIONAL TACTICS .
THOSE IN THE PROPERTY MARKET CAN , VIA THESE TOOLS , ELIMINATE MANY UNNECESSARY AND SUPERFLUOUS STAGES OF THE PROCESS . SMEE COMMENTS THAT THE AGENTS WHO WILL SURVIVE WILL BE THE LONG-TERM VISION INDIVIDUALS WHO EMBRACE AND USE THE INTELLIGENCE COMING THEIR WAY . " WE MUSTN ' T FORGET THAT THE CUSTOMER IS NO FOOL ", HE ADDED , " AS PROFESSIONAL SERVICE PROVIDERS , WE MUST BE COMPLETELY IN- TUNE WITH OUR CLIENTS AND DECIPHER THEIR PREFERRED WAY OF DOING THINGS . THE NEW GENERATION , FOR INSTANCE , WILL CERTAINLY NOT ANSWER A PHONE CALL , MAY TAKE A FEW DAYS TO GET BACK TO YOUR WHATSAPP MESSAGE ( BLUE TICK AND ALL ) AND WILL SIGN THE DOCUMENT , WHERE PERMISSIBLE , VIA THEIR PHONE . ON THE FLIP SIDE , GENERATION X WILL BE HAPPY LEAVING YOU A 5-MINUTE VOICE NOTE AND COME INTO YOUR OFFICE , EXPECTING A CAPPUCCINO WHILE THEY SIGN THE DOCUMENT ."