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Technology is causing so many great changes that it can be hard to keep up with it all. What can you do to avoid being negatively affected by shifts in the industry? Is there a threat of our commissions being decreased? What changes might technology bring to buyer’s agents, and how do we adapt to an industry moving so quickly? On this episode, we talk about how agents can prepare themselves for what’s to come.
Takeaways + Tactics
- Real estate agents have to learn how to survive when there’s pressure on commissions.
- Right now, it’s better to have a smaller database with high engagement and high connectivity than a large database.
- Our primary value to the market isn’t negotiation– it’s marketing and attracting the right types of buyers.
In the future, real estate agents might make less money, but this does not mean that the consumer is paying less. It means that the piece of the commission pie might get smaller because it’s being distributed amongst additional players. We’re progressing to a point where tech companies will have a bigger stake in real estate. There will constantly be new things coming in from technology companies that will make it easier for consumers, agents and tech companies to justify getting a small piece of the transaction. Agents will have to learn how to thrive when there’s pressure on commissions.
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