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.
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