The idea of disrupting realtors has been around for years, but now several companies, backed with mega-millions in VC money, are making a dent. They may not be taking a lot of the business away (yet), but they are being noticed.
It appears some of the big brokerages might be starting to feel it:
KW isn’t going anywhere – they have 180,000 agents.
But there is an underlying threat, real or imagined, that the entire real estate industry will be upended by technology that could change everything.
From the link above:
Zillow spent $320 million in 2017 on Technology and Development. In 2016, they spent $255 million on Technology. Over the past five years, from 2013 to 2017, Zillow spent a total of $893 million on Technology and Development with significantly more than 200 people who touch code.
The mom and pop brokerages are getting smashed by this tech steamroller.
Combine the tech advances with higher home prices and fewer sales, and we have a toxic blend for the old-fashioned veteran agents. Many are getting out of the business, and others are left wondering what happened.
Realtors who plan to get out of the business in the next couple of years will just ride it out. But those in for the long haul need to buck up.
If your not moving forward, your going backwards.
Nothing stays the same.