Big Tech will disrupt the real estate industry | Think real estate
How real estate agents can be part of the disruption
Believe it or not, there was a time when people who wanted to buy or sell a house had to know a real estate agent, or at least know someone who had. There was no internet, and other than the real estate section of the newspaper, there was no place to go to find a list of homes for sale unless you walked into a real estate office.
Obviously fewer and fewer agents remember such a moment. Real estate listings have been available online for decades, and buyers and sellers are more likely to find an agent on the Internet than anywhere else. They can also get free home valuation estimates and access online brokerage houses and real estate listing sites that will pay cash for their home.
It’s no secret that real estate agents will continue to face an endless wave of new business models. But the truth is, the battle for the real estate consumer has only just begun.
Watch a multi-billion dollar competitor
Agents not only need to worry about companies like Redfin, Zillow, and OpenDoor gobbling up real estate, but also the multi-billion dollar big tech industry because it’s on the way.
Just as Uber has become the largest taxi company in the country and Airbnb has become the largest accommodation provider, there will be a tech company that will become the largest real estate company in the country. It is also very likely that newer big tech competitors will go after the typical six percent commission. They will still need real estate agents, but because they are able to reach the consumer first, they will give agents two-thirds of what they would usually earn and keep the remaining 33% to themselves.
This means that every real estate agent will have a choice to make: give in to the new wave and be ready to work at the mercy of big tech, and for less money, or find new ways to create value and achieve. consumers first. If they choose the latter route, agents must use technology in a completely different way than they do today.
Think about how today’s biggest real estate portals attract businesses – they combine technology, data, and compelling marketing hooks. To compete, real estate agents will have to do the same.
It is simply not enough to state that you are a licensed real estate agent who has completed X number of deals. Nobody cares. The question is, what value do you really bring to the table?
It’s time to take charge
Real estate agents who thrive in the future will need to be marketing experts, especially video marketing experts. But it’s not just about being active on social media, it’s about creating content that has nothing to do with real estate and becoming the online ambassador of your community.
Unfortunately, around 80% of the content that most real estate agents post on social media is about themselves. They don’t post anything about farmer’s markets, local nightlife, great restaurants, car shows, or where to find the best margarita.
People shouldn’t have to go to Yelp or the local newspaper’s website to find out where to eat or where to ride their dirt bike. They should come to you.
Use video to become the “digital mayor” in your market. Be a thought leader and a content provider. Create engagement and build audiences. Find all the tools, resources and expertise you can bring to it: the solutions are there. And when your audience wants to buy or sell real estate, remind them that’s what you are doing.
Until now, the real estate industry has been protected against the forces of major disruption. But that’s about to change. When this is the case, only real estate agents who adopt an entrepreneurial mindset and leverage all the tools and resources they have to own their market will fare well.
When you talk about six percent commissions, the biggest assets most people own, and a multi-trillion dollar industry coming after your business, you can’t afford to be cowardly about it. video marketing and social media. You must be part of the disruption.
Craig Sewing is a nationally recognized thought leader, speaker and media entrepreneur today. As CEO of Ignite Now Media and creator of the TV show “The American Dream”, Craig turned out to be a David vs. Goliath story, creating an entrepreneurial media model, battling negative news cycles, with stories that unite and inspire. . He speaks vocally about the great opportunity to be successful in today’s digital age, while not forgetting the old-fashioned values of hard work and relationship building. Contact Craig at [email protected]