If you have any doubts about how fast the digital world moves, just check your phone for all the apps you’re behind on updating. Even if you’re somehow keeping up with each new app update, no one over the age of 20 can adjust to the constantly evolving interfaces of Instagram, Snapchat, and the other new social media platforms that are proliferating.
The amazing thing is, this is just the beginning of the digital age.
To address how the rapid evolution of digital technology could impact real estate transactions in the future, Auction.com and HousingWire teamed up for an informative — and, for some, a little frightening — webinar in early June.
In case you missed it, here are some of the key highlights that realtors should acknowledge.
The real estate industry is still in the nascent stages of going online. Phase one, which we’re in now, is primarily focused on informational sites. But that only scratches the surface what we’re about to see.
The webinar hosts said phase two should look very different. From a big picture perspective, commercial and real estate transaction will be fully online. Online real estate entities will look more like transactional sites, like Scottrade or E*TRADE.
Agents have a place in the digital future of real estate. Just remember one statistic: More than half (51 percent) of Millennials find their new home online, but 87 percent of them still dealt with an agent to complete the transaction. Technology will continue to impact the real estate agent business, but it won’t banish them to the irrelevance of a travel agent. At least not anytime soon.
It’s easy to think that, in the current market, the rapid rise of digital mostly affects Millennials and younger home buyers. The webinar’s hosts pointed out that they see the same digital adoption trends across all age groups. Technology is already impacting the way all ages consume their real estate information, and that won’t change as the digital age continues. “I have an older customer base,” is no excuse for a realtor to ignore the coming revolution in digital real estate.
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