23 Jan Supplementary income
What will a brokers role look like in a typical real estate transaction in a decade from now and do you see the development of supplementary revenue streams and a merging of brokerage, finance and legal happening – more of the one stop shop?
Topic – Real Estate and Prop Tech
Mentor – Brad Inman
- 50% of transactions will be digital
- Technology speeds things up
- Market divided between instant and more complex sales
Prop Tech with Joel Leslie – AI is nothing to be afraid of. In fact it has been around for some time in different forms. Joel explains.
Kevin: Next week we’re live from Inman Connect in New York and bringing you all the excitement from there. We’ll be catching up with a number of top performers and also streaming live, but more about that later.
Kevin: This week our special guest mentor is Brad Inman. We have a look this morning at the future, what in say a decade’s time is the typical agency going to look like? What will a broker’s role look like in a typical real estate transaction say, in a decade from now, bringing out the crystal ball? Do you see the development of supplementary revenue streams, and emerging of brokerage finance and legal happening? In other words, a one-stop shop?
Brad: Yeah, absolutely. I think for a big part, maybe as many as half the transactions, there will be a digital transaction. I recently equated it to going into a Starbucks. When I go to the line and order and get a cup of coffee, and I use Apple Pay and I’m out in five seconds. Someone else goes in and orders caramel triple latte float with nonfat organic milk, there has to be customization and support. I think that’s what you’re gonna see, is the market bifurcated between these instant sales and these more complex transactions.
Kevin: A quick look into the future there with Brad Inman. Tomorrow, I’m going to catch up with him to talk about a broker representing both the buyer and the seller, which is fairly common in a lot of parts of the world, but not so in America. I’ll ask him tomorrow his opinion and whether or not an increase in the use of discount fee operators, say the likes of Readify, which is in the US, is going to bring about a change driven by consumers who are chasing cheaper fees. My chat tomorrow with Brad Inman.