As the curtain falls on 2014, I think we’d be hard pressed to find a period of time that has seen our industry change more. In a few short years the iron curtain of secrecy has been all but destroyed; transparency is the new norm in an industry which maintained secrecy and control as well as the KGB. This fundamental change has been right to the core, despite the protestations and dismissiveness of many “agent” organizations. Gone are the days of coveted “listing books” and comparable data, no longer does the public require an agent to access what once highly regulated information. Transparency isn’t a shoe dropping; it’s a heavy work boot.
The love - hate relationship (mostly hate) with agents and change is perfectly illustrated by the major internet real estate portals. Companies like Zillow and Trulia are “go to” sites for consumers and they have spawned a tech revolution catering to real estate – more specifically to buyers and sellers of real estate. The result has been two fold; a largely irate real estate community and an empowered but somewhat overwhelmed public. Consumers are the dog that finally caught the bus after constantly chasing it; it’s caught but what now? What to do with all of this data? Agents, more specifically agent organizations, trade groups and MLSs are now wondering how to catch up; scrambling to acknowledge the change that everyone recognized but them. So now what?
It seems that the abundance of data available benefits mostly buyers. Listings, AVMs, tax data, demographics…cater to them. Given that what is the agent’s role? Is it sales? What are you selling? If Joe Buyer can be plopped on the couch with an IPad searching for homes while watching the Jets lose, does he need to be “sold” anything? Who better than Joe to know what he’s looking for? Joe can see photos, maps, drone images, demographics, public records, comps, tax data and just about anything else with a few clicks. In past surveys, the public tended to answer pretty consistently that they wanted their agent to “find the perfect home”, seems like transparency and technology are going to change that answer.
The professional agent has to be much more consultant and much less salesman. The sheer volume of data at the fingertips of Joe Public is enormous – and likely very similar to what the agent has, if not the same thing. They don’t require someone to tell them where the kitchen is or that the master suite is to die for; they need someone to sort, analyze and apply the correct data to their particular situation. They require an agent to explain that trends in the micro market are not the same as trends nationally or regionally. They require an agent to explain what an automated valuations estimate is and why it cannot accurately place a value on their home, how a statistical review is diametrically opposed to a “boots on the ground” analysis. Buyers and sellers require professional guidance, not chirpy agent white noise about nonsense.
The transparency movement is an opportunity for a seismic shift in our industry; a shift for the better that is long overdue. A shift that was thrust upon us; didn’t come from within and doesn’t please all but it matters not as the genie is out of the bottle. Experienced real estate agents are not going away; this is a far too complicated and layered process that still requires focused expertise. Juggling the process, the multiple associated professionals and the buyers and sellers makes it highly unlikely that agents will disappear. Smart agents have and will embrace the “new web educated buyer and seller” and understand that the process has changed.
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