In the latest edition of Business Week (August 20th), the topic is The Future of Work. This special edition is devoted to a fascinating and far ranging discussion about the future of work. It's a topic that has true relevance for real estate and mortgage professionals. What is the future of our work in the real estate industry? And perhaps a more troubling question...Is there a future for our work as real estate professionals?
The real estate industry is not the same as it was a decade ago. New models and new methods are dramatically transforming the real estate landscape. In addition, a bewildering and complex entanglement of exterior scenarios such as the lending crisis, declining real estate values and the Internet are impacting the very underpinnings of what defines a real estate transaction.
No, longer gate keepers of information nor even necessarily the primary providers of information about the real estate process, real estate practitioners are faced with a potentially life altering question. Is There A future for the job of of a Real Estate Agent? Many are choosing to ignore it. Others cannot contemplate a future beyond the promise of the paycheck from the next transaction. But it's a New Frontier we must explore if we intend to survive.
In his book, A Whole New Mind, Daniel Pink talks about the 3 A's which will re-define the shape of American industry in the next decade. He lists them as Automation, Asian and Abundance. It's a book well worth putting on your reading list for this year.
His insights about what will be important about work in general are echoed in the recent article from Business Week which references research being done at MIT & Harvard. Economist at these institutions are studying changes in the economy within the past decade which are making some workers indispensablee and others totally irrelevant. Take a moment to contemplate question posed below. Think about how this issues impacts the real estate industry.
1. Can your job be boiled down to a routine?
This is a serious question for the real estate industry. Most MLS systems have standardized forms. And there are agents who think that selling real estate is largely about being able to:
1. Complete the blanks in a standardized template form
2. Write a standard, bland non-descriptive advertisement
3. Stick a manufactured sign in the yard
4. Make a simple brochure from a Microsoft Publishers template
5. Fill out routine paperwork
6. And sit through a closing.
If this sounds like how you would describe your current real estate job...this study indicates you are very replaceable! ( I have emphasized certain words to draw attention to the fact that these functions are easily replicated by a machine, program or with the assistance of an individual who is marginally compensated. What's most significant is that if a home owner or seller has completed a few transactions or is willing to so some research...THEY can do most of the items listed above!
If you looked at the list and felt a little queasy, you will want to continue reading about how Customer Service is changing and to learn about some steps we can take to make our real estate career "machine & out-sourcing proof" in the future. Continue Reading Part 2... coming soon!
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Lola Audu, is the Designated Broker & Owner of Audu Real Estate. Our company specializes in helping people buy and sell homes in the greater Grand Rapids, West Michigan area. We've had the privilege of helping hundreds of clients succeed in their goals of purchasing and selling property including demonstrated success in the negotiation of Short Sale Transactions. You can contact us via e-mail @ info@auduhomes.com or by phone at 616-791-0511.
Intriguing, thoughtful post, Lola. Looks like a good book so it is going on the list. We have seen so many changes in the last few years with much of what we used to do being automated. It makes life simpler and allows us to focus on those things that can not be automated. As you suggest, there are likely many who do not think in these terms or consider the implications of how the world, and work, is changing. Thanks for a thought-provoking read. Great job!
Jeff