Are Real Estate Brokers utilizing New Media to the fullest? A disruption in this industry is waiting to happen.

 

As many may know due to incredibly low interest rates the housing market is booming. Individuals who would have an 800+ credit score, income over 150K, while giving 20% down would get around 4%. However, in today's time these same buyers are allocating loans at 2.8%. The real estate market is hot as can be, especially while fighting restrictions and unemployment rates due to COVID 19. As the demand grows so does the supply, and in this case the supply of younger, dedicated, tech savvy agents. This is a group of individuals who were looking to enter the trending 9-5 job market, but are now realizing the benefits of working from home, being one's own boss, and having no restriction on their salary. This younger generation prompts a disruption well needed in the industry and that is the use of technology. Most successful brokerages have the classic suit and tie - sit down mentality of purchasing a home, which may not necessarily appeal to the young couple looking for their first place. On the other hand, an agent with a QR code on their business card matched with a website that provides full transparency presents itself as easier to work with and more flexible. It's an interesting time to be an agent, however I believe once this technological revolution takes place the way in which homes are bought and sold will change drastically. Concepts such as virtual open houses, centralized databases of clients, and targeted social media marketing are only a handful of the major problems established brokerages may face in the near future.