Recent advancements in economical and technological state in the real estate industry, has forced real estate brokers in evolving day-by-day to become successful. Technological advancements like internet, media, social media and various platforms have made it easy for the buyers and the sellers to conclude their transactions themselves. Oxford University states that the artificial intelligence is likely to replace 97 and 99% jobs like real estate brokers, brokerage clerks, telemarketer etc. Consequently, the real estate brokers have now started to provide value-added services rather than being just an intermediary.
Some of these brokers perceive the need to become global and others see the demand for a specialized expertise. On the contrary, the clients are focused on service than brokerage. Buyers are more confident in buying ready-to-move or near completion properties rather than investing in pre-launches and under constructions. These customers do not mind in spending a premium for quality properties. Furthermore, audiences are looking for properties developed by well-known brands and popular developers. All these trends have forced traditional brokers to transform into advisors and consultants that can provide more value-added services and just not connecting the two parties, ready to conduct relevant businesses. The evolving role of brokers in Advisor/consultant has become more relevant because of big transactions, multiple choices, and lack of transparency, legal formalities, more complex Tax Laws.
Real estate firms now realize the potential of providing services all around the world. There is a need to follow a multidisciplinary approach, geographically and in professional services. Being globalized, the world of real estate has rendered companies in providing real estate services such as facility management, project management, capital markets, investments and many more such services. The role of a broker in all such services cannot be neglected. The company or individuals that have local expertise, domain experience, networking with properties, provide these services. The simple definition of the broker is connecting two parties and enhancing the value of service on both ends. However, lately, the brokers have become only first information providers. The World Wide Web now provides all the information and has rendered the real estate brokers in losing their businesses. The firm or individual who has added value to both its buyer and developer will preserve its existence in the real industry estate.
Quick Peek at the Previous Technology Changes
Realtors reports that around Eighty-six per cent of home buyers started using the Internet as part of their research process before selecting a specific home and before contacting a real estate agent. The growth of internet, cloud, AI has made the services systematics, organised, and committed. The introduction of policies, regulatory bills, and procedures has streamlined the process for brokers, customers, and developers. Using the automated services, all the parties involved are dedicated, responsible, and approachable. This regulation will ensure that only licenced parties will survive real estate business.
Brokers as Authorised Channel Partners
The advent of technology has also assisted the buyers to go directly to the builder for purchasing new properties. However, these buyers can go through brokers (now as an advisor/consultant) which can provide one doorstop for all real estate transactions. The broker directly handles all the legal issues like taxes, financials. These brokers are able to present other various options with proper comparisons; keeping in mind the client needs and demands.
Brokers as an All-in-One Service Provider
Property consultant and brokerage firms are now providing value-added services to its clients that too without any additional costs. Such firms are investing in hiring experienced professionals involved in a wide spectrum of areas. These have specific domain experts from financial, legal, taxation, and realty backgrounds. Using these wide services, client fulfils their needs and firms provide tailor-made services. Furthermore, by doing all the work, these corporations also saves its clients from frauds and dupers.
The brokers can also work as advisors. Generally, the audience invests in typical arrangements such as FD, MF, shares, and immovable properties. These common terms are easy to monitor. Real estate values can be difficult to manage. These need professional experts to monitor. New consultancy firms are leveraging years of experience in realty and are monitoring, evaluating, and providing advice on such investments.
Contingency
Online brokerage, technological trends, and bundled services will continue to challenge the traditional roles of real estate broker. These roles are evolving with time and now deliver a much more meaning to operations i.e. buildings relations over the conducted transactions. Brokers are assuming the role of advisors and consultants instead of merely connecting the two parties and established firms are providing value-added services at no additional costs. It is safe to say that this role of brokers will become more fragmented, transparent, and customised. Traditional players need to revamp their business models, information sources if they want to preserve their business. Moreover, in the end, innovative players will gradually acquire the market share. In conclusion, the evolving future of real estate brokers will suit both the self-service and full-service needs of the clients.
