The real estate industry is a big one with realtors, developers, agents and customers being an important part. There has been a significant improvement in the sector since the past years but nothing drastic has happened. Only the customers have become a little smarter and have started relying on Smartphones to know more about the properties. Apart from this, everything is just the same. Then why we talk about progress or why we say the real estate is moving ahead and it is sure to bring a revolution.
When things are seen clearly you will find that both the investors as well as the customers both are not willing to change. This has what brought in a lot of disruptions and today we will focus on the statistics which easily indicate the same.
As per the recent reports it has been found that in 2016 about 51% of the people bought home online especially the middle class. Similarly 88% of the buyers still take the help of the agents and this number has grown from 69% in 2001 to 88% in 2017. Now you might be saying that this is a good sign as buyers believe the agents. But the real picture is quite different.
Most of the home buyers hire the agents just because it is in trend and they fear if the same is not done they may end into a mess.
A few years back, a report was published which said the way artificial intelligence is growing, there are big chances that it can replace the realtors. Once the people are able to complete the paperwork on their own, a big disruption is definitely before them.
Loss of Revenue
Nowadays freelancing has gained a lot of popularity and this has brought reduction in the commercial construction sites like offices. So a lot of space is left which gets wasted and in turn affects the revenue too. The business owners are now looking to save money by going for freelancing which has definitely save their money up to 30%.
Though different kinds of measures are being taken to start new ventures and attract the buyers but still conditions have not changed. And once AI comes into action, the conditions may deteriorate as nothing will be left in the hands of the realtors but it will be the technology that will make its way.
So just wait and watch as who will win the race.