DesignatedEducatedExperiencedConnected

Insight: REIBC blog
Advancing the conversation on land and real estate issues in BC.

Insight: REIBC blog > The Pace of Change

The Pace of Change

posted on 10:41 AM, January 24, 2020
iStock-1135346386_fizkes.jpg
Credit: fizkes/iStock

“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.”

Input Fall 2019.jpg
Download Fall 2019

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

Join the conversation on Facebook

Recent Articles

Adapt or Die posted on 10:29 AM, February 14, 2020 in Insight: REIBC blog

The Pace of Change posted on 10:41 AM, January 24, 2020 in Insight: REIBC blog

Stories from the National Housing Strategy posted on 10:58 AM, January 3, 2020 in Insight: REIBC blog

Supportive Housing and a Social Return on Investment posted on 10:43 AM, December 20, 2019 in Insight: REIBC blog

Housing in the Context of Reconciliation posted on 11:07 AM, December 6, 2019 in Insight: REIBC blog

Are There Drawbacks to Creating Social Housing Through Partnerships? posted on 10:25 AM, November 22, 2019 in Insight: REIBC blog

Partnering for Social Change posted on 10:24 AM, November 8, 2019 in Insight: REIBC blog

How You Can Help Build Equitable Communities posted on 10:31 AM, October 25, 2019 in Insight: REIBC blog

Investing in Real Estate for a Social Purpose posted on 10:36 AM, October 11, 2019 in Insight: REIBC blog

Development as Intervention posted on 10:52 AM, September 27, 2019 in Insight: REIBC blog