For years, the commercial real estate industry had the unique benefit of holding the keys to exclusive data. In order to gain relevant information on availabilities, comparables, property taxes, and more, consumers had to work directly with brokers.
Today’s digital world has transformed the access to these same resources, and in the process, it has forever altered the way we interact, the method in which we deliver services and corresponding expectations.
As a result, it’s not surprising CRE professionals are asking what real estate brokerage will look like ahead. Despite these changes, here are three reasons why technology isn’t replacing your broker any time soon and the importance of seeking the assistance from a true market expert:
#1 Specialists Know the Business Inside and Out
Navigating the intricacy of a real estate transaction requires specialized knowledge of the product type, related reports, fees, and assortment of hurdles you will have to surmount to successfully close a deal. To think someone can log into a website and understand the nuances of a submarket, identifying the appropriate vendors to work with, let alone how to select the right opportunity is simply flawed.
Technology brings forth positive changes that will refine transaction processes, aid in accelerating timelines and transparency, and the list goes on. It will also make the best brokers even better – but it won’t replace them.
#2 The Story Telling Matters
With an in-depth understanding of a market and related trends, brokers offer their clients both a micro and the macro-level view of each transaction in a way that technology can’t. This includes examining aspects like the legal and regulatory landscape to help make the best decision, utilizing avenues that are often not readily accessible or easily interpreted.
With this familiarity comes an array of invaluable benefits from off market properties, local intelligence, and knowing what to avoid. They have a distinct knowledge and can tell the story of both a property and market – it’s in that mastery, the very best service is delivered to the client.
#3: Real Estate Transactions are Highly Complex
Real estate transactions are by their very nature complex and can often overwhelm both buyers, sellers, landlords and tenants alike. Unless you have the skills of an accomplished real estate specialist aiding you in the deal, you are bound to make some costly mistakes. It pays to have an expert by your side who handles these types of deals on a regular basis.
Technology of course can and will assist in making sure consumers are far more informed than ever before. However, trying to complete a high-level real estate transaction without a skilled broker can be a dangerous enterprise.
Regardless of what outside speculation may suggest, brokerage and the role of the sales professional isn’t going away; relationships and the corresponding trust that accompanies this interpersonal dynamic matter. Yes, people still like working with like minded people.
That said, tomorrow’s leading brokers and the next generation of disruptive, industry changing real estate organizations will be the ones who have embraced technology early on and built a culture around reinvention. Our industry and the clients we serve will demand it as an entirely new generation of tech-savvy leaders continue to emerge.