As virtually all businesses continue to pivot to meet consumer expectations amid the COVID-19 pandemic, a glimpse into the rapidly changing land brokerage industry is extremely relevant. The sector has been impacted by technological advancements and changing consumer behavior.
Tech Disruption
Even prior to COVID-19, the impact of technology on our personal lives and businesses was palpable. We knew technology had forever changed how we receive our news and information, communicate, shop, bank, receive our education, get entertained and visit with our doctors. But we didn’t fully understand how quickly technology would shift from convenience to absolute necessity overnight. Our world came to a screeching halt a few months ago, and it’s clear that innovative, forward-thinking businesses didn’t need to stop their dribble to pivot; they are going straight to the hoop for the score. Technology has taken over, whether we want it to or not.
Before the pandemic, it had already been predicted that 40% of both blue- and white-collar jobs would be lost to technology over the next 15 years. Since the onset of COVID-19 and the shutdown of our economy, it has become clear that loss of American jobs to technology will occur at a much faster pace.
Long before coronavirus had become a household name, massive disruption had been going on in the residential sector. Companies that were leveraging technology, data, Google rankings, artificial intelligence and social media were covering ground faster than murder hornets. We should learn from these residential companies, which are changing their industry’s message with marketing slogans such as “Real estate made simple” and “Finally, the way teal estate should be.” Some of these businesses show how residential real estate has been ripe for disruption. On another note, businesses generally are seeing consumers demand more transparency; they expect relevant, accurate, free data at their fingertips to assist them with their decision- making. If you are unable to give it to them, they are on to the next vendor.
The Robotic Future
An Oxford University study predicted that 86% of real estate agents will be replaced by robots over the next 20 years. This statistic could be scary, but I’m not here to dim your light with doom and gloom. The question is, will you be part of the 86% pushed aside, or will you be a part of the elite 14% who are taking the time to learn how to stand out, stay relevant and remain valuable? If we can better serve our clients by providing exactly what they need on a personal, emotional and technological level while saving them time and money, we become invaluable.
As real estate brokers, our path ahead may not be as easy as it has been in the past, but it’s important to seek opportunity in every challenge. Do not sit victim to the change. Be coachable, and seek mentorship from others who can provide tools and insight into changes and updates in our industry.
As consumers take the lead in telling us what they want from land brokers, it’s important to go above and beyond to protect our brands and our reputations at all costs. Take caution: enabled by tools like Yelp, Google and Facebook reviews, the service industry is being placed under a microscope more than ever before. Consumers will have access to how well or insufficiently we’ve performed, and they’ll base their buying decision on that information — many of them on that information alone.
The Bottom Line
There is no way to slow the pace of technology; we need to embrace the impact it’s making on our industry and the changes in how we connect with consumers. Brian Buffini said it best when he said, “We are the advocate, the educator, the advisor, we are not the decision maker.”
The consumer decides who will ultimately win and who will lose. Only those companies that can reach and provide the best consumer experience will win. Participation trophies in the land brokerage business are a relic of the past.
Aaron Graham
National Land Realty
1342 Boyd Street
Ashland, NE
aaron@nationalland.com
855-384-5263
