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What will the Future of the Real Estate Industry Look Like?

By Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.

Real Estate Sales Representative with eXp Realty, Victoria BC www.pfanntastic.com

March 27, 2012 08:13 AM

What will the future of the Real Estate Industry Look Like What will the Future of the Victoria BC Real Estate Industry Look Like?

In our Real Estate Board (Victoria BC Canada) REALTORS are invited to attend a meeting to discuss and brainstorm what the Real Estate Industry of the Future will look like.

The Future of the Real Estate Industry is clearly a topic that is near and dear to currently about 1,000,000 practitioners all over North America, but one that for some reason we do not really touch on much.

It would appear that more and more the Future of our real estate industry is shaped and determined by Technology providers, our provincial/ state or local licensing entities and 3rd party service providers.

However we do not seem to see much of a clear direction or vision for the future of the Victoria Real Estate Industry, the needed services, etc. etc from the most important parties to the Real Estate Industry....... The Realtors and their Respective Clients.....

Let me point to a few areas in our real estate industry, where we think the so called leaders and service providers in the industry have a totally different direction and priority from what is important for the general public and the real estate practitioners.

Education and what it should be (before and after licensing) to best assure quality of service and results to the consumer.
Where are we Adding Value to the Lives and Objectives of our Clients in the future?
Accountability (agent to agent, agent to consumer, industry to agents and consumers)
The Numbers of People in the business in any town (how many is to much or too little)
Part Time or Full Time Agents, and Which is Better for the Consumer
Compensation Models (traditional and or discounted percentage models, Fee for Service or a Hybrid of the 2)
Technology (how much, who controls it, who pays for it, and who operates it
Privacy and Distribution of Information (are we sharing too much or too little)
3rd Party Service Providers (who are they really, and who owns and controls the data they host and hold
What Agency Representation Model is Appropriate for the future (for the benefit of the Consumer)
How many real estate boards does it take to support a province or state
What is the point of Real Estate Companies, in the future and who do they serve

As we are pondering our thoughts and concerns about the future of the real estate industry and its future purpose and benefits to the consumer, we are taking a hard look today how we can make sure that we develop the plans, systems and services that we believe will continue to provide the best possible services and results for our clients and in turn for our practice.

We would love to read your thoughts, concerns and ideas, either in this public forum or by submitting your thoughts about what the future of the Victoria real estate industry will look like to us in a confidential email at info@pfanntastic.com

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Dorie Dillard Austin TX

Coldwell Banker Realty ~ 512.750.6899 - Austin, TX

NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Peter and Linda,

Wow..you are really getting deep into the future of real estate....all good questions to ponder. Understanding the need to keep your eyes open to feel the changes are so important in this industry or as well as any industry. Communication is changing at a lightening pace but consumers still need a steady, knowledgeable hand in guiding them through the process. Keep up, embrace the changes and stay on track..be ready to twist and turn if you expect to stay in business! Only the strong will survive the turmoil coming at us :).

Mar 27, 2012 11:47 AM

Teral McDowell

Referral Patners LLC - Murphy, TX

Watching how technology has changed the music and bookstore industries tells me to keep my eyes open and ears alert to the changes in how real estate will transistion. I also understand that the conveyance of land and its improvements is much more complicated than a book or cd purchase so I'm keeping my skills updated. As for compensation I am still pondering my thoughts on that one but I do think change is in order. Thanks for the Pfanntastic thoughts to ponder.

Mar 27, 2012 02:40 PM

Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.

eXp Realty, Victoria BC www.pfanntastic.com - Victoria, BC

Talk To or Text Peter 250-213-9490

HI Dorie,

We as practitioners, are really becoming the interpreters of everything that can and will impact our clients and their real estate plans. To us it starts with the core education, that needs a complete overhaul, to also include a better business and services model for the consumer to ensure the best possible results for everyone, while lowering the cost to the client.

Mar 28, 2012 12:10 AM

HI Teral,

The notion that only those that services that are paid for that result in a sale, is inherently punitive when we are only selling about 50 % of all the homes that reach the market. There have been some efforts to adjust this, but so far without much impact.

In Europe, there are a number of countries where the business model is allowing for compensation for operating expenses, and still have some success incentive (at a lower level than in North America). we belief that the industry needs to really have a hard look at that type of model much closer.

Mar 28, 2012 12:16 AM

Janice Ankrett

Burlington, ON

Staging Professional

It is always interesting to see an industry evolve. Ontario is going through quite a change now. It just seems to get more complicated.

Mar 28, 2012 04:53 AM

Cindy Westfall

Premiere Property Group,LLC Portland Metro & Suburbs Oregon - Tualatin, OR

ABR,GRI Your Tualatin & Portland Metro Real Estate

Hi Peter and Linda, I love the changing technology that allows us to do our job better...but yet, I also believe that people want good service now more then ever. I still love getting a snail mail letter...so along these lines, getting back to a more personal approach. When it comes to businesss models, there are lots of choices out there for an agent. There will always be every changes in our industry to stay on top of so training to me is very important.

Mar 30, 2012 01:00 PM

What will the Future of the Real Estate Industry Look Like?

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Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.

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