An app that powers up a consumer’s knowledge bank before they buy or sell a home and more Gen-Xers buying a property for their parents are among the trends agents have tipped to play out in the industry in 2023.
In a series of insightful answers as part of Elite Agent’s Elite Retreat giveaway, agents from across the country also predicted an increased focus on Artificial Intelligence, the rise of “mega brokers”, and an exodus of agents who joined the industry when the market was booming and are finding the landscape much tougher.
Unfortunately only two agents could be named the winners of an Elite Retreat Package, valued at $2795, and they were Sea-Sky Real Estate Principal Michelle Beaman and Harcourts St Helens Principal Heidi Howe.
Ms Beaman’s predicted trend for real estate in 2023 combined a consumer focus with technological execution.
“My top trend for Aussies in real estate in 2023 is an app that simplifies what is happening ‘now’ in property trends, including topics such as world markets, money and local government influences, that the consumer can study before or during their house hunting or selling journey,” she said.
Ms Howe tipped the industry would see an increase in the number of younger buyers purchasing a home for their parents who are still renting.
“It’s to secure them a home they can afford, with a family discount applied to their rent,” she said.
“Older people are terrified their homes are going to be sold and with that, the new owner will increase their rent to current market value – ultimately forcing the older person out and into a much lower standard of accommodation that’s generally away from their family, friends and support networks.”
An increased focus on technology and particularly Artificial Intelligence was also on multiple agents agenda.
RealWay Property Partners Sales Manager Michael Good said AI would eliminate and improve many mundane tasks personal assistants perform, while Suzie McDonald from Suzie McDonald Real Estate also predicted more AI-driven efficiencies, along with greater outsourcing of administrative and property management tasks to overseas.
“We’ll also see a stronger trend for mega brokers like eXp Realty, Real Broker (not in Australia yet) and @Realty offering even more for agents to run their own show,” Mr Good said.
“Big brands/franchises will roll out more autonomous relationships with agents to compete with the mega brokers.”
Motion Property Group Chief Executive Officer Jack Brukarz said the top trend in 2023 would be one we had seen before.
“The top trend in real estate in 2023 will be similar to 1990, the significant exit of poorly trained sales agents as volumes fall and selling becomes more difficult,” he said.
Key 2 Sale Director Gail Richards said health and wellbeing would continue to gain traction in the industry.
“We will start to see more leaders putting their people before profits and measuring health and wellness as much as we measure KPIs,” she said.
“Healthy people equals a healthy business.”