Firstly, what is disintermediated and why does it affect the Real Estate Industry?
Disintermediated is one word that describes the topical debate of the digital age and its interruption of the traditional real estate process. It asks the question of – does a property seller and a buyer really need a real estate sales agent to coordinate the sale of the property? With online technology, can the seller and buyer mediate the sale themselves and save 3% of the sale, which the real estate agent normally takes home in commission?
The debate goes back to the value added services which real estate agents offer. Real estate sales agents can ensure you get the best value for your home with the least stress. Their priceless knowledge on technology and current market trends at the time of sale can be seen as invaluable to some. Take B4realestate for instance – an app your real estate agent can download and list your property for sale, on average, 6.57 days before your property hits any other real estate website. Can you do the same?
According to a report by Deloitte, 52 per cent of property businesses (real estate agencies) structure and their processes have changed significantly due to technology. Technology has allowed for improvements in efficiency and reduced costs. B4 is just one example which demonstrates disintermediated has already made its way into the real estate industry, and we know there are many more.
Real Estate Academy Australia (REAA) has witnessed the disintermediated effect of the real estate learning process through the competitive and ever-so-popular online training option.
Traditional classroom, face-to-face learning is no longer the most favorable way to undertake the study of real estate registration certificate or full licence courses. As a result, REAA has had to adapt the traditional classroom, face-to-face learning process by introducing an online learning platform. This blended learning process of face-to-face and online learning has attracted those still wanting to learn from an industry-leading trainer, but work at their own pace during and after the class, online.
Taking it one step further, REAA has created and introduced an allied organisation National Real Estate Learning. NREL delivers online real estate training in QLD, NSW and VIC and has taken over REAA with the number of student enrolments per month, every month. CEO of REAA and NREL, Brian Allen explains why NREL and online learning platforms has gone boonta.
“Offering a broad range of real estate courses online in QLD, NSW, and VIC, we witness NREL go boonta every month, particularly favorable by those already working in the real estate industry.
“Our Full Licence courses in QLD, NSW, and now VIC allows those who are already working in the real estate industry as an agent or property manager to Upgrade and become a Real Estate Principal. Via NREL, one can continue to sell or manage property while studying online in their own time and at their own pace. It’s convenient and suits the lifestyle of hard-working real estate agents.
“NREL wasn’t only formed on the basis to cater to a larger demographic down the eastern sea-board of Australia, but it also allows the REAA and NREL team to keep our original base in the ‘Sunny State’, which we love” laughs Mr Allen.
Although online real estate training is advantageous, Mr Allen warns not to rule classroom, face-to-face training out completely.
“Your one of the smart ones if you choose classroom based training over online” jokes Mr Allen.
“Our two, three or five day real estate courses in QLD and NSW gives one the opportunity to really understand the online learning platform, but most importantly, gain all the knowledge they can from our trainers – whom are all current industry professionals,” adds Mr Allen.
“I encourage you to come in and learn face-to-face if you can. I promise you, that you will gain more knowledge in our classroom, talking and interacting with our trainers than you will via technology. But whichever path you choose, we wish you luck!
So, how can you as a real estate professional keep in front of the technological interruptions?
Ensure your key behaviours as an agent are always demonstrated and adapt technology into the process of how you do it:
1. Always follow-up with your clients – if you normally email or phone them, send them a video! Instead of asking a closed question of “how do you feel after you have sold/bought your first home?”, try talking them through the steps of what they feel now and what they are going to feel. No one will read and email with 10 steps of feelings listed, but they will watch and listen to a 30-40 second video.
2. Customer Service – always be friendly. Use online chat, text message, face time to make your interaction more often and more personal than email.
3. Negotiation Skills – be a leader and take charge. Be confident in what you negotiate, you most likely know more about real estate than your buyer or seller does. Aim to leave everyone with a smile, and if you have, you’ve done a goob job. Happy customers? Encourage them to share it a testimonial on your Facebook or google page. It will help with your search rating and out of 5 star rating, assisting you in finding new clients.