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The impact of technology on the role of real estate agents - here in NZ and overseas. A presentation to property business school under graduates at the University of Auckland
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AGENTS WILL NOT BE REPLACED BY TECHNOLOGY….
…THEY WILL BE REPLACED BY AGENTS WITH TECHNOLOGY
ALISTAIR HELM
• Founding CEO of Realestate.co.nz (2006-2012)
• Founder Zoodle (2009-2012)
• Founder Properazzi (2012-)
There are around 1,800,000 houses in New Zealand
The market value of the housing stock is around $725
billion
72,000 house sales 2014
down 10% from PY
Total value of residential property sales
$38 billion in 2014
down 5% from PY
9,500 active licensed real estate salespeople
Generated $1.3 billion in commission fees in 2014
The average real estate sales person earned $45,000 in 2014
MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
TECHNOLOGY
impact on real estate
EVOLUTION THUS FAR
TODAY
FUTURE IMPACT
2004
2004
HOME BUYING
AGENT CENTRIC
• Every aspect of real estate transaction
GATEKEEPERS OF INFORMATION
• Printed brochures
• Sales information
• Location addresses
CAR & PHONE
PROPERTY ADVERTISING
• Limited information
• Single photo
• No address
• Agent role as gatekeeper
AGENT RELUCTANCE
• Internet 10 years
• PC’s 20 years
439 Houses for Sale
2004 - 2014
2005
• Maps
2007
• Images
2009
• Social Media
2009
• Social Media - Agent Voices
2010
• Video
2010
• Floorplans
2010
• Mobile
2011
• Premium Advertising
2012
• Tablet
New Zealand
Lagging global innovation
PLATFORM EXTENSION
• Zillow
EXPERIENCE
• 3D - Matterport
EXPERIENTIAL
• Totally immersive experience
TRANSACTION
• Auction.com
UNBUNDLING
• easyProperty
MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
REAL ESTATE IS MASSIVELY INEFFICIENT
• 2/3rd of time spent prospecting
GENERIC FEEL
• Undifferentiated
• Buy the brand?
• Buy the agent?
PROSPECTING
• How do I find an agent?
AGENT ATTRIBUTES• Proven track record
• Local market experience
• Relevant sector experience
“Someone who has sold a house like ours, recently, in this area and achieves a fast sale at or above the market”
WHAT LIES BEHIND THAT SMILE?
• How transparent is the real estate industry?
DATA IS KEY
LOCATIONSIZE
PRICESTYLE
Number of listingsNumber of sales
Asking price / Sale priceDays on the marketQuality of content
Premium advertisingMarketing performance
Social rankingLead generation
Real Estate
It’s all about data
MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
LIBERATION OF DATA
MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
PHOTOGRAPHY
SIGNAGE
• Still relevant
LEVELLED THE PLAYING FIELD
90% OF BUYERS ONLINE
• Trade Me Property
• Realestate.co.nz
DAY 1 IMPACT
• Fast decay meanings timing is everything
TECHNOLOGY
• The enablement of tomorrow’s real estate
MarketingListing
AppraisalProspecting FacilitationNegotiation
5 Steps of Real Estate
FACILITATION
• Persistance
• Emotions
• Persuasive
NEGOTIATION
• Close
THERE WILL ALWAYS BE AGENTS
• They may just act differently and be better informed, skilled, trained
AGENTS WITH NEW SKILLSSUPPORTED BY TECHNOLOGY