Technology is about to create a big shift in the buying and selling process. Will we be replaced by tech? What qualities are desirable in agents during times like this? How can we survive the shift and leverage the tools we now have access to? What will happen to the single agent? In this episode, Adam Hergenrother shares his predictions about the future of the real estate agent.
Every real estate company needs to wake up to virtual brokerages, because those are the ones giving freedom to agents. -Adam Hergenrother
Three Things We Learned
The entry barrier will be higher but the agents who make it will earn more money
The companies that afford the technology to speed up the process while delivering a superior customer experience will make it harder for agents who have only a few sales per year to survive by themselves. As a result, the entry barrier will be higher. In order to survive, agents will need to join teams where they have access to all the technology and training that they can’t get with their own money. A side effect of this shift is the fact that agents will be expected to increase their sales after receiving all the support and training needed.
Agents won’t be locked geographically anymore
With the rise of virtual brokerages, we can now live anywhere in the world as long as we have access to high-speed internet and a showing agent working for us. The only obstacle that stands in the way of this becoming the norm is the price of airplane tickets.
Virtual brokerages will also have a meeting space
Working from home has its own struggles. Loneliness and isolation is a real phenomena among remote workers. Plus the agent ends up feeling disconnected from the company and its team. To counter this, many virtual brokerages are now considering investing in meeting places for their co-workers.
The new shift in real estate caused by technological advancements will enhance both the consumer experience and that of the agent. The companies that have the budget to invest in the newest technologies will be the ones who have the leverage. The agents who want to benefit from this shift will have to join a team that gives them all the resources to make the sale (e.g., assistants, coaching and technology). The agents who now look at real estate as a side hustle will probably disappear, but those who want to make a career out if and have the capacity to adapt will actually benefit from the shift.
Adam Hergenrother is the Founder & CEO of Adam Hergenrother Companies – which includes Keller Williams Vermont, Hergenrother Realty Group, BlackRock Construction, Adam Hergenrother Training Organization, and Hergenrother Foundation.
His extraordinary background includes experience in the real estate industry, construction, and coaching. Adam was mentioned in publications such as the Wall Street Journal and Inc, and he was awarded the prestigious “30 Under 30” award by The National Association of Realtors.
You can find out what others are saying about his coaching programs here.