According to Clelia Peters, Inman’s editor at large, “Things are truly changing in the (real estate) industry. They’ve changed a lot in the last five years and they’re going to change a lot more in the next five years.”
Trends Emerging in Uncertain and Rapidly Advancing Future
Harris Real Estate Coaching clients are in the midst of doing their own business planning for 2022 with the help of the Harris Treasure Map but what about industry trends for 2022?
Clelia Peters, editor at large with Inman, and Tim Heyl, CEO with Homeward, discussed their thoughts concerning industry trends for 2022. Here are their top four premonitions.
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Automation and Digitalization
Real estate clients, particularly Millennials, have pushed more staid real estate professionals to wake up to and embrace the reality of automation. Automation is not simply an option or a perk…it is a necessity for every part of the home buying process.
Peters said, “…clients expect the (homebuying) process to be fast-tracked…” She expects everyone involved with the real estate process, from notaries to title officers, to mortgage lenders and everyone else in between, to use technology to bring more efficiency, transparency, clarity and speed to the buying and selling of homes.
Peters also anticipates that more and more such home buying services will be, if not already, bundled together in one place so that everything about the transaction is managed under one umbrella.
Bundling, or one-stop shopping as Opendoor or eXp Realty call it, is making and managing all aspects of the home buying process (mortgage lending, title services, etc.) available to clients under one “roof.” Clients want and like the ease of having one agent/firm/entity take care of all transaction details…and what clients like and want are becoming increasingly necessary for real estate professionals to provide.
Tim Heyl with Homeward said, “Traditional brokerages have been doing that (bundling) for decades but we’re increasingly seeing new companies come on the scene and bring things together to create consumer benefits in the form of bundle packages.”
Searching online for a house is one thing. Actually buying a house is another. Clients want a person-to-person connection with a real estate agent when they’re buying and/or selling a house..
It may sound “old fashioned” to you but clients like their agent/broker to give them a call and actually speak with them. And, going one step further, clients like to see and talk with their agent/broker in-person. Clients want, like, eventually trust, and remain loyal to agents/brokers who make the time to talk and see them as three-dimensional human beings, not just commissions.
Same goes for brokerage firms, brokers and team leaders. Agents want, like and appreciate working with professionals who talk with and see them as three-dimensional human beings.
Peters said, “The agent is really the customer of the brokerage. What the agent should be providing to the buyers and sellers, the brokerage should be providing to the agent. That is a really meaningful shift in mindset.”
There is nothing new about treating your clients as honored guests and giving your clients top-of-the-line service. Everyone wants to feel taken care of…it’s up to real estate agents and brokers to take care of their clients to the very best of their ability.
Peters emphasized, “We are real luxury providers. That’s going to be like concierge, like staying at the Waldorf or the Four Seasons. We want to bring that experience of things being done for you and your money goes toward that type of service.”
Thanks to Inman.