Disruption and disintermediation of the real estate industry has been a big topic of late, both in industry circles and the mainstream media. Given the forces at play right now which make technological change inevitable, some people believe the industry may be in for a complete overhaul (think Uber and the taxi industry); some believe that jobs and the role played by real estate agents will change completely.
Realising the disruptive impact technology has had on many industries both here and overseas, Elite Agent Magazine gathered together some experts both in and outside real estate to attempt to answer the challenging questions facing the industry with respect to productivity, technology and where the issues may be for small businesses and the real estate industry in the next five to 10 years.
We all know there are players right now who would like to claim the title of the ‘Uber of Real Estate’ and while it’s a good buzz-phrase, there is a lot more to Uber than simple tech disruption. Uber is a service disruptor; the taxi industry may not have the current problem they have right now if they were completely focused on innovating for the customer. I think you can draw a parallel to that in real estate or any other industry.
I also think that in recent times that the word disruption is used way too negatively, whether it’s just scare tactics for others gain from, or just fear of the unknown, I don’t believe that what is happening globally with technology is a bad thing. Yes, there are jobs that will change. But there is a great deal to gain: PwC have found in their recent study (in conjunction with Google) that there are benefits of Internet and mobile technology for all Australian sectors. In the real estate and rental sector they have found that there could be as much as a $2 billion boost to the economy over the next 10 years. To me, that presents a massive opportunity to embrace technology, think outside the box and innovate like crazy!
We chose our panel for their diverse expertise; in business, future technologies, digital marketing, consulting and economics, venture capital and entrepreneurship. Having this wide knowledge and expertise allowed us to leave ‘no stone unturned’ and I have to say it was one of the most interesting discussions I have been involved in for a long time.
From the topics discussed, it was generally agreed that there are a number of things to be looked at including strategy, recruitment, revenue models, supplier sourcing and types of customer service. Industry professionals should be thinking about these right now to remain relevant – and successful – in the future. Whether you agree or disagree with the topics and ideas raised is entirely up to you. But I do hope this provides you with some good ideas to take your business forward into the future.
Samantha McLean, Editor[modal heading=”To get access to the full 36 page report, please complete your details” dismiss_header=”dismiss_header” text=”Get Access to the full report ” size=”btn-lg” variation=”btn-primary”][/modal]