Buying a home may become more of an online process than you can even imagine now – especially by the year 2025.
And one report is predicting that real estate agents will have less and less involvement year after year.
The prediction is that in a decade or two, the job of the real estate agent will only be to open the door to showings.
A new report titled “Fast Forward 2030: The Future of Work and the Workplace” has been prepared by realty consulting firm CBRE and China-based Genesis, a property developer, after interviewing 220 experts.
While the bulk of it centers on how the workplace is changing and how 50% of jobs today won’t exist in 10 years, it also says real estate transaction may be almost entirely done online.
A paradigm shift is expected to be witnessed in the way workplaces operate over the next 15 years, making nearly 50% of occupations existing today redundant by 2025, a report has said.
By 2030, a majority of real estate transactions may be made online. And most of them will be made using real time marketplaces, the report noted.
"Real estate traditionally changes slowly but these new emerging aggregators could revolutionise the market, allowing tenants and many types of building owners in cities to contribute wasted and unused space back into an eco-system of available space," (CBRE South Asia Chairman and Managing Director Anshuman) Magazine said.
Granted, that may be true at least as far as the transaction goes, but real estate agents will always have a role – it’s just that it may be more cyber-oriented than it already is now.
On the other hand, Steve Berkowitz, the CEO of Move (MOVE), which operates Realtor.com for the National Association of Realtors, told HousingWire last month that he doesn't anticipate Realtors ever being completely removed from the homebuying process.
“Humanity is something that we don’t think will ever move out of the transaction,” Berkowitz said. “Zillow is a cold, calculated estimate. It’s just numbers going into a database. A home is more than that. The home is the center of its own social network.
“There are roughly five million transactions a year. Those are transformational for the consumer. The role the agent plays is much more than just facilitating the transaction. They’re offering that sense that the transaction is life-alteringly important.”