What will happen to the real estate industry when Zillow and its 200,000,000 daily active users decide to have real estate agents?
Fellow Realtors, we are about to find out because Zillow announced in 2021 they will have real estate agents.
The good news it is not too late to overcome and have more success than you ever imagined in real estate.
The bad news is many of us may not be in real estate in the future.
What can be done?
Here is how I think life will be different and it has nothing to do with us. It has everything to do with the consumer experience. Realize today, the consumer which is the buyer and seller of real estate will decide not us or Zillow.
The successful ones will have the best understanding of what the consumer really desires and will have a team of people working together to deliver that experience.
A large tech company will have access to the consumers’ phones giving them access to their contacts, emails, Facebook, location, and much more.
They will have a distinct advantage in reaching and prompting the consumer to move and behave a certain way.
We have to rethink how we deliver a human real estate experience. To be ultra-successful the individual has to be in an environment where they will decide to be successful each day. They deliver value to the consumer in the area of real estate that they are most confident, competent, and passionate.
To show up in this way for the consumer there need to be supported systems and people.
Our industry was built on rugged individualism. We do everything ourselves. This is a huge strength but, also a weakness. These large companies will have a division of labor that is far more efficient and smooth.
Think of all the daily to-do items an agent has to do during a listing or transaction. There are hundreds if not thousands of items that don’t contribute to the experience of the consumer. From putting on a lockbox, entering the listing, taking photos, checking in with lenders, escrow, inspectors, agents, marketing, lead generating, and more.
There are dollar productive activities and non-dollar activities. It is safe to say all of us spend way too much time working on items that don’t move the needle.
They say you are either working on your business or in your business.
This is not to sound doom or gloom, it is just to illuminate that reality that technology is now an agent.
If you want to find out what we are doing to be successful tomorrow’s real estate industry send me a message…
…I will spend 15 minutes going over what you can do to be successful as well. Just reply Y, for Yes, I want to talk.
Nick McLean Real Estate Group