Are you concerned about 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 tech disruption having arrived and started to shake things up already.
With big players moving into the market such at Rate My Agent and Open Agent taking commission share and platforms like iBuyer cutting the agent out altogether, there is genuine cause for concern.
Add to that more and more DIY sites that are taking market share, 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. With the market dropping and competition for listings being fierce, commissions are taking a hit and many agents are finding themselves working twice as hard for half the income they were making 18 months ago.
Veterans in the industry have seen many market cycles and are experienced at working through them, yet many have never dealt with this type of disruption before and are at a loss.
Some are continuing with what they have always done in the current changing cycle, 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 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. A mortgage broker to refinance, not 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 at the moment 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 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 firm launching in Victoria this year.
For agents who are “client for life” focused rather than 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 be necessarily be an easy transition, 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 about the volume of transactions they make each year .
*Core Logic Buyer Perception of Real Estate Agents Report 2016 and Vendor Perceptions Report 2015
Miriam Sandkuhler, CEO Property Mavens , Industry Thought Leader