With the arrival of Covid19, are you concerned about your current or future job security?
Is your relevance diminishing?
Do you wonder where to from here in terms of your career?
Well you are not alone. The shift has already begun, with Covid19 and tech disruption having arrived and shaking things up already.
With Stage 3 Covid19 restrictions now in place and the double whammy of big players moving into the market, the old way of working in real estate can’t survive without immediate adaptation. Rate My Agent and Open Agent are taking commission share and platforms like iBuyer are cutting the agent out altogether, so there is genuine cause for concern.
In addition, you may be working in an agency that is totally unprepared and grappling with having to move to cloud-based operations and communications with working from home being a whole new experience for many. Without the right support, all of this upheaval is really challenging and confronting.
Added to that, more and more DIY sites are taking market share, so it’s no wonder career agents may be wondering what lies ahead. Many agents are already on the receiving end of this industry shake up. Stage 3 restrictions are creating obstacles to selling and competition for listings is fierce, so commissions are taking a hit and many agents are finding themselves working twice as hard for half the income they were making 3 months ago, simply because consumers don’t want to inspect property (or aren’t allowed) and tenants don’t want their property being accessed for fear of contracting the Covid19 virus.
Veterans in the industry have seen many market cycles and are experienced at working through them, yet none have ever dealt with this type or level of disruption before and are at a loss with how to counter it.
Some are putting their head in the sand and continuing with what they have always done, some are retiring, and some are moving into other areas of real estate altogether, including becoming a part time Property ‘Advisor’.
Disruption is everywhere, but it’s not just Covid19 and technology driving the revolution in the way business is delivered. These days, service is often delivered one on one to us from an expert we’ve chosen.
We go to a personal trainer, not to the gym or a mortgage broker to refinance, we don’t call the bank. Stay as a guest in a stranger’s spare room instead of checking into a hotel.
Yet much of the service vendors and purchasers receive is stuck in the 20th century, which is why industry disruption now is so powerful.
We know through research that buyers and vendors often aren’t happy with the service levels delivered by estate agents. Today’s customers expect hyper personalised service and real estate agents just aren’t meeting the mark *.
What’s the alternative given this level of disruption?
You may have noticed that the rise of the professional Property Advocate is here. Property Advocacy (buyer and vendor advocacy) is about protecting, looking after, guiding and supporting clients. It’s about people, not property. It’s about a client-for-life mentality.
It’s about helping clients to buy and/or sell property by providing professional advice while having their back.
The mortgage broking industry has led the way with this business model and real estate is now following in those footsteps, with Australia’s first franchised Property Advocacy agency, Property Mavens, launching its ‘business in a box‘ offering in Victoria this year.
For agents who are “client for life” focused (rather than money or transaction focused) and wanting to transition and learn a whole new way of working in real estate, the Property Advocacy model could be worth considering as a career change option.
It won’t necessarily be as easy or simple a transition as it appears, but it may be more fulfilling for some agents.
It would allow agents to be measured by the difference they make in their clients lives instead of the current ‘success’ model of measurement, which is all about the volume of transactions they make each year.
*Core Logic Buyer Perception of Real Estate Agents Report 2016 and Vendor Perceptions Report 2015
Click Property Advocacy for more information on our agent business opportunities
Property Mavens is a multi-award winning and industry recognised Property Advocacy agency, dedicated to providing our clients with independent and unbiased evidence-based advice.