The Future of Traditional Real Estate
By Anthony Longo 27 04 2008
We all toss around the phrase “Traditional Real Estate” like it actually means something. Well what does it mean? Many point fingers in calling “Traditionalist” as the common…the ‘whats been going on the past 50 years.’ Well…I havent been around long enough to really put a definition together for what Traditional Real Estate Brokerage was or even is today.
However, I sure can tell you that what is “Traditional” today … will not be “Traditional” tomorrow. The Boston Globe reports today a great article on the Gen-Xer and how ‘we’ are effecting this real estate brokerage and services vertical.
Selfishly I have to agree with this article…after a lot of research and a little bit of risk sticking our neck out into the online real estate brokerage world…we now have a file cabinet full of proof and very happy live clients who preach our services everyday.
The Globe article reports…
Brokers taking on a younger look
An aging industry scrambles to draw Generation X agents who speak the tech-savvy language of today’s home buyers
Instead of following her Generation Xer instincts, Johnson hewed to the practiced routine of seasoned brokers by chauffeuring buyers to and from properties and acting as a liaison for sellers.
It didn’t generate a single sale among today’s younger, more tech-savvy home buyers.
“People, especially my peers, aren’t looking for a ride to the property or a go-between; they want to IM me to find out how big the basement is,” said Johnson, 33, who works for Coldwell Banker in Haverhill. “They often have more information on the properties than most realtors. They don’t want a new friend; they want answers fast and will make decisions quickly when you provide them. I know this because I’m the same way.”
Young brokers such as Johnson are in great need. The real estate industry is getting older - the median age of brokers is 52 - while customers are young - the median age of first-time buyers in Massachusetts is 32. Traditional approaches don’t work on this younger set, who prefer to do most of the legwork themselves and appreciate a more laissez-faire relationship with their brokers. Continued…
As being a Vancouver realtor I think that a constant modernization is essential. For me keeping the traditions means flexibility and empathy, the clients feel comfortable to bring up their requirements and ideas. I think that online marketing provides greater access and for a wider range of people. The diversity of the choices created a bigger competition but it affects the market in a positive way.