9 August 2019

The world is changing around us: how quickly are you going to adapt?

Digital disruption of the real estate industry is now in full swing but in amongst all this digital transformation, the human element is still invaluable to property buyers. This was the take home message from the popular Inman Real Estate Conference held in Las Vegas in July.

The onslaught of new tech shows no signs of slowing with some of the bigger brands having billion-dollar budgets to invest in technology in the next five years. Rather than just augmenting the current experience, there are more conversations around reinvention, of letting go of outdated thinking and processes and making sure consumers are at the centre of the value proposition, explained REINSW’s President Leanne Pilkington.

“At Inman last year there were conversations around the fact that agents could potentially be replaced by technology, this year however the view is the complete opposite,” said Pilkington.

“Everyone now recognises that consumers like starting their research and investigations online but need a trusted advisor to help navigate their way through the process.”

“Consumers are looking for transparency and clarity on the entire process, so technology is now looking more at that end of the process rather than the upfront search that has been the focus for a long time. This isn’t just about technology; it is about the consumers driving the outcome that they are looking for."

Housing and commercial affordability is an issue in many states of the US and at home here in Australia too; there are many different ownership models including rent to own, and fractional ownership being designed to alleviate this issue.

“The theme of the conference was definitely a shift towards more business and data-driven solutions to provide greater value to brokers, agents, sellers & buyers, said Pilkington

“It’s good to know that the REINSW is working with PropTechs in Australia: as agents we can’t be left behind as it’s already happening around us.”

There is no doubt that we are in for a shakeup, and the big businesses look set to keep getting bigger.

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