Recently in our team meeting, The Meridian Real Estate Group discussed the question of whether or not a Real Estate App would ever replace a Real Estate Agent.
We determined that despite the many changes in the real estate industry and all the advances in technology to make the process of buying and selling a property faster and easier, the basic steps of haven’t changed.
No matter how many apps are created to try and take the agent out of the equation entirely in order to eliminate their commission, “true professionalism and expertise will never be replaced by the latest app. Technology can do a lot, but the one thing it can’t deliver is that personal touch that comes with great service.” – from Inman News “Why you should never stop learning”
A great example of this was given in our meeting when I proposed a prevailing concern in the real estate industry that Uber basically put the New York taxi drivers out of business, and asked if anyone on our Team thought it would be possible for one of these startup apps or Do-It-Yourself discount brokerage companies to do the same to real estate agents.
John Rose, our Marketing Director, gave a brilliant response. “Uber may put the taxi drivers out of business but it will have little-to-no effect on the limo drivers.” Wait, what?!?! Drop the mic.
That is one of the best examples I’ve ever heard of why professionalism, service, and expertise matter. People will always pay for quality and superior service.
John continued. “That’s why I’m not worried about losing any of our clients to these new DIY Real Estate Apps or Brokerage Companies. Our clients rely on our expertise when it comes to making one of the, if not the, biggest financial decisions of their lives and helping them build their real estate legacy. Our clients expect the best, get the best, and will always be willing to pay for that type of service. No matter what the price point is.”
The newest and latest technology is important but it won’t replace an agent.
“It’s no secret that venture capital firms are spending billions to upend the real estate industry by investing in technology designed to create more efficiencies and conveniences in the home-buying process.
That’s not a bad thing, but without an agent’s involvement in this technology, investors will never see a return on that money. All industries have to adapt in our increasingly digital-based economy or risk becoming irrelevant. Traditional VC firms and strategic investors place bets on companies they feel have the ability to disrupt an industry. However, my colleagues in this field have once again forgotten the fundamentals of disruption. Technology alone will not solve for customer behavior, human emotion, fear of loss, and simple unit economics.
We have an alternative thesis at Keller Williams. Even as we have transformed into a technology company, we have proven that the agents’ experience and customer service remain valuable to home buyers and sellers. The reason consumers will continue to rely on a licensed agent is that buying and selling a home is not a regular habit. This professional’s advice will guide them through a confusing and intimidating process.
The same is true in other industries – doctors still treat patients, lawyers still argue court cases, and real estate agents will continue to help people buy and sell homes. Technology has improved these professionals’ ability to do their jobs, but it has not replaced them. If you are an individual investor or an institutional fund making investments in technology that intends to significantly reduce or replace the role of the agent, you are throwing your money away.” – from Going all in: Keller Williams invests in bringing its agent-centric technology vision to life, by Mitch Johnson
It’s easy to stay on the cutting edge of technology when you are a part of Keller Williams Realty.
“In the next two years, we will ensure that KW agents become “super agents” powered by using one platform to manage the entire home-buying experience.
From accessing listings and scheduling showings to financing, home repairs and more, agents and consumers will soon be able to efficiently coordinate and manage it all with our app.
Ultimately these proprietary technologies will make agents even smarter, faster and more cost-efficient (again, dare we say “super agents”?) when serving their customers and taking their businesses to new heights.” – from Going all in: Keller Williams invests in bringing its agent-centric technology vision to life, by Mitch Johnson
So, despite the fact that we don’t feel that a real estate app or a do-it-yourself discount broker will ever replace us, The Meridian Real Estate Group does use the most advanced technology available to agents. We look at technology as an aid and not a crutch. It is a tool to make us more efficient and effective for our clients. It assists us in providing them with the best and most accurate information possible. It helps us to provide our clients with a superior experience and the level of service that only “limo” real estate agents can provide.