In today’s digitized era, more and more agents are adapting digital tools and more and more homeowners are searching online for their dream houses. Recently a deal took place online through social platforms, and the buyer did not even visit the property or meet his agent. This puts forward a really serious question for realtors. Will online technology replace them and put an end to their role?
The internet and digital tools have revolutionized everything, including the real estate market. A study shows that this year, around 77% of home buyers took help from social media to find their home. Compared to three years ago, this percentage has increased by 1.5 times.
A reputed real estate agent told the press that social platforms such as Twitter, Facebook and Instagram have contributed to around a quarter of his overall business.
In today’s time, the behavior of potential homebuyers is being affected by apps; by using these, they no longer have to pay fees. If an agent primarily depends on the 6% commission, their value might be endangered in the time to come. Another industry expert said that the middleman is not always necessary and things can be done without them. He went on to say that the advancement of social media and other technologies appeared as a threat to real estate firms, who were now making desperate moves to win their positions back.
A study conducted by a reputed university claims that if homeowners skip using a seller, they can actually gain about 4% than people who use agents to sell those same properties. Another report highlights the same fact and claims that there is a 97% chance that a real estate broker will get replaced by technology. For real estate sales agent, this percentage is about 86%.
What do real estate agents think of the situation? They have their hopes up high and do not see technology as their replacement. In light of this, a real estate agent said that their role has its own significance. Selling and buying a home is a process that has so much paperwork and there will always be a point when only the industry experts can protect the consumers from the risks involved.