Undeniably, technology has disrupted the real estate industry. The industry will not function in the same way it is used to function before COVID-19 outbreak. Coronavirus crisis has changed everything globally from buying a real estate to the ways of performing the last rites of a human being. Then how a real estate agent’s work life will remain the same on the par with the pre-COVID level? Certainly not! The real estate agents might become obsolete or adapt to a new normal for its survival.
As new technologies unravel new horizons and economic trends continue to shift, all real estate stakeholders need to be flexible and able to adapt to a new landscape. For all real estate agents this adaptability is decisive for the long-term health of their real estate business. In real estate business agents are like Sherpas guiding buyers and sellers up a steep mountain whose paths have been trodden many times but is new to the buyer.
According to a study by Oxford University in the USA market on artificial intelligence (AI), it forecasts a 97-99 percent likelihood that real estate agents’ jobs will be made obsolete by AI in next decade. This prophecy might not go similar way in India due to the artificial intelligence development pace and its usage in real estate. But other technologies like blockchain, automation, digital marketing, virtual reality, and others will impact the business of real estate agents hard.
Have a look at where the real estate market is heading in 2020 and beyond? Trends such as digitization of the industry will continue at a rapid rate, home loan interest rates will remain low, appreciation rates will slowly increase, and property prices are expected to rise in the second half of 2020. The overall real estate industry might bottom out and it’s a buyer’s market now.
Let’s delve into the trends that will directly affect real estate agents in 2020 and beyond.
- Digital footprint will be key to sustainable real estate business – In real estate agents’ online presence is no longer merely an option, it is necessary for the future of their business existence. Agents who have spent time and money in their online presence are able to increase their visibility and generate leads. Amidst lockdown, many home buyers & sellers moved online to check properties. The online presence of a good brand plays a pivotal role in today’s business.
- Real estate agencies will rely more on automation – Automation is key to future business success. It already has caused major disruption across a wide array of industries. There are several real estate developers and agencies are integrating automation in their existing business. Edge by Square Yards is one such technology product help agencies to fully automate the lead nurturing process. This high-end platform is specifically designed to improve the process of qualifying real estate leads and closing deals as quickly as possible.
- Organic real estate lead generation is key to survival for new agents – The lead generation in the real estate industry is done through various methods. Organic lead is one of the most affordable and impactful in the real estate business. The real estate industry is becoming more competitive, survival is difficult for a new real estate agent. They need to master the technique of digital marketing tools to generate leads and increase their engagement online.
- Association of real estate agents with new-age technology platforms – In this hyper-competitive real estate business working standalone in the present ecosystem is almost impossible. The real estate agents need to associate, with new-age technology platforms like Square Connect by Square Yards. This platform helps real estate agents to reach out to wider buyers and sellers of real estate market. It provides the convenience of doing business and intelligence for agent survival.