Agents must evolve with the times

TECHNOLOGY is having a marked impact on the way the world does business and South Africa’s real estate industry is being transformed by it.

Online property portals are changing the way people buy and sell property, and mobile apps are allowing for faster and easier interaction between buyers and sellers, says Adrian Goslett, regional director and chief executive of RE/ MAX of Southern Africa.

It is no wonder people are questioning whether estate agents are still needed. And the simple answer, according to Goslett, is “yes”. However, agents have had to change the way they do things.

“With the advent of technology and a world of information at the click of a button, the role of an estate agent has had to evolve into more of a trusted adviser than the information provider,” says Goslett, adding that new online property sales models are disrupting the more traditional real estate model, putting pressure on agents to lower their commission rates.

As a result, agents have to find ways to justify their value and provide a service consumers won’t find online.

“Real estate agents were once the gatekeepers to all property-related information but since the internet has made all kinds of information widely accessible to the man on the street, this has changed and agents have had to adapt their role and services accordingly.

“Buying or selling a home can now be done online without the services of traditional estate agents and for smaller fees,” he says.

However, while nine out of 10 buyers will look to the internet as their first port of call when searching for a home, Goslett says the majority will still enlist the services of an estate agent during the sales process. The reason for this is there are still services agents can provide that the internet cannot.

These include several tasks which need to be completed after a sales agreement has been signed and before a home is transferred into the new owner’s name.

“If certain suspensive clauses are not met in time or if a due date is missed, the property transaction could be delayed or even fall through. While an online property portal can facilitate the actual transaction, it will not be able to assist a buyer or seller with these tasks,” says Goslett.

“These matters include obtaining bonds and getting clearance certificates from contractors certified to check the electrics, the plumbing, and the gas installations.”

Another task which needs to be monitored by agents is obtaining rates clearance certificates from municipalities.

“While technology and the online real estate agency

‘Technology

model is disrupting the more traditional real estate model to a degree, those who adapt and provide a value-added service will remain an intricate part of the industry.”

Therefore, Goslett says technology should be seen as a tool and catalyst for advancement, not a threat.

Adrian Goslett, executive of RE/MAX. chief