Name me three reasons that you need an estate agent and why the job still be around in the future.
Many a time, people said they do not really need the service of an estate agent in the process of renting, looking for or selling their properties. Is that the case in today’s living where information technology and modern gadgets indeed have replaced the role of intermediary agents?
It comes to our mind that platforms will replace real estate agents in the future. Owners and Tenants will direct negotiate with each other via a platform and seller talks to prospect buyers without an intermediary.
Is this going to happen?
Disclaimer – there may be deals that do NOT subject to below conditions, but in major cities – busy life and higher standard of living seems to have limitations. Nevertheless, there are three major reasons estate agents will not be replaced by machines:
Physical limitation. Real properties are fixed to a location; you cannot carry a house to the prospect purchaser for viewing. You need to be physically near to the property to feel and touch the house before a decision is reached, at least for once. Therefore, when owner is restricted by movement or over a distance it becomes inconvenient for viewing of property thus, an agent is needed.
Undisclosed principal. Some owners or prospects (tenants included) do not want to disclose their identity. This is particularly so when they are important and well-to-do people. Simply put, some people really want privacy hence, selling or renting or buying a property is a private matter.
Conflict of interest issue. When a corporate or association is dealing with property at arm’s length, usually the key negotiating person does not want to be seen in conflict of interest. Therefore, the agent plays the role of an intermediary having neutral position in a negotiation.
Over time, as we advance to become a modern and busy city, more and more people will encounter the above issues in handling their real estate matters. Therefore, you can see that estate agency practice is growing in prominence in tandem with the development of a society despite that many intermediaries are replaced by technology. In many mega cities of the world, estate agency offices are serving the people who are busy with individual needs.