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The real estate world has undergone rapid technological changes over the past few years, with the nation’s top agents able to keep up with the shift.
In light of the release of REB’s top 50 state-based agents for 2022, chief executive and co-founder of Realtair and president of the Real Estate Institute of NSW (REINSW) Peter Matthews spoke on the Secrets of the Top 100 Agents podcast about what makes these agents great and how their success is moulding the future of the industry.
Mr Matthews noted that while the total value of sales recorded by the top 100, $25.56 billion, is a remarkable achievement and reflective of the national property boom that has occurred almost parallel to the pandemic, he assessed the total volume of sales as the most interesting metric in the rankings.
This is due to the fact that it highlights how the nation’s top agents have adopted technology and other resources to assist with their day-to-day operations, signalling the structure for agents and brands moving forward.
“If you just look at the volume of sales that some of these agents are doing, and that hasn’t really been apparent in all the previous years. Because I think structurally there’s been a lot of changes within agents in the way that they operate,” he said.
He added: “Instead of a single agent operating within an agency, you’re now finding that those agents are quite heavily supported with resources that can help them continue to do the transactions that they need to do and grow their transaction base.
“I think particularly those resources for some of these agents here are very much focused on the lead generation side to keep that volume of business pumping through the top of the funnel.”
Mr Matthews stated that consumers not only demand technological adoption, especially in this modern day, but also they deserve it. Implementing technological resources into a real estate business unlocks the agents to improve their processes and ensure they are able to dedicate more time to maintain their client relationships.
While early adoption might be setting some apart right now, Mr Matthews opined that it’s coming for everyone, eventually.
“The thing is that technology is not just an adoption strategy by top-performing agents; it’s got to be done by everybody in the industry,” he said.
Mr Matthews also affirmed that technology is critical in unlocking another key element of the industry, the relationships. He stressed the importance of establishing and maintaining healthy, transparent relationships with vendors and clients and believes technology can facilitate them.
“We are a relationship business. And all the technology in the world isn’t going to replace that,” he said.
He outlined that technology is increasing the relationship between agent and seller by ensuring the buying and selling experiences are seamless and positive. Technology allows the agent to spend more one-on-one time with their client throughout these processes, whether that be virtually or in person.
“I think what the technology’s going to do is it’s going to be put into your hand, and it’s going to be able to allow an agent to be able to transact from anywhere, anytime, 24 hours a day, seven days a week.
“The way that the industry is moving is that consumers expect that you’ll be able to handle their inquiries, be able to handle their transactions, be able to handle it at any time on any day,” he said.
“If an agent’s got the capability to do that from their hand, using that technology, their phone, I think that’s where we’re going to start to see some really, really big changes in the way that the industry operates. And I don’t think it’s going to be by employing more resources. In fact, it’ll be about deploying them in a different way to help you put more into the funnel.”
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