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Insight: REIBC blog > The Pace of Change

The Pace of Change

posted on 10:41 AM, January 24, 2020
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“Change in our business is not new,” says Scott Russell, RI, of Sutton Group – Seafair Realty. “The pace of change has, however, increased dramatically in recent years. This cannot be understated.”

Much of this change is the introduction of new digital and online technologies that are creating opportunities for new business models and new companies to flourish.

“The important shift we’re seeing is that these companies are focusing on telling the story of consumer satisfaction in a very impactful way. This will have an effect on brokerage models in the long run. Companies and agents that choose to ignore consumer satisfaction or, worse yet, continue to provide poor service will shorten the life span of their businesses,” explains Russell, who also points to past resistance to such activity.

“In Canada, a “Rate your REALTOR®” website proposed in 2013 by the Canadian Real Estate Association met strong resistance,” Russell reminds us. “Now the impact of an online reputation can’t be disputed, especially among millennial buyers. Hindsight can be humbling at times.”

The drivers of a quickly changing real estate landscape don’t start and stop with technology. Russell notes that “[many of the real estate agents] that brokers manage today have less than five years of experience. Within my own company, we are experiencing a changing of the guard. Long-time realtors are retiring and taking years of knowledge and experience with them.”

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Download Fall 2019

For more, read Russell’s “Change, Disruption, Technology, and New Models” in the Fall 2019 edition of Input. Download Fall 2019

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