Home Buying in the New World Order
Highlights from the 2017 National Assn. of Real Estate Editors Conference
Disruptive Technology moderated by Ilyce Glink, CEO of Best Money Moves
Panelists: Rick Sharga, CMO of Ten-X Homes | Marilyn Wilson, co-founder of WAV Group
Mark Barnett, CEO of Property Panorama | Eric Eckardt, CEO of U.S. Operations Purplebricks
What is the biggest, the number one factor you see disrupting real estate right now?
Eckardt: Overall, the biggest factor that’s really influenced the industry is really the change in consumer behavior, and that’s obviously being driven by technology, access to information.
Barnett: The world wide web is actually creating this layer of disruption between the agent and consumer. When the consumer goes out to reach for information, (it’s not) the most accurate, up-to-date.
Wilson: We hear things like…consumers believe they have more local expertise than the agents do. They believe that the data that we provide is not good enough.
Sharga: I look at the information itself; the availability of the information, the portability of the information. I’ll say the “fungibility” of the information — in that it can start to become whatever you want it to become.
Where are we going to be in five years and what is going to change that?
Barnett: Five years from now, the consumer will go to their browser. They’ll type in three bedroom, two bath, 2,000 square feet in a certain area, for a certain price, and they’ll hit enter…and be connected directly to the real estate professional.
Sharga: I’m seeing a search model, in years to come, where you don’t look for the house, but as soon as the house goes online…it starts looking for you. You just start clicking on Tudor-style homes with Kitchenaire appliances and it figures it out for you.
Glink: There’s a technology in Canada that will do something very similar. It basically allows you to take a picture of a house you like and you put it where you want to live and it will match you up, which is very cool.1
Wilson: There are a couple of (discount brokerage) models that are emerging. They take care of everything; lead-gen, leaf nurturing, leaf cultivation. (REALTORS®) get in front of the customer and do what you do best…which is amazing service, loving your customers…and (the company does) all the paperwork.
Eckardt: I think what we’ll see in the next five years is more consolidation. You see a more integrated, efficient offering. I think at the end of the day, the consumer will win.
1Related U.S. story: Clayton Launches Home Previewer® Augmented Reality Mobile AppTags: Best Money Moves, disruptive technology, Erick Eckardt, Ilyce Glink, Marilyn Wilson, Mark Barnett, NAREE, National Association of Real Estate Editors, Property Panorama, Purplebricks, Rick Sharga, Ten-X Homes, WAV Group