We are currently experiencing a fundamental change in the real estate market. AI is reshaping client interactions, while Gen Z is entering the housing market and baby boomers are downsizing. Millennials are reaching their earning potential, and interest rates are on the rise, while inventories are shrinking.
Amid these shifts, buyer agents are questioning how they will be paid in the future, yet property prices are holding steady and days on market are increasing. What does this mean, and how should we prepare?
Current circumstances will force the industry to question how to future-proof our businesses and stay relevant by adapting to fundamental shifts in consumer behavior, invading tech and market changes.
Agents of the future must expand the breadth of their influence by providing insights through knowledge and information, understanding demographic behavior and delivering tangible value through strategic skills and partnerships. The expectations of real estate professionals are rising. Gone are the days when consumers chose an agent solely based on likeability or friendship.
In recent years, property listings alone could yield multiple offers, but times are changing. The market now demands more from agents — a trend that will persist regardless of fluctuations in interest rates. To secure market share, agents need to deepen their expertise and work more efficiently.
Unlock the skills and insights essential for a future-ready Realtor. From driving strong ROI to navigating market trends, these capabilities set the foundation for lasting success in a fast-changing industry.
- Stay ahead: Consumer behaviors are fundamentally shifting. To keep up, we’ve got to embrace new technology, understand market trends and always be in learning mode. If you’re not future-proofing, you’re falling behind.
- Expand your influence: Managing the property transaction is now the bare minimum. To truly excel, you’ve got to be a one-stop resource for everything impacting homes and property value – from market insights to local community features.
- Elevate your game: People expect more than just friendly service. Become a strategic business partner. Deliver a personalized customer journey, maximize ROI and execute a strategy that’s efficient, well-informed and aligned with client goals.
The agents of the future will function as dynamic directors, capable of managing a high volume of transactions with ease through intuitive technology. Their personal brands must remain relevant, showcasing their approachability and uniqueness alongside their deep property and market expertise.
However, their true impact will stem from their ability to understand each client’s desires and transform them into reality by guiding each customer’s journey. Through this intuitive and personalized approach, they’ll not only deliver high-value service; they’ll also establish themselves as the ultimate resource for everything real estate and community-oriented, creating lifelong brand ambassadors.
Let’s take a look at how realtors can stay ahead in an evolving market by mastering essential skills for long-term relevance:
Macro- and micro-market understanding
Realtors must possess a comprehensive understanding of both the broader, macro-level trends along with the finer, micro-level details that shape the real estate market. This knowledge encompasses practical, property-specific information, including housing details, community insights, POA/setbacks, schools, etc., as well as broader regional and national market trends.
Future Realtors will become true knowledge experts, not only keeping abreast of overarching dynamics but also diving deep into the intricacies of local communities. This profound, multi-layered understanding will empower them to offer valuable insights and advice to their clients, enhancing the buying or selling experience.
Transparent transaction director
Realtors will likely leverage a shared transparent platform that streamlines property transactions. This tool will ensure clear communication and provide immediate solutions to real-time issues involving all parties in the selling and purchasing process — from brokers and lenders to closing agents and insurance providers.
The efficiencies created by this platform will enable Realtors to manage a larger volume of transactions, resulting in higher income, even as commissions continue to compress.
Customer journey champions
Realtors need a unique, cyclical client journey. It begins with understanding the client’s needs. The transaction phase is pivotal, where high-touch, high-value, and concierge-level service becomes crucial, serving as a reliable source of referrals.
The journey extends beyond closing with a loyalty program and regular property updates that impact value, thereby cultivating brand ambassadors. These ambassadors and referrals fuel continuous cycles that generate unstoppable momentum for their business.
Distinctive personal branding
It’s imperative to build an authentic, high-quality brand that reflects unique skills and value. Branding will stand out, resonating throughout marketing strategies and across all stages of the customer journey.
Follow the property
After closing, the relationship continues. Realtors leverage data from the transaction and the customer journey to share personalized market insights. By understanding each property’s specifics and surroundings, Realtors can anticipate future relevancies and provide preemptive solutions.
They also maintain contact regarding local amenities, like restaurants and bike paths, that could interest clients or enhance property value. These tailored, property-specific follow-ups reinforce the realtor’s role as a trusted advisor, transforming satisfied clients into lifelong brand ambassadors.
AI and CRM system-enabled
Realtors of the future will harness the potential of AI and CRM technology, automating routine tasks and tracking all property-related actions. This innovative, tech-driven approach liberates them to concentrate on delivering personalized service.
By leveraging technology, Realtors can cater to each client’s unique needs while managing a high volume of transactions, seamlessly blending efficiency with personalized care. Effective tech and AI enable a higher level of human interaction.
Empathy and emotional insight
As AI and technology handle the technical aspects, realtors will direct their attention to meeting personal client needs, exercising empathy and emotional insight. This shift towards a deeper understanding of clients and building stronger relationships will become crucial. Realtors will provide personalized, high-value service, leveraging their human touch in areas where technology falls short.
Focused listings and new construction strategy
In light of the lawsuits associated with how agents are compensated, inventory issues and homeowners’ reluctance to part with their property, Realtors of the future must excel in crafting precise listings tailored to specific target audiences. They should develop a robust strategy for handling new construction, collaborate effectively with contractors, and be part of a firm with 100+ members to aid in risk mitigation and pre-sales opportunities.
Adaptability in market shifts
Realtors must embrace adaptability as the real estate market evolves, avoiding getting stuck to traditional approaches and continuously seeking improved business methods. Preparedness for market shifts, such as the rise of new construction, is crucial. Embracing change and remaining open to innovationwill help stay ahead in the dynamic real estate landscape, where new opportunities and challenges frequently arise.
Where there is change, there is always opportunity. Agents must decide how to respond. Many will be frozen in fear, those who recognize the underlying shifts and adapt their business approach will gain market share and turn change into the ultimate advantage.
Realtors must embrace adaptability as the real estate market evolves. They avoid getting stuck in traditional approaches and continuously strive for better ways of doing business. Preparedness for market shifts, such as the rise of new construction, is crucial. Embracing change and being open to innovation helps them stay ahead in the dynamic real estate landscape, where new opportunities and challenges arise.
With this intuitive, personalized approach, agents will deliver high-value service and establish themselves as the go-to resource for everything real estate and community-focused, creating brand ambassadors for life.
Posted on Inman.com