The Next 25 Years: My Take On The Real Estate Industry
Originally published on Forbes.com
People ask me all the time, what do you think is going to change about our business in the next 25 years? I believe that the digitization of content, interpersonal communication technology, and automated transaction management, will likely accelerate in the coming years. The widespread proliferation of artificial intelligence and predictive analytics will make what has happened over the last 10 years look tame by comparison.
Technology Will Thin Our Ranks
Technological acceleration will result in a thinning of the Realtor®, lender, and title professional ranks in the years ahead. The more routine the transaction, the more likely it will be completed directly between a buyer and seller using an app on their iPhone. The broker owner that is suffering in the face of commoditization today, has likely more misery to look forward to tomorrow.
A Better Question to Ask
A more interesting question to ask is, what is going to stay the same?
There will always be a market for skilled professionals to help and guide people as they navigate their real estate investments. However, the skills and capabilities that make the best of us successful today, will not be the skills and capabilities that will keep us successful tomorrow. The bar will continue to be raised.
Relationships Are Where It’s At – Now and Forever
I believe that a referral based business mindset will always be an advantage. Relationships will continue to be infinitely more valuable than transactions. To succeed in future, we must continue to offer greater and greater value and expertise, much of which we may never be directly compensated for.
We Excel By Each Doing What We Do Best
Twenty-five years from now there will still be great strength in the intentional identification, and exercise, of the unique talents and abilities of everyone we work with. We will always do better when everyone is free to do what they do best. This is the only way to ensure each other’s long term success.
I like to think I am a pretty good Realtor and advocate for my clients. My clients appreciate me and I appreciate them. I am eternally grateful for their referrals and their business. At the end of the day however, I will never be what I consider to be a world-class Realtor®. I am simply not wired for it. I am however a really good broker and I think I can become world class at this one day. I have to believe that hard work, curiosity, ambition and dedication will never become obsolete.
My Job as a Real Estate Broker Supporting Agents and Their Clients
Regardless of which way the wind blows or what the future brings, I am certain that my job description and responsibility to my agents, brokers, and franchisees will stand the test of time. My job is to:
1) Make our company the most referred real estate brand in the land.
2) Help our agents keep their clients for life.
3) Be the only partner our agents will ever need.
4) Lead the industry in average agent productivity and income.
5) Support the most profitable broker / owners and franchisees in the business.
The Danger of The Shiny Object Syndrome
The danger to all of us in the real estate community is The Shiny Object Syndrome. When we are distracted by the next new thing, we tend to shy away from the basics of the business including focusing on our clients and further developing our unique abilities.
There is no question technology has empowered legions of home buyers and sellers to facilitate their transactions with a better understanding of their local markets, and how the business works in general. However, these same buyers and sellers count on their agents for helping to assess fair value, advice for making offers that will be accepted, negotiating price and terms, and getting to the closing table. I doubt I see the day when an artificial intelligence can do that.
Care to Learn More?
Check us out at www.PartnerWithROOST.com.
