Technology seems to be evolving over the years and there has been increased digitization. The wide deployment of virtual reality augmented reality (AR), Artificial Intelligence (AI) and mixed reality has changed our perception of things and, in this case, the property. So the real estate brokerage model may arguably be facing disruption in more ways than one. And some real estate agents are finding ways to bypass the concept of an agent altogether and redefine real estate’s traditional roles.
So the question is, are real estate agents still relevant? Will technology take the role of the eliminator or facilitator?
To answer this: adapting practices and rethinking the current business model is the direction to be taken. Here are a few key ways the traditional real estate agency model is changing and how latest practices should adapted:
Honing specific skills
Firstly, rely more on the specialization of skills or honing specific skills, such as data research, listing management, creative design, and more. It allows real estate agents to effectively manage, market, communicate and sell assets. Rather than competition and commission, this practice can allow employees to focus on their strengths, communicate and build client relationships and sales, and sell assets.
Additionally, having extensive expertise when it comes to a market’s nuances or specific type of property truly builds trust among potential clientele. Clients will more likely choose your brokerage as the best of all the other options.
Additionally, having extensive expertise when it comes to a market’s nuances or specific property types truly builds trust among potential clientele. Clients and discerning investors will more likely choose your brokerage among other agencies in Dubai. For example, if you're looking for waterfront living, Bluewaters Island, Emaar Beachfront, Dubai Creek Harbour are some projects that may be best for you.
On another note if you prefer living in development within a family-friendly neighborhood, Arabian Ranches and Madinat Jumeirah Living are also great options.
Branding and Marketing
The real estate landscape is increasingly competitive. In this case, branding and marketing is essential to staying alive in the ever-changing industry, specifically social media marketing. The use of social media, photography, print materials, videos, etc., would help property firms to create greater amount of unique set of branding material and more distinctive brand image that differentiates their competitors. Therefore, it maximizes the potential to reach new clients or potentially untapped customers.
Wth branding, knowing your client base is also highly essential to building an online presence or following. So brokerages are working hard to create up-to-date content and a carefully curated strategy that turns 'likes' into sales.
Technology
There are tons of information available to users online therefore changing the role of brokers and the industry. It is a fact that technology is changing the real estate industry but when used correctly of course. By offering more valuable information to clients, technology and data has to be used in a relevant way within each micro-market. If online listing syndication websites consistently provide inaccurate information, it can negatively affect property sales and lose the credibility of the brokerage firms. In this case, presenting the buyer with correct information and tools to review them in a digestible way is an effective way.
With the rise of digitization and online access, a major role of today's real estate agents is to provide information that isn’t available to individuals, like listings, prices and details on properties. Buyers are more reassured by the presence of another human being and when there is a two-way communication between two parties. This helps bring transparency and understanding to relatively arbitrary markets.
The industry continues to shift and technologies has shaped the future of real estate agencies in Dubai. Everything is mobile today in real estate but it’s not about elimination but evolution. So it’s important to emphasize a company-wide approach to real estate, rather than the traditional mindset. A company-wide model enhances the ability to deliver tangible value that is increasingly sought after by discerning clients, who are looking for professionals with more levels of service, value and results.
At fam Properties, we have a multilingual team of dedicated real estate agents available to share with clients their unrivaled expertise in the field of Dubai's realty market.